BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX. Write 300 words explaining w
ID: 355282 • Letter: B
Question
BSBMKG502 - ESTABLISH AND ADJUST THE MARKETING MIX. Write 300 words explaining what product information you will need and how this information will assist with the development of the marketing plan. The organisation for which you work is developing a new set of products. It is quite different from any other product generally sold by the organisation. You have been asked to head the marketing team. Before you and your team can develop a marketing plan you must identify the key characteristics of the products and their variations.
Explanation / Answer
The product information that is required to develop a marketing plan are:
Product offering: The different types of products, its variations. How it is different from the others in the market, the value it offers.
Target audience: The set of users who will it benefit the most, which set of the population will it be beneficial for. Which specific set of customers of the population will it be targeting, it should be targeted in terms of location, age, social status, income level, demographics, other social behaviour.
The Positioning: How will the communication be targeted to the audience; how will it be influencing the audience and image that it will be positioned as. How will the communication be set to define the product in the minds of the consumers or potential consumers. The messaging for the set of user which will be in line with the brand character and brand image.
The Budget: One most important question remains how much of budget is allowed, how much of money can be spent on the new marketing plan. It should include all budgets for pilots, launch and overall branding and marketing.
The medium and channels: As per the target audience identified the usage and presence of the target audience need to be finalized. As per the budget and audience the medium, channels are selected that will have to checked from the past history and so should be questioned, before planning the marketing campaign.
Offers and Discounts allowed: Ask questions on how much of channel wise discounts and offers are allowed. Each channel will have its own set of offers and discounts, all these will depend on the partners which the company already has and so this information should be sought while planning the offers and marketing collaterals.
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