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If the Marketing Mix is to succeed, it must be based on customer needs and must support the required image for a particular product or service - Leaving Cert Business - Question B - 2003
Question B
If the Marketing Mix is to succeed, it must be based on customer needs and must support the required image for a particular product or service. Analyse, for a produ... show full transcript
Worked Solution & Example Answer:If the Marketing Mix is to succeed, it must be based on customer needs and must support the required image for a particular product or service - Leaving Cert Business - Question B - 2003
Step 1
Product
Answer
For this analysis, let's consider the Mercedes Benz Coupe. The product is characterized by its high-quality specifications including numerous safety features such as airbags and ABS. It stands out due to its brand reputation for reliability and quality, serving as a prestige market vehicle. Additionally, the car comes with a warranty that enhances consumer confidence in product durability.
Step 2
Price
Answer
The price of the Mercedes Benz Coupe is positioned in the upper segment, ranging from €50,000 to €78,000. The competitive pricing strategy focuses on value, positioning it as a premium offering. Financial assistance options available, such as installment plans, make this product more accessible, while price comparisons with similar models reinforce its perceived value.
Step 3
Promotion
Answer
Promotional strategies emphasize brand loyalty, targeting business professionals and luxury car enthusiasts. Marketing campaigns utilize a mix of advertising channels, including social media, targeted advertising, and high-profile events. Mercedes promotes the Coupe through personal selling techniques, showcasing its unique features and benefits to attract prospective customers.
Step 4
Place
Answer
The distribution of the Mercedes Benz Coupe is facilitated through an extensive network of dealers. The brand employs geographic and demographic strategies, ensuring the product is available in regions with high potential customers. Online platforms also play a significant role in enhancing accessibility, allowing customers to explore options and make inquiries easily.