For this week’s course project, you will begin defining the marketing mix for your project. Specifically, you will define the product, price, and place components of the marketing mix. Please note that this is a two-part assignment. To complete this assignment, do the following:
Part 1 – Product Features and Benefits
For this part of the project, you will define the features and benefits of your product. Your benefits should be based on what you learned about your target market’s needs, so review what you wrote about the target in the previous assignment and then do the following.
- List a minimum of three product features you will include in your new product.
- Explain the benefits to consumers of each feature.
- Include in-text citations, a title page and a reference page formatted according to APA standards. Your paper should be a minimum of one page.
Part 2 – Price and Place
For this part of the project, you will create a PowerPoint presentation that includes your pricing and distribution strategies. Do the following:
- Create a “price” slide that includes a comparison of the suggested retail price of your product with the price of similar competitive offerings. Include a product image or logo of each competitor, along with its price.
- Create a “place” or “distribution” slide that includes the types of channel partners you plan to use to distribute your product to the consumer in a distribution channel chart. A distribution channel chart shows the relationship between your company (the manufacturer/producer) and its channel partners (e.g., wholesalers, retailers, etc.). Your distribution channel chart should include at least three different distribution channels (paths for getting your product to the customer). To see examples of a distribution channel chart, conduct a Google images search for “distribution channels.” Instead of using generic labels such as “retailer,” include specific channel partners, such as “Walmart.”
- The PowerPoint presentation should include a title slide. The presenter’s notes on each slide should explain the rationale for your pricing and place/distribution decisions. The final slide should list any references, formatted according to APA standards.
- Record your PowerPoint presentation with narration. Click here for instructions on how to record your presentation with narration in PowerPoint. You should present your ideas as if your audience is the senior management team. Communicate your recommendations using an influential tone and engaging presentation style.
- Discuss any technical issues you experienced and what you did to troubleshoot them. If there were no technical issues, discuss your process for using multiple windows and applications (e.g., PowerPoint and Internet browser) to effectively complete the assignment (e.g., to create the slides, locate product images, etc.).