Question 1

You work for Noble Company Limited, a jewelry manufacturer that targets upper-class people. Recently, the company introduces a new model of bracelet to the target customers. Your supervisor, Elisa, asks you to develop a marketing plan for the new product. Below is the synopsis of your marketing plan:

Undifferentiated marketing is adopted as a targeting strategy. The product is positioned as mass oriented. The product concept is bracelet with more than 30 styles. Penetration pricing is employed as a new product pricing strategy. Intensive distribution is used as a distribution strategy. Place-based media is chosen as a form of advertising.

Elisa is quite disappointed about your marketing plan. She asks you to reconsider the marketing plan.

(a) Identify and explain any four potential problems of the marketing plan. (10 marks)

(b) Redevelop the following for the new product: (i) targeting strategy, (ii) product position, (iii) product concept, (iv) new product pricing strategy, (v) distribution strategy, and (vi) form of advertising. Justify your answers.

(30 marks)