Formulate and discuss marketing and IMC strategies to successfully market the product. This part of the discussion should make heavy use of all the relevant concepts that are discussed in the class. Students should make use of all relevant P’s in proposing strategies that they think are needed to be successful. Some of the relevant concepts that are of importance here are value proposition, unique selling point, positioning and integrated marketing communication among others.
As the unit focuses on consumer behaviour, the discussion on strategies should shed light on the behavioural aspect (through identified factors) of the consumers upon which these strategies are built. As for example, perception is a psychological variable that may influence product choices. If the target market perceives social status as an important aspect of their lives then students should formulate product strategies to satisfy that need e.g. design an expensive convertible car that symbolizes prestige. In the same way, students can also discuss the impact of this influence on the promotional strategies. For example, they can place advertisements in the magazine that are read by the people who belong to the upper echelon of the society and perceive themselves as elites.
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