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You’ll take the product or service concept you’ve been discussing with your instructor and put together a full-fledged proposal for executive approval. In clear, concise business writing, cover the following topics:
Brief summary of the opportunity
Define your product strategy
Goal you’re hoping to meet with this opportunity
Timing for introduction
Why is this opportunity a good choice for your organization?
What challenges do you see with this new product/service launch?
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. This will end up being part of your final marketing plan so write for your intended professional audience.
Marketing Mix Criteria:
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?
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?
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?
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?
Source: The Marketing Mix and the 4Ps of Marketing (Links to an external site.)
Video: Marketing Mix (Links to an external site.)
(Links to an external site.)Video: Services Marketing Mix (Links to an external site.)
(Links to an external site.)Video: Marketing Mix: Promotion
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