Question: Milestone Five: Marketing Strategy-Product/Service Guidelines
Overview: Your marketing mix is a detailed description of the 4 Ps: product, price, place and promotion. For this assignment, focus on your product or service. Revisit your new product/service idea and describe for your audience what it is that you wish to bring to market. If it is a product, expand on your description of the product, its functionality, and customer benefits. If it is a service, describe the service offering so that readers understand what they would receive. It is important to remember that by definition, a product is anything that can be offered to a market for use or consumption that will satisfy a need or want in that marketplace. Products also include services, events, places, organizations, ideas, or persons. Products can be either tangible or intangible.
Classify the product based on what we have been reading in our textbook. Include a discussion of your branding strategy, the decisions that you will make in building your brand, and how you intend to manage brand equity. This milestone is due in Module Five.
Your description should include:
• A detailed description of what your product or service is and how it will work
• What specific features and benefits your product or service provides to the intended target market
• A description of the aesthetics, packaging, labeling, or look, of your product. For a service describe the service offering so that the reader understands what they would receive
Ensure that you have adequately described your product or service so that by the time your product or service description is written, the reader understands what you want to bring to market. If you have a service description, the reader needs to know where you are located, what your service offers, and so on. Describe it so that the reader envisions the product or service.