This is the final task of unit 3, consisting of P6 and M3. This task is about explaining the marketing mix and the AIDA model in which you need to analyse and evaluate the marketing mix and the AIDA model in the merit.
P6 – Develop a coherent marketnn mix for a new product or service.
In this task, I am going to develop a marketng mii for a new product in which would be benefcial to
Huawei to launch into the UK Market. To start of, the product that will be benefcial for Huawei to
develop and launch on the market are wireless earphones that are waterproof as there is a niché
market for earphones that are waterproof. A coherent marketng mii for the product is shown
below:
Product – The product is earphones that are wireless but the unique feature of the product is that it
is waterproof as it will survive underwater within a depth of 100m. As well as this, it has stereo
speakers that are loud and for people to hear underwater, therefore high quality sound that goes as
loud as 40db. This product is targeted to mainly swimmers who like to swim regularly and listen to
music. However, it could be used as a casual use and doesn’t have to be used underwater.
1
The diagram above is the product life cycle, which shows the life cycle of a product when it has been
launched and it released onto the market. The product cycle consists of four stages; Introducton,
Growth, Maturity and Decline. The graph shows that over tme when the earphones reach the end of
the growth stage and into the maturity stage, the sales increase. Therefore, when the earphones are
launched onto the market, Huawei are going to generate a lot of sales but then eventually the price
and demand for the earphones would start to decrease into the decline stage as products on the
market depreciate over tme.
Price – For the price of the product, the three price strategies that are going to be used are Price
Skimming, Psychological Pricing and Premium Pricing. Price Skimming is being used because the
product is going to be high quality, therefore when it is launched it will be set at a high price, which
would eventually depreciate over tme. Also, Psychological Pricing is being used for this product
because despite that the price will be high, it can stll look cheaper to customers and it would atract
customers to purchase the earphones, therefore the price is set at £149.99. Finally, Premium Pricing
is going to be used because Premium Pricing is for high quality products and these earphones being
produced are a high quality so therefore it will be charged at a higher price.
Place – In terms of place, the product will be sold online and in retail stores that sell technology and
electronics. The earphones are both visible in both online and retail stores because they need to be
able to be accessible to all diferent types of customers and it needs to be purchasable on all
diferent ways to generate sales. The product has physical presence as the earphones are going to be
sold in retail stores and when customers purchase online, the product gets delivered to their
household, therefore the product is tangible.
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Product Life Cycle – CrackMBA. 2017. Product Life Cycle – CrackMBA. [ONLINE] Available at:
http://crackmba.com/product-life-cycle/. [Accessed 09 March 2017].
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