NAME AND SURNAME :
STUDENT NUMBER :
ASSIGNMENT NUMBER : 02
UNIQUE NUMBER : 819120
MODULE CODE : OTE2601
, Question 1
1.1. Product: A product refers to any item that intends to satisfy the needs and wants of a target
customer. It can be a tangible good, such a clothing item or piece of software, or intangible,
like a service or experience think legal services or a cruise. Marketers must always have a
clear concept of what their products stand for, and what differentiates them from the
competition, before they can be marketed successfully. Today, the internet can be considered
either the medium for purchase, via e-commerce, or the product itself, such as a social media
service. Because of this, it’s vital that marketers fully understand the product they are selling,
how it meets the needs of their target customer, and what makes their product stand above the
competition
1.2. Price: Price is what the consumer pays. Some industries garner only a small markup on price,
while others have huge profit margins, because they are highly sought after. First comes the
product, and immediately after comes a determination of its value among target audiences.
Pricing strategy is an art and a science, in that it involves market data and careful calculations,
as well as skillfully balancing between pricing that is too high or too low, and understanding
how skewing either way might damage the brand. Price not only refers to the monetary value
of a product, but also the time or effort the customer is willing to expend to acquire it.
Determining this will be a critical factor in revenue for the brand as it will impact profit, supply,
demand, and how much marketers should spend on a promotion or marketing strategy.
1.3. Place: As a strategy, place has become a more significant component of marketing success.
Place involves where the product is stored, perhaps even where it is manufactured. The
internet has created a dramatic evolution of where products are sold and distributed, from
small, local companies to global. This strategy also considers where the product is advertised
and in which format, including radio, infomercials, magazines, online ads, and even in film
product placements. The internet age has introduced new challenges when it comes to
reaching your customers. Place refers to providing customers access to the product, and it
also calls into play convenience for the customer. Marketing, through digital means or
otherwise, is about putting the right product, in the right place, at the right price, at the right
time, in front of the customer.
1.4. Promotion: This strategy component is tied directly to the other three Ps. The promotional
strategy aims to show consumers why they need to buy this specific product over others.
Timing heavily influences the amount of promotional marketing, and when. It may also adjust
the location, such as commercials during football season games that target pizza delivery
deals. It may try to entice consumers to try a product with an irresistible promotional or
introductory offer. These communications use channels such as public relations, advertising,
direct marketing, email marketing, social media marketing, or sales promotions; think of it as
any way marketers disseminate relevant product information to their target customers.
Promotion is the area that has arguably seen the greatest growth and change as a result of the
digital age. With the exceptional access offered by B2C marketing solutions, marketers can
now promote products easier, more effectively, and with more personalization than ever
before, thus leading to greater outcomes and ever-increasing expectations.
STUDENT NUMBER :
ASSIGNMENT NUMBER : 02
UNIQUE NUMBER : 819120
MODULE CODE : OTE2601
, Question 1
1.1. Product: A product refers to any item that intends to satisfy the needs and wants of a target
customer. It can be a tangible good, such a clothing item or piece of software, or intangible,
like a service or experience think legal services or a cruise. Marketers must always have a
clear concept of what their products stand for, and what differentiates them from the
competition, before they can be marketed successfully. Today, the internet can be considered
either the medium for purchase, via e-commerce, or the product itself, such as a social media
service. Because of this, it’s vital that marketers fully understand the product they are selling,
how it meets the needs of their target customer, and what makes their product stand above the
competition
1.2. Price: Price is what the consumer pays. Some industries garner only a small markup on price,
while others have huge profit margins, because they are highly sought after. First comes the
product, and immediately after comes a determination of its value among target audiences.
Pricing strategy is an art and a science, in that it involves market data and careful calculations,
as well as skillfully balancing between pricing that is too high or too low, and understanding
how skewing either way might damage the brand. Price not only refers to the monetary value
of a product, but also the time or effort the customer is willing to expend to acquire it.
Determining this will be a critical factor in revenue for the brand as it will impact profit, supply,
demand, and how much marketers should spend on a promotion or marketing strategy.
1.3. Place: As a strategy, place has become a more significant component of marketing success.
Place involves where the product is stored, perhaps even where it is manufactured. The
internet has created a dramatic evolution of where products are sold and distributed, from
small, local companies to global. This strategy also considers where the product is advertised
and in which format, including radio, infomercials, magazines, online ads, and even in film
product placements. The internet age has introduced new challenges when it comes to
reaching your customers. Place refers to providing customers access to the product, and it
also calls into play convenience for the customer. Marketing, through digital means or
otherwise, is about putting the right product, in the right place, at the right price, at the right
time, in front of the customer.
1.4. Promotion: This strategy component is tied directly to the other three Ps. The promotional
strategy aims to show consumers why they need to buy this specific product over others.
Timing heavily influences the amount of promotional marketing, and when. It may also adjust
the location, such as commercials during football season games that target pizza delivery
deals. It may try to entice consumers to try a product with an irresistible promotional or
introductory offer. These communications use channels such as public relations, advertising,
direct marketing, email marketing, social media marketing, or sales promotions; think of it as
any way marketers disseminate relevant product information to their target customers.
Promotion is the area that has arguably seen the greatest growth and change as a result of the
digital age. With the exceptional access offered by B2C marketing solutions, marketers can
now promote products easier, more effectively, and with more personalization than ever
before, thus leading to greater outcomes and ever-increasing expectations.
