Assess the importance of developing a marketing mix for a new product or service and suiting the needs of the target market
Words : 2000
The main purpose of this assignment is to: Assess the importance of developing a marketing mix for a new product or service and suiting the needs of the target market. Scenario: You are a Marketing Executive who is working for a company which encourages innovation and creativity. The CEO of the company has requested you to create a new product or service which can be added to the company’s product portfolio. You need to prepare a report with the product idea and target market.
Develop a coherent marketing mix for a new product or service
• You need to come up with a novel idea to develop a new product or service • You should mention the following. • Name of the product • Branding • Industry • Rivals of the product • Target market – briefly outline the target market • Unique selling point • You need to develop a coherent marketing mix for a new product or service. • You should include the product design. For example – the outer appearance of the product and the packaging • Your business product should include the following areas. • Product (Description of the product) • Place (Where are you going to sell it?) • Promotion (How are you going to promote it?) • Price (What pricing strategy will be used?)
Task 2: Develop a coherent marketing mix that is targeted at a defined group of potential customers. • You need to link the marketing mix for your product from P6 to your target market • You need to identify the target market and be specific about the characteristics of your customers • Explain why you have selected this group of people • Develop your marketing mix to link the decisions made to the people who you are selling to. • The marketing mix must be clearly targeted to a defined group of potential customers and needs to be detailed and coherent so that product, price, place and promotion are all designed to appeal to the clearly defined needs and aspirations of the target group of customers.
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