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Analyze the companys pricing strategy

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Reference no: EM13875970

The marketing plan is being done on wedding planner, in Taos New Mexico. we have a phone app that will put all your photos and colors in the app and show you your dream wedding in one picture.The marketing plan is a tool used to develop and present a company's marketing strategy. At minimum, the plan should containdescriptive information on the company, its products or services, target customer, marketing research, advertisement, promotions, and a list of actions items that is supported with a strategy plan for execution.

Directions: Create a fictional start-up company that servesthe U.S. market with a product or service.

PART A/SECTION 1: EXECUTIVE SUMMARY

Provide a detailed description of your company. The description should include, at a minimum, the company's name, its history, founders, business purpose, and mission. This could be written using multiple sentences, but no longer than a single paragraph.

PRODUCT DESCRIPTION

Describe, in detail, the product or service the company produces or services. Include trademark, color, shape, packaging, labeling, and any characteristics that you deem relevant.

You can also include a picture of the product in this section for visual aid.

PART B/ SECTION 2: TARGETING CUSTOMERS

Consider who your customers are and identify your market segment. Analyze the business customers / clients you wish to target. Your analysis should include, but not be limited to, their demographic profile (e.g., age, gender, ethnicity, etc.), psychographic profile (e.g., interests, routine, habits, etc.), profession(e.g., income, occupation, education), geographic location (e.g., country, region, city, rural, urban, climate) and their precise wants and needs as they relate to the products and/or services you offer.

DEMOGRAPHIC PROFILE

PSYCHOGRAPHIC PROFILE

PROFESSION

GEOGRAPHIC LOCATION

WANTS AND NEEDS

Use at least two (2) quality referencescitedin APA format to support this section. Consider how you came up with this demographicand why this target population would be interested in purchasing your product.

Example of citing research to support your customer: According to a report conducted by the SBA (2014), 90% of millennials prefer technology products that are compatible with social media.

PART C-SECTION 3: UNIQUE SELLING PROPOSITION

Consider what distinguishes your company from competitors, their products and / or the price of their products and services.
UNIQUE SELLING PROPOSITION (USP)

Describe your unique selling proposition (USP). Next, explain the key aspects of your business, products, or services that make them unique when compared to your competition. (e.g., Southwest Airlines' USP is providing customers with low airfare without compromising service and comfort.)

MARKETING OBJECTIVES

Describe the marketing objectives of your company. Your marketing objectives should, at a minimum, address potential customer profile and market segmentation. Explain the manner in which you conducted your secondary market research.

Use at least two (2) quality references cited in APA format to support this section. Use your references to define your understanding of USP and depict the importance of describing your marketing objectives.

PART D/ SECTION 4: PRICING AND DISTRIBUTION STRATEGY

You will now consider your company's strengths and weakness, along with your product or service price.

STRENGTHS, WEAKNESSES, OPPORTUNTIES AND THREATS (SWOT)

Determine the key strengths and weaknesses of your company, as well as the opportunities and threats it faces within its industry.

The SWOT Analysis is a very useful technique for in business. Go to Mind Tools' Website and read "SWOT Analysis" for a better understanding of the topic, located athttps://www.mindtools.com/pages/article/newTMC_05.htm.

SUPPLY-CHAIN AND OPERATIONAL SYSTEM

Discuss your critical steps within your supply-chain and operational system. Explain the key aspects of your strategies for producing and distributing your products and services to both your stores andcustomers. Determine whether you will use an outside vendor or do everything in-house.

PRICING STRATEGY

Analyze the companys pricing strategy relative to its pricing objective. Examine major internal and major external factors that could potentially affect the pricing of the company's products or services.

Use at least two (2) qualityreferences cited in APA format to support this section. Use your references to define your understanding of SWOT and depict the importance of describing your supply-chain and pricing strategy.

PART E- SECTION 5: DISTRIBUTION PLAN AND PROMOTIONS STRATEGY

You will consider mechanisms by which your customers will purchase your products and / or services (e.g., online, storefront, direct sells) and the primary manner in which you intend to reach new customers (e.g., TV, radio, social media, special events).

Consider the marketing materials that you intend to use. According to the textbook, marketing materials are collateral used to promote your business or products. Promotional strategy may include free trial offers, money-back guarantees, and buy two (2) for the price of one (1) type of deals.

DISTRIBUTION STRATEGY

Determine the distribution strategy in terms of your target market, location, and selection of distribution channels. Indicatewhether or not you will leveragethe following strategies: use stores located in different regions, sell online, and / or hire a sales team to sell directly to suppliers and door to door.Recommend three (3) strategy options to get your product or services out to your customer base.

1. Insert strategy option to get your product or services out to your customer base

2. Insert strategy option to get your product or services out to your customer base

3. Insert strategy option to get your product or services out to your customer base

MARKETING GOALS

Outline your main marketing goals for promotions, offers, and giveaways.Discussthe key types of marketing materials that you intend to develop and share.

Use at least two (2) qualityreferences and citedin APA format to support this section. Also consider including charts, graphs, tables, and pictures to support your marketing goals as it relates to promotions, offers, and giveaways.

ACTION STEPS (CONCLUSION)

Propose at least three (3) action steps that you can use to move your plan forward. Consider how, when, and who will be involved in the execution of this plan. Formally wrap up your marketing plan.

A conclusion is not traditionally included in a marketing plan, but a list of action steps are often included within the plan. The conclusion provides you with an opportunity to reflect on your plan and support academic level writing.

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Reference no: EM13875970

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