Imagine You Have the Sole Marketing Rights to a New

question 48

Essay

Imagine you have the sole marketing rights to a new herbal shampoo that stops hair loss and
actually causes new hair growth. You plan to sell your product on an Internet site, which you will advertise on late night television. You are also hoping to obtain free publicity in men's fashion
magazines. You are planning on selling a 16-ounce bottle for $24.99 plus $7.99 shipping and
handling. (A)Using the information provided, identify each element of your marketing mix. (B)Identify the target market for your shampoo. (C)How can you use relationship management to increase sales?

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Definitions:

Blue Ocean Strategy

A business approach that focuses on creating new market spaces (or "blue oceans") that are uncontested by competition, rather than competing in existing markets.

Industry Factors

Elements and conditions within an industry that influence the operations and competitiveness of businesses, including economic trends, regulatory policies, and technological advancements.

Four Actions

Typically refers to an approach in strategic business analysis (such as the Blue Ocean Strategy) that encourages companies to simultaneously pursue differentiation and low cost.

Strategic Marketing Process

The approach of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.