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MKT 321 Principles of Marketing
MKT 321 Principles of Marketing
Project
Table of Contents
TOC o “1-3” h z u 1. Introduction PAGEREF _Toc96389390 h 22. Executive Summary PAGEREF _Toc96389391 h 23. Mission Statement, Vision, and Objectives PAGEREF _Toc96389392 h 24. Product review PAGEREF _Toc96389393 h 35. Competitor review PAGEREF _Toc96389394 h 36. Analysis of Marketing environment PAGEREF _Toc96389395 h 3Company’s Micro-environment PAGEREF _Toc96389396 h 3Company’s Macro-environment PAGEREF _Toc96389397 h 47. SWOT Analysis PAGEREF _Toc96389398 h 48. Marketing Strategy PAGEREF _Toc96389399 h 5A. Market Segmentation PAGEREF _Toc96389400 h 5B. Target Market PAGEREF _Toc96389401 h 5C. Marketing Mix (4p’s) PAGEREF _Toc96389402 h 59. Market Differentiation and Positioning (Competitive Advantage) PAGEREF _Toc96389403 h 610. Action Programs PAGEREF _Toc96389404 h 611. Budgets and Controls PAGEREF _Toc96389405 h 6References PAGEREF _Toc96389406 h 7
1. IntroductionThe world is changing tremendously owing to the proliferation of technology and other variables. At LytWorld, we are keeping up with the advancements through developing smart LED candles that are electronic and remotely controlled via smartphones and other gadgets. The smart candles will be available in a wide range of sizes, colors, and scents. They also fit a variety of functionalities to suit the different requirements of our clientele. LytWorld is developing state of the art smart candles designed to be aligned to the present needs of the consumer using timer features, multiple light variations, run time, and brightness settings.
2. Executive SummaryLytWorld will be a market leader in a new segment, smart candles, that has shown promising of creating a large consumer base. The signature line of creative and innovative smart candles including timer features, multiple light variations, run time, and brightness settings, a wide range of sizes, colors, and scents, and various connection settings to provide a superior experience to our customers. All candles will use real wax, sold separately in a refill package. LytWorld will reinvent candle experiences for people for all occasions from candle-lit dinners to quite study time, room freshening, therapy sessions, and any other occasion/event that warrants a beautiful candle.
3. Mission Statement, Vision, and Objectives•Our vision is to be the most recognized smart candle brand in the country and to be among the top five most recognized smart candle makers in the world.
•Our mission is to establish a smart candle manufacturing company that will not only suit the demands of our current clients but also pique the interest of new consumers.
•Ultimately, our objective is to take our brand beyond the borders of the country and have a global presence.
4. Product review
LytWorld’s product is a smart candle designed to be remotely controlled via a smartphone and other smart gadgets. The app-enabled smart candle will have different features on various product lines. It will feature smart applications, real fire, variant scents, different sizes, battery-operations, charge functions, and long standby time. Every smart candle will burn up to 72 hours. It will contain a rechargeable battery. One smartphone will be able to control a maximum of 15 candles designed for a single household at a given time. The product also features security and safety details such as passwords and reminders to extinguish the candles in regular intervals.
5. Competitor reviewThe main competition for the product includes leading LED candle companies, smart gadgets like Alexa and other Bluetooth and light-enabled gadgets, and the traditional candle. Top manufacturers of scented candles such as Newell Brands, SC Johnson & Sons, and the Yankee Candle Co Inc, Gold Canyon, and Bridgewater Candles are more versatile in terms f financial and resource power. These companies will start production of smart candles as soon as they hit the market.
6. Analysis of Marketing environmentCompany’s Micro-environmentLytWorld faces intense competition from already established brands. Newell Brands, SC Johnson & Sons, and the Yankee Candle Co Inc, Gold Canyon, and Bridgewater Candles are all organizations doing well in the candle making business. Other players include smart Bluetooth speakers makers who have incorporated LED lights and candle functions.
The customers will include various segments such as home owners, newly married couples, families, single women, organizations such as churches, therapy groups, and event management companies.
The owners, employees, and management will also have a critical role in the success of the business (Olmedo-Cifuentes, Martínez-León, & Davies, 2014). Shareholders are individuals who own a significant portion of the business and have a vested interest in its success. Individuals that work for the firm make a substantial contribution to its overall success. It is critical that all workers understand and support the company’s mission and goals.
Company’s Macro-environmentThe performance of a firm or sector is influenced by the macro-environment. The Gross Domestic Product (GDP) is a macroeconomic indicator. A high GDP signifies a strong economy, which is something that most businesses want (Žvirblis & Zinkevičiūte, 2008). Taxes are necessary. The size of taxes can help understand a country’s monetary policy and how it affects the economy. The importance of consumer spending cannot be overstated. The annual number of things purchased by customers is known as consumer spending. Consumer spending has both an economic and a socio-cultural impact on the macro environment (Yüksel, 2012). Politics might have an impact on the macro environment, especially when it comes to global trade policy. A country’s political status may disclose a great deal about its cultural views. Finally, in today’s macroeconomic environment, technology is critical. The technological infrastructure of a country may be included in the macro environment (Charan, 2017). This might be due to the country’s technological preferences or the widespread use of different technologies.
7. SWOT AnalysisStrengths
Strong relationships with customers, distributors, vendors and financial institutions
Excellent staff trained to be customer attentive
Online retail space that bypasses the barriers of a traditional physical store
High customer loyalty and increased rate of repeat customers Weaknesses
A weaker brand name compared to the competitors
Limited resources in marketing budgets
Opportunities
Growing market for smart candles
Increased sales opportunities
Attractiveness of the product
Technological inventions Threats
Competition from local producers
LED candles that have had a head start in the candle market
Recession and slump of the economy that has reduced disposable incomes.
8. Marketing StrategyA. Market SegmentationThe candle industry has a high demand, although it is contingent on the accessibility of discretionary per capita income among customers, which is dependent on the economy’s health. Because of the high demand for scented candles, producers are always researching new fragrances to keep customers interested. The market will be divided into demographic, psychographic, and behavioral segments. Age, family size, income, religion, occupation, gender, are some of the demographic factors that will be used. Behavioral aspects including benefits sought, loyalty, and online shopping habits will be considered.
B. Target MarketThe target groups and markets include:
Households
Single men and women
Churches and other religious gatherings
Spa, therapy, and beauty salons
Religious houses
C. Marketing Mix (4p’s)The product mix will include smart candles, scented candles, LED candles, traditional candles, and wax-less candles. LytWorld will employ premium pricing in order to create a premium or luxurious feel to the brand. It will also include a loyalty program to keep customers returning. In terms of place, the product will be marketed online on social media and the company’s website. Lastly, the company will focus on search engine marketing, targeted ads, and influencer marketing.
9. Market Differentiation and Positioning (Competitive Advantage)Our competitive edge over other firms is in providing unmatched customer service; this may be accomplished by employing the necessary personnel. We understand that providing exceptional customer service is among the most efficient strategies to retain clients.
10. Action Programs(a) to meet the demands of the marketplace
(b) to gain a competitive edge
(c) to make a profit
11. Budgets and ControlsThe following is the sales forecast for the next few months
ReferencesCharan, R. (2017). How high‐potential leaders can master the macro environment. Leader to Leader, 2017(85), 31-36.
Olmedo-Cifuentes, I., Martínez-León, I. M., & Davies, G. (2014). Managing internal stakeholders’ views of corporate reputation. Service Business, 8(1), 83-111.
Yüksel, I. (2012). Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, 7(24), 52.
Žvirblis, A., & Zinkevičiūte, V. (2008). The integrated evaluation of the macro environment of companies providing transport services. Transport, 23(3), 266-272.
Mitre Mapping
Mitre Mapping
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Module Code and Name
Instructor
Date
Mitre Mapping
Often, the first step in protecting networks and data is to figure out how attackers might act. This information is very important for network defenders to find and stop intrusions because they depend on it. The MITRE ATT&CK (Advanced Tactics and Computer Hacking Tactics and Techniques) system is a knowledge bank that can be accessed anywhere in the world (Kwon et al., 2020). It is based on real observations of the tactics and strategies of opponents. The ATT&CK knowledge base is used to build specialized threat models and methods for businesses, the government, and the community of cybersecurity product and service providers. ATT&CK is free, available to anyone, and can be used by any company on the planet. Its goal is to get communities to work together to make better cybersecurity. In their analysis, Al-Shaer, Spring, and Christou (2020, p.3) define the MITRE ATT&CK architecture as one that shows how a security attack can be done in many different ways. It shows the common strategies, operational procedures, and tactics used in sophisticated, persistent attacks on business networks. Successful ATT&CK applications should provide a clear and consistent set of mappings that can be used in reporting for detection, response, and mitigation, as well as for making adversary profiles and analyzing activity trends.
For network protection, analysts can choose their own starting point when using Mitre Mapping based on the information they have and how well they know ATT&CK. One example is the difference between the words tactics and techniques. The first step in getting rid of areas of possible intrusion is to be aware of it. Looking for signs of attack is different from looking for signs of compromise, malware file hashes, URLs, domain names, and other traces of a previous attack (Georgiadou, Mouzakitis, and Askounis, 2021). The first step of a mitre mapping pprocess is to look for signs of how the attacker interacts with different platforms and applications to find a pattern of strange or suspicious behavior (Kwon et al., 2020, p. 107). At this point in the process, analysts try to figure out how the initial breach happened and how the post-breach activity was done.
In the second stage, behavior analysis is done in order to determine how best to protect networks. More research might be needed to get the background information needed to understand why an opponent or program might be acting in a hostile way. Analysts have to look at the original source reports to see how the behavior was described. There are also reports from security groups, government cyber groups, international CERTS, internet sources that may be helpful in the mapping process (Tatam et al., 2021). Even though not every enemy operation can be broken down into methods and sub-techniques, a mix of technical details can show the overall behavior and goals of the enemy. The analysts have to look for words that will help them figure out what is going on. In reports, it is common to look for key verbs that point to aggressive behavior. Analysts can use terminologies such as to execute a command, make a connection, create a scheduled task, and send a connection request.
The next step is to figure out what strategies have been used. Analysts must carefully look over the report to figure out how the enemy attacked and where it was going as a whole within a network. The first step in this process is to figure out the opponent’s plan, which is also called their goals. Focus on your opponent’s goals and what drives them instead of their techniques. A common operational strategy is to look for signs that could show if the target wanted to steal, trash, or improve their rights (Hacks et al., 2021). After the mapping is done, analysts must look at the definitions of strategies to see if the behaviors seen could be interpreted as taking a certain approach. If analysts know how the attack went, they may be able to figure out what methods or sub-strategies an attacker used.
The next thing for analysts to do is to decide what methods will be used in accordance to the network they operate in. Analysts must look at the technical details of how the opponent plans to reach their goals when they are mapping. This comes after figuring out what the enemy is doing. For example, in order to know how to respond, analysts need to know how the attacker got in the first time. One of the most important things to think about is whether or not access was gained through spear phishing or a third-party remote service (Ahmadjee et al., 2022, p. 7). The next step in mitre mapping is to narrow down the options by looking at the report and judging the behaviors that have been seen. Analysts can only map down to the strategy level if they don’t have enough information to come up with a good plan, and this level of analysis doesn’t give any information that can be seen. Analysts are taught to see a foe’s tactics and sub-techniques as parts of their playbook, not as separate things they do on their own. Opponents often use the information they get from each operation to decide what techniques to use next in the attack cycle. So, the tactics of an attack are often linked together.
The fifth step of mapping is to list all of the different sub-techniques that are used within a network. Analysts should read through the descriptions of the sub-techniques to see if they match the information in the report. When there is alignment, it usually means that the current sub-technique is right. Because the reporting isn’t always clear, Pell et al. (2021) notes that it may not be able to figure out the exact sub-technique in some cases. When there isn’t enough information to find a sub-method, you should only map everything to the parent technique. If it’s hard to figure out what a sub-technique is, it might not always be there. The new information could either confirm a mapping or show that more research needs to be done on an alternative mapping (Georgiadou, Mouzakitis, and Askounis, 2021, p. 3267). There is always a chance that a certain behavior points to a new technique that ATT&CK hasn’t looked into yet. This is very important to keep in mind.
Finally, at the end of the mapping process, it should be possible to compare the results to what other analysts have found. Analysts must work with other analysts to improve their maps, since mapping is a group activity. Working on mappings with other analysts is helpful because it gives you a wider range of perspectives and sheds light on other points of view. This may help you become more aware of possible analyst bias. Using a methodical approach that includes peer review and consultation can help people share different points of view, learn more, and improve performance as a whole (Pell et al., 2021). Peers could look at a report with notes on the proposed strategy, methods, and sub-techniques to map TTPs that were missed in the first study. If this method is used, the mapping work of the whole team might be more consistent.
Reference List
Ahmadjee, S., Mera-Gómez, C., Bahsoon, R. and Kazman, R., 2022, ‘A study on blockchain architecture design decisions and their security attacks and threats’, ACM Transactions on Software Engineering and Methodology (TOSEM), vol. 31, no. 2, pp.1-45.
Al-Shaer, R., Spring, J.M. and Christou, E., 2020, ‘Learning the associations of mitre att&ck adversarial techniques’, In 2020 IEEE Conference on Communications and Network Security (CNS) (pp. 1-9). IEEE.
Georgiadou, A., Mouzakitis, S. and Askounis, D., 2021, ‘Assessing mitre att&ck risk using a cyber-security culture framework’, Sensors, vol. 21, no. 9, p.3267.
Hacks, S., Butun, I., Lagerström, R., Buhaiu, A., Georgiadou, A. and Michalitsi Psarrou, A., 2021, ‘Integrating security behavior into attack simulations’, In The 16th International Conference on Availability, Reliability and Security (pp. 1-13).
Kwon, R., Ashley, T., Castleberry, J., Mckenzie, P. and Gourisetti, S.N.G., 2020, ‘Cyber threat dictionary using mitre att&ck matrix and nist cybersecurity framework mapping’, In 2020 Resilience Week (RWS) (pp. 106-112). IEEE.
Pell, R., Moschoyiannis, S., Panaousis, E. and Heartfield, R., 2021, ‘Towards Dynamic Threat Modelling in 5G Core Networks Based on MITRE ATT&CK’, arXiv preprint arXiv:2108.11206.
Tatam, M., Shanmugam, B., Azam, S. and Kannoorpatti, K., 2021, ‘A review of threat modelling approaches for APT-style attacks’, Heliyon, vol. 7, no. 1, p.e05969.
Media Strategy For The Movie Brave
Media Strategy For The Movie “Brave”
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(Institutional Affiliation)
Abstract
Media strategy is a term that is common to modern advertising that involves the communication of particular messages to niche markets. Because it involves an in depth analysis of the target market and influencing consumer behavior, media strategy has been used in the entertainment industry to pass messages regarding particular issues. Accordingly, the media strategy will be prerequisite for the promotion of the animated movie “Brave” which is yet to be released. More specifically, this strategy, as well as, all other sub-strategies entailed in the concept will be used to communicate the message of gallantry in children and young adults.
Key words: Media Strategy, Advertising, Direct Response Media, Public Relations
Introduction
Media strategy is a term used to define a marketing process that involves the identification of target audience, and the classification of the different types of media to be used in the marketing process. This concept is centered on influencing the behavior of the target markets towards the purchase of products or services. Specifically, this strategy has been exploited in the entertainment industry for the promotion of movies and other entertainment events. The animated movie “Brave” is a story about a young princess, Merida, flouts her community’s customs which results in the destruction of her kingdom (IMDB). The movie produced by Pixar uses 3D technology, and is centered on the theme of bravery and determination as a form of entertainment-education for children and young adults. The movie “Brave” is yet to be released and for that reason requires the consideration of several media strategies so as to influence the audience to go watch the movies.
This paper examines the various media strategies that the producers of “Brave” can exploit for the promotion of their movie.
Media Strategies
Three media strategies have been identified for the promotion of this movie including advertising, direct response media and public relations. Before going into the media strategies, one must first consider the characteristics of the target audience, which will in turn assist in understanding why these specific strategies were chosen for the movie. Evidently, the target audience are children and young adults, and it will also incorporate anyone who needs a lesson or two about bravery. The main character is female, meaning that in a way the young girls will also be the central targets of the movie. Set to be released in June 2012, the movie, therefore requires the best thought out media strategies, as children are estimated to have closed school for their summer holidays, hence providing a larger audience.
Advertising has been identified as the first media strategy that will incorporate both print and online media for the persuasion of audience to watch the movie “Brave” (Graydon 2003). Examples of advertising activities that can be employed for this movie include posters, online advertisements, and print media advertisements.
Direct response media for the promotion of the movie will incorporate marketing for an immediate response from the target audience (Kern 2001). This strategy will not only create awareness of the movie, it will also engage the audience in various activities that are concerned with the movie. Examples of direct response media activities include TV commercials which might include McDonald’s and Happy meal about the movie, winning a trip to Disneyland, winning tickets to see the movie or winning toys of the characters.
Conclusively, public relations as a media strategy will incorporate the promotion of goodwill between the production company and the target audience and will incorporate activities that allow the meeting of the production crew with the audience(Seitel 2007). Examples of public relations activities as media strategies for the movie include, movie toys in Disney stores & ‘real’ characters event in stores, ‘real’ characters in Disneyland parade, movie game, as well as, contracting fruit juice companies to promote the movie.
References
“Brave (2012)”. IMDB, Accessed 28 November 2011, http://www.imdb.com/title/tt1217209/
Graydon, S., Made You Look – How Advertising Works and Why You Should Know, Toronto:
Annick Press, 2003.
Kern, R., S.U.R.E.-Fire Direct Response Marketing: Generating Business-to-Business Sales
Leads for Bottom-Line Success, New York: McGraw-Hill Professional, 2001.
Seitel, F. P., The Practice of Public Relations, Upper Saddle River, NJ: Pearson Prentice Hall,
2007.