Reference no: EM133240638

Directions Product Mix Evaluation

In this unit you will evaluate your marketing mix strategy focusing on the product mix elements. The marketing mix includes an analysis of your product, place (distribution), price, and promotional strategies, the 4 Ps. Each of these marketing mix elements can be evaluated in depth, but in this exercise, you will out outline your mix elements and then evaluate the synergies created by your mix elements as related to the market segments you have identified in Unit 3.

A product offering can attract different market segments, each of which may respond to the other marketing mix elements in different ways. For example, different segments may respond to pricing differently based on the market's disposable income. Different segments may view and respond to different communication methods. And different segments may use different distribution channels to access a product.

You will evaluate these initial 3Ps to identify strengths and weaknesses. In Unit 6, you will develop a positioning and promotional (integrated marketing communication) strategy for your SBU that is linked to this analysis.

You will create this marketing mix strategy for your primary market identified in Unit 3. It is important for you to justify your strategic decisions based on relevant research from credible sources. Ultimately, you will need to convince others of your strategy. These others could be marketing managers, investors, bankers, etc. Be sure you use your primary and supplemental text Marketing: An Introduction by: M. C. Cant and the supporting unit material terms and concepts in developing your marketing mix. You need to use the terms and concepts as outlined in the unit material to both describe, evaluate, and justify related to each item in the assignment.

The goal of this section of the project is to help you analyze the entire marketing mix benefit packages of your SBU. When you think of the "product," you should keep in mind that a service is also a benefit package and should be considered as part of a product. When you are evaluating products, be concerned with the basic benefits you are offering to the market. Most offering contain a combination of tangible products and intangible services. For example, grocery stores, which used to primarily offer a tangible assortment of products, now include delivery in their marketing mix as a service. For some market segments, their refrigerator will now provide the service of ordering food.

My SBU is Insurance for Trucking companies.

Use the table below for your responses. This should reflect the perceptions of your primary target market.

Product Strategy

1. Product Description: (This is to help you identify this product you are analyzing for your SBU).

2. Type of goods offered by your SBU: (Describe and justify if these are convenience goods, shopping goods, specialty goods, or industrial goods. You need to use these items as outlined in the unit material). Strategic implications: (this could be related to customer search strategies, location decisions, etc.).

3. Core Product Benefits the Target Market Receives from the Products in the SBU: (These are the connection to value considerations (core, supplemental, experiential/symbolic attributes, and the primary utility reasons why a consumer purchases this product. Analysis for your SBU should be based on research to avoid your own biases.) 

Strategic Implications:

4. Augmented part of the Products offered by the SBU: (Describe what is added to the core benefits to create a larger product concept including a customer service strategy.)

Strategic Implications:

Price Analysis

1. Analysis of Pricing Objectives for the Products Outlined above: (Price-oriented, sales-oriented, status quo, etc.)

Strategic Implications: 

2. Analyze price Elasticity Factors: (Buyer's perceptions and preferences, alternatives or substitutes, buyer's ability to pay, percent of income, etc. You should justify if you believe these have primarily demand elasticity or inelasticity.)

Strategic Implications:

3. Justify a Recommendation for Pricing Strategy: (Demand-Based, Cost-Based, Competition Based, Price-Discounting Strategy.)

Strategic Implications: