Question

Instructions for this homework assignment are as follows: write a short answer essay in other words, please write your answers clearly and ensure that you are fully answering the question, but at the same time, your answers should be concise. A range of approximately 2-4 sentences per question is ideal until you have explained it all. There is no maximum, but again it should be concise.

1. What is an offer and the 7 Ps of the marketing mix? What are the types of decisions included in each of the 7 Ps?

2. Why is a situation analysis important to determine strategic fit and anticipate strategic planning needs? What are the primary aspects of a situation analysis?

3. What is the JTBD growth strategy matrix? How does it explain major disruptions in established industries and the demise of major market players?

4. How does Ansoff's matrix aid in the identification of marketing opportunities? What are the four quadrants and what do they mean?

5. What are the bases of segmentation? How are they used for segmentation analysis but also for the development of target personas?

6. What is a brand position? How are emergent positions different from strategic positions? Why must brands use points of differentiation across motivator values to successfully differentiate?

7. How does positioning, value propositions, and the marketing mix tie into a brand's identity and personality?

8. What is DTV? How can it be used not only for product design but across all aspects of offer design?

9. How do these elements of marketing management function together to establish successful strategies?

Answer 1

Answer 1:- An offer in marketing mix is not just the product but everything that you are offering to the customer, like convenient delivery, after sales service, technical support, availability etc. It includes everything that enhances the value of the product.

The 7 Ps in market stands for product, price, promotion, place, packaging, positioning and people. These 7 Ps shall always be evaluated and maintained for achieving maximum results. Decisions in each of 7 Ps include :-

1. Product :- Keep checking on the product that you are offering. Whether it is of the desired quality, is there any innovation or change required etc.
2. Price:- It is important to keep track of the pricing in the current market and comparing with the competition in order to maintain the demand of the product.
3. Promotion:- Promotion is important for creating new markets and maintaining the old one. Find out whether promotion techniques used are sufficient and cost effective and whether changes are required.
4. Place:- Place of business is important for targeting the right market. See where the sales are the most, is it feasible or required to shift the business for growth etc.
5. Packaging:- Packaging makes the products attractive. Maintaining a distinct packaging helps in easy recognition but some changes might give newness and make product more attractive. Keep a check on that.
6. Positioning:- Positioning is the standing that you have in the minds of your customer, how they perceive the product. It is important to think about it and working on improving the perception.
7. People:- They are associated with every aspect of your business. So it important to lay emphasis on the human resource of the organisation. As they are the ones who make all the difference.