mba 7600 marketing mix

This assignment builds on the proposal you submitted eariler (attached). Using the target audience and product or service you identified in your proposal, create a marketing mix for launch. Define your product, price, place, and promotion using the criteria below. Include how you will measure success. write for your intended professional audience.

Marketing Mix Criteria:

Product/Service:
What need does the product or service satisfy for the customer?
What features does it have to meet these needs?
How and where will the customer use it?
What does it look like? Think size, colors, materials, etc.
What will it be called?
How is it differentiated versus your competitors?

Suggestions

•Review Chapters 13 and 14 in the text.
•Be sure you are clear about your target audience so you can be clear about what your product needs to do.
•Remember the personas and consider how that work can help you to be clearer about your target audience and how your product or service meets their desires.
Place

Where will buyers get your product or service?
How can you access the right distribution channels?
Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalog companies?
How can you differentiate from the competition?

Suggestions

•Review Chapter 17 in the text.

•Remember to be clear about why your chosen distribution method will be acceptable or preferable to your target audience and why.

•Blanket statements like, “Younger people prefer to do their shopping online via their phones” or “People over 45 don’t spend as much time or money online” are not sufficient.

•If that blanket statement is true, you must provide relevant data to support your assertion. Assuming I have a credible reference, “In 2018, people aged 18 – 35 who purchased specialty hair care products, our target audience, spent $2B online and $3B in-store. Therefore, it is important for XYZ Company to have a robust presence both online and in-store.”

•Consider return policies if you have online only distribution. What about if you have both online and brick & mortar distribution

Price
What is the value of the product or service to the buyer?

What pricing strategy will you use?
How will your price compare with your competitors?

Suggestions

•Review Chapter 16 in the text.
•Which strategy makes the most sense for your product or service and why? (use EDLP if possible)
•If your new product or service is free, why is it free?

•If you’re offering a loyalty program for the first time, how do people earn points? How can they spend the points? Why do these criteria appeal to your target audience?
Promotion

Where and when can you get your marketing messages across to your target market?
Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards? By using direct marketing mailshots? Through PR? On the internet?
When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch or subsequent promotions?
How do your competitors do their promotions? And how does that influence your choice of promotional activity?

Suggestions

•Remember that social media is ONE tactic marketers can use to promote their products and services.

•Review Chapters 19, 20, and 21 in the text and consider how best to use those tools, or not, in you communications plan.

•Again, beware of blanket statements without including supporting information.

Reference (Kotler, P., & Keller, K. L. (2016). Marketing management. Harlow: Pearson Education Limited.)