Describe the new product and identify at least two markets

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Reference no: EM132339014

Assignment - Marketing Principles

Learning outcomes

On successful completion of this unit, a learner will:

LO1 Understand the concept and process of marketing

LO2 Be able to use the concepts of segmentation, targeting and positioning

LO3 Understand the individual elements of the extended marketing mix

LO4 Be able to use the marketing mix in different contexts.

Task 1 - Understand the concept and process of marketing (LO1)

1a) Identify the main elements of your chosen organisations marketing process and its approach to marketing. Discuss the benefits and costs of adopting a marketing orientated approach.

1b) List some of the factors that would be considered in the internal and external audits of your chosen organisations environment.

Task 2- Be able to use the concepts of segmentation, targeting and positioning (LO2)

Context : you are employed as a marketing executive within your chosen organisation and have been selected to work on a project to design, produce and sell a NEW PRODUCT to be supplied by your organisation. As the marketing representative on the project team you have been asked to produce a ‘presentation' covering the following tasks :

2a) Describe the new product and identify at least two markets that it could be marketed to. You should include details of segmentation criteria that could be used to segment the different markets for the new product.

2b)Identify the target market and positioning you would choose for the new product, explaining your reasoning.

2c) Identify two different buying situations for the new product, and explain how the organisations marketing activities
would have to be adapted for each buying situation.

Task 3 Understand the individual elements of the extended marketing mix (LO3)

Context : You should respond to the following assignment tasks with reference to your chosen organisations existing product / service range/s.

3a) Explain how the chosen organisation develops products to ensure competitive advantage

3b) Outline the distribution (place) strategy used by the chosen organisation and explain how distribution is arranged for customer convenience.

3c) Describe how the prices set by the chosen organisation for its products / services reflect their overall business objectives and market conditions.

3d) Comment on how the chosen organisations promotional strategy helps them to meet the marketing objectives for their products / services.

3e) Analyse how the additional elements of the extended marketing mix (People, Process & Physical Evidence) could be applied to the chosen organisation.

Task 4 Be able to use the marketing mix in different contexts (LO4)

4a) Using the ‘new product' that you identified in Task 2, provide details of the two (2) separate marketing mixes for the product offered in two different consumer market segments.

4b) Discuss the differences for the organisation in marketing the new product to businesses rather than to consumers.

4c) Explain how and why international marketing differs / would differ from domestic marketing for the chosen organisation.

Reference no: EM132339014

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