Reference no: EM13136028

Task: 
This second assignment uses the same product you selected in assignment one. However, this assignment explores how the 4Ps are influenced by external factors such as the environment and the product's life cycle. The management of the product is developed and this means the 4Ps are manipulated to meet the needs of the market given the external factors. Surprisingly though, sometimes when a new person such as yourself reviews the product and goes through the segmentation process they identify either a new market or a new marketing mix that can give the product an edge in the market place. 

In this assignment you are to review each of the 4Ps for the product as it stands in the marketplace the day you bought the product. Next, having determined the current marketing mix for the product, you need to reflect on the current external environment and the stage of the product's life cycle and consider some creative innovative ways to improve the marketing mix. 
Continuing on from Assignment 1, using the same product discussed in Assignment 1, provide your description of the product (for the benefit of the marker). Then: 
1. Consider each of the four Ps i.e. product, price, promotion and placement. Using the theories you have learnt for each describe how each of the four Ps is applied in your selected product and market. 
• You should include key words from the theory together with application specifically for your scenario in your answer. 
2. Discuss how the following factors impact the marketing mix (4 Ps) you have described. You must apply the theories specifically to your product and market. 
• Discuss how the competitive environment will impact the 4 Ps 
• Discuss how the product life cycle will impact the 4 Ps. 
3. For this next section you are to develop some creative suggestions how the company might deal with the marketing mix for this product and market in the future. The template for this section of the assessment enables different types of media to be incorporated. You can choose how you represent your creative ideas. Suitable formats include video files, graphic files, or text. Your ideas do not necessarily have to be feasible, but given today's cluttered marketing environment they should be as innovative as possible. Your ideas and your reasoning for them should reflect a good understanding of the target market behaviours and needs. 
4. Complete a self-assessment relating to yourself (not the product). What did you learn about the assignment writing process and your ability to complete it? This is a very important part of the assignment. In this section you should consider your strengths and weaknesses in completing the assignment, your learning style and what things you learnt about yourself by doing this assignment that might be helpful for future assignments. You should also consider the material/ research you used to compile the assignment (what type of resources did you use and how did they help with writing this assignment). 
5. You MUST use in-text referencing to properly acknowledge the original source of your ideas. Format guidelines are provided at USQ Library or in the Summers & Smith Communication Skills Handbook. 
6. Include a List of references and evidence of using a range of sources.