Learning Outcomes Offering . Student can describe an offering based on features,
ID: 375129 • Letter: L
Question
Learning Outcomes
Offering. Student can describe an offering based on features, benefits, price, and costs of ownership
Type of consumer offerings. Student can suggest marketing strategy implications based on the type of consumer offering under examination.
Product line extensions or new product development. Student can suggest possible product line extensions or related product or service offerings based on the student’s chosen product or service offering.
Product lifecycle. Student can suggest potential marketing strategies based on the product or service’s lifecycle stage.
Directions (Target market is costco wholesale)
Your job in this Writing Assignment is to develop marketing mix strategies to ensure a value offering for the target market you identified in the previous assignment. We begin with the value offering this week.
We don’t expect you to develop strategies based on a total knowledge of the product or service since you are not, or most likely not, employed by your product or service’s company. We will be looking to see if you can apply the marketing concepts to the real world situation.
Again, do not fall into the trap of reporting on the product or service. This is obvious because your assignment will look like a rewrite of the company’s website. Don’t be afraid to make strategy recommendations based on what you have discovered about the product or service, and how you think it can move forward. Be creative, be reasoned, take risks.
Remember your product’s target market(s) from the previous paper. Always keep them in mind when making your recommendations. You now work for the company, and your goal it to help them grow sales.
Prepare your assignment beginning with a title page with your name and the name of your product or service. Then answer each of the following eight questions (four in part 1 and four in part 2) in order and number the beginning of your response to each question. You do not need to repeat the question. The paper should contain approximately 5 pages of analysis for the responses to the eight questions.
Offering. Describe your product or service offering as it is currently in terms of features and benefits, price and the total cost of ownership as discussed in the week's readings. Is it more product dominant or service dominant? What are the tangible and intangible aspects?
Type of consumer offering. Based on the four categories of type of offerings discussed in course content, describe the category in which your product or service offering belongs. Based on your new target market, would that category of the offering change and if so, how? How would it change the marketing strategy?
Product line extensions or new product development. Should the current product or service be modified to more fully meet the needs of your new target market? Would the changes constitute a new product line, a product line extension or a new product? If no product changes are needed, how does the same product or service meet the need of your target market differently than current customers? Would the product line extension or new product allow the offering to occupy uncontested space in the perceptual map for the target market as covered in thr previous paper?
Product lifecycle. In which stage of the product lifecycle is your product or service offering now? Would the changes described in number 3 above change the lifecycle stage and if so how? What would this mean to the lifecycle marketing strategy?
Explanation / Answer
Title Page:
Product Name: Financial Services
Name:
Offering- The financial services are the services given by the company to its customers which is related to the secondary market or capital market. It contains the services likes Buy and Sell of the Shares, Stocks, Contracts, options and commodities. They have the features like they traded on the national stock market either positionally, and in intraday. They have the feature to enhance the growth of the country. They are traded in the market electronically. It is the type of savings that the person can invest take the risk and get the higher returns from it. The price of the financial services varies from $ 750 to $ 750,000. The total cost of ownership was only $ 5,000. It is mainly service dominated. It is the intangible form of services.
Type of consumer offering-
The types of offerings are as follows:
Financial Services belongs to the Unsought Offerings. The target market focused is employed or business people who have can bear risk in the market. The limitations are there as below 18 years can not buy the services. According to the target market the offerings would be changed as we suggest the employed person who have the limit amount to invest, who take less risk in the market generally so we have divided in three risk criteria. According to the risk bearing weightage we focus on the customers. The marketing strategy would be changed as we offer the basic services to the less risk-taking customers in the market to gain the trust of them after that we convince them to avail higher paid services.
Product line extensions or new product development- Yes, the current service be modified to more fully meet the needs of your new target market. As the changes are the needed in any service offering to make the service fresh and live. They do not need the new product/service line only they need is the proper strategy to sell them in the market. The tactics of the business would help them to make them more creative and effective.
If no product changes are needed, the same product or service meet the need of my target market differently than current customers as they work on the risk bearing weightage of the customer it would segregate the customers on the basis of the risk and according to the risk profiling the services should be offered to the customer.
No, the product line extension or new product do not allow the offering to occupy uncontested space in the perceptual map for the target market.
Product lifecycle.
The Growth stage of the product life cycle is the stage where the service is offering now. The life cycle would be changed with the change in the new services offering to the customers. The reason behind this is that if the other services are on the growth stage and new products which is less supported by the customer, vary as per the target market response. We can percept but we can’t say that it is true. The life cycle marketing strategy of the financial services leads to the development of the Service background and trust in to the target market. Once the marketing of the services says that product is in the growth stage then it has the positive effect on the market. The financial services also can be offered in the combo packs which enhance the Sales of the product as Basic and HNI services combo pack. The packages would charge less to the customers.
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