Question 1 (10 marks)
Explain the concept of the marketing mix and how it serves as a tool for marketing managers to influence consumer demand. Provide examples of how different elements of the marketing mix (Product, Price, Place, Promotion) can be adjusted in response to changing market conditions.
(400 – 500 words)
ANSWER (box will enlarge as you enter your response)
Question 2 (10marks)
Critically evaluate the role of digital marketing in contemporary marketing strategy. How does digital marketing help businesses reach their target audience more effectively than traditional marketing methods?(400 – 500 words)
ANSWER
Question 3
(10marks)
Discuss the importance of understanding consumer behavior for developing an effective marketing plan. How can marketers use consumer insights to create value for both the company and its customers? (400 – 500 words)
ANSWER
Question 4 (10 marks)
Case Study 1
Naked Juice, a brand owned by PepsiCo, established in the early 2000s, was once a leading player in the organic juice market in Australia. Known for its commitment to using only organic fruits and vegetables, Naked Juice built a strong reputation among health-conscious consumers. However, in recent years, Naked Juice has experienced a significant decline in sales and market share. Despite its early success, the brand has struggled to adapt to the evolving preferences of its target market, which has shifted toward a broader emphasis on health, sustainability, and low-sugar content. This shift has left Naked Juice behind, relying on outdated marketing methods and failing to connect with a new generation of consumers.For more information about Naked Juice, please access the link below:
https://www.ampagency.com/case-studies/naked-juice-cpg-case-study
Required:
Identify the key issues Naked Juice faces in its current market position and consider what changes in consumer behaviour should be taken into account when developing a new marketing strategy. Discuss how Naked Juice can rebrand itself to appeal to the health-conscious consumer segment, the role of integrated marketing communication in repositioning Naked Juice’s brand and recommend specific marketing tactics Naked Juice could use to rebuild its brand image and regain market share.
(400 – 500 words)
ANSWER
Question 5 (10 marks)
Case Study 2
Wyze Labs, a mid-sized smart home technology company, is preparing to launch a new smart home security camera designed to offer advanced features at an affordable price. The company has identified a growing trend of consumers seeking cost-effective, user-friendly smart home devices that integrate seamlessly with other smart home ecosystems. However, the market is highly competitive, with established brands like Amazon’s Ring, Google Nest, and Arlo already dominating the smart home security market. Wyze Labs wants to differentiate its product by emphasizing affordability, ease of use, and innovative features like person detection and compatibility with a wide range of smart home systems.For more information about Wyze Labs, please access the link below:
https://dotcommagazine.com/2023/08/wyze-labs-a-comprehensive-guide/
Required:
Analyse the potential challenges Wyze Labs might face in positioning its new product in the competitive smart home security market and recommend the marketing strategies, including the use of the 4Ps (Product, Price, Place, Promotion) and digital marketing tactics, that Wyze Labs should employ to effectively target its desired consumer segment and maximize its reach and engagement with potential customers (400 – 500 words)