Marketing Simulation Assignment: 4Ps of Marketing Analysis

This marketing assignment solution analyzes a business simulation scenario, focusing on the 4Ps of marketing: product, price, promotion, and place. The student identifies the target customer as women aged 30-46 with families and high-stress jobs, and defines the product as women's clothing, emphasizing its unique features and benefits. The solution outlines various pricing methods, including mark-up, demand-based, and competitive pricing, and discusses tools like break-even and marginal analysis for measuring price impact. The role of advertising and promotion in the marketing mix is highlighted as a means of informing, reminding, and persuading the target audience, with effectiveness measured through sales volume, profits, goal achievement, and customer satisfaction. The assignment demonstrates an understanding of marketing principles and the application of these principles within a simulated business environment.

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Tutor
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Reflection simulation
1. Who is your target customer? (Hint: it is not "everyone")
I want to start a business with the focus of selling women clothes
My target market is women between the age of 30 to 46 years old, who have a family
with young kids and work at a high-stress task outside the home.
2) How would you define the product offered at your store? Is it just clothing, or something more than
that?
First of all, I will start by writing out a list of each feature of my products. I shall then
focus on the product benefits mainly by explaining to my target customers the features and
uniqueness of my products. This will give them all the technical information about my products.
I will use simple terms not only to describe clothing but also all the products that my business
shall provide. The use of simple terms for the description of the product is appropriate because
highly technical or detailed descriptions remain not necessary and certainly not recommended.
The use of simple terms shall allow my readers to understand easily. Conversely, describing how
my product shall vary from the competition remains critical.
3) What methods can you use for setting the price?
There are numerous methods that I can use in setting the price of the product. The most
suitable method for setting the price may be decided based on analysis and the study of external
and internal features and suitability of the method. Some of the pricing methods that I shall use
include:

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Mark-Up Pricing Method: This remains the most common use method. In this method of
pricing, a profit margin is added to the cost of the product (Toar, Herman, and Heince 72). I will
use this method because it is most suitable for consumer goods.
Demand-Based Pricing: This method of pricing will help me determine the actual price a
commodity depending on the demand for my commodity. When there is a lot of demand, the
price I shall increase the price of the commodity since my customers will still buy the product
regardless of the price, therefore allowing me to make a huge profit (Marinov 410).
Nevertheless, when the demand is low, the price remains decreased to attract more customers.
Competitive-Based Pricing: I will also consider the prices of my competitors in order to find
out the price of my products (Kaushik et al. 65).
b) What tools are available for measuring the impact on your price decision?
The tools that I will use to measure the impact of pricing decisions include Break-even
analysis, marginal analysis, and variable/fixed cost analysis.
4) What is the role of advertising/promotion in your marketing mix?
The role of promotion in my marketing mix is to focus on communicating to a target
audience the core value a brand has to offer (Nwachukwu 20). Adverting plays an essential role
in brand management and development. So, the main role of advertising in my marketing mix is
to inform, remind, and to persuade.
b) How might you measure the effectiveness of your decisions?
The only method that I can use to measure the effectiveness of my decision is by
accurately measuring the 4 metrics: sales volume, profits, the achievement of goals, and
customer satisfaction.

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Works Cited
Kaushik, Madhulika. "Unit-12 Setting the Price." IGNOU, 2018.
Marinov, Krasimir. "Price-Setting Practices for New Product Introductions: Evidence from
Bulgaria." Journal of European Economy 16.4 (2018): 407-415.
Nwachukwu, Alozie Chidi. The Role of Advertising in Product Promotion in The Wine and Spirit
Industry. Diss. Doctoral dissertation, University of Nigeria, Nigeria, 2016.
Toar, Oktavia, Herman Karamoy, and Heince Wokas. "Analisis Perbandingan Harga Jual Produk
Dengan Menggunakan Metode Cost Plus Pricing Dan Mark Up Pricing Pada Dolphin
Donuts Bakery." Jurnal EMBA: Jurnal Riset Ekonomi, Manajemen, Bisnis dan
Akuntansi 5.2 (2017).