Continue your exploration of your chosen product by completing a product and price analysis.IntroductionCompanies need to decide how will they distribute their products, which distribution channels they will use, and which pricing approaches and strategies they will apply in order to both make a profit and make the price attractive to the final consumer . . . you.Competencies MeasuredBy successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:Competency 1: Examine the basic marketing models for a business or organization.Accurately identify where the product or service is sold.Accurately define the pricing system along with its characteristics and impact on the marketing mix.Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.Provide an evaluation of the pricing system and its impact on economic success.Competency 3: Examine the relationship of basic marketing strategies to business success.Provide an evaluation of place strategies and its impact on business success.Competency 4: Apply effective marketing planning and implementation.Accurately detail the chosen product’s distribution channels.Note: Assessments 1–3 in this course require you to complete a marketing analysis. Because they build on each other, it is recommended but not required that you complete them in sequence.OverviewContinue with the second part of your marketing analysis and focus on the next of the 4 Ps—the price and place actions of your chosen company.PreparationRather than picking a service-oriented company, pick one that makes or sells products. Use the same company for all assessments in this course. Try to go beyond the typical consumer electronic offerings, such as Apple. If you are in doubt about your chosen company but if it will work for the project, please ask your faculty member.Create a place analysis in which you do the following:Accurately identify all areas where the product or service is sold.Accurately analyze the chosen product or service’s distribution channels.How are they getting their product to market?Which distribution strategies are being used to effectively create a competitive advantage?Provide an analysis of the place strategies and their effect on business success.Describe how the distribution decisions affect the other Ps in the marketing mix.What recommendations can you make in terms of distribution decisions that may improve business success?Create a price analysis in which you do the following:Accurately analyze the pricing system along with its characteristics and effect on the marketing mix.Which pricing strategy does the company use, and how does it compare to similar products in the product category?Analyze the pricing strategy’s impact on the economic success of the company?Describe the effect of the pricing strategy on the overall success of the company.In both analyses:Cite any resources you use.Be sure your analyses present a focused purpose through strong organizational skills. Also be sure they present evidence through strong paraphrasing/summarizing and appropriate tone and sentence structure.
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