QUESTION/SECTION 1 The Nature and Scope of Marketing [20 MARKS]
Use the marketing process to examine and evaluate each of these factors about the products. Consider what Formula Botanica says about hair trends, and highlight the environmental factors that affect your function in the marketing of this product.
• Understanding customer needs and wants;
• Market offerings: bundle of benefits;
• Being aware of market myopia;
• Marketing, customer value and satisfaction; and
• Exchanges, transactions and relationships and how it leads to market.
QUESTION/SECTION 2 Target Marketing Strategies [20 MARKS]
Assess your company’s target marketing strategies and then examine how each of the steps in the process are effective in marketing its line of hair products. Consider the impact of consumer buying behaviour on your strategy.
• Step 1: Market segmentation
• Step 2: Market targeting
• Step 3: Differentiation
• Step 4: Positioning
QUESTION/SECTION 3 Product Mix and Decisions [35 MARKS]
As the marketing co-ordinator for XYZ Inc, you should be familiar with both the product you will be promoting and the various development processes of the new product. Therefore, you must engage with various departments in the company, such as sales and, most importantly, the research and development unit.
• Select any five stages of the new product development process that directly or indirectly affect your role; and
• Discuss how each of the stages that you have selected affect your department and your function in the marketing of the product.
QUESTION/SECTION 4 Pricing Decisions [25 MARKS]
4.1 Now that you have determined how each of the selected stages of the new product development (NPD) process affects your function and the marketing department in Question 3 above, think about the pricing of the product, working closely with the sales department and your manager.
Select a pricing strategy and illustrate five ways in which this strategy particularly works for your product. Align your pricing strategy to your company’s NPD process.
Note: There are various pricing strategies provided in your course material, but you are expected to do extra reading and provide appropriate referencing when answering this question. Ensure that the strategy that you choose aligns with your organisation’s NPD process as you have discussed in your answer to Question 3. Also, consider specific trends affecting the marketing industry in your response.
Here is an article to help you in selecting a pricing strategy for these particular products:
Answers to Above Questions from Formula Botanica Case
Marketing process is an important step to be followed in marketing a product in an efficient way. The marketing of a product requires a good understanding of the needs and wants of the customer, offering them in the products and services, understanding the market and customer requirements including what customer values most about the product. In the given case scenario of Formula Botanica, the marketing of hair care products needs to be carried out in a systematic way.
Get completed answers on marketing subject from the best assignment writing service experts in South Africa available with Student Life Saviour.
Content Removal Request
If you believe that the content above belongs to you, and you don’t want it to be published anymore, then request for its removal by filling the details below. It will only be removed if you can provide sufficient evidence of its ownership.