Mkt 500 Assignment 2 - Marketing Products

Assignment 2: Marketing Products

Comfort Cakes by Lynda

Lynda Gaston

Dr. David Holness

MKT 500 – Marketing Management

5/2/2012

1. Discuss the type of product the company will offer and identify

2. its primary characteristics.

My company Comfort Cakes by Lynda would specialize in making cakes for events such as birthdays, weddings, anniversaries and other special events. The main specialty that it would offer is the wide range of tastes and designs which may be unknown to the local consumers. My company should also adapt to the best quality standards so that maximum consumer satisfaction is guaranteed. Comfort Cakes by Lynda will experiment with new fusions of flavors along with the regular flavors that it has to offer to its consumers. An example would be a Raspberry/Lemon frosting or a Lemon/Lime cake. The marketing budget for the promotion and advertising of my company would be allotted mainly from its key investors, since it is predicted to face intense competition from many other rivals in the same line of business. My company must adapt to certain strategies in promotion which will give it an edge over the competition. This can be achieved by publishing consumer satisfaction cases and other pertinent factors which makes the product of my company a much better choice for the new consumers. (Missing Citation)

“In order to gain customers at the start of business, the firm must focus on the recent trends and fashions in the society and adapt to them” (Hills, 1994). It must also keep in mind that it should focus on a specific age group which can afford to buy more for itself, such as indivuals between the age range of 25 and 35. The idea of experimenting with new flavors is good once you’ve established your core offering. If the core offering isn’t good, most likely they won’t be coming back.

3. Discuss the service component of the product and how it will be used to enhance the product.

“The service component is very essential in any...