Each team is given a case relating to their specific marketing category and 30 minutes. In these 30 minutes the team must read and analyze the case and prepare a 15 minute PowerPoint presentation to present to the judges. 30 minutes is a VERY short time so it is important that teams know exactly how to analyze the case in order to maximize the time that they are given. There are a number of steps included in this analysis:
1) Analyze the situation
When analyzing a marketing case it is important to look at what is happening both inside and outside the company. Therefore in order to properly analyze the situation teams must look at a SWOT analysis; strengths, weaknesses, opportunities and threats. Strengths and weaknesses examine what is happening inside the company while opportunities and threats examine what trends are happening outside the company in society.
2) Define the problem
The problem must be defined clearly and concisely. In order to do this it is important to identify the key issues that emerged during the first step in the analysis process. If there is more than one problem the problems should be ranked in terms of importance.
3) Identify and evaluate alternatives
Before making a recommendation it is important to take time to think of alternatives. Each alternative should be SMART ( specific, measurable, achievable, realistic and time bound). It is also important to make sure that both the pros and cons of all the alternatives are discussed.
4) Make your recommendations
There are seven important elements to making a complete recommendation. These elements include:
1) Analyze the situation
When analyzing a marketing case it is important to look at what is happening both inside and outside the company. Therefore in order to properly analyze the situation teams must look at a SWOT analysis; strengths, weaknesses, opportunities and threats. Strengths and weaknesses examine what is happening inside the company while opportunities and threats examine what trends are happening outside the company in society.
2) Define the problem
The problem must be defined clearly and concisely. In order to do this it is important to identify the key issues that emerged during the first step in the analysis process. If there is more than one problem the problems should be ranked in terms of importance.
3) Identify and evaluate alternatives
Before making a recommendation it is important to take time to think of alternatives. Each alternative should be SMART ( specific, measurable, achievable, realistic and time bound). It is also important to make sure that both the pros and cons of all the alternatives are discussed.
4) Make your recommendations
There are seven important elements to making a complete recommendation. These elements include:
- Target market: the target market must make sense based on the external and internal issues that were identified earlier through the SWOT analysis.
- Positioning: where do you want your product to be thought of in relation to the products of your competition
- Product: explain the product offering and make sure to include the benefits to the customer.
- Price: identify the pricing strategy and why it was chosen
- Place: ensure your distribution strategy is clear and consistent with the customers needs
- Promotion: discuss the types of promotion that will be used as well as what is going to be said and how it is going to be said in an effective way.
- Implementation: how you will implement your recommendation. It is important to have a clear plan of how and when you will implement your recommendation. All the elements of product, price, place and promotion must be in place.
5) Summarize
Summarize your position and reinforce your reasons for selecting your specific strategy. It is also a good idea to relate your summary back to the problem that you identified at the beginning of the analysis.
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