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

Answer 1: 

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.

answer

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.

    March
    January
    February
    March
    April
    May
    June
    July
    August
    September
    October
    November
    December
    2025
    1950
    1951
    1952
    1953
    1954
    1955
    1956
    1957
    1958
    1959
    1960
    1961
    1962
    1963
    1964
    1965
    1966
    1967
    1968
    1969
    1970
    1971
    1972
    1973
    1974
    1975
    1976
    1977
    1978
    1979
    1980
    1981
    1982
    1983
    1984
    1985
    1986
    1987
    1988
    1989
    1990
    1991
    1992
    1993
    1994
    1995
    1996
    1997
    1998
    1999
    2000
    2001
    2002
    2003
    2004
    2005
    2006
    2007
    2008
    2009
    2010
    2011
    2012
    2013
    2014
    2015
    2016
    2017
    2018
    2019
    2020
    2021
    2022
    2023
    2024
    2025
    2026
    2027
    2028
    2029
    2030
    2031
    2032
    2033
    2034
    2035
    2036
    2037
    2038
    2039
    2040
    2041
    2042
    2043
    2044
    2045
    2046
    2047
    2048
    2049
    2050
    SunMonTueWedThuFriSat
    23
    24
    25
    26
    27
    28
    1
    2
    3
    4
    5
    6
    7
    8
    9
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    20
    21
    22
    23
    24
    25
    26
    27
    28
    29
    30
    31
    1
    2
    3
    4
    5
    00:00
    01:00
    02:00
    03:00
    04:00
    05:00
    06:00
    07:00
    08:00
    09:00
    10:00
    11:00
    12:00
    13:00
    14:00
    15:00
    16:00
    17:00
    18:00
    19:00
    20:00
    21:00
    22:00
    23:00