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Product & Target Market
Referencing Styles : Harvard
) Provide a brief description of the product & target market from Assignment 2 (for the benefit of the marker).
b) Consider each of the four P's i.e. product, price, promotion and placement. Using the concepts you have learnt about describe how each is applied for your selected product and market. You need to cover these specific areas:
• PRODUCT - product type/ classification and marketing mix implications
• PLACEMENT - describe the products channel structure
• PROMOTION - describe all the promotional tools used for the product and include 2 examples. Discuss the advantages and disadvantages of these 2 tools specifically.
• PRICING - develop a perceptual map for your product, describe your map and the competitors relative placement on the map. From this map discuss what pricing strategy is likely being used for the product.
* In each section include a discussion of the relevant course concepts (theory with references) and then consider what is happening with your product for each concept (application). This was the same process followed in the 3 levels of the product included in Assignment 2.
c) Based on your answers in the previous section, summarize the overall marketing mix for this product. e.g. This product is a convenience product, that is distributed through a dual distribution strategy etc etc.
d) Explain the Product Life Cycle concept. Determine where your product is in the product life cycle and explain the marketing mix implications for that stage specifically for your product.
e) Develop some creative suggestions how the company might deal with the marketing mix for this product and market in the future. When you make a change to any part of the marketing mix (product promotion price or placement) you will need to consider how that will impact the remaining parts. Your ideas do not have to be economically viable or feasable in this case. This is your opportunity to have some fun with your product. Please note that the marking criteria for this part of the assignment focuses on your creative suggestions for improving the product offering.
f) Complete a self-assessment relating to yourself (not the product). This is a very important part of the assignment.
• How did you use the feedback from assessment 2 to help you improve?
• What do you consider were your strengths and weaknesses in completing the assignment?
• What is your learning style and what things you learnt about yourself by doing this assignment that might be helpful for future assignments.
• You should also consider the material/ research you used to compile the assignment (what type of resources did you use and how did they help with writing this assignment).
g) Include a List of references and evidence of using a range of sources.
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