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Mktg 205 unit 4

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  • 1. MKTG 205 Unit 45 week format
  • 2. Agenda• Unit 4 Discussion Board• Unit 4 Individual Project• Pricing Strategy• Promotion Strategy
  • 3. Discussion BoardThus far we have developed a quality product and made itavailable to end users through an effective distribution system.Now it’s time to price the product.Main Discussion Post: Due by Sunday•Develop a pricing strategy for your chosen product/service.•Discuss what factors will impact your pricing strategy.•What pricing method would you use for your product/serviceand why?•These two questions require research using the textbook(Chapters 13 & 14). No other resources are required. Citationsand a reference list are required for this post.•Your main post on the discussion must be submitted bySunday. The post should be 2-3 paragraphs in length (or at least250 words)
  • 4. Discussion Board ResponseInteractive Responses: Due by SundayPlease respond to at least two other student postings by addressing the following:•Do you agree with the factors identified? Why or why not?•Suggest a price adjustment strategy that could be used for this product when salesgrowth slows down for this product/service in the future. – Each reply should be one paragraph in length (or at least 75 words) and must be substantive in nature. Do not simply say why you agree or disagree, specify why and be detailed in your explanation. You may use research in your responses but it is not required.•Your replies to at least two other student posts must be submitted by Sunday. Each postshould be 1 paragraph in length (or at least 75 words)•In your own words, please post a response to the Discussion Board and comment onother postings. You will be graded on the quality and interactivity of your postings. If youcomplete all of your posts at one time, your participation will not be consideredinteractive. Use of unoriginal text and excessive quotes indicates a lack of comprehensionand shows that you may not have mastered the concepts.
  • 5. What questions do you haveabout the discussion Board?
  • 6. Individual ProjectReading Assignment: Kerin, chapters 13, 14, 18, 19 Assignment Type: Individual Project Deliverable Length: The body of the paper should be 6-8 pages Points Possible: 150 Due Date: 4/15/2012 11:59:59 PM CT• Over the past three weeks you have successfully navigated the marketing process. You have an understanding of your customer needs and the marketing environment through research. You have developed a marketing strategy and begun development of the marketing mix including your product or service, its price and how it will be made available to your target market. Now your promotional decisions can be made based on these other elements in order to communicate your position to your customers.• Over the past three weeks you have developed most of the components of a marketing program for your product. Now it is time to add the last few sections. The final plan should include:• •Definition of marketing (U1 DB)• •Introduction of your product/service (U1 DB)• •Situation Analysis - marketing environment forces impacting your product/service (U1 IP)• •Marketing Strategy - target market(s) and positioning (U2 DB & U2 IP)• •Product/Service overview and strategies to consider (U3 DB)• •Pricing Strategy (U4 DB)• •Distribution Channels (U3 IP)
  • 7. Individual Project ContinuedYou will now add the Abstract, Introduction, Conclusion, and theIntegrated Marketing Communications Mix, including:•Overview of integrated marketing communications•Promotion Mix Strategy - explain if you will use a push or pull strategyor both and why•Message Strategy - decide what general message will be communicatedto your target market across all promotional tools•Promotion Mix - choose at least three (3) promotional tools(advertising, sales promotion, personal selling, public relations or directmarketing). For each include: • Why this promotional tool was chosen. • Which forms of the promotional tool you will use and why (for example, in advertising you can use TV, radio, magazine, etc. and in direct marketing you can use direct mail, telemarketing, catalogs, etc.). • Discussion of how your message strategy will be implemented using this promotional tool and the execution style.
  • 8. What questions do you haveabout the Individual Project?
  • 9. Betty Crocker Through The Years
  • 10. Brand Alphabet
  • 11. Pricing Strategy• Penetration Pricing• Competitive Pricing• Cost Plus Pricing
  • 12. Questions about Pricing?
  • 13. Promotional/communication Strategy• Promotional tools – Advertising – Public relations – Personal selling – Sales promotion – Direct marketing (different than distribution)
  • 14. Questions aboutPromotion/communication?
  • 15. Thank you for your participation. Have a good night.