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Marketing Mix Assignment
Product Strategy (1-2 pages double spaced, plus at least one table)
Start your product strategy by referencing your target market segmentation which was discussed in the earlier part of your marketing plan. You should specifically identify the needs of your target market and discuss how you plan to satisfy those needs. Your product strategy should identify, very specifically, the features or functions of your product or service and explain how they will meet the needs of your intended customer. The focus of your product strategy should discuss the benefits which your product or service will provide for your customer.
Describe how your product or service will be differentiated from the other products on the market. You should discuss what makes your business unique, special, unusual, or simply different from the rest. Include a diagram or table which shows the match-up between your customers’ needs and your product or service features or functions.
Pricing Strategy (1- 2 pages double spaced, plus at least one table)
Your pricing strategy should generally describe your philosophy for pricing your product(s) and identify the specific pricing strategy you’ll lead with in the marketplace. Will you choose penetration pricing, skimming pricing, high/low pricing, everyday low pricing, or competitive pricing? Most importantly you should explain why your pricing strategy makes sense. You should reference your target market segmentation and explain why the pricing makes sense for your chosen customers. You should also reference facts from your environmental scan, industry research and the competitive analysis in order to explain why your particular pricing strategy makes sense.
Describe any special pricing plans or programs you will use such as discounts, rebates, loyalty programs, coupons,payment plans, installment plans, special financing or seasonal pricing promotions.
If you are offering multiple products or services, include a table which lists the types of products and the prices for each product or services. If you will have a large number of products you can group them into categories and give the average price for each category.
Distribution Strategy (1-2 pages double spaced, plus a diagram of the distribution channel)
Describe any intermediaries such as wholesalers or retailers which you must sell through in order to reach the end consumer. Describe the incentives you’ll need to give these intermediaries in order to convince them to carry your product. Also describe any support these intermediaries will expect from you in order to promote your product to their customers. Discuss the price at which you will sell your product to the intermediary and the suggested price at which you will expect them to sell the product to their customer. Include a diagram of the distribution channel (i.e. the entities through which the product will pass in order to reach the end customer).
If you will not be using an intermediary, explain why you have chosen to sell directly to the consumer. To support your decision you should reference your competitive analysis, the industry research, and your target market segmentation.
Promotion Strategy (1 -2 pages double spaced, plus a table, chart or diagram)
What is the goal of your promotion strategy? Typical goals of promotion strategy are 1) build brand awareness, 2) communicate information, 3) create an association between your product and some emotion, 4) reinforce brand loyalty, 5) persuade using comparison, or 6) drive some action. You can have more than one goal.
What is the message you will use in communicating to your customer? Explain how this message will be meaningful to your target market and why it will be effective in helping you reach your goal. What media (TV, radio, newspaper, magazines, billboards, social media etc.) will you use in communicating your message to your target market?
Will you use advertising, public relations, trade promotions, or personal selling? You can, of course, use more than one of these categories of communication or you can use them all. Simply explain why you will use each broad category of marketing communication.
If you will use advertising, describe the specific type of advertising you will utilize: radio, newspaper, magazine, television, billboards, or Internet. Be very specific in identifying the types of media you will use in placing your advertising. Give examples. Explain what makes this media the best to use in communicating with your customer.Describe how often you will advertise in each media.