Business Question

MUST BE A PRODUCT OR BRAND NOT CREATED ALREADY!

1. Determine the pricing strategy for your product or product. Explain how you determined the pricing strategy. Your reasoning must be supported by secondary data. This will require you to conduct research.This section is the core of a marketing plan. It is here that you will develop your objectives – both financial and marketing – and outline your strategies with regards to positioning, pricing and distributing your product, as well as laying out your marketing research, communication and branding plans.The end result should reflect a clear connection between your objectives, the strategies you propose to achieve them with, and the tactics that will be implemented under those strategies.Section 1: Marketing Objectives (2.5 pts).The marketing objectives are usually described in terms of sales (either in units or dollars) or market share. Knowing exactly where you want to go is essential in deciding how to get there. The objectives have to be measurable, specific and have a set time limit to achieve them. Be careful not to have too many objectives listed, since a limited number will let you focus on them better.Section 2: Financial Objectives (2.5 pts).The financial objectives are usually expressed as expected profits or revenue.Section 3: Price Strategy (2.5 pts.)In developing you pricing strategy, keep in mind that it will be affected by your positioning strategy, as well as factors that may not be in your control – competition and markets could set price limits. Depending on your model, your distributors may also have a strong influence on the pricing strategy.Pricing strategy directly impacts your revenue. But note that while increasing the price might give you more return on each unit, the number of units sold might decrease. So make sure you have considered your product’s elasticity of demand before proposing your pricing strategy.Section 4: Distribution Strategy (Direct and Indirect) 2.5 pts.Your distribution strategy will cover the distribution channels and points of sales. Just as the characteristics of the product have to be guided by the customer wants and needs, the distribution strategy has take into account where and how your customers want obtain your product/service. Is it online? At specialized stores? Warehouses? Some combination of the above?Section 5: Promotion Strategy (2.5 pts.)Integrated Marketing Communication Strategy (or Promotion) combines all the elements of communications from the brand to the customer. Promotion strategy informs customers about your product and its characteristics, creates positive attitudes towards the product and influences consumer buying decisions. The tactics under this strategy will include many kinds of activities, such as advertising, public relations, sales promotions, sponsorships, telemarketing, direct mail etc.Section 6: Branding (2.5 pts.)This section should include a description of your brand elements and equity, and how you intend to go about building them. Identify the branding strategy that is most suitable to your product or service – i.e., what combination of name, logo, looks and other intangibles are you going to put together to convey your intended message about your product to your target market.