EXAM QUESTION
Exam Question
How will the marketing mix of a product already existent on the market can influence the market segmentation strategy of a new entry product in the same market?
This question comprises theory about marketing mix, market segmentation, market share, competition, product development and indirectly about customers. All in one, in answering this question I will have to provide in – depth information about these marketing management theories, demonstrating an insightful understanding of these concepts.
Moreover, answering this question would imply demonstrating abilities of going beyond the simple marketing management theory and customizing the information provided on an imagined market, demonstrating like this the potential of taking theories outside, into practical applying them for analyzing a situation.
The concepts that will be analyzed in answering this question are interrelated, as a discussion about market segmentation implies analyzing the customers and their needs, the market potential of the given product (company) in relation to its competitors and implicitly this leads the analysis into further elaborating on marketing mix for a proper examination and documentation (Mar Imar, 2002, p. 265).
Discussing about marketing mix in the context of the given question I will have to refer to three of the topics covered in the course: Product Development & Brand Management, Pricing Strategies and Customer Value and Marketing Communication & Marketing Channels. In answering the given question I will have to provide theories extracted from the course Dealing with competition, where Michael Porter’s five competitive forces theory (Porter, 1980, p. vx) would be the model used for answering the question, and for referring to the product’s segmentation, I will need to know Marketing Concepts and Market Orientation, as well as who are the customers (McCabe, 2009, p. 148).
Therefore, in answering this question I will demonstrate achieving the learning objectives for marketing management, as I will have to adapt 80% of the theory learned in this course to the proposed situation.
References
Mar Iman, AH, 2002, An introduction to property marketing. Kuala Lumpur, Pantas Set Sdn. Bhd.
McCabe, S, Marketing communications in tourism and hospitality. Oxford, Elsevier, Ltd.
Porter, ME, 1989, Competitive strategy: techniques for analyzing industries and competitors. New York, The Free Press.
