Question: This assignment focuses on analyzing and strategizing using the Four P marketing mix model. You will have the opportunity to delve into the intricacies of
This assignment focuses on analyzing and strategizing using the Four P marketing mix model. You will have the opportunity to delve into the intricacies of a company of your choice, evaluating its products, pricing, distribution, and promotion strategies.
Objective:
The primary objective of this assignment is to develop your analytical and strategic thinking skills in the field of marketing management. By selecting a company of interest and employing the Four P model, you will gain insights into how businesses strategically manage their products, pricing, distribution channels, and promotional efforts. You are required to select a company of your choice and develop a marketing report based on the following criteria. Ensure that you follow the instructions per section below.
Company Selection
Choose a company that interests you. Provide a brief introduction to the chosen company, including its industry, market position, and target audience.
Introduction to the Chosen Company
Provide a concise overview of the selected company, including its name, industry, and primary products or services.
Mention its market position and current standing within the industry.
Target Audience Identification
dentify and describe the target audience of the chosen company.
Explain the significance of understanding this target audience for effective marketing strategies.
Justification for Analysis
Explain why the chosen company is suitable for analysis using the Four P model.
Consider factors such as the company's prominence, market dynamics, and potential for meaningful insights.
Product Analysis
Evaluate the company's current product offerings. Consider product quality, features, branding, and positioning. Analyse how the company's products meet customer needs and expectations. Propose at least two strategies for product enhancement or diversification.
Product Evaluation
Assess the quality of the company's products, considering aspects such as durability, reliability, and innovation.
Evaluate features and functionalities that distinguish the products from competitors.
Analyse the company's branding strategy and how it influences product perception.
Customer Needs and Expectations
Examine how the company's products align with the needs and expectations of its target audience.
Explore customer feedback, reviews, and surveys to gauge satisfaction levels.
Identify areas where product improvements could better meet customer expectations.
Strategies for Enhancement or Diversification
Propose two strategies for enhancing existing products, such as introducing new features or improving quality.
Recommend diversification strategies by suggesting new product lines or extensions based on market trends.
Price Analysis
Assess the company's pricing strategy in the current market. Evaluate the pricing structure in relation to competitors. Suggest two pricing strategies that align with the company's objectives and market conditions.
Pricing Strategy Assessment
Evaluate the company's pricing strategy, considering factors like valuebased pricing, costplus pricing, or dynamic pricing.
Analyse the rationale behind the current pricing approach.
Competitive Pricing Analysis
Compare the company's pricing structure with that of key competitors.
Identify areas where the company may have a competitive advantage or areas for improvement.
Alignment with Objectives and Market Conditions
Suggest two pricing strategies that align with the company's overall objectives and market conditions.
Consider factors like customer willingness to pay, perceived value, and industry trends.
Place Distribution Analysis
Examine the company's distribution channels and reach. Evaluate the effectiveness of the current distribution strategy. Recommend two strategies for improving or expanding the company's distribution channels.
Distribution Channels Examination
Analyse the company's existing distribution channels, including direct sales, retailers, ecommerce, etc.
Evaluate how well these channels reach the target audience.
Effectiveness Evaluation
Assess the effectiveness of the current distribution strategy in terms of market coverage, customer accessibility, and efficiency.
Identify any gaps or areas for improvement.
Strategies for Improvement
Propose two strategies for enhancing or expanding the company's distribution channels.
Consider emerging distribution trends, potential partnerships, or new market entry strategies.
Promotion Analysis Analyze the promotional tactics currently employed by the company. Assess the effectiveness of advertising, public relations, and other promotional activities. Propose two Innovative promotional strategies to enhance the company's market visibility.
Promotional Tactics Analysis
Evaluate the current promotional tactics, including advertising campaigns, public relations
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