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Description:

Note to Trainers/assessors: As this is a major project, this assessment task should ideally be handed out at the beginning of the term to allow the students to gradually develop the relevant concepts in conjunction with classroom learning sessions. Some project time can also be allocated in each session to practice and complete relevant parts of the project.

A marketing mix is a set of controlled variables that formulate the strategic position of a product or service in the marketplace. The primary goal of marketing is to optimize the marketing mix, offering the best possible combination of the four P’s to maximize the effectiveness of marketing efforts (Small biz Toolkit). However, you are not restricted to just the 4Ps and can use variants such as 7Ps for services or SIVA model for a customer-centric approach.

In the earlier assessment task (case study), you have familiarized yourself with the essential components and their relationship to each other in a marketing mix. In this summative task, you will be required to establish and adjust a marketing mix for a fictitious product or service. The product or service can be based on your real-life work experience or use of a product that you know or feel about. You can draw inspiration from established products or services but must acknowledge the referred sources. If you have any difficulty in selecting a product or service, contact your trainer/assessor for assistance and direction.

This project has two parts; Paper and Presentation. When you have finished your paper, you will be required to:

■ Present it to the class assuming the audience as your target audience

■ Obtain audience feedback and suggestions

■ Adjust your marketing mix based on the feedback received

To start the project, you will need to conceive an idea or a concept for a new product and decide on a target market for its launch. Your project tasks will include:

■ Conceive a new product or service to be introduced in a new market

■ Research and select an appropriate market for the product

■ Describe your target market and consumer profiles (e.g. demographic or psychographic factors)

■ Develop and define product/service characteristics

■ Develop and define pricing strategies and policy

■ Develop and define the required distribution channels/methods

■ Develop and define promotional strategy and methods

■ Establish a marketing mix

■ Explain how the marketing mix will align with organisational goals and objectives

■ Develop cost assumptions and a brief budget for marketing expenditures

■ Develop and define market/product evaluation policy, including customer feedback

■ Present your marketing mix and obtain audience feedback

■ Adjust and finalize your marketing mix

You may assume the role of a marketeer to give a perspective to the project task and develop a brief profile of the organisation based on your work experience or a sample organisation. Make sure you cite all the external sources using the Harvard Referencing System.

For market segmentation, you can take example of an existing suburb or area using public domain data and information.

Assessment Criteria :

The following assessment criteria will be used for marking this assessment task. Ensure that you have addressed all of the criteria in your work:

■ Developed a viable product or service concept that relates to a specific industry or sector

■ Developed and defined product/service characteristics and features

■ Researched and selected a target market for the products

■ Described the target market segment and developed a consumer profile based on demographic and/or psychographic factors

■ Demographic and/or psychographic factors are consistent with marketing theory and practice

■ Developed pricing strategies and/or value prepositions appropriate for the target audience

■ Developed promotional strategies to promote the product/service in the target market

■ Conceived and described distribution and logistical arrangements to make the product/service accessible to the market

■ The marketing mix is balanced and best satisfies the target market

■ Established the relationship and interdependence between the marketing mix component and the relative importance to market and customer satisfaction

>The marketing mix is realistic within an organisational context and includes a simple budget for marketing expenditure

■ Effectively presented the marketing mix to an audience

■ Presentation was well structured, concise and covered all the required elements of the marketing

■ Allowed for and collected audience feedback

■ Used the feedback to vary and adjust the components of the marketing mix

■ Marketing mix is written in a formal style using appropriate headings and subheadings to organised information .

Submission Guidelines :

Submit:
>Completed and word-processed marketing mix

> Copies of presentation slides/notes/handouts

This assessment task must be completed in a designated session in presence of a trainer/assessor.

Complete the attached answer sheet and submit for marking. Electronic versions of the assessment task and email/electronic submission arrangements are at further discretion of the trainer/assessor.