Assignment-
(A) Conduct market research for your target market and document its demographic description. Gather the necessary demographic information you need to create a solid marketing mix for the next exercise. You may find the following topics helpful in conducting your target research:
• Market Descriptions
• Market Size and Trends
• Strategic Opportunities
(B) Prepare a PowerPoint presentation (at least 9 slides) illustrating your planned marketing mix and key messages for the new product or service you are proposing in your final project. Include the Four P's of Marketing. In the presentation notes, indicate a rationale for your choices using at least one outside source.
In addition to the Four P's of Marketing, there are are some business experts who also find the "Five F's"* helpful in determining the marketing mix:
1. Functions. How does the product or service meet their concrete needs?
2. Finances. How will the purchase affect their overall financial situation-not just the price of the product or service, but other savings and increased productivity?
3. Freedom. How convenient is it to purchase and use the product or service? How will they gain more time and less worry in other aspects of their lives?
4. Feelings. How does the product or service make customers feel about themselves, and how does it affect and relate to their self-image? Do they like and respect the salesperson and the company?
5. Future. How will they deal with the product or service and company over time? Will support and service be available? How will the product or service affect their lives in the coming years, and will they have an increased sense of security about the future?
Retrieved from: Abrams, R., (2010). Successful Business Plan: Secrets and Strategies. Palo Alto: The Planning Shop.