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To Market, To Market. Applying the marketing mix to a product. Achievement Standard 1.4. Apply the marketing mix to a new or existing product Internal Assessment - 3 Credits You need to: Apply your understanding of the marketing mix to a new or existing product.
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To Market, To Market Applying the marketing mix to a product K Wissel 2010
Achievement Standard 1.4 Apply the marketing mix to a new or existing product Internal Assessment - 3 Credits You need to: • Apply your understanding of the marketing mix to a new or existing product. • Present your findings of the following four elements of the marketing mix. • Product • Price • Place • Promotion K Wissel 2010
Introduction K Wissel 2010
Framework Gathering: K Wissel 2010
Framework cont. Processing: Understanding and learning how information, knowledge and skills from the gathering stage will apply to your internal assessment.Applying:Apply Marketing Mix business knowledge to internal assessment requirements. K Wissel 2010
Slushy Stand Activity Congratulations on opening your Slushy business! In your groups please follow the instructions below to complete the activity. Each group should have: A town map Calendar of town events Your Slushy Sales Plan Chart (each person) You will use all of the information provided to complete your 4 weekend table. You need to consider the following when planning your slushy stand. Place – Where is the best location? Product – How much will you invest in product considering the other factors. Price - How much are you going to charge? Promotion - What methods will you use to sell your lemonade? You need to consider the whole picture and refer to your key!! K Wissel 2010
Activity continued Let’s do one together!! Ok – off you go!!! Discussion K Wissel 2010
Town Map K Wissel 2010 Disclaimer
North Down Events Calendar – January 2011 K Wissel 2010
Slushy Sales Plan – January 2011 K Wissel 2010
Key To complete your chart you need to draw the following to represent each area: K Wissel 2010
Case Study Introduction Scarborough Fair Organic Adore Chocolate K Wissel 2010
Topic 1. Product Definition What is a ‘product’ as per Marketing Mix Good or service that most closely meets the requirements of a particular marketand make enough profit to continue production. Please copy into your workbooks. K Wissel 2010
Learning Outcomes Describe the product. What is it? Identify and describe three of its target markets. Fully explain one feature of the product’s physical packaging and it’s function. Identify and explain the product’s unique selling point. Copy into workbook K Wissel 2010
Target Market The 7 Feature Areas Income Age Gender Household Geographical Area Religion/Beliefs Lifestyle Copy into Workbook CSE (Case Study Example) Scarborough Fair Chocolate Income – middle to high due to cost of production Age – 25 plus – packaging not terribly appealing to younger groups Beliefs – anti slavery, pro fairtrade K Wissel 2010
Activity • You will be given a card with a product on it. • Around the classroom you will see 7 different cards. On these cards there are different groups. • You need to read each card and find at least three of the 7 target market features to suit your product. • If the card does not suit your product go on to the next one. • Complete questions in workbook. K Wissel 2010
Product Life Cycle (PLC) It is based upon the biological life cycle. For example, a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). K Wissel 2010
Packaging • Identify • Explain • Purpose • What is it’s aim? • Does it achieve it? How? • Unique selling point? • What, Why, Who, How & Where? Inference Diagram Activity K Wissel 2010
