Question.1085 - The initial post is due Wed. Oct. 4th and the responses are due Sunday, Oct. 8th. Wait until after Oct. 8th to post your replies when everyone has posted their initial content. Have you heard of Kickstarter? If you haven't, you soon will. Read hereLinks to an external site. to learn more. To begin this discussion assignment, choose a project from the Kickstarter.comLinks to an external site. website. From the home page, click on Discover (top left corner). You may choose from Projects We Love, Trending, Nearly Funded or Just Launched, but you must choose a physical product (not a service or an App). Do some internet surfing for background information about the product and then answer the questions in your initial post. INITIAL POST: Start by briefly introducing yourself to your new discussion group. Then describe: Product: Describe the product you chose in kickestarter.com and why you chose the product. Consumer Product Class: Look in the textbook at Exhibit 8–9 (Consumer Product Classes and Marketing Mix Planning). Into which consumer product class from Exhibit 8-9 would you place this product? Why? Marketing Mix: How does the Consumer Product Class (Ex. 8-9) guide the marketing mix decisions for the product? Describe the ideal marketing mix considering the target market and the consumer product class you chose above. RESPONSES......Answer these questions in your responses to at least two peers: How well did your group member do at describing the target market? How would you revise your target market description based on what your group members posted? Is the marketing mix consistent with the target market and the consumer product class identified in your group member's initial post? Be sure to use the concepts from the course for this discussion assignment. I hope you enjoy this one!
Answer Below:
After reviewing kickstarter.com, I would like to work for a floating swim platform product, which is essentially large, although the sizes could vary; it is inflatable and is designed for an appropriate relaxing feel on the water for long hours, and the material is made of anti-bacterial properties. The innovation is driven by the motive to add a fun factor to the water-based activities in order to give the target audience a much better socializing experience.? Considering the weekly reading in terms of consumer product class, based on exhibits 8-9, the product could be categorized as a shopping product primarily because it extensively solves a problem since the target consumers will have to mitigate the size, specific need, material, and other preferences. Secondly, since consumer assistance it has various parameters to be considered before making a purchase decision, consumers will seek assistance; however purchasing this kind of product category is subjected to less impulsive behavior since it requires information to make a decision. Lastly, the Price sensitivity for this product is relatively high. Shoppers may compare prices and features to find the best value for their money, especially if there are similar products available in the market. Considering marketing mix pertaining to the product classification: Firstly, Product the product design should be targeted towards quality build in accordance with durability and safety. For instance, it could have safety features like secondary inflated tubes to save the user in scenarios where the primary one fails or other unique features. Price the product has to be priced in such a way it reflects on quality and values the consumer's choice while at the same time offering different variants; as an ethical choice, since this product is a start-up launch, it can launched at a lower margin to attract the consumers or use price skimming strategies. Place (distribution) based on the market analysis and thorough demand trends in terms of where the target consumer leads are generated, the product should be placed both online and in-store, making it accessible and, at the same time, digital presence ensures a good flow of reviews since this product requires informed decision making consumers will research and make the purchase. Promotion effective promotional activity is needed to instill the features of the product at one glimpse with minimal consumer effort to understand the product or even research it. Considering the target market for this product, which might include beachgoers, boaters, and individuals who enjoy spending time on the water, the ideal marketing mix would balance the need for product quality, competitive pricing, accessibility through various distribution channels, and effective promotion to create awareness and generate interest. References Perreault, W. D., Cannon, J. P., & McCarthy, E. J. (2015). Essentials of marketing: A marketing strategy planning approach.?(No Title). Product name: "The Swim Step: An Overdue Upgrade From Dock Ladders"More Articles From Marketing
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