Essay Example on You have been ask by the marketing board to create a new Product

TAKE HOME ASSIGNMENT FOR Question 1 You have been ask by the marketing board to create a new product service and present it to the top management a Briefly explain the following marketing mix terms in relation to your product service i The market price you will charge for your new product service EUR 250 ii What distribution channel will you use to promote your product service Brochures by mail ads by TV ads on the internet and social media iii Where will you locate your service production plant and why Andorra la Vieja Andorra Due to the low tax policy that the country possesses in addition to the ease of being a country European with ease of export iv Which product or service will you provide to the new market A compact machine capable of purifying the air of a room of 30 square meters passing it through 5 different systems a carbon filter capable of absorbing odors gases and chemical vapors the Sanitized system that effectively reduces the development of bacteria fungi and dust mites in the carbon filter the True HEPA filter which with its accordion shape traps many more particles and finally the PlasmaTRUE Technology which safely removes contaminants in the air at molecular level We add to our machine the ability to aromatize the purified air with the subtle essence that the customer chooses through a system of vaporized essence v How will you focus on your customers clients 

Communicating having a positive attitude focusing on your needs being transparent vi Who are your competitors and how will you target them Our competitors are Fellowes Inc Rowenta SHARP Corporation We will target them making a research as the first step for every strategy After that we will try to get their attention via social media advertising once we get their attention we will attract them to our product with our website using some psychological features that will visually create a positive reaction on the costumer after capturing the attention of the customers its time to sell the product email marketing is the one that we plan to use Once we get the customers we have to retain them focusing on them vii What is the unique selling point of your product service viii Prepare a SWOT Analysis of your product service Our unique selling point is our unique idea to combine the purification of the air and the aromatization of this in a large manner S Unique modern healthy W High unit price limited awareness O Groups meeting in one place smokers T Other ways to solve the problem reduction of air pollution due to government efforts b i How would you position your product service Using the Marketing Strategy STP mixing it with the Marketing MIX The 4P ii Who is your target market Owners of small shops smokers in their homes wealthy people people seeking a healthier life iii The brand value As a brand new product we would estimate the cost of its value on EUR 500 000 for the first year considering the cost based brand valuation the market based brand valuation and the income approach brand valuation Question 

 When and for what is each type of question useful in marketing research All the questions regarding the first question are the bases of a product that a marketing researcher should have to start the sales strategy for the product and be successful The questions referred with the second question including this one refer to the obstacles and the basic analysis that will have to face a marketing researcher and must be implemented even before starting the marketing strategy of a product Suarez Rojas Maryan R0720727 1IBT Question 3 Many large companies regardless of their home country now think of themselves as truly global organizations They view the entire world as a single borderless market For example although headquartered in Chicago Boeing is as comfortable selling planes to Lufthansa or Air China as to American Airlines a As a young Flemish entrepreneur describe six key approaches to entering international markets b Discuss how the international trade system and the economic political legal and cultural environments affect a company's international marketing decisions