Choose a product, develop a marketing mix, competitve advantage, pricing, media strategy
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You will need to choose a product that you would like to market: Using the Internet, you will need to develop all of the following:
1: A marketing mix and a competitive advantage for the product.
2: A consumer survey designed to help determine the marketing mix and competitive advantage.
3: A product line with at least two additional products in your line.
4: A pricing strategy, a price, and a rationale explaining the price of each of your products. Remember to consider turnover, competition, and elasticity of demand in your strategy.
5: A contingency plan in case your product does not sell at the initial price along with a rationale for your plan.
6: A media strategy for marketing the product including an image and position to be developed, types of promotion to be used, and media to be used. Remember to specify the advantages of the chosen media, frequency, and continuity to be used.
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Solution Summary
The 1100 word solution is an excellent source of information for each of the six subjects that are part of a marketing plan.
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The question asks you to select a product. The product selected by us is fitness services to be marketed to movie stars in Southern California. We would essentially have a gym with a sauna that would be manned by expert trainers and would be available to the movie stars for their exclusive use. This would ensure privacy. Appointments would be booked in advance so that the gym along with the other facilities would be ready and available at the stated time.
The question makes some assumptions; first it assumes that you are able to market what you want. This is not supported by evidence. For instance, in the example I have taken, you need to be in Southern California to be able to market your product there. It would be very difficult for a person in Washington DC to sell fitness services to movie stars in Los Angeles. Second the question mentions that you should have a marketing mix along competitive advantage. Usually a new business does put together a mix but slowly develops a competitive advantage. If a business before it has started has competitive advantage then it would run on its own.
Given below is a template to help you answer your questions.
1: A marketing mix and a competitive advantage for the product.
We will have one set of state of art gym and sauna which will remain online 24 hours a day, 7 days a week, have a trainer on house who will give advice to the gym visitor. Show them with the help of pictures and videos the improvement that can be made, quote a price for the specialized services and direct them to an empanelled health expert who will carry out the evaluation. This gym can be used with complete anonymity and ...
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