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(A) The ‘product’ element of marketing mix strategy (300 words).
There are three separate things you need to do regarding the ‘product’ element:
• First, look at page 254 of the textbook at Figure 8.2: Three Levels of product.
• You need to draw this diagram, label it correctly, and substitute in information relevant to your product.
• You also need to discuss the relevant theory as to the core, actual, and augmented product and discuss the information contained in your diagram in more detail.
• Second, look at pages 268-276 of the textbook to the section on branding.
• You need to provide information on your chosen brand and on the different levels of meaning that it is delivering, for example its attributes, benefits, values, and personality.
• You may provide a visual logo however this is NOT required of you.
• Third, you need to comment on how your product and brand differentiates from that of your competitors to the target market you have identified.
(B) The ‘price’ element of marketing mix strategy (200 words).
• Look at pages 346-357 of the textbook regarding pricing strategy approaches.
• You need to chose ONE pricing strategy from the many approaches in the textbook (cost-plus pricing, breakeven pricing, value-based pricing, economic-value pricing, going-rate pricing, sealed-bid/tenders, market-skimming pricing, market penetration pricing) as how to price your product.
• You need to support your choice with an explanation and reasoning.
(C) The ‘promotion’ element of marketing mix strategy (200 words).
• Look at page 413 of the textbook to Table 12.1: A classification of integrated marketing communication media, tools and technologies. < ...