Purpose The purpose of this assignment is to outline elements of a revised marke

Purpose
The purpose of this assignment is to outline elements of a revised marketing strategy.
Overview
Keep in mind what you’ve learned in your previous assignments about the breakfast cereal industry, your chosen producer, and your chosen product.
Using appropriate marketing terms and concepts, write a 350- to 500-word business brief/memo summarizing the most relevant aspects of your recommendations.
Suggested Format
a. Header: Use a memo-style header addressed to your professor.
b. Introduction: In a paragraph or two, remind the reader of the purpose of the overall project – to devise a new marketing strategy that will increase sales of the product you’ve selected. Explain why a change is being recommended. Is the brand fading? Perhaps the population size of our targeting segment is shrinking? Are competitors encroaching on our space? Do we want to encroach on theirs? Do we want to block new entrants? Is there a trend that needs to be addressed? Does the packaging need a refresh?
c. Strategy Options: For each of the four quadrants identified in Ansoff’s Product/Market Strategic Opportunity Matrix, provide a brief paragraph explaining how that quadrant’s strategy could be applied to your chosen product.
o Pro Tip: Assume your reader is familiar with Ansoff’s model. You may provide some clarification, but you do not need to explain the entire model.
o Pro Tip: You may want to include a graphical element here to help illustrate the various approaches.
d. Recommended Strategy: Recommend the one strategy you believe represents the best course of action, and briefly support your choice.
e. Describe any necessary changes to the following elements that will be needed in order to implement your suggested strategic shift:
o Industry segment
o The profile of the current vs. future consumer using applicable segmentation variables
o The overall targeting strategy
o Market position. For example, if you were to choose the Market Development strategy, how will the characteristics of that new market differ from those of the current market? If you were to choose the Product Development strategy, what aspect of the product will you suggest be changed in order to increase sales?
 Pro Tip: You might not be proposing changes in all four of the above elements, but be sure to carefully consider each one.
 Pro Tip: A table, accompanied by some brief explanatory language can be an efficient and effective way to convey much of this information.
 Pro Tip: Do not feel compelled to change everything. We say that products accumulate “brand equity” over time. Even a product that is underperforming has achieved some level of recognition. Exercise caution before you throw everything out.
 Pro Tip: Providing some reputable support (not personal opinion) for your recommended changes can significantly strengthen your proposal. For example, did you find evidence that this change is in line with a consumer trend? Is there a demonstrable population shift (for which you could provide numbers) that calls for a response?
 Pro Tip: Do not describe any changes to the marketing mix (aka the 4 Ps) yet. You’ll get to that tactical level next module. For now, stay at the strategic level.
f. Conclusion: In a section headed “Conclusion” or “Conclusions,” write a one- to three-paragraph section that supports your recommended changes as the right path towards achieving the goal you presented in the introduction.