In this part of the Marketing Plan, you will assess the four Ps of the Marketing Mix: Product, Price, Place, and Promotion for the assigned business.
This week, you will submit Part C of your Marketing Plan.
Add this portion of your marketing plan to the portion submitted last week, so your marketing plan becomes a running document with additional sections added each week (be sure to continue the formatting provided in the template). This section of your plan should be approximately two (2) pages long and if you use any resources, they should be properly cited with in-text citations.
Use these headings in bold font in your plan and cover the points beneath each heading.
Product and Value Creation
- Explain in detail how the product(s) or service(s) offered by the company provide value to the Target customer.
- Are there any other products that you feel this business should offer to attract this market?
Price and Value Creation
- Discuss the pricing strategies that you think this business should implement.
- How could this firm use pricing to differentiate itself from its competitors?
- Thinking about your Target Market, discuss how this pricing strategy offers them value.
Place and Value Delivery
- Explain the distribution or the methods and locations that this company uses for its products and services. (Where can the product be accessed or purchased?)
- What value do the distribution, methods, and location(s) provide to the Target customer?
- What other "Places" should this business position the product?
Promotion and Value Communication
- Identify the marketing channels that you think would most benefit this business.
- What types of promotions would communicate value to the Target customer?