Assignment 5: Evaluate Marketing Strategies for Your New Product
Instructions
To maintain its competitive stance, your company will embark on an innovative product development initiative in the coming year. This innovation will remain within the present family of products (no product diversification planned). In preparation ,you have been tasked to explore the various pricing strategies that should be considered. Discuss two pricing strategies you would consider for new product market entry. Be sure to include value pricing as one of your strategies.
For this assignment, you will use your knowledge of the marketing mix to develop a marketing strategy. In this assignment, you will do the following:
- Compare two pricing strategies,
- Discuss promotional strategy, and
- Clearly identify the target market
You have been informed that you will also be tasked with developing your promotions for your innovative product launch. Which of the promotional mix elements will you include and why?
- Identify no more than three elements. What will your clear, consistent, and compelling message be for your innovation?
Identify a budget you are likely to be given for your promotional campaigns. How will you allocate your total budget amongst the three elements? Clearly explain the allocation.
How will your intended target segment purchase your innovative product? Where or how can they shop for it? Briefly explain. Describe your target segment.
- Your discussion should include information on their demographics, lifestyles, purchasing power, buying patterns, etc.
Pick two competitors to evaluate the similarities and differences in their marketing strategy approach. Indicate the differences in product, price, promotional mix (along with the budget if available), and place (where available). You may want to share the information in a table.
Requirements
Length: 5-7 pages, not including title page and reference
References: Include a minimum of 5 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards.
