Explain the pricing strategies and tactics- Marketing
This assignment requires that you continue compiling your marketing plan by using the same company and product/service that you used in the first half of your plan. You will put together a marketing strategy, including the four elements of the marketing mix (product, place, price, and promotion), and you will also complete the “Marketing Metrics” section.
The “Marketing Strategy” section of the marketing plan will assess the marketing strategies or the controllable to include the entire marketing mix (4 Ps). Think about the most effective strategies to use with an eye on the target market. Include your rationale and research to support your position. Additionally, you will include a discussion of whether the fictional company has a competitive advantage (or if it is better than its competitors) with respect to each area.
Note: You will discuss competitive advantage four times, and you should be discussing each area separately.
Product Strategies
Explain the product characteristics including the product and/or service qualities, warranties, service contracts, packaging, and branding opportunities. Include your rationale. As companies look to increase brand loyalty, customer value and customer satisfaction are important factors. Describe how your company accomplishes this through the development of customer relationships, value, and satisfaction, as well as customer-relationship-management (CRM) programs. Be specific. Discuss whether the company has a competitive advantage with respect to the product.
Place Strategies
Explain the entire channel of distribution from the manufacturer to the consumer. Include distributors, wholesalers, and retailers that would be used in the distribution of the product/service within your company. Think about how the channel aligns with the overall logistics and the location of the wholesale or retail physical facility. Include your rationale. Discuss whether the company has a competitive advantage with respect to place.
Pricing Strategies
Explain the pricing strategies and tactics to be used by your company. Research the various combinations of strategies that could be used by the company at different times. Include your rationale. Discuss whether the company has a competitive advantage with respect to pricing.
Promotional Strategies
Explain the promotional mix to be used, thinking about personal selling, advertising, sales promotion, Internet marketing, and publicity. Think about promotional mediums as well. Include your rationale. Discuss whether the company has a competitive advantage with respect to promotion.
In the “Marketing Metrics” section of the marketing plan, you will review the concept of marketing metrics with the application of five metrics to the company marketing plan. For each metric identified, provide a description of the metric, a demonstration of how it will be calculated, and finally, an explanation of how it will be used in your company. Include specific, measurable goals within your metric. Include research beyond the textbook to fulfill these requirements.
The following subheadings can be used to organize the aforementioned sections:
Marketing Strategy
Product Strategies
Place Strategies
Pricing Strategies
Promotional Strategies
Marketing Metrics
Marketing Metrics Overview
Application to Fictional Company
Your APA formatted assignment should be a minimum of four pages in length (not including the title and reference pages). Be sure to use the subheadings as given above. Because this assignment is a comprehensive plan, additional research and support should be included. You are required to use a minimum of three academic sources that are no more than five years old. Any resources used should be cited in APA format.
