Description
This assignment will deconstruct the marketing plan of a product that you consider to be innovative. In your analysis consider these questions: Does the product fulfill market needs – if so, what is the need? What is innovative about the product? How is the firm marketing the product? You will need to cite at least three reference sources for this product; one source may be the website of the company, others may be articles from magazines, newspapers, websites, etc.
Include the following topics in your paper:
- Introduction – what product did you select and why. What is the market need that this product fills?
- Target market – What is the target market for this product – describe? Be very detailed describing the demographics, psychographics, attitudes, etc.? How big is the market? Is it growing or shrinking, etc.?
- Product description – describe the product. (You may use photos or diagrams, but be sure to cite the source.) Include information about the company that is producing the product also. How big is it? How experienced is the company? Etc.…
- Pricing – include the total cost for the product. Is there a range of prices for various versions? Are there discounts? What else does the buyer need? (Ex: additional fees, shipping, warranty, installation, etc.) Are there any tax credits available for the buyers (i.e.: solar panels)?
- Distribution – explain how the product is both sold and distributed. Where can you buy it? Is it regional, national, or global? (Ex: Stores, websites, distributors, etc.)
- Promotion – describe the promotional tactics that are used for the product. Are there ads on TV, radio, banner ads, websites, endorsements, etc.? (At least three should be analyzed)
- Summary – What is your final opinion of this product and its marketing? Explain.
- Reference page
This paper should be 4-5 pages plus a reference page/cover page and written in APA format. Write in the 3rd. person since this is an objective research paper. All research papers must include reference citations in the body of the paper and a reference page.
Explanation & Answer
Attached.
Running head: MARKETING A PRODUCT
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Marketing a Product
Institution Affiliation
Date
MARKETING A PRODUCT
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Introduction
Many organizations usually produce products that are essential in the business market
because of the various functions that they perform. In this particular study, the product which
will be of focus is the Sony Xperia XZ Premium smartphone which is produced and marketed by
Sony Company. This product is the focus of the study mainly because of the features of the
product and also its target market. This product is very important because the market needs that
it usually fills is the communication business market. This is because this product is among other
products that mainly focus on ensuring that their customers are able to effectively and efficiently
communicate with one another.
The target market of Sony Xperia XZ Premium
The Sony Xperia XZ Premium is a great smartphone that was produced by Sony
Company. This product is roughly of a higher cost, and hence the target market can be described
as the wealthy or the high-income earners. This is because the product can be seen to be targeting
the individuals that have a high financial capability. The population of people that usually buy
this product is those individuals that have high financial capabilities regardless of gender, race,
religion, and age. Also, this product is purchased by customers because of their attitude where
most of the customers tend to have faith in products that are produced by Sony Company
(Gershon, 2014). The product has a global market where it has been sold in most of the
countries. Since people are becoming innovativ...
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