Marketing mix refers to the 4 P's of marketing. These are product, price, place and promotion. Marketing strategy should implement the 4 p's in an effective manner. For instance if a fast food chain wants to open up in Asia, it needs to see the place and target price for the customers. Similarly is a sunscreen product is offered to places in the North pole, it will fail because there is no match with the marketing mix and the strategy.
Create your own marketing strategy for the product/service chosen in Week 1. Support your recommendations with concepts presented in this week's reading. 1.Define and explain what segmentation is and discuss different segmentation bases you could use for your product/service (pages 167-175). 2.Based on your segmentation, describe each of the target markets that you would seek to reach. Explain why they will be most profitable for your product/service. 3.Develop a value proposition for your product/service through differentiation and positioning. Include the following: ◦Introduce at least two (2) competitors and explain their current positioning in the market. (What do they promise to deliver?) ◦Discuss possible competitive advantages your product/service can use to differentiate itself from these competitors (products, services, channels, service, people or image) and select which one(s) to use to build your positioning (see pages 186-189). ◦Based on this differentiation, explain your value proposition (pages 190-191) and develop a positioning statement (page 192).
