24 Jun Product / Service Analysis Repo
Product / Service Analysis ReportThis project will take some time and require research, so plan accordingly. Please type this on a separate document and be sure to include a title page and list your works cited.The finished project should be 4-5 pages of content, plus your works cited page.You may select any existing branded product or service.Examples: Ford Trucks, M&Ms, iphone, Stanley Steemer, etc… Please use recognizable products or services.Use this template to for this project:Product or Service name:Briefly describe the 4Ps of this product or service:• Product (or Service).• Place description.• Pricing description.• Promotion(s) description.Product/ServiceBe sure to answer these questions in the analysis:• What does the customer want from this product or service? What needs does it satisfy?• What features does it have to meet these needs?o Are there any features youve missed out?o Are you including costly features that the customer wont actually use?• How and where will the customer use it?• What does it look like? How will customers experience it?• What size(s), color(s), and so on, should it be?• What is it to be called?• How is it branded?• How is it differentiated versus your competitors?• What is the most it can cost to provide, and still be sold sufficiently profitably? (See also Price, below).PlaceBe sure to answer these questions in the analysis:• Where do buyers look for your product or service?• If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue?• 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?• What do competitors do, and how can you learn from that and/or differentiate?PriceBe sure to answer these questions in the analysis:• What is the value of the product or service to the buyer?• Are there established for products or services?• Is the customer price sensitive? Will a small decrease in price gain you extra sales or market share? Or will a small increase be indiscernible, and so gain you extra profit margin?• What discounts should be offered to trade customers, or to other specific segments of your market?• How will your price compare with your competitors?PromotionBe sure to answer these questions in the analysis:• Where and when can you get across your marketing messages to your target market?• Will you reach your audience by advertising online, in the press, or on TV, or radio, or on billboards? By using direct mail marketing? Through public relations? 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 the timing of subsequent promotions?• How do your competitors do their promotions? And how does that influence your choice of promoti
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