Complete the following information about the organization and products and/or services you will focus on as you develop a complete marketing plan throughout the course. You may need to do research to get answers to the questions below. The subject for this assignment should be the organization and products and/or services you identified for the Marketing Plan, Parts 1 and 2 Assignments.
When you submit this assignment, you should submit it as a complete marketing plan, including all your work from Marketing Plan Assignments, Parts 1 and 2. All elements of your marketing plan should be complete. You may incorporate improvements to earlier sections of the plan, based on prior feedback from your instructor.
Marketing Mix (Four Ps)
Product Strategy
Briefly describe your product or service. Where is it in the product life cycle? What recommendations do you have for improving the offering to fit your target market’s needs? Be sure to consider:
What level of quality and consistency does the offering have?
How many features does it have and can they be removed or added?
How well does your product or service deliver what the customer values? How can it improve?
What improvements would help your offering compete more effectively?
Pricing Strategy
How is your product or service priced today? How does this compare to competitors, assuming competitors are at or near break-even point with their pricing? Analyze pricing alternatives and make recommendations about pricing going forward based on the following:
How sensitive are your customers to changes in price?
What revenue will you need to break even and achieve profitability?
What does the price say about your product in terms of value, quality, prestige, etc.?
Place: Distribution Strategy
What is your current distribution strategy? What missed opportunities or disconnects are you seeing in this distribution approach? Make recommendations about your future distribution strategy based on the following:
What are the best distribution channels and methods for you to use, and why?
Will you have a retail outlet and if so, where will it be located?
In what geographic area(s) will your product/service be available?
Promotion: Integrated Marketing Communications Strategy
Use the template below to layout your design for a marketing campaign aimed at your target segment.
Approach
How will you achieve your goal? What promotional or engagement strategies will you use? Think creatively about campaigns you’ve seen for companies or brands that have caught your attention, and how your campaign will make an impact on your target audience. Will your campaign influence? Engage? Educate? Nurture? Build awareness? Etc.
Example: Use email marketing, social media and a sales promotion (prize drawing at a conference) to encourage veteran attendees to post online about their experiences and plans for attending the user conference using the event hashtag. Use these testimonials to amplify dialogue about the conference (via social media), build awareness (via email marketing, Web site, and targeted digital advertising) and convince peers they should attend.