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Summary MNM3709 ASSIGNMENT 04 2024 SEMESTER 1
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- Institution
MNM3709_105_1_2024_B_FINAL ASSIGNMENT 4
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MNM3709/105/1/2024THIS PORTFOLIO INCUDES ANSWERS FOR STUDENT
NUMBER 1234567890 LAST DIGITS
QUESTION 1 (1 MARK)
The product category for which you have to develop a product is based on the last digit of your
student number. For example, if my student number is 1234567, I will use the 7 since it is the last
digit. So, the category for which I need to create a product is “Affordable housing”. The answer to
this question should be provided in the format indicated below.
Example:
1234567 - Affordable housing
Last digit of Industry /
Some ideas as a starting point for research. Lets think of our
your student product
number category own ideas and leave the AI tools
1 Eco-friendly Products that focus on environmental concerns, including energy
products conservation, waste reduction, pollution control, water conservation
and so on.
2 Agritech Products that help improve productivity and sustainability in
products agriculture. Focus on technology-driven agricultural products, such
as precision farming tools, smart irrigation and crop health
monitoring and so on.
3 Ocean plastic Products that can be made from plastic that is extracted from the
products ocean.
4 Smart home Products such as smart devices, thermostats, lighting and so on,
products that enhance home automation and connectivity.
5 Affordable, Products that are budget friendly, assist parents in saving time, are
healthy food healthy for children etc.
products for
school children
6 Healthcare Products that improve mobile health care, patient care, diagnostic
technology tools, the streamlining of health-care processes, wearable devices,
products personalised medicine and so on.
Last digit of Industry /
Some ideas as a starting point for research. Lets think of our
your student product
number category own ideas and leave the AI tools
7 Affordable Innovative construction products that can reduce the time and cost
housing of building housing.
8 Tourism Products that can enhance tourism to help capitalise on South
technologies Africa’s rich cultural and natural heritage.
9 Pet care Products that help people with pet care and being responsible pet
owners.
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, MNM3709/105/1/2024
0 Subscription A business model where people pay a fixed price at regular intervals
products to gain access to a product or service (for example, fruit and
vegetable boxes, stationary boxes etc.).
QUESTION 2 (6 MARKS)
Introducing the “Your Company Name .” This groundbreaking product
addresses the pressing issue of water scarcity in coastal communities, particularly
in South Africa.
Your Company Name bottle harnesses solar energy to power a built-in
desalination system, converting seawater into clean, drinkable water. Its compact
and portable design makes it ideal for use in remote areas or during outdoor
activities. The bottle is made from recycled ocean plastics, contributing to the
reduction of marine pollution while providing a sustainable solution to water
access challenges.
This innovative product not only promotes environmental sustainability but also
addresses a critical need in the local community. By combining technology,
sustainability, and social impact, the Your Company Name bottle exemplifies a
new frontier in ocean plastic products.
QUESTION 3 (8 MARKS)
Target Market for Your Company Name in South Africa:
Demographic Segmentation:
The target market for the Your Company Name in South Africa is
environmentally conscious individuals aged 25-40. This demographic segment is
likely to be concerned about sustainability and reducing their carbon footprint,
making them more inclined to invest in eco-friendly products like the Your
Company Name
Geographic Segmentation:
The target market is located in coastal regions of South Africa, such as Cape
Town and Durban, where access to clean drinking water can be a challenge due
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, MNM3709/105/1/2024
to water scarcity issues. These areas have abundant sunlight, making the solar-
powered feature of the bottle particularly appealing and practical.
Psychographic Segmentation:
The target market also includes outdoor enthusiasts and adventurers who enjoy
activities like hiking, camping, and beach trips. These individuals value
convenience and sustainability, making the Your Company Name a perfect fit
for their lifestyle.
QUESTION 4 (6 MARKS)
In the marketing of the Your Company Name , several factors can potentially
limit customers’ ability to purchase the product. These factors are within the
control of marketers and must align with the unique selling points of the Your
Company Name product. Let’s delve into three examples of such limiting factors:
1.
2. Price Point Perception: One factor that could hinder customers from buying the
Your Company Name is the perception of its price point. If customers perceive
the product as overpriced compared to similar alternatives in the market, they
may be deterred from making a purchase. Marketers can address this by
effectively communicating the value proposition of the Your Company Name ,
highlighting its innovative features, durability, and long-term cost savings
compared to traditional water desalination solutions.
3. Limited Distribution Channels: Another factor that may restrict customer access
to the Your Company Name is the limited availability through distribution
channels. If the product is only sold through select outlets or online platforms that
are not easily accessible to the target market, potential customers may face
barriers in purchasing the product. Marketers can overcome this limitation by
expanding distribution channels, partnering with retailers, and leveraging e-
commerce platforms to reach a wider audience.
4.
5. Lack of Product Awareness: A key factor that could impede customer purchase
of the EcoWave bottle is the lack of awareness about its existence and benefits. If
customers are not aware of the product or its unique selling points, they are less
likely to consider it as a viable solution for their water desalination needs.
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, MNM3709/105/1/2024
Marketers can address this by implementing targeted marketing campaigns,
engaging in influencer partnerships, and leveraging social media platforms to
educate consumers about the Your Company Name features, benefits, and
environmental impact.
By proactively addressing these factors that limit customer purchase of the Your
Company Name , marketers can enhance brand visibility, increase product
accessibility, and ultimately drive sales by aligning with customer needs and
preferences.
QUESTION 5 (15 MARKS)
5.1 Identify one direct, one indirect and one future competitor for your
product and justify why you classified each one in these categories. (3
marks)
Direct Competitor: Company 1
Ccompany 1 is a direct competitor to Your Company Name as they offer
a similar solar-powered water desalination bottle..
Indirect Competitor: Company 2
Company 2, although not offering a solar-powered solution, compete
indirectly with Your Company Name by providing alternative water
purification methods.
Future Competitor: Company 3
Company 3 is a potential future competitor to Your Company Name .
While not currently in the market, their innovative technology and
upcoming product launch pose a threat to Your Company Name market
share in the future.
5.2 Explain why each competitor is considered to be competition for your
specific product. (6 marks)
Each competitor poses a threat to Your Company Name by offering similar
solutions for clean water provision.
4
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