Question

A small electronics company designs and manufactures bluetooth speakers.

Answer 1

Answer:

Given that this is not the company's first production, it means that they have some history in the market.

At this time, they ought to have some performance with regard to price, product, place, performance, and positioning. This sort of information is usually gleaned from:

• Sales figures (Invoices)
• Number and type of clients (Invoices)
• Feedback from the market via dealers, consumers etc.
• Reviews (Online and offline)
• Financial Statement

When a forecast is made base on predictive values such as the above, it is called Forecast based on historical data.

The management team will take all the above into account in redesigning it's marketing Ps.

1. Price
2. Product
3. Positioning
4. Place
5. Promotion
6. People and
7. Process

The management team will answer question such as:

• Do we increase or reduce our price? or do we leave it as it is but modify it to using psychological pricing to attract more sales;
• What upgrades do we need to make to the products if at all?
• How do we position or reinforce the position of the products in the mind of the consumers?
• How do we get the products to more consumers/buyers? online? offline? completely new markets?
• How best do we promote the products?
• Who do we need to execute the marketing plan?
• what modifications do we need to do to our process to enable us to achieve the marketing goals?
• do our products contain a physical evidence of what we have promised during the promotion/positioning?

Answers to all these questions will help the marketing improve on its previous marketing strategy.

Cheers!