Choose a specific target market (ex. Children aged 3-6 years) and will describe the characteristics of this target market along with the requirements for this target market. Then, the student will analyze a product category towards this target market (ex. Toys and entertainment activities as TV shows or other activities addressed towards young children).
On this analysis, the student will describe the needs and wants/desires, that each product satisfies, will identify different offers that are already in the market and how each offer satisfies those needs. Describe the marketing mix of each solution (between 2 to 4 offerings).
Assignment Guide
Before starting on your writing, you should think about the following questions: 1.What is the target market that you are going to analyze?
- Which product or service is intended towards this specific target market?
- What need does the above market have for your product or service?
- What is the basic message that you would like to send to this market in regards to your product?
- How each of the offers that category of product does satisfy the needs and wants of their target market?
- What is the best way of getting in contact with your projected market? (i.e.- T.V, Radio, Print, Online)
- Develop the marketing mix (4Ps in case of products / 7Ps in case of services) for each of the offerings. Follow the template below using your answers to question 7 as a guide.
Question 7 template:
Marketing Mix for each of the solutions proposed: • Product Strategy
The product strategy should give a detailed description of what your product(s) are and how they are going to benefit your company. Describe in detail what each product is and what strategies you have to make it beat out your competitors.
• Price Strategy
The price strategy is where you will describe your key pricing issues. If you think your key selling point is going to be the price, then explain that here. If you are taking the low cost/high turnover approach then explain how your company will succeed with the low profit-margin on each product.
• Promotion Strategy
The promotion strategy is one of the most important sections of the marketing plan. This is where it can make or break a marketing program. This section should include advertising strategies you plan to engage in, any marketing strategies for your products such as attending trade shows, conferences etc.
Also, you should explain what message you want to promote in all of the items mentioned above. You should send the same message through all channels of communication.
• Place/distribution strategy
Describe briefly how you are planning to make the product or service get to the final costumer.
Sample Solution
