Question

In this discussion you are exploring some preliminary decisions on what that marketing mix should be for your client’s new product. In your initial post provide your recommendation for a marketing mix with your rationale for how it will provide value to the target market and meet marketing objectives. Of course, you will be making some assumptions here, but this would be early stages of the planning process. It is your rationale and support that are important.

Answer 1

The recommendation for a marketing mix is that all the four P's of marketing mix which include product, price, place and promotion must be systematically analyze before making a decision on any of them. The following factors must be considered while planning the process of marketing mix-
1. Product- the product must be such that it must be truly be able to meet the needs of the customer, it must be designed in such a way that the actual need of the customer is met. The product must be such that if any customer uses the product he must reach the stage of customer delight which is next stage to customer satisfaction.
2. Price-The most important decision which must be taken while setting up the prices is the company must not try to earn profit by earning more margin in a single unit of the product but it must rather try to sell more quantities in volumes, so that it can earn less profit on each unit but due to large volume the overall profitability is also good.
3. Promotion-The company must make the right decisions while selecting the promotion strategies of the product. The key point must be remembered that if the product is not good and promotion is continuously done, the promotion will kill the product faster. So the company must initially take steps in order to find out which promotional methodology is most effective and giving the company the maximum leads by trying different promotion methods and then go with the best promotion method.
4. Place- Today due to advancement of Technologies most of the companies sell their product online and offline. So in order to take the correct decision regarding the place of the product the company must analyze that, does the product require touch points if this is the case it is better to sell the product offline a good example of this is all the luxury brands never sell cars online, they always have a physical retail outlet for selling their products.

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