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In: Economics

Select any item that interests you. It should be small enough to describe in a paragraph...

Select any item that interests you. It should be small enough to describe in a paragraph allowing you to provide details such as usage, physical size, dimensions if they are important and colors or determining factors. You should also describe who uses it and why. Using all the information available to you, answer the following questions being as detailed as you possibly can be.

Describe your marketing mix:

Product: What is it? Describe it in detail.
Price: Is it priced correctly? If not, what is an appropriate price for such an item?
Place: Distribution and shipment, B2B or B2C?
Promotion: What motivates consumers to buy?

Who are its competitors?

What are the benefits and drawbacks of your product?

Using the information beginning on page 304 of your text, what kind of marketing has been used (B2B, B2C, Direct, Niche, etc.)?

Who is the target customer? Consider the following in your answer.

Demographic profile
Geographic area to be covered
Psychological or Psychographic profile
Who benefits from its use?

**For this assignment, provide your own thoughts and ideas. Do not plagiarize your responses.

Expert Solution

The assumed commodity is an iPhone.

MARKETING MIX:

Product- iPhone is basically a mobile phone manufactured by a USA based company "apple". It is a manufacturer of smart phones at an international level. There are various models launched of this phone,latest being the iPhone X.

Price- yes, the product is priced appropriately. Since,there is variation among the incomes of developed and developing nations, so the prices of the phone are accordingly set and determined based on such factors.

Place- the shipment of this product is easily made and is meeting the required demand of the customers.

Promotion- the features provided by the commodity is extremely unique to all and this is why they are heavily demanded. Also, a B2C path is followed.

Benefits- this phone has a good old background attached to it;which makes the product more beneficial to customers. The features and services offered made the product unique in it's own intrinsic value.

Drawbacks- the main drawback is of the connectivity i.e. due to some security reasons (may be) there are some sort of lagged values i.e. iPhone won't be connected easily with other phones but is able to recieve from others.

According to the text, B2C approach is used because firms sell it's product to customers and not to any business houses.

Also,the target customers are only well-off individuals with a well off pay. Because the affordability is to them only.

Rahul Sunny answered 1 year ago

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Select any item that interests you. It should be small enough to describe in a paragraph...

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