Question

Marketing management.

 

For each element describe two distinct key decisions for Brenda to consider.

Format as follows:

key decisions:

1.  
2.  

... repeat for the remaining three elements.

 

 

Answer 1

 

1) Product

As far as this element of marketing mix is concerned , the two key decisions that Brenda needs to consider are :

A) Core Function and Additional Features:

It is important that Brenda before marketing the product, needs to take an important decision regarding what the core purpose of product is going to be and what additional features will it be providing to customers.

As Brenda has developed the product for synchronizing audio lectures , she essentially needs to determine what the students will identify as the core function of product , and what else will the product do for customers.

B) Product Handling and Design:

Another important decision regarding the project will be, the product design or the product handling. As the product is for students , Brenda needs to design the product in such a way that it is handled in the best possible manner so as to make it easy and simple to use.

2) Price :

Regarding price the two important decisions to be taken by Brenda will be:

A) Pricing strategy:

As for setting price of any product , there are certain strategies available , such as;

Cost plus pricing , price skimming , differential pricing, competition based pricing , penetration pricing, Marginal cost pricing etc.

So Brenda here needs to evaluate the various pricing strategies and then choose the one which will be most suitable for its product and will let her increase sales on one hand and earn huge revenue on the other. Moreover this decision should be taken efficiently as it can result in Cost leadership, thus providing Brenda a competitive edge.

B) Margin of profit :

As the product is targeted to the students, the price of the product needs to be such that , it will be afforded by the students and will bring good amount of profits in short run.

Wishing for high profits in the initial stage will bring short term huge profits as the sales will ultimately decrease , while keeping prices considerable , will result in earning less profits bit long term and will increase the sales.

This Brenda needs to choose which option will she go for.

3) Promotion:

The decisions relating to pricing are :

A) The channel of promotion:

Brenda needs to select the channel through which she will attract most of the students and will create an urge in them for purchasing the product. Therefore Brenda needs to select the channel which is widely used by students , such as social networking sites like Instagram , Facebook etc., and the channel selected should have efficient tools to describe the product, shows the product features and benefits.

B) Brand Positioning :

Promotion proves best when the product is positioned in the minds of customers and that is possible through giving your product a brand name and brand recognition , so that customers (which in case are students) will not be only available to identify the Brenda's product but will also differentiate between the replica's in case this invention is copied.

4) Place :

A) App Store or owning Website:

Brenda needs to choose a platform through which this product will be made available to the customers for which she might have certain alternatives, in which two main are ,either putting the application, developed on app stores, or simply creating one's own website to visit.

This decision needs to be taken after taking into consideration the cost involved in both etc.

2) Access:

Although the product is made for students but its target market will be professional elites, and can be even used in businesses to record interviews or surveys and prepare a written report. since the product is of great significance , it is useful to just not only one segment but to large. Thus , Brenda needs to decide through its selected place of distributing products , who will have an access to its product and up to what extend, if she is making this product keeping students her priority, them she needs to ensure that the demand for the product from students is met first , and then the product is made available to other segments. This can be done through setting a student priority on app stores or websites.