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Knowledge Mining Assignment (75 pts):
You will plan a time when you can go to a
Knowledge Mining Assignment (75 pts):
You will plan a time when you can go to a local store. Pick a product CATEGORY (i.e. toothpaste, energy drinks, deodorant, shampoo, motor oil, pain relievers…it doesn’t matter which product category) that you want to analyze. Make sure it has at least 5 competitive items in the category.
After you decide on a product category, give a background of the company/product. Describe the primary sources, in-store experience, and competitor brands/products. Ask a customer or two why they choose the product. Determine which product BENEFITS are “Gotta Do’s” — the things that ALL products in the category MUST DO in order to compete (i.e. for toothpaste: clean teeth, prevent cavities, freshen breath). Then figure out the “Smart to Do’s” — the benefits that market leaders offer that sets them apart and give them a distinct competitive advantage. Again, for example in toothpaste “Total Protection OR “EXTRA WHITENING” that Colgate and Crest offer. Then identify the “Dumb-to Do’s” — the things some products are offering as benefits that aren’t valued benefits and do nothing to increase consumer appeal. Like “organic” toothpaste.
Do a price breakdown of your chosen product within the product category and its competitor products. Do a little marketing research by spending 20 minutes or so on Google, searching for information about the different brands within the category, category size, and brand market shares, along with any research that’s available online. Try a lot of different search terms, and dig down in the searches.
Next, create a visual map (or two) of the products in the category, categorizing them in ways that make sense (i.e. Premium / Basic quality – High / Low priced) (Whitens Teeth / Protects Teeth -Adults / Kids). What insights do you have from this exercise? Are there any gaps/opportunities for new products? How have the major brands developed different products for the different segments?
With the visual map, you will identify the target audience for these products, and “paint a picture” of them. Use the following example as a guide:
Lastly, you will do a three-circle analysis. Select ONE product from the store shelf, for which you are now going to pretend to be its brand team. Who is the target audience of the brand? What do the consumers within your product category want (their needs)? What is it that YOUR BRAND does well (that hopefully aligns with the target consumer needs). What things do COMPETITORS do well? Where is your “Winning Zone?” Where is your “Losing Zone?” An example of this assignment is on Canvas.
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