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Discuss the pricing structure of your product

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Reference no: EM132197609

Assignment: Overview: This assignment is designed to help you understand how managers choose different marketing mix variables, how they select the appropriate target market.

Assessment Objectives: After completion of this worksheet, you should be able to

• Select the appropriate target market and understand its characteristics

• Select the right marketing mix variables for the target market

Assignment: This assignment is an extension of previous assignment # 5 - branding assignment. You have to take the product from the branding assignment before you start this assignment.

Industry Trends: Discuss industry trends that would affect your marketing strategy (such as significant growth or decline in the industry within a market based on your product). You must explain how you found about the industry trend and show that information in the reference section at the end of the assignment.

Target Market: Choose a generational segment based on age groups. You should explain why you choose this specific generational segment.

Marketing Mix: Product - Insert the details of your product based on your branding exercise. You should now refer to your product with your brand name and write what the essential features of your product that differentiate your brand with that of your competition are. Remember you discussed the competition in the branding exercise.

Price - Discuss the pricing structure of your product based on your branding exercise. Further, you should try and relate the price to your target market. For example, if you choose Baby boomers, you should be able to write the price you discussed meets the Baby boomer's perception of the product quality (for example, Baby boomers do not buy products that are highly priced because they are organic).

Place (also referred to as distribution) - Placement means where you will physically or figuratively "place" your products, to make them visible to your target market. Write what you think that your retailer is better in comparison with the other competing retailers (including online retailers). Discuss what channel do you wish to use and why? Also, what is your distribution strategy?

Promotion - Briefly explain what types of promotional methods you want to use and why? The promotion methods you chose must confirm the methods that were discussed in Chapter 13. Your promotion methods should be the best method that is suitable to reach the target market that you selected in the first place.

Consider the following while writing your plan. There should be a clear link between all elements of the plan. Meaning, the target market, place, price, and promotion should represent a story of the product that you are going to market. Do not write any method that is not mentioned in the textbook.

Submission: Your report should be no less than two pages. Single spaced.

Use 1" margins on all sides and Times New Roman 12 size font.

Information related to above question is enclosed below:

Attachment:- Assignment.rar

Reference no: EM132197609

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