For purposes of this paper, you must use the same business that you used in Section 1 (Environmental Analysis and Target Market). Mine was KURTI it is a traditional attire for men and women in india. In this assignment you will examine the marketing mix – or the 4 P’s – of your business.
Your assignment should be divided into the following sections and address the following factors:
The term “product” refers to tangible, physical products as well as services. In this section, you are asked to describe the product offerings of your business, addressing such factors as:
- What does the customer want from the product/service offered by your business? What needs does it satisfy? What features does it have to meet those needs?
- How is your product differentiated versus your competitors?
- How is it positioned within the market?
- Discuss your brand name and symbol. Are there any packaging needs; if so, describe.
- What product lines will you offer? Give examples of product items within each line.
From a marketing viewpoint, price is the money exchanged for the ownership or use of a product or service. From a consumer’s viewpoint, price is often used to indicate value when it is compared with perceived benefits such as quality, durability, etc. In this section, you are asked to address the following:
- What is the pricing strategy you have adopted for your product or service?
- Are there established price points for these products or services in you area? What are they? What will you charge for your services?
- How will your price compare with your competitors?
- Is your customer base price sensitive? Will a small decrease in price versus your competition gain you extra market share? Conversely, will a small increase in price versus your competition cause you to lose market share?
- What discounts should be offered to your customers (if any)?
Place is essentially about getting the product or services to your customers where they want to buy them – you have to offer the product to the buyer at the right place at the right time. This section of your paper should address:
- Where do you plan to offer your products or services for sale? Be specific. If you are offering your products for sale in a store, for example, what kind? A specialty boutique, a supermarket, a department store? Online?
- What do your competitors do, and how can you learn from that and/or differentiate?
- How can you access the right distribution channels to make certain that your product is available where your customers want it?
Promotion represents the various aspects of marketing communication about the product or service with the goal of generating a positive customer response. This section of your paper should address:
- Where and when can you get across your marketing messages to your target market?
- Will you reach your market by advertising in the press, on TV or radio, on the Internet, on billboards, or some other fashion?
- How do your competitors do their promotions, and how does that influence your choice of promotional strategy?
- What other non-advertising forms of promotion will you use? Social media? Personal selling? Sales promotion? Public relations and publicity? Give examples of each.
- What message will your promotion emphasize?
Format / design requirements:
- For this second part of the marketing project, you may either write a paper or prepare a Power point slide presentation.
- Your work should be a minimum of 4 pages long for a paper, and 8 pages for a Power point, not including a cover page and/or references. If writing a paper, you should use 1” margins throughout as well as a 10-12 Times New Roman font or similar font.
- The assignment will be graded on the quality and thoroughness of your analysis, how well you address the topics, and the level of analysis demonstrated in linking your findings to concepts covered in this course. A grading rubric is available under the “Resources” tab in the main menu of Blackboard.
- Save your paper as an .docx file. If you do a Power point, it will save in the PPT format.