Starting Here In Unit 5 You Will Begin To Develop Your Final

Starting Here In Unit 5 You Will Begin To Develop Your Final Project

Starting here in Unit 5, you will begin to develop your final project due in unit 8. This part will be due in Unit 6 and will be graded in that unit. Read the Assignment Directions below to get started. Based on the Brand that you chose in the Unit 2 discussion, you will develop the Product and Price portion of your final project in the assignment due in Unit 6. Using the references you have found to learn about your chosen brand, write a one page APA style essay using the Final Project template and provide the following information: Product: Discuss the classification of the product, stage in the product life cycle, product positioning, features and benefits of the product. Make sure to indicate the type of product (shopping, convenience, etc) and the width and depth of your brand. Packaging should also be considered. Pricing: Concepts covered may include competition-based pricing, demand-based pricing, new product pricing, and/or product-line pricing. Look at pricing objectives and strategies. Compare whether the brand’s pricing is in line with the competition. Discuss the ramifications of if the brand is higher priced or lower priced. Based on your examination, does your brand do a good, adequate, or poor job of serving the needs of its customers? Do your research and remember to analyze each element of the marketing mix in terms of how it meets the needs of the target consumers. For example, examine if the product really provides what it promises. Discuss if the price is consistent with the quality level expected by the target market, and so on. Throughout the paper, you will need to demonstrate practical application of the concepts learned throughout the course. When you have spell- and grammar-checked your assignment, save the Final Project document in a file for submission in Unit 6. You will be adding on to it before submission. Using the Final Project assignment document that you started in Unit 5 Assignment, now you will add to it before submitting the entire assignment in this unit for a grade. Using the references you have found to learn about your chosen brand, write a one page APA style essay providing the following information: Placement (use this as your subheading) Include such topics as the appropriate types of channels, order processing, and appropriate transportation. Make sure to provide the type of distribution your brand uses. Examine whether the brand is being sold in the right outlets. Analyze whether or not they have enough channels. Discuss what course of action would remedy any shortcomings. Based on your examination, does your brand do a good, adequate, or poor job of serving the needs of its customers? Do your research and analyze the distribution, marketing channels, and marketing intermediaries used by your brand. For example, identify and examine the marketing channels and relationships between marketing intermediaries and the company that owns your brand. Identify and discuss the type of vertical marketing system in place, and so on. Throughout the paper, you need to demonstrate practical application of the concepts learned throughout the course. When you have spell/grammar checked your Unit 6 assignment as part of the on-going Final Project document you started in Unit 5 and saved it to your files, then upload this document to the Unit 6 Dropbox for grading in this unit. This unit’s assignment: Based on the brand that you chose in the Unit 2 discussion, you will develop the promotion portion of your final project in the assignment for this unit. Using the references you have found to learn about your chosen brand, write a one page APA style essay providing the following information: Promotional Mix Make sure to briefly include all of the following in this section: Advertising, Public Relations, Personal Selling, and Sales Promotion. Discuss what is needed for an IMC (Integrated Marketing Communications) plan. Analyze advertising plans in terms of message or execution. Based on your examination, does your brand do a good, adequate, or poor job of serving the needs of its customers? Do your research and remember to analyze each element of the promotion mix in terms of how it meets the needs of the target consumers. For example, examine if the promotions used are effective or not. Does your brand use a pull or push strategy and why? Identify and discuss the types of promotions used. Throughout the paper, you need to demonstrate practical application of the concepts learned throughout the course. After you have checked your assignment for grammar and spelling, submit your Unit 7 assignment as a continuation of your Final Project document you started in Unit 5. Make sure to specify Promotion as a subheading in the document, alerting your instructor to your additional work for a grade Using the final project template provided, write a two to three double-spaced pages in 12 point font (Times New Roman). In developing your paper, you will introduce your chosen brand to study, identify the segmentation and target markets, and analyze the components of your brand’s marketing mix in the following order; Product, Price, Place (Distribution) and Promotion (include the five components of the promotion mix). Your Research Project will be Microsoft Word© format. In your paper, be sure to include at least three (3) references and appropriate citations for them in APA format. Do not forget to download and use the template provided to help you execute this project Assignment Checklist: Research Project, Unit .Identify the segmentation and target markets. 2.Analyze the four individual components of your brand’s marketing mix. 3.Write your original response in Standard English, paying special attention to grammar, style and mechanics. •Ensure that your viewpoint and purpose are clearly stated. •Demonstrate logical and appropriate transitions from one idea to another. •Your paper should be highly organized, logical and focused. •Use three (3) references and appropriate in-text citations for them in APA style format Developing your Assignment: To help you with your paper, you can download a template for this paper. Write your responses in complete sentences; provide specific examples when applicable and be as clear and as concise as possible. As with all material you submit to your instructor, check for correct spelling, grammar, punctuation, mechanics, and usage. Make sure to provide citations and references that you use in writing up the responses. Make sure to use the concepts you have learned from the text and that you have answered the questions thoroughly.

Paper For Above instruction

The development of a comprehensive marketing mix strategy is pivotal for successfully positioning a brand within its target market. This paper focuses on analyzing the Product, Price, Distribution (Place), and Promotion components of a chosen brand—based on prior research and course concepts—culminating in a detailed understanding of how these elements serve consumer needs effectively.

Product

The product under analysis is classified as a convenience product, characterized by its frequent purchase and minimal effort in decision-making. It is in the maturity stage of its product life cycle, which implies that sales are stable, and the primary focus shifts towards differentiation and brand loyalty. The product’s positioning highlights its ease of use and affordability, targeting busy consumers seeking quick, accessible solutions. Its features include portability, simplicity, and consistent quality, with benefits focused on saving time and providing reliability. The packaging emphasizes ease of access and appealing visuals that attract impulse buyers. The product's width (product line) includes various related items such as different flavors or variants, while the depth (product variation) offers multiple sizes or formats to cater to different consumer preferences.

Price

Pricing strategies for the brand employ a demand-based approach, setting prices according to the perceived value and consumer willingness to pay. Compared to competitors, the brand’s pricing aligns with market standards, positioned slightly lower to attract price-sensitive customers without compromising perceived quality. This competitive pricing allows the brand to penetrate the market effectively. The ramifications of a higher price might include positioning the product as a premium offering, potentially alienating budget-conscious consumers. Conversely, a lower price enhances accessibility but risks devaluing perceived quality. The brand appears to serve customer needs effectively by balancing affordability with quality, evidenced by positive customer feedback and comparable pricing strategies within the industry.

Distribution (Place)

The distribution approach utilizes a multi-channel strategy, covering major retail outlets, supermarkets, and online platforms to maximize accessibility. The brand’s distribution channels include both direct and indirect methods, employing relationships with intermediaries such as wholesalers and retailers. The type of distribution used is a selective system, ensuring that products are available in outlets favored by the target demographic. However, there may be opportunities to expand into additional channels, especially emerging digital marketplaces, to better serve geographically dispersed customers. The current system largely meets customer needs, but optimizing distribution coverage could further improve reach and convenience.

Promotion

The promotional mix encompasses advertising, public relations, personal selling, and sales promotion, designed to reinforce the brand’s message and stimulate demand. Advertising strategies focus on emphasizing the product’s convenience and value, using both traditional media and social platforms to reach target consumers effectively. Public relations efforts include community engagement and sponsorships to build brand trust. Personal selling is employed primarily in retail environments to educate customers, while sales promotions such as discounts and limited-time offers encourage trials and purchase. An integrated marketing communication (IMC) plan ensures consistency across channels, with a pull strategy used to attract customers to seek out the product actively. The promotional efforts align well with consumer needs, though there is room for enhancing digital engagement and personalized marketing to increase effectiveness.

Conclusion

Overall, the analyzed brand demonstrates a coherent marketing mix that effectively meets its target consumers’ needs through appropriate segmentation, strategic product positioning, competitive pricing, accessible distribution channels, and multifaceted promotional efforts. Continued adjustments in distribution and digital marketing can further enhance its market presence and customer satisfaction.

References

• Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction (13th ed.). Pearson.
• Keller, K. L. (2013). Strategic Brand Management (4th ed.). Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2015). Marketing (15th ed.). McGraw-Hill Education.
• Shaw, K., & Ng, S. (2018). Digital marketing strategies for brands. Journal of Business Research, 92, 111-119.