Select an existing product and identify its target market. Describe how each variable of the marketing mix (product, price, place, and promotion) is being executed. Address at least three elements of each variable.
Focus of The Marketing Mix:
In a 6-8 page paper, excluding the title and reference pages, consider the given:
Product:
• What features do customers care most about?
• How are the key features and benefits better or worse than those of competing products?
• How do consumers choose and use products in this category?
• How is the product branded?
Price:
• How is this product priced relative to competing products?
• What is the rationale for employing this pricing strategy?
• Are there pricing discounts (e.g., wholesalers, bulk)?
Place:
• Where is the product sold and why have those locations been selected?
• Do the locations give adequate accessibility to the target market?
• Are products sold online as well? Is there transparency between online and brick and mortar outlets?
Promotion:
• What marketing communications does this company use to promote the product?
• Describe the advertising, personal selling, public relations, direct marketing, etc. efforts).
• What main messages are portrayed to consumers? What is emphasized? What is the image?
What recommendations do you have for the marketing mix? For ex, should the advertising be changed or should the product be distributed differently? Be sure to use at least 3 resources to support your analysis and recommendations.