Problem
Part I:
To start planning for your Marketing Project, type in your answers to the following questions. They will be saved automatically. Be sure to number your responses from 1 to 3 to show which questions they answer. If your instructor cannot tell which question you're answering, you may not receive credit. You'll submit your responses to these questions in Step 4.
i. What type of business did you select?
ii. What product (good and/or service) does your business offer?
iii. In what ways do these goods and/or services benefit society?
Part II:
Now, consider the marketing mix for your product. Think about the four elements, also known as the four P's, of the marketing mix: Product/Service, Price, Promotion, and Placement. Type in your responses to the following five questions to help you create your marketing mix, by relating each of the four elements to your small business. Number your responses from 1 to 5 to show which questions they answer. You will submit your responses in Step 4.
• Product:
i. What steps will you take to ensure the quality of your product(s) and why (why is it important to have a reputation for quality products and for honesty in communication)?
• Price:
ii. How much will you charge for your product? What went into your decision (profit, ethical and legal considerations, and so on)?
• Promotion:
iii. How will you promote your product or product line (advertising, social media marketing, search engine marketing, and so on)?
• Placement:
iv. Does your business have a physical location, or is it e-commerce, or is it both?
• Marketing mix - overall considerations:
v. What is the product mix for your business and the target market to which you want to sell?
Part III:
Come up with a logo or label for the product or product line you sell. Or, you can create a company logo if it makes more sense. For instance, your business may provide only services, so you may have no product lines to brand.
Be sure that your logo reflects current economic and marketing trends for your goods and/or services, as well as your type of business. You can make your product logo or label on your computer, or you can draw it on paper. You will describe your logo in Step 4.
Keep the following guidelines in mind:
i. Your logo should include the name of your product or business.
ii. Be sure to consider each element of the marketing mix, so that your branding targets the people you want to buy your product.
iii. Consider how your logo reflects current economic and marketing trends for your goods and/or services, as well as your type of business.
iv. Be sure to save or keep your logo in a place where you can reference it in the next step.
Part IV:
Be sure to include the following information about your logo or label in your description:
i. What does your logo look like? Be sure to describe its most important features.
ii. How does your branding use creativity to target the people you want to buy your product?
iii. How did your marketing mix influence the overall design of your brand?