Question

Do a marketing mix analysis on the following The overall goal of the project is procded under the "team project II" heading. The potential business: Development of a product that is attached to the Apple Watch such that Questions Do a marketing mix analysis on the distribution and promotion of the intended product by focusing on the required content (jot notes) Team project Il Marketing Plan Imagine your team is a group of marketing professionals working for a company (existing or in startup mode) with anc product.idcainvolving significant modifications to an existing product or developing an entirely new product. Your team has been tasked by your boss, the company's Marketing Diroctor, to develop a plan for taking the company's new product idea to market. In this section we are building the actual markcting plan for the new product. Remember that the appendix is a great place to place supporting material. For example, you can include am image of the product (dimension/packaging). advertisements, numerical calculations, detailed implementation timeline etc. in the appendix Distribution strategy Potential channel conflicts (if appropriate) Where the product is available /number of outlets How the product is presented displayed in the outlet. Communication objectives& key message of Use of, and examples of-an appropriate promotional mis for your product. eg, advertising, public relations personal selling, sales promotion, direct marketing Be thorough For example, for advertising, remember to include the creative, support for your creative, and media selection (eg 0-92 radio in Montreal during the Drive at 5

Answer 1

The first thing to understand before preparing a marketing mix is understanding the product category to which your intended product belongs . Here we are looking at a product like the Apple Watch. So the category we are looking at is the smart watch category.

Now let us define the marketing mix.

Here I would choose the extended version of the 4 P structure i.e. the 5 P structure.

Product - The point of parity would require our product to have all the attributes of existing smart watch products. This would be features like mobile apps ,lithium ion battery ,Bluetooth among others . Now we have to look at Points of Difference . Since technology is easily replicated , we cannot hope to have a long term competitive advantage based on product features.However we need to have significant investment in R&D to gain fast mover advantages or respond quickly to challenges posed by competitor product development.

Price - The price is an indicator of quality . A smart watch is still considered a luxury product and we would be catering to high income category clients. .Therefore we need to set a price at par with competitors. Price would not be a major differentiating factor.

Place - The distribution should be both online and offline. The offline mode could work through a distributor retailer network while online could be through Amazon and other portals.

Promotion - We would be using print media , full page ads in fashion magazines . Major focus would be on digital marketing. We could look at an ad movie as well.

Packaging - This is an important P. The packaging could be a flip box with dark sober colours signifying luxury and class.