What is the best pricing strategy for your product and why

Assignment Help Marketing Management

Reference no: EM133638907

Assignment

I. Pricing Strategy

Recommend value-driven pricing for your company's product.

A. Estimate the BEP for your company's product. What pricing implications does your BEP present for achieving a short- or long-term ROI?

B. Is your product's price relatively elastic or inelastic, and what implications does price elasticity present for your product? For example, how might its price elasticity affect sales volumes, inventory costs, price adjustments, and so forth?

C. What is the best pricing strategy for your product and why?

II. Distribution Strategy

Recommend a distribution plan for the new product.

A. Considering your company's product from a strategic perspective, would you recommend creating a wholesale distribution channel, focusing on retail distribution, or using a multichannel approach that incorporates both wholesale and retail distribution?

B. What types of retailers or wholesalers (or mix of both) would you recommend using?

C. Given your recommended distribution channel strategy, what decisions about the retail or wholesale marketing mix must be made to form a viable retailer or wholesaler marketing strategy?

Strategic Marketing Brief

The Course Project is a strategic marketing brief and summary presentation for a new product. Similar to a complete marketing plan, the brief includes topics such as the marketing mix and promotional mix. In contrast to a marketing plan, the strategic brief communicates these and other topics to a different audience. It addresses senior executives and investors rather than managers and frontline workers. As such, your brief will focus on why your marketing organization is doing what it is doing, rather than the details of what it is doing and how.

Although you will discuss tactical activities such as advertising and breakeven point, strive to communicate a high-level strategic perspective with your writing. To help gain that perspective in the context of marketing, be sure to watch the Week 2: PlayPosit, which discusses strategic leadership using marketing examples that have turned into goods, services, and ideas that are still in market today. As you watch the PlayPosit, focus on the question posed: Why does a product exist?

Begin by selecting a product and company to use as an example throughout the brief. By using one product and company, the research, organization, and presentation of your recommendations will be easier. Your product and company can be imaginary, or a business you would be interested in starting, or an existing product and company that are in market today. The product can be B2C or B2B, and the company can be any organizational structure. The product and company are not important, because they will merely serve as examples. That is to say, you'll include the what and the how, but you'll focus your writing about the why.

Reference no: EM133638907

Questions Cloud

Define glycemic response and the glycemic index : FON 241- Define glycemic response and the glycemic index. Explain how blood glucose homeostasis is maintained in the body.

Which include instructions on using the system and training : Outline the documentation requirements, which include instructions on using the system and training and supporting users.

How critically analyzing diversity can positively influence : Specifically, you must address the following criteria: Explain how critically analyzing diversity can positively influence your field of study or profession.

Why cra critical to effective global project risk management : Provide your analysis on why a CRA is critical to effective global project risk management. Ensure you provide necessary citations and references to research.

What is the best pricing strategy for your product and why : What pricing implications does your BEP present for achieving a short- or long-term ROI? What is the best pricing strategy for your product and why?

How does the clause affect the tacit agreement : How does this clause affect the tacit agreement? If the company agrees to the new contract, what will be the effect on the tacit agreement?

Analyze monopolies and monopsonies in the market area : Analyze monopolies and monopsonies in the selected market area. Create an overview of healthcare labor supply and factors that influence labor demand.

What total explicit total implicit and total economic costs : What are the total explicit, total implicit, and total economic costs for the year? What is accounting profit? What is economic profit?

Discuss the information presented in the standard : Discuss the information presented in the standard and how accessing this information supports accountants working in the profession.

User Account

All Pages