Principles of marketing/PMKT101/Optimizing the Marketing Mix/Marketing mix skills challenge tasks
- Review the Stimulus Resources, including the video and instructions for the Hamster Wheel Standing Desk.
- Imagine that the inventor of the Hamster Wheel Standing Desk wants to make money from his idea by selling ready-made items and/or do-it-yourself kits.
- Develop the marketing mix for this product by examining each of the 4 Ps: Product, Price, Promotion and Place.
- Optional extra activity: A marketing budget has not been assigned for this challenge. However, after you have developed the marketing mix, you may wish to add an overall budget, and then change the marketing mix to fit the budget and any other resource constraints.
- Respond substantively to at least two of your peers who have made blog posts. Look in the Course Feed to find their post.
Here are some ideas for questions you may want to think about when developing your marketing mix:
- Consider how this product is constructed. What materials is it made of?
- What is the functionality? How safe is it? Is it durable? Does it take a lot to assemble it?
- Who is it for? Who would use it, and why? Would it appeal to office workers, fitness enthusiasts, productivity experts; men, women, people of a certain age, culture, income level and other demographic factors?
- Does it replace another product?
- Is any training / after-sales product support required to use / maintain this product?
- How is this product priced? Premium, mid-range or low-cost? Is there a version that can be assembled by the customer? Is there a special installation price? Who would perform the installation (e.g. local handymen or branded technicians) and who would train them? Is this all factored into the price? Is delivery part of the purchase price, or is it extra? Would you offer extended maintenance / warranties? If so, what is the pricing for these, if the product doesn't work properly in 30 days, 365 days or 5 years?
- How will this product be promoted? Already, we can see it on YouTube and the Instructables website, but only as free instructions to build it yourself using your own materials. Will there be a public relations and media relations strategy? What outlets would be reached / used? Will there be an infomercial? How will consumers become aware that the product exists? Will there be an email list developed and coupons used? How about seasonal promotions or discounting? Who / will provide the promotion - is this skill available in-house, or will it have to be contracted out?
- How / where can customers purchase this product? Through a website; department store; fitness, office supply or specialty store; direct / personal selling; trade shows; via a phone number on an infomercial? What background work is required for the company to distribute the product? Is shipping required? Can the customer come get it at a warehouse, or central location? Is insurance required? Has the company thought about the pricing margins, to allow for enough money to pay for a middleman where the product has been placed, for visibility and sale?