Marketing Mix Assignment Help
Marketing Mix refers to the set of actions or tactics used by a company to promote its products or brand in the market. A Marketing Mix assignment help may include a variety of subjects and sub-topics. You may need to explore multiple elements to write a winning case study in this subject.
In 1960, E. Jerome McCarthy suggested that the Marketing Mix typically includes 4 P’s of marketing:
- Product: Product or Service of a company refers to whatever the company is selling. It has to deliver a minimum-level of performance to attract customer. It means that someone has to research on what needs or requirements of the customers does a product or a service fulfill, the price at which customer may want to use it, what should be it size or colour, how will it make customers feel, what it should be called, and at what price should it be sold in the market. Ultimately, it is the 'uniqueness' or 'usability' or 'affordability' of a product that sells.
- Price: Pricing strategy of a company depends on the supply and demand of a product in the marketplace, target segment, cost of production and various other factors. Price can be used to create a 'unique' place in the market for a particular product.
- Promotion: To promote a product, you should know who your target customers are and how you can reach them. Should you advertise online, in the press, on TV or radio, or through posters, hoardings and billboards? The timing of your promotion is also important - especially for seasonal products.
- Place: Marketing also means deciding how and where you are going to sell your products. It is necessary to nail the right distribution channels for your target segment. You may want to sell your product online, through direct marketing, in a supermarket, at trade fairs, or specialist boutiques. If you know where your customers can be found, it becomes easier for you to choose how to approach them and persuade them to buy your product.
How to do a Marketing Mix assignment?
An assignment on Marketing Mix may have different foci. Here are some tips to come up with a perfect marketing mix strategy based on what your marketing mix assignment asks you to do:
Focus on Product
Marketers need to study the product lifecycle of specific products to make proper strategies for each stage.
- What are the customer requirements?
- How will your product or service help your customers?
- What features can you add to your product to meet the needs and desires of your target customer segment?
- Should you remove some of the features in your product that your customers or clients do not need?
- What should be the name of your product?
- What should be the size, colour, shape of your product?
- How should your product be packaged?
Focus on Price
Deciding price of a product is not an easy task. Besides the cost of raw materials, manpower, and machinery, there are several other factors that you need to keep in mind.
- Neutral Pricing, in which your price is similar to your competitors;
- Market Penetration Pricing, in which companies keep low prices, free rewards, and heavy discounts in order to quickly seize some market share;
- Market Skimming Pricing, in which a company actively seeks out customers who are willing to pay extra for a high-quality product; and
- Value-Based Pricing, in which optimal pricing is done at or below what customers are willing to pay.
Some of the questions that a price-based marketing mix assignment should be based on are:
- What is the expenditure of producing a product?
- How much customers are willing to pay for it?
- How much are your competitors charging for a similar product?
- Can a slight dip in price help you gain market share?
Focus on Promotion
Marketers use a number of channels to make customers aware of their new products and services, and to promote them. These may include public relations, online marketing, events and banner ads, other mediums of advertising, and sales promotions.
- What is the best time to launch a product (during specific seasons or holidays or other events and festivals etc.)?
- What is the best method to approach your buyers (through direct sales, television ads, online ads, or celebrity endorsements etc.), and
- How do your competitors promote similar products and services?
Focus on Place
You have to make sure that it is easy for your customers to buy your products. It means that you have to choose distribution channels that are preferred by them. These may include direct selling methods, franchises, or exclusive distribution of your products.
- What distribution channels are available and accessible to you – and at what price?
- What kind of stores do your customers visit – supermarkets, malls, retail shops, or online stores?
- Should you go for e-commerce or stick to traditional forms of selling?
All the marketing elements are related to each other. When you seek 'Marketing Management Assignment Help' from someone, it is imperative that the person should be an experienced market professional and an efficient writer too.
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