1 consider a product or service with which you are

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Elementary and Intermediate Algebra
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Chapter 5 / Exercise 3
Elementary and Intermediate Algebra
Tussy/Gustafson
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1. Consider a product or service with which you are familiar. Describe the product or service.
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Elementary and Intermediate Algebra
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Chapter 5 / Exercise 3
Elementary and Intermediate Algebra
Tussy/Gustafson
Expert Verified
BSBMKG501 AMANJOT KAUR 2. For the product you have described: You have been asked to help design the research procedures that will enable data collection and analysis of the effects of the different components of the marketing mix on each other and of their importance to the customer base. Nominate the sources of data you would choose to access and explain why you would use those sources.
BSBMKG501 AMANJOT KAUR What data would you collect? What procedures would you follow to analyse it? How would you use the results? Where necessary conduct your own research and remember to cite and reference appropriately. Answer: Analysing and testing the components of the marketing mix The marketing mix may include several variables, such as: i. customer service variables ii. distribution variables iii. pricing variables iv. product or service variables v. promotional variables With the aim of efficiently assessing marketing performance against the objectives of the organization, it is extremely imperative to continuously monitor measure and frequently review marketing measures. An exceptional mean for evaluating marketing performance is to collect relevant information with the intention of measuring client reactions. For adequately gathering and recognizing the information, suitable literacy and expertise skills are required.
BSBMKG501 AMANJOT KAUR Gathering and collating research data as well as reading widespread research materials need understanding and confidence within language skills. Moreover, the marketer has to be capable of presenting information in a variety of styles depending on the audience. The diverse audiences might be represented by various types of industry or target markets. Moreover, Testing should result in information that helps identifying the viability of new product concepts and their usability How the target market is likely to receive the product. The product proposals that will make them compelling to the audience. The best way to communicate and present a product idea. Procedures that can be followed to evaluate product performance over time. The most appropriate promotion channels in terms of likely success. 3. In a couple of sentences explain why this type of research, testing or trialling is necessary. Answer: Testing results will determine where the promotion goes ahead as it is or whether it needs adjustment or possibly scrapped all together so as a new and more appropriate marketing mix can be developed.
BSBMKG501 AMANJOT KAUR Results will enable analysis of effects of the different components of marketing mix on each other and will help to establish their relative importance to the customer base hence which will make it possible

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