1) Submit your pricing strategy decisions for your product/service.
2) Submit your advertising program complete with objectives, budget, advertising message, and creative strategy, media decisions, and sales and promotional materials. Provide your integrated marketing communications strategy.
Pricing is a critical element in any company’s marketing plan, because it directly affects revenue and profit goals. Effective pricing strategies must consider costs as well as customer perceptions and competitor reactions, especially in highly competitive markets.
Review your SWOT Analysis and Competition Analysis. Also, think about the markets you are targeting and the positioning you want to achieve. Then, consider the following questions:
1) What should primary pricing objective be? Why? List at least 25 cost items that make up a price of a product and need to be covered by a purchase.
2) Are your customers likely to be price-sensitive? Is demand elastic or inelastic? What are the implications of the answers for pricing decisions?
3) What price adaptations such as discounts, allowances, and promotional pricing should you include in your marketing plan?
Marketing Plan: Sales Promotion Strategy
1) Provide your sales promotion strategy for how the product or service will be promoted.
Marketing Plan: Personal Selling and Direct Marketing and Customer Relationship Management
1) Decide at this point if a direct sales force will be used and if so to outline the specifics (including financials) for this option.
2) Submit a customer relationship management framework and explain CRM programs chosen for the target audience.
3) Recommend how a company should measure total customer satisfaction.
4) List the possible ways to gain customer satisfaction information and write the recommended approach in a marketing plan.
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