To enforce the value of the marketing mix elements in designing a marketing strategy
Given the highly competitive marketing environment, many marketers focus on specific segments of consumers when designing and building products, setting the price, determining where the products will be placed on shelves, and designing the promotions. This process is known as building the marketing mix. As students, think about the elements of the marketing mix and relate the process of building the mix to the everyday products you buy. You will often be able to tell what marketing strategy the marketer has in mind.
Review the elements of the marketing mix — product, price, promotion, and place — as discussed in the learning activities within this class (Chapters 11-13).
Select 1 good (i.e. tangible/physical like phone, car, computer, Yeti cup, etc) AND 1 service (i.e restaurant, salon/barber, auto repair, landscaping or lawn mowing, lawyer, doctor, etc.) with which you are familiar. Be specific in terms of a brand vs a general good like shoes, a candle, etc. or a general service like a manicure. Here are other ideas for services: 18 Examples of Consumer Services – Simplicable (Links to an external site.). For example, one could select their cell phone brand as the “good” and an unrelated “service” such as your favorite hair salon/barber or restaurant.
Analyze how the marketer of each type of product has built the marketing mix for each. See the criteria below for what to submit for both the GOOD and SERVICE.
Criteria to Submit
Complete the following criteria in a PowerPoint, Prezi or Word document.
Describe the Good and Service: Specific characteristics are described for both the good and the service. Provide the following:
Share at least 3-4 features and their associated benefits for both the good and the service. (Think how does the good and the service solve the needs/problems of the target market better than the competition?) Refer to chapter 12 and feature/benefit assignment.
Describe the Target Market for both the Good and Service: The target market segmentation for your good and service is described. (Think who the marketer was intending to target as the primary customer.)
Share specifically the demographic and other psychographic or behavioral characteristics for each target market such as age, gender, geography, income, lifestyles, interests, etc. Share a minimum of 3 characteristics for both the good and the service. Refer to chapter 11, section 3.
Identify the Price: The price of both the good and service is compared to competitors and a rationale for each pricing strategy is provided. (Think how price might have been determined.) Provide the following:
Share the pricing strategy for both the good and service. Are they trying to boost volume with penetration, every-day-low-price or high/low pricing? Or are they matching the competition; creating prestige; or getting a certain profit margin? Explain why you think they are using that pricing strategy.
Share how do prices compare with the prices for competing products? (i.e. Share actual prices of your good and service vs their top competitors.) Refer to chapter 13, section 5 & 6 for pricing strategies.
Describe Promotion: The promotion strategy and messaging for both the good and service is provided along with an explanation of why that approach matches the target market. (Think how the marketer communicates the message about the uniqueness of the product/service and how do they actually reach the target market?) Provide the following:
Share the promotional message being advertised to get the target market to buy (i.e. what slogans or taglines do they use?) Describe if it a rational or emotional appeal? Share the messages and appeal used for both the good and service.
Share the media channels used to reach or advertise to the target market such as traditional (TV, radio, print, etc.) or emerging channels such social media, product placement, etc. Share the channels used for both the good and service. Refer to chapter 12, section 5 & 6.
Identify the Place/Distribution Channels: A rationale for the location/distribution channels of both the good and service is provided as it relates to the needs of the target market. (Think where consumers can expect to find the good or service in the marketplace.) Provide the following:
For the good, share where can you buy the good (online or what type of retail stores). Also, if using retailers, is it intensive, selective or exclusive distribution?
For the good, share where on the shelves or where in a retail store do you typically find the good?
For the service, share how do you access it? (Where do you find the service such a location and why do you think they are located there?)
For the service, share what type of ambiance/atmosphere do they have (this may include customer service offered if not a physical location) Refer to chapter13.
Wrap Up: Pick either the good or service and describe how three specific attributes of the good or service selected is related to your needs as a consumer. For example, how does the good/service meet your needs as a consumer? Explain.
StrengthsFinder Application: Select one of your strengths (Positivity) from the StrengthsFinder LP and describe how you utilized in the completion of this assessment.
REF: Kelly, M., & Williams, C. (2018). BUSN10: Introduction to business.
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