Continuation of Part 1
Complete the following for your marketing plan:
Determine the pricing strategy you will employ along with your justification. Perform a breakeven analysis to determine how many customers you will need to make your business financially viable.
Outline your distribution strategy. Determine if there are additional channels you should pursue and why.
Prepare your integrated marketing communications plan. Discuss the key themes of your campaign and link them to how your business, service, or product will satisfy your target market needs. Describe each element of the promotional mix in detail and explain how you will integrate the different elements of your promotional mix toward the target market using the key themes. This includes the following elements:
◦ Public relations
◦ Sales promotion
◦ Personal selling
◦ Direct marketing
◦ Interactive marketing
Develop an implementation schedule for your marketing plan. Outline the time frame for the different media campaigns and specify milestones. You should outline who will be responsible for each action item and how you will track the deadlines to ensure the plan stays on schedule.
Explain how you will evaluate the effectiveness of your marketing plan. Discuss the use of a marketing dashboard and provide a sample dashboard for your plan.
Submit a 5- to 6-page paper written in APA format.
Additionally, you have been asked to prepare an Excel document outlining the details of your budget. Your budget should include forecasted sales, direct cost of sales, and your marketing expense budget.
Saving One Child at a Time Marketing Plan:
Pricing strategy: For this business venture I would use either one, or a mix of the following pricing strategies.
Value Based Pricing: This is a pricing strategy where the price is set depending on the consumers perceived value of the product, not necessarily the cost to produce the product. Producing children's clothing, shoes, and accessories is going to differ in cost, adding the benefit of the RFDI technology will increase the production cost, but it will also increase the value that the target market will put on the items. Depending on capabilities of the tags that are integrated in the clothing the cost can be from .05 up to $25 or more. By using value based pricing the company will be able see a substantial profit from an article of clothing that cost less the $2 to produce tag included because the safety of ones child is invaluable.
Market oriented pricing: This is a pricing strategy that uses the market research to determine the product pricing. The company researches the competition prices, market saturation, similar products, and other market research to determine what similar products if any are being priced for. They then decide what to price their products for. This type of pricing strategy will allow the company to understand the current market for child safety and child finding tools that are currently being sold. It will allow them to determine if there is a similar product on the market, or if they are a one of a kind product. They can also see the different prices of items that are used to find lost children to determine what would be the best entry price to help them gain the competitive advantage and market share.
Cost plus pricing: This pricing strategy is used to set the price based on the production cost. A company would calculate the cost to produce the products they are selling, then add a % to that amount and that would be the price. This strategy would ensure a profit as long as the products are wanted and the demand is high. If there is no demand the company could essentially not make any money for the products. It will be essential if using this strategy to build consumer awareness of the products and company to ensure brand recognition and increase sales.
Distribution strategy: I would utilized both direct and in-direct distribution. These products could be sold directly from the manufacture via an on-line store front. This will allow the consumer to shop online directly from the manufacture and cut out the middle man. It may even allow the consumer to get the products at a discounted price rather then purchasing from a retailer. I think that in-direct distribution would also benefit this company. This can be done by selling the products to retail stores world wide. For instance the company could sell some of their children's products to stores like WalMart, Sears, JC Penny's, and many other retail outlets that carry children's clothing and accessories. They could even sell their shoes to Pay Less or other shoes stores that carry children's shoes. By selling their products to a retailer it will ensure that the they are able to reach more consumers and their target market then if they only sold their products online. The ...
The expert determines the pricing strategies you will employee along with the justifications. A break even analysis to determine how many customers will be needed to make business financially viable.