“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).

QUESTION

Due Date
Monday, June 1, 2020
9:00 AM
Points Possible
135

Assignment 3: Promotion and Pricing Strategies
Due Week 8 and worth 135 points

“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).

With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Using the business from Assignment 2, write a three to four (3-4) page paper in which you:
Identify its primary target market.
Specify three (3) methods you will use to research customer needs and wants.
Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.
Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
Include at least two (2) references outside the textbook.

ANSWER

Promotion and Pricing Strategies for [Business Name]

Introduction

In this paper, we will discuss the marketing plan for [Business Name], focusing on the promotion and pricing strategies. The marketing plan aims to identify the primary target market, understand customer needs and wants through research, develop an effective marketing mix, and create an advertising budget and plan.

Primary Target Market

The primary target market for [Business Name] is [describe the specific demographic, psychographic, or geographic characteristics of the target market]. For example, if the business is a high-end clothing store, the primary target market may be affluent individuals aged 25-45 who value luxury and fashion trends (Grayson, n.d.).

Research Methods for Customer Needs and Wants

To understand customer needs and wants, [Business Name] will utilize the following research methods:

1. a) Surveys: Conduct online surveys or in-person interviews to gather information directly from potential customers.
2. b) Focus Groups: Organize focus groups to facilitate in-depth discussions and gather qualitative insights.
3. c) Social Media Monitoring: Monitor social media platforms to identify trends, preferences, and feedback from the target market.

Marketing Mix

1. a) Product: [Describe the features and benefits of the product or service offered by the business].
2. b) Pricing Strategy: [Explain the pricing strategy, whether it’s premium, competitive, or penetration pricing, and justify the chosen approach based on market research and competition].
3. c) Promotion: [Outline the promotional activities that will be employed, such as advertising, public relations, sales promotions, and digital marketing] (Pricing Strategies, n.d.).
4. d) Placement/Distribution: [Explain how the product or service will be distributed to customers, whether through physical stores, e-commerce platforms, or other channels].

Advertising Budget and Plan

To effectively promote [Business Name], a one-year advertising budget and plan will be developed. The budget will allocate resources to various advertising media, including:

1. a) Television: Allocate a portion of the budget to television advertisements during prime time slots to reach a broad audience.
2. b) Online Advertising: Invest in targeted online advertisements through platforms like Google Ads and social media channels (6 Advertising Media Channels: Importance & Examples | Marketing Evolution, n.d.).
3. c) Print Media: Place advertisements in relevant print publications that cater to the target market.
4. d) Influencer Marketing: Collaborate with influential personalities in the industry to promote [Business Name] and reach a wider audience.
5. e) Publicity: Engage in public relations activities, such as press releases and media events, to generate positive media coverage.

Conclusion

In conclusion, developing a comprehensive marketing plan that includes understanding the primary target market, conducting customer research, defining the marketing mix, and creating an advertising budget and plan is crucial for the success of [Business Name]. By implementing these strategies effectively, the business can attract and retain its target customers, increase brand awareness, and ultimately achieve its marketing objectives.

References

6 Advertising Media Channels: Importance & Examples | Marketing Evolution. (n.d.). https://www.marketingevolution.com/marketing-essentials/advertising-media-guide 

Grayson, R. (n.d.). Target market and audiences. Pressbooks. https://pressbooks.bccampus.ca/foundationsindigitalmarketing/chapter/target-market-and-audiences/ 

Pricing strategies. (n.d.). StudySmarter UK. https://www.studysmarter.co.uk/explanations/marketing/pricing/pricing-strategies/