12 May EXPLAIN IF THE PRICES OF YOUR PRODUCT/SERVICE ARE SET TO REFLECT THE BUSINESS’ OVJECTIVE AND MARKET CONDITION.
Summary of tasks:
Based on the product or service you chose in the first assignment you will create a SWOT analysis that will help you show the macro and micro environmental factors. You will also choose one of the marketing strategies learnt in class and apply it to the product according to the previous mentioned analysis.
Based on the chosen marketing strategy you will create a report explaining product development, lacing (distribution), price and how you would promote the product.
Below are closer specifications as to how to answer the ‘pass criteria’ points so that they relate to your product:
For 2.1- Give specific macro and micro environmental factors based on the SWOT analysis.
For 2.2- Choose a marketing strategy based on the macro and micro environments.
For 3.1- Explain how the product was developed and if it sustains a competitive advantage in the market and explain what you would change and why.
For 3.2- Show and explain how the distribution of the product is arranged to satisfy the customer.
For 3.3- Explain if the prices of your product/service are set to reflect the business’ ovjective and market condition.
For 3.4- Show how promotional activity is integrated to achieve the marketing objectives of your product/service.
Required work and format:
• To justify your opinion and answers, you MUST state SPECIFIC DETAILS from the SWOT analysis you have created.
• There is no black and white answers to your analysis, therefore always justify your answers based on the SWOT and the targeting strategy you have choosen.
• State at least 5 sources you based your work on. All sources of information must be referenced correctly using the Harvard referencing style (you can get help from the book Cite them Right).
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