Handout for Activity: Product Marketing
Purpose: The purpose of this assignment is to help you understand the numerous elements required for excellent marketing of a product.
Instructions: Complete the following steps and answer the associated questions below. Submit your responses to the instructor as directed.
Step 1: Identify a product.
Identify a product for which you can easily explore, identify the competition, and note the purchase price. Describe this product in a short paragraph. Identify at least three major competitors who produce the same product type.
Step 2: Describe the product.
Write a brief statement about the value and benefits of this product.
Step 3: Create components.
Write a brief statement about the following components of the marketing mix for this product. Review the product at its point of purchase, online, in advertisements, and so forth.
o Product
o Pricing
o Place or Distribution
o Promotion
Step 4: Describe the market.
Briefly describe the target market for this product, including geographic variables, demographic variables, psychological variables, and behavioral variables.
Step 5: Describe market research.
Write a brief paragraph explaining how you would conduct market research for this product.