Question 1: Aspen Market Analysis for RTC
RTC Skis are virtually unknown in the US, and at $2,000 or more per pair, are clearly a premium product. One central aspect of this project is how do you get the word out, in a concentrated period of time, to meet the goal to sell 1,000 pairs ($2 million) RTC Skis over a two/three-week period in Aspen?
As you have already learned, research, in order to get your marketing bearings and understand the “lay of the land”, is an essential part of the strategy development process.
By going through the process of selecting a pair of skis, you have gotten some insight into the Customer’s “typical” purchasing experience.
As the video demonstrates, RTC with five (5) basic models/sizes to choose from based on performance, not height and weight, is different.
The question then arises, what tools do you have available to engage the Aspen Market for a differentiated premium product that has limited to no brand identity in the US? especially when pairs to use for demos and to give away, and the budget is very limited.
For this assignment, research the Aspen market and find these tools that you can use to get the word out to build compressed awareness and drive traffic into a point-of-sale pop-up retail location for a limited time to try, buy, and hopefully refer others to the RTC, ultimate ski experience.
Tools to look at, as noted in the project slide include:
- Local Media of all types: 1. traditional (print, radio, tv), 2. online, 3. social, 4. mobile
– Advertising/Paid
– PR
– Location-based
- Influencers (to help drive word-of-mouth and traffic).
What influencers are available?, and how can you direct them to achieve our goals?
(incentives, messaging, etc)
- Potential Sponsors or Partners (Local)
– Business
– Non-profit Organizations
- Other Market-related Resources?
Remember I am looking for Market & Media Analysis (Aspen, CO) and do not expect nor wish a full Situation Analysis. What you find will be used to support the sales & promotion that you will use to develop the actual presentation.
I look forward to seeing what you come up with.
FYI. Here is the link to the Situation/Competitive Analysis worksheet that may give you some ideas.
Remember the Library!!!
NOTE:
For all intents and purposes, RTC is an unknown brand in the US. This means that creating awareness and media exposure to help drive demand and “get the word out” in the Aspen market (for a compressed, limited time only) are critical components of your strategy.
Social Media and the like are useful, especially in a “message amplification” role. However, I will argue that there is really not enough of a community in place to rely on these channels alone, so one element may be to also build a viable community.
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SituationAnalysisChecklist.pdf
Situation Analysis Checklist External Consumer Analysis:
• What are the major segments? Provide a comprehensive understanding of:
Demographic data – age – gender – income – marital status – education – ethnicity, etc
Geographic data – Where they live
Psychographic data – What are their values? – What do they like? – How does the product fit into their lives? – How do they go about their daily routine? – How do others influence them? – What are their: personalities?, attitudes?, lifestyles?
Consumers are guided by one of three orientations according to lifestyles:
Principle Oriented – Guided by abstracts, idealized criteria, rather than by feelings, events or desire for approval by others.
Status Oriented – These consumers look for products and services that demonstrate their success to their peers.
Action Oriented – These consumers are guided by a desire for social or physical activity, variety or risk taking
• What are their motivations and unmet needs?
– How do they think and feel about the products they use and buy? • How do they think about the product?
– To what extent are they aware of the brand? – Do they know about the brand’s special features, qualities?
Situation Analysis Checklist Pg. 2
– Do they understand how the product/service works? – Do they understand the brand’s superior qualities?
• How do they feel about the product? – What is their attitude toward the product category? – What is their attitude toward the specific brand? – To what extent do they like or desire the product or brand? – Do they trust the brand to deliver the promised benefits? – Do they have a preference for this brand? – What image or personality do consumer’s associate with the brand? – What do consumer’s feel the brand essence is?
• How do they use the product?
– How do consumers use the product – Where do consumers use this product – When do consumers use this product – Are there alternative uses for this product – Under what condition would the consumer use more of this product
• Who makes the decision to buy the product?
• Who influences the decision to buy the product?
Competitive Analysis: • Who are the direct and indirect competitors?
• What key benefits do they position themselves around?
• What is our position relative to the competition?
• How big are their ad budgets?
• What message/media strategies do they use?
• What strategic groups can be identified from the competition?
• What are their sales, shares, profits?
• What are their growth trends?
• What are their current and future success factors?
• What are their strengths and weaknesses? • What is their product portfolio?
Market Analysis:
• What is the current size of the market?
Situation Analysis Checklist Pg. 3 • What is the projected growth/decline of the market?
• What is the potential profitability of the market?
• What are the barriers to entry?
• What are the key trends and success factors?
• What industry trends are significant to your strategy selection?
• What are the channels of distribution and their relative strengths? Environmental Analysis:
• What are the technological trends affecting the product category?
• What governmental legislation affects the product category?
• What are the information-needed areas?
• What are the major strategic uncertainties operating on the category?
Internal Analysis:
• What is the company’s mission?
• What is the company’s culture?
• What is the company’s identity?
• How ambitious is the company?
• How much risk is it willing to incur?
• What is the state of the company’s financial, managerial and technological resources?
• What are its sales trends over the past few years?
• How profitable has the company been?
• Has the company’s share of the market gone up/down/remained the same over the past few years?
• What is the company’s existing business portfolio?
• What has been the company’s level of investment with its various products/services?
• What have been the company’s previous promotional objectives?
• What are the strengths and weaknesses of the company?
• What are its key benefits?
• Does it have a unique selling point?
• Who does the brand package its image?
Situation Analysis Checklist Pg. 4
• What are the company’s major points of differentiation?
• How can the company’s offerings be: – differentiated? – value-added in the minds of the customer? – enhanced through perceptions of quality?
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