Examine products, markets and communication programs to understand the interplay between consumers and stimuli in the process of purchasing goods and services.
This assessment aims to further that study by critically analysing a product through the 4Ps of marketing. This assignment will allow you to demonstrate your ability to apply theoretical knowledge when analysing a 'real life' situation; bridging the gap between classroom learning, self-study and the 'real world'.
Task
This assignment requires you to be the Marketing Manager of a new product to the market based on research into customer wants and needs.
1. You are to choose a new product that you want to introduce to the market from the Information Sheet provided in Moodle.
2. Determine the target market most appropriate for this new product. You can use demographics, psychographics and/or behavioural characteristics but you must justify your choice.
3. Based on your target market, describe in detail the media you would use in order to raise the awareness of the target market to the new product and encourage a purchase.
4. In terms of place (distribution), decide and justify the best way to distribute your product to your target market.
5. Lastly, based on your response to all of the above, decide on your pricing structure. Explain how you will price the new product, examine competitors' pricing, and justify the pricing structure you have chosen.