o product or service characteristics, including USP or unique value proposition (UVP), links to target market and market segment
o pricing methods
When looking at the methods of pricing we can look at stratergies of interest. Companies will want to make a profit against the research and development of their products, however, adding a price tag to it, could, deter users from buying in to the idea. So how could we create interest and a desire to use and possibly make a purchase? The use of the "Freemium" model. This model is where the product is released to its audiences, however it could be restricted, only basic operations and features available to users for free. However the product can have these restrictions lifted if they pay a small fee.
This model is often used in business, one such example is Amazon. Its music streaming service offers a range of levels of service on its product depending on the user needs.
How much does it cost to upgrade the service?Amazon Music
o promotion, including the promotional mix, links to target market and market segmentation, the use of technology in promoting the business and its products, e.g. websites, social media, online reviews and apps
o channels to market and distribution methods
o interrelationships between the components of the marketing plan.
Techniques include the following;
o limited or small-scale roll-out
o beta versions or prototypes for products and services to test them
o free products in exchange for feedback
o seeking opinions and views about a product or service via collaborative platforms
o market simulations.
o the volume of sales and rate of growth of sales
o size of market share and growth of market share
o customer perceptions of product quality
o sales revenue compared to marketing costs.
Links to Learning Outcomes |
Links to Assessment criteria |
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B3 Marketing planning for an IT product or service |
Reading: Read and understand texts, selecting material appropriate to purpose, collating from different sources and making comparisons and cross-references as appropriate.
Writing: Write to communicate clearly, effectively and imaginatively, using and adapting forms and selecting vocabulary appropriate to task and purpose in ways that engage the reader
Analysis of information: Interpreting Results, Drawing conclusions from data, Comparing data
Collect and record data: Questionnaires, Observation, Tally
Anonymous Assessment - Learners assess an anonymous piece of work containing deliberate mistakes against given success criteria.