Question

Write about the 4Ps for Korean red ginseng extract from CheongKwanJang

a. What will you change about the actual product (or will the product sell and you will just consider changing the packaging and promotion) and why? How will these changes better fit your target market?

b. Tell if the product would be standardized, adapted, or completely changed and how and why.

c. Price – How will you price it? Why? What are the import taxes for this product (where is this product imported from)?

d. Place- Where will you sell this product? Why? Be as specific as possible. This must relate back to the target market you have chosen. Try to be more specific than Walmart and Target if possible.

e. Promotion – What marketing avenues will you choose and why? How will you reach your target market? What will you motto or slogan be?

Answer 1

The marketing mix is probably the most famous marketing term and the four P's of Korean red ginseng are-

1. price

2. place.

3.promotion  

4. people

A. I think the question is deliberately open-ended to allow as many people as possible to have their say. I know they have picked a couple of random ideas but I want to give my Idea is that they should make a product especially on immunity system which will be for corona patients who have weak immunity system. Especially target markets should be elders

B. Product should be standardized according to requirement of consumers. Because consumer already suffers from disease and corona virus also affects their body, so standardised products improve their immunity system .

C. Many factors affect the price like costs profit,denand etc. So price will be decided on the basis of consumers capability and cost of the company.

D. First this product should be sold in the local markets. Because local consumers can give review and you should analyse those reviews and improve the product in a better way.

E. This product may be promoted through social media or you may choose a popular doctor so that people may believe or can trust on this product.