Every product manager must look at its marketing in relation to the marketing mix. The marketing mix, often referred to as the 4Ps, is a means of assessing how to balance the elements of the mix in order to meet customers’ needs.
Normally, no two branded products are identical and therefore every organisation must decide on its own balance of the 4Ps to suit its consumers’ needs. Unfortunately there are many internal and external factors that will influence an organisation’s marketing mix. Key factors include the size of the business, the markets it operates in and available corporate resources.
In assessment 1, you are required to undertake secondary research into the current UK Car market. As a result of this research, you will identify a product that is currently getting significantly worse reviews compared to its closest competitors.
Once you have agreed the product with your lecturer, you will (after applying a variety of marketing theories and concepts), concisely assess and evaluate (using material derived from secondary sources of information), the extent and nature of the current impact of external environmental forces upon the product. Using contemporary marketing theories/concepts, you will also be expected to critically evaluate the current marketing strategy being employed for your chosen product.
We will be particularly interested in seeing evidence of your ability to understand, assess and critically evaluate the impact of five remote environmental forces/factors, namely: (1) economic, (2) social, (3) political, (4) technological, and (5) ecological factors (Pearce & Robinson, 2013).
NB. No two individuals are to use the same product for this assessment. You are normally required to communicate to your lecturer your chosen product during the class in week 4. If two students submit the same product, the first to submit will get their preferred choice.
Format for submission
This assignment should be submitted in a Marketing Report format. A pro-forma with key headings will be provided for you in BREO.
You are expected to use academic sources of information.
The sources of all figures and data included in your report must be clearly cited in their relevant places within your report, as well as in the reference section of the document.
Word limit: 1000 words (+/- 10%)