Principles of marketing/PMKT101/Optimizing the Marketing Mix/Marketing mix skills challenge

Challenge summary

Summary:	Develop the optimal marketing mix for a new product.
	2-3 hours

During this challenge you will write a post in your Learning Journal blog, and respond substantively to at least two of your peers.

Start here

Stimulus resources

1. Review the previously assigned readings
2. Use the following two resources to find out about a novel invention - the Human Hamster Wheel Standing Desk. You will use this invention as the subject for your Marketing Mix learning challenge (and also for the Market segmentation, target markets and product positioning learning challenge if you choose to do it):
   • Video - Human Hamster Wheel for the Ultimate Standing Desk
   • Website - Hamster Wheel Standing Desk instructions

Purpose

The purpose of this learning challenge is to:

• Consider how you would develop the marketing mix for a product.
• Document and share your learning experience by posting a blog entry.
• Learn from your peers regarding how they would develop the marketing mix for this product.

Value of this exercise

Now that you've read about the importance of marketing products and services, and the 4 Ps of Marketing: Product, Price, Promotion and Place - you are in a position to identify the optimal marketing mix for your marketing strategy. You will:

• Apply marketing theory to a real world product.
• Identify the market(s) and marketing emphasis required to market a product.
• Put yourself in the shoes of a marketing manager, and consider the trade-offs for marketing the product (e.g. if it is manufactured in a different country, there may be shipping delays; if the product is premium-priced, it may not be affordable for your target market; understanding how culture may play a part in market acceptance, and so on).
• Learn from your peers about their perspective - how and why they view the marketing mix for this product.