Business Finance Assignment Collections – assignmentcollections.com
Write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. Be substantive and clear, and use examples to reinforce your ideas.
The board members were very impressed with your presentation and how you are moving through the product development process. Michelle is ready now to start looking at the promotional part of the plan. She has been reading technical publications that laud the advantages of high-tech or digital promotional tools (i.e., Internet, social media, blogs, etc.) over traditional approaches (i.e., TV, radio, newspapers, and magazines) to reach potential customers. You catch up with her in her office before she leaves on a business trip.
‘Michelle, I want to speak to you about the e-mail you sent regarding the promotional tools we should consider for the new product,’ you say.
“I have a few minutes before I have to leave,’ she says. “Go ahead.”
“Well, I agree that digital media is the trend, but I think traditional advertising and promotion should still have a place in the plans,” you say. “I know you don’t have time now, but I would like to talk about the advantages and disadvantages of each type of promotional tool as they relate to the target segment and branding strategy. When can we get together and talk about this?”
“I really do want to talk about this,” she says. “I need to know what type of media you think would be best for MM’s new product. Can send me an e-mail with your thoughts on the subject and I’ll read it on the plane? We can get together when I get back to finalize the choices.”
“Thanks, Michelle. I will do that,” you say.
Now it is time to elaborate on the rest of the marketing plan for the new product. Be specific. Make sure that all of the pieces of your plan are consistent with each other and are designed to meet the needs and wants of your target customers.
Now that the product and promotional decisions have been made for the new product, Michelle is concerned about the pricing of the new product and the distribution channels that will be used to make the product available to customers. She has asked you to write a 2-3 page memo outlining two different pricing strategies that MM should consider. Her voice mail message goes on to say,
I want you to recommend which strategy you think should be used for the target market and why. The second part of the memo should outline a distribution plan that will make the product available to the target customers.
You are ready for Michelle’s request and begin drafting the memo to her that same day.
Please send each part separately