Question

students will have to submit a brief summary (300 words), capturing the basics of their essay, in which they will clearly specify two essential elements, namely i) sector or industry chosen and profile of the product or service that has been picked up; a clear product/service marketing mix will be determined resorting to the 4Ps framework by P. Kotler (2012) or any other conceptual model that makes the analysis sound and coherent and ii) a draft of the different phases of the research design, mentioning all the key elements for each and every stage

Answer 1

This question is related to market segmentation basis 4Ps as per below.

1 Product

2 Price

3 Place

4 Promotion

Let's take example of Men's shirt under Readymade Garments industry and then explain the same under 4Ps

1 Product- we can segment the product under two different markets namely rich men market and poor men market.

For rich men market we will sell high quality men's shirt and for poor men market we will sell low quality product and we can differentiate basis packaging and we can do good quality and colourful packaging of men's shirt for rich men market and simple and no colourful packaging for poor men market.

2 Price- We will fix low price for men's shirts in poor men market and high price for rich men market and reason is poor men cannot afford high price for the shirt because they have low income level and their purchasing power is less in comparison to rich men.

On the other hand rich men can afford high prices for the men's shirt because of their high income level and higher level of purchasing power and becauss rich people are less in number we can charge higher price.

3 Place- We can differentiate the poor men and rich men market on the basis of distance between them. Poor men market and rich men market should be far enough that rich men cannot approach/access poor men market because if they are able to access poor men market then they will purchase low price product from poor men market and sell the same in rich men market and this will distort this differentiation basis place of the market and poor men will also able to access rich men market and can get quality men's shirt from there. So distance should be far enough between poor men market and rich men market they both cannot aceacc each other market.

4 Promotion- By applying good marketing strategy for rich men market we can sell more men's shirts to them because due to high profit we can afford marketing strategy tgere but in poor men market we don't have to apply marketing strategies there because of low price and thin margin.

Conclusion- By applying above strategies we can gain maximum profit and maximise the profit and output.