Question

Need detailed and elaborated answers to the following questions. Remember each question is of 25 Marks

Question 1) Design a 'marketing mix for the following products. Justify your answer. (Make assumptions whenever necessary)

a. Portable MP3 Player

b. Mobile Phone

With the support of logical example discuss why people are the most important stakeholders ever in the marketing of services and manufacturing business organizations? Also discuss brand equity why and how it enjoys customer loyalty, perceived quality, and brand name awareness. What brands are you personally loyal to? What is it about the product that creates the brand loyal and, thus, brand equity.

Answer 1

The marketing mix is the composition of four P’s that the company uses to ensure the proper marketing. The four P’s are Product, Price, Place, and Promotion. The first product is a portable MP3 player. Hence, the first P is the product that is the MP3 player. The product has all the necessary features and necessary storage space as it attracts many customers because of its quality. The second P is price. The price of the player is $50. The company will provide discounts on the first sales of its product. It will also invite people to buy the player. The third P is the place as the company will have its head office and subsequent retail stores. The company will distribute the product through retailers. The last P is Promotion. The company will promote the product with the help of advertisements and celebrity endorsement techniques. It is because these strategies attract the customers the most. The next product is the mobile phone. Hence, the first P is Product, which is the mobile phone. The product has features like long battery life, camera, voice quality, and storage. The second P is price. The price of the product is $170. The company will provide discounts to attract consumers. The third P is the place as the company will sell the phones through the way of retailers. The last P is promotion as the company will market the product by way of social marketing. The Internet plays an important role and can improve the sales. The stakeholders are essential to the company because they will increase the sales, and spread positive word of mouth. It will be like a free advertising strategy for the company. The brand achieves the customer loyalty with the help of better quality products, and effective marketing strategies. For instance: Apple uses the standard quality in the products, which attracts the consumers. The consumers will buy the product on a repetitive basis because of active after-sales service and product quality. The brand will also achieve the right brand name and reputation. The quality and service are the two main factors that improve the brand reputation, brand loyalty, brand name, and brand equity.