Assignment
As we make our push toward the end of the course, here is what I would expect to see, content wise, for your course project:
Regardless of which guideline you are following, in your project paper/presentation, please make sure you elaborate on the following 5 P's: Positioning, Product, Price, Place, and Promotion. I would like to see one page for each one of these 5 P's.
Positioning: please articulate the value proposition of the product/service, preferably with a positioning statement, and a perceptual map. The positioning statement should incorporate the 3 C's: Customer-Competitor-Company. Please make sure to answer the question: why customers would purchase from you vs. other choices?
Product: The heart of the marketing mix, the starting point, is the marketing offer, also called customer solution that creates value. What are the company's product line strategies? The product includes its package, warranty, after-sale service, brand name, company image and other relevant factors. Is Product Life Cycle applicable? Should some current products be phased out or new products added? Would some products benefit from changes in quality, features, or style? If it's a service, make sure to talk about its unique characteristics: Intangibility, Inconsistency, Inseparability, and Inventory.
Price: Price is what a buyer must give up to obtain a product, also called customer cost which captures value. Price is often the most flexible of the four marketing mix elements, the quickest element to change. Price is a very important competitive weapon and very important to the organization, because price multiplied by the number of units sold equals total revenue for the firm. Are the company's pricing policies and procedures appropriate? (Cost-based; Value-based, or Competitor based?) Are prices in line with customers' perceived value? How does the business practice price discrimination? Dynamic Pricing? Yield Management?
Place: Distribution strategies, which usually involve wholesalers and retailers, are concerned with making products available when and where customers want them, also called delivering value at the customer's convenience. Physical distribution (marketing logistics) also involves all the business activities that are concerned with storing and transporting raw materials or finished products. What are the company's distribution coverage objective and strategies (intensive, selective, exclusive?) Should existing channels be changed or new ones added? Are there any channel conflicts? For retailers, discuss product assortment and service decisions, or the logistics behind the scene. How does the business practice omni-channel distribution? Any impact of the pandemic on the supply chain/value delivery network?
Promotion: Promotion includes advertising, public relations, sales promotion, personal selling, and direct/digital marketing, also called the communication of value. Promotion's role in the marketing mix is to inform, educate, persuade, and remind target markets about the benefits of an organization or a product. Discuss the five tools in the promotion mix, and why or why not each tool is applicable to the company of your project. Discuss how social media could help communicate the value proposition better?
Format your assignment according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the assignment, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.
Attachment:- TTOIAT.rar