Details: Preliminary market research indicated that target market for IPT has the following characteristics:
Age groups: young adults, middle-age adults
Income levels: from lower middle-class and upward
Consumer groups: individual consumers and businesses
Buying method: currently, 35% would buy from a storefront, 30% would buy "from a catalog or on the Web", and business buyers would direct order
Geographic distribution: research indicates that if IPT markets appropriately, they could increase sales outside the Philadelphia area by as much as 50% the first year. This is based on an anticipated contract with the floral company and the appeal of the Amish products to people from Philadelphia now living in other states and countries
Now it's time to start thinking about "the 4 P's" - product, price, promotion, and placement (distribution). Once again, IPT's owner and financial advisor want to know what you're thinking about before you prepare the entire marketing plan. Document your ideas in a memo. Your memo should address the following points at a minimum:
Promotional strategy you'll use to reach your target markets and how these strategies may vary based on the target markets
Pricing strategy based on the different target markets and plans for the future
New distribution strategy and impact on suppliers and manufacturing
Please submit your assignment.
Objective: Discuss the characteristics of consumer behavior.
Discuss the interaction among the marketing mix variables and the implications for product, promotion, price, and distribution management.
Apply marketing concepts to various business scenarios.
Use effective communication techniques.
The response addresses the queries posted in 875 words with references.
// Communication is an integral part of the marketing process. Here we'll discuss various elements of 'Marketing plan'. Before writing a paper on marketing plan; first, we'll write a brief introduction; wherein, we'll put a short introduction of the topic.//
Marketing plan is a brief summary of all the planned activities which provides practical direction to the marketer in promoting the product to fulfill the growing demand of the target segment. Market plan depicts the new product, its target segment, substitute's of the new products, competitors and the various strategies to promote the new product in the market effectively in the specified period of time such as promotional strategy, pricing strategy, distribution strategy, etc (Thomas, 1993). The main motive to prepare the marketing plan is making aware the customers about the product attributes. Before preparing marketing plan, the following prerequisite must be consider in order to make marketing plan more effective.
// After giving the introduction of marketing plan, we'll know gain knowledge about he various elements of the marketing plan.//
The following elements are the important in the marketing plan:
Major objectives: Before preparing marketing plan, objectives must be very clear and specify to everyone I.e. Maximum sales volume and large market share.
Marketing situation: This is most crucial step in the market plan ...
The response addresses the queries posted in 783 Words, APA References.