Marketing a New Product and Marketing mix
For your own organization (or another organization of your choice) describe a product or service sold.
What is your marketing strategy?
Who is your target market?
Describe your marketing mix: product, price, promotion, and placement (distribution)
Is your product worthy of the promotional message?
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Marketing mix elements consists of 4Ps (price, product, promotion and placements). It entails the marketing plan of the organization/product. As per Mindtools, "'marketing mix' is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market."
Hence, Marketing mix helps in defining the positioning of the product and other marketing elements. As per tutor2u, Marketing mix consists of :
"Product - the product (or service) that the customer obtains
Price - how much the customer pays for the product
Place - how the product is distributed to the customer
Promotion - how the customer is found and persuaded to buy the product"
Socks Example:
Socks have long been a necessity in day to day life to keep the feet warm and protected. However, now it has become a fashion symbol with a wide range of variety offered to the customers. A sock is an item of clothing worn on the feet. The foot is among the ...
Solution Summary
Solution explains the concept of Marketing a New Product
Market a new product
Create a product or service (do not choose an existing brand) OR select a product or service from the following list: cell phone, video game, motorcycle, perfume, hair salon, toothpaste, website design consulting business, online dating service, auto body shop.
Using the course resources, develop an environmental analysis, marketing strategy, and marketing mix for this product.
Consider if your selected product is affected by environmental factors (Political, Economic, Socio-cultural, Technological, Competitive). If so, how?
Include a description of the target market and positioning (how customers perceive your product or service).
Include a detailed overview of each element of the marketing mix (product, price, distribution, and marketing communications