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MH Practice Marketing Term Project

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tina nguyen

on 28 November 2012

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Transcript of MH Practice Marketing Term Project

Tina Nguyen & Anna Chung COMMUNICATION WITHIN OUR TEAM Communication is vital to the success of every business or company

Within our team we organized our turns into weekly intervals

As a team we found that though this method was convenient but at the same time, unfortunately caused our communication to be minimal THE 4 Ps MARKETING We based our backpack design on our whichever market segment we were targeting at a given time. With each different segment, we attempted to add every single feature available to the backpack that would please that certain audience in hopes we would be unique from our competitors. Since our backpacks were more expensive to manufacture than our competitors, we had to base our price in a way that would produce a steady profit. Since our prices were often so high, this helped us with our placement. Since price is a judgement on quality our high prices hinted at the top quality of our backpacks and at the same time appeal to the psychological factors of the consumer on the based that, whomever they were, they would feel more confident carrying a more expensive, backpack. We often established our target based on the premises that they were in a non-crowded segment. When we entered that segment, we wanted to position ourselves as the backpack that had the cool, new features that only the most prestige could afford, or even just to the parents that wanted to spoil their kids. PRODUCT PLACE PRICING PROMOTION In terms of promotion, we did not do much to promote our product unfortunately because we found that promotional cost were far too expensive. That’s not to say that we did not do any sort of promotion. When we found necessary, we advertised in comic books and newspapers. We also updated our billboard often in hopes that we would be able to create a more well-known name for ourselves. STRATEGY Our strategy was mainly to watch the decisions of our competitors VERY closely and base our decisions around them to ensure that our pack was unique
From personal experience we found that many people are willing to spend large amounts of money to maintain the feeling of high status and prestige. COMPETITIVE ANALYSIS Throughtout the game we constantly monitored our competitors actions

Using this information we often attempted to imitate the actions taken by our leading competitors

We do this in hopes that we would be able to gain the sucess of our competitors LESSONS LEARNED PRICE: Features Market Segment As a team we found that our price was our greatest downfall. Our backpack had many features, thus causing a larger production cost. We were forced to raise our prices to accomodate and the production cost and maintain a steady profit. When designing our backpack we only accomodated to the needs of our specific market segment. We feel that we should have broadened our backpack so that it would be appealing to more segments. We found ourselves constantly changing segments. By doing this, we were forced to constantly start new.
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