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Chapter 11
Setting the Price
Pricing Objective: survival, is it valuable, what makes it
different, maximum market share, maximum market skimming
Pricing strategy
Determining Demand: est demand curves-surveys, price
experiments; price elasticity of demand
Estimating costs
Selecting a price method: perceived value pricing- based
on buyer’s image of product; value pricing; EDLP-high/low
pricing; going rate pricing
Selecting the final price: impact of other marketing
activities; company pricing policies
Marketing channels and value networks- a market channel
system
· The particular set of marketing channels a firm employs
· Push vs pull strategy
Marketing communications
The means by which firms attempt to inform, persuade,
and remind consumers about the products and brands they sell.
Marketing Communication Mix
Advertising, sales promotion, events and
experiences(making customers involved), public relations and
publicity (out of the ordinary), online and social media
marketing, mobile marketing, personal selling(know how to use
each and show)
Developing effective communications
Message strategy-What are going to say? Positioning statement
turn it into consumer friendly words
Creative strategy- How are you going to do it? What is it going
to look like
Message source- Who is going to do it?
Online marketing
Advantages
· Can offer or send tailored information/messages
· Can trace effects/clicks on page/ad
· Contextual placement
· Can lace advertising based on search engine keywords
Disadvatages
· Consumers can screen out most messages
· Ads can be less effective than they appear(bogus clicks)
· Lost control over online messages via hacking
Communications Options
Web sites (what is the purpose, be detailed, user friendly,
physical attractiveness)
Search ads (paid search or pay per click ads, search engine
optimization)
Display ads
emal
Find online communities that what to socialize.
Networking events
Word of mouth
Face to face and phone
Online: Viral marketing
Direct marking
Direct mail: choose objectives, target markets and
prospects, offer elements, test elements)
Catalog
Telemarketing
Socially Responsible Marketing
Effective internal marketing must be matched by a strong
sense of ethics, values and social responsibility
Companies need to understand the social pressures and
opportunities facing their companies as they make decisions
about investing in social responsibility.
Cause-Rated Marketing
Links the company’s contributions toward a designated
cause to customers engaging directly or indirectly in revenue-
producing transactions with the company
Is part of corporate societal marketing(CSM)
Brand Strategy: Very good and thorough with rationale.
Target Market: Your target markets are broad. Considerations
should be: age, lifestyle values, attitudes, wants and needs,
gender, number of kids, education income, stage in the
household lifecycle, geographic location (urban vs. rural, etc.),
or risk orientation, etc. More thorough rationale for your targets
along a good section for scholarly references to substantiate
your position. See pages 93-104.
Positioning Statement and Perceptual Map: The perceptual map
clearly shows where you fall within the competition. Your
positioning statement is relevant.
Consumer Behavior: You need to explain more about your
target market's consumer behavior - lifestyle values, attributes,
wants and needs, etc. with the brand name, logo, slogan, brand
extension, and positioning statement. Why your brand's USP
will resonate with them. This section is a good section to use
scholarly resources to validate your target market’s consumer
behavior.
References and Citations: Your paper does not meet the
required number of references; some or all references poor
quality choices. Use at least three (3) academic resources as
quantitative marketing research to determine the feasibility of
your product / service. In order to receive most points, you must
submit four or more. These resources should be industry
specific and relate to your chosen product / service. Note:
Newspapers, magazines, and other Websites do not qualify as
academic resources and although you should reference if you
use, they do not count towards your minimum. Quality
references are peer-reviewed, scholarly journal published in the
last 5 years. A good way to incorporate is by using Journal of
Marketing for your theories and consumer behavior
observations. Listing your references without applying them in
your text (citations) is not acceptable. Every statement you
make that you got from somewhere needs to be paraphrased (not
copied and pasted) and cited along with reference provided in
reference section. Every sentence (its not sufficient to use at
end of paragraph or once in the paper). Click here for more info
on references and citations formatting.
Mechanics: Please pay more attention to the APA formatting
requirements for the paper and references,
Running head: MARKETING PLAN FOR SUITE LOUNGE
1
MARKETING PLAN FOR SUITE LOUNGE
6
Marketing Plan: Suite Lounge
Name
School
Suite Lounge has been evaluated as not having a target market
or our target market is very board. Given the current stat of
the economy, having a well-defined target market is more
important than ever (Porta, ). From the recent feedback Suit
Lounge will focus on age and stage in the household. People
that populate the area of Sugar Land are from the ages of 18 to
64 which is 65% of the population. Alcohol will be served the
establishment will only allow people 21 years old and up inside,
so this is the perfect age demographic to target. Suite Lounge
is in the hospitality and entertainment field which will require
people to make a certain amount of money that can be used to
spend on food, drinks and entertainment. Personal belongings
often hold emotional attachment for people. In the Sugar Land
area the median household income is $108,994 during 2013-
2017 and per capita income in the past 12 month is $51,204 and
only 6% are living in poverty. This master planned community
has achieved its sustainable, strong local economy through a
strategically focused and aggressive economic development
program creating new wealth and jobs( Census). The people are
employed and living above poverty which is another
demographic that we need to target to stay in business.
Knowing the stage of the household lifecycle in the area is also
a good target because this analyzes a person’s family size along
with age and professional status. The young and single
demographic is mostly interested in into spending. They spend
on things that they need and a lot on their wants like shopping,
fashionable clothing and entertainment and they fit perfectly
into our target market. Couples that are newly married with no
children are in a better financial shape and are looking to keep
their potentially growing family financially safe (King, 2019).
They will be more frugal with their funds but with their proper
budgeting I’m sure they will visit Suite Lounge occasionally.
Families in the full nest classification 1 are those who have
several young children living at home which might make it
financially difficult for the parents to get away for some Adult
time. But on the other hand Suite Lounge will be a good fit for
them as well for their “date night” because we are located
within the Sugar Land area. Classification 2 for full nest are
those people whose children are a little older, but they have
more control over finances and they may be able to get out to
enjoy some adult entertainment on a regular basis. Full nest
classification 3 are those that have older children that may be
living with them but have jobs or are in college. These people
have more leisure time but still may have to help support the
young adult children. Lastly are the empty nester who do not
have any children in the home and are finically stable and are
able to spend on entertainment as much as they want and Suite
Lounge will target the group as well.
Our target market are those people that want to stay locally,
have a great meal and drinks without being overpriced, socialize
and enjoy listening to some music all while being our VIP.
There aren’t many places in the Sugar Land area that offer what
Suite Lounge offers. We feel that our large red clef note is very
eye catching and memorable that symbolized that music will be
played. The oval shape represents community, friendship, love,
relationships, unity, perfection and attention (Sukhraj, 2017).
These are the emotions and feelings that we want our customers
to have after visiting us.
A brand name cannot stand alone as compressed communication
to speak for the brand. The brand slogan have a key role in
communicating the essence of a brand (Hemani, 2012). We
want people to “Unwind with Us” by leaving the children at
home and allowing themselves to focus on unwinding with the
atmosphere that Suite Lounge will create without being
overpriced. We are telling our customers that they are entering
a stress-free atmosphere and though our outstanding customer
service Suite Lounge will give them the VIP treatment each
time. Unwind with Us is the center piece of our company’s
identity. Developing an effective slogan helps businesses cut
through the chatter and get consumer attention quickly (Hamlin,
2019).
Pricing
Suite Lounge will be new to the area so we will use the market
penetration pricing strategy. This will allow Suite Lounge to
set attract new customers based on the low price and discourage
our competition. Penetration pricing is most appropriate when
demand for a new product is expected to be high and the
product can be easily copied by many competitors. Setting the
price low initially discourages completion from entering the
market. It is also an appropriate strategy to use when you
intend to become the market standard, marginalizing the
completion (Watkins, 2019). Our service will be unmatched
and everyone will want to take advantage of it. There will be
no cover charge to enter and we will reduce pricing on our menu
for the small plated items as well as most of the selections of
wines and spirts.
In order to making our prices look very attractive we will
get p
Suite Lounge wants to grab the customer’s attention with the
low price but when they come in give them the WOW factor
with our suburb customer service that will leave them wanting
more. Joern Meissner states, “A penetration strategy is the
price war, this strategy goes for the deepest price cuts drives at
every moment to have your price be the lowest in the market.”
People will and can switch their loyalty from one company to
another if they are enticed with lower prices. This strategy
works best during a product’s growth phase (Griffin, 2019).
There may be an initial loss of income but this will increase in
the awareness of Suite Lounge and help make us standout and in
time increase our profits. Our customer service will be what
keeps people coming back.
Integrated Marketing Communications Plan
We want to communicate to the people in the area
between the ages of 21 to 65 and we will use a marketing
communication mix to reach out to our target audience.
Advertising
Public Relations, Promotions and Selling Plan
Online and Direct Marketing Plan
.
References
Porta, M. (2019). How to Define Your Target Market.
Retrieved https://www.inc.com/guides/2010/06/defining-your-
target-market.html U.S. Census
Census Reporter (2019). Sugar Land, TX. Retrieved
https://censusreporter.org/profiles/16000US4870808-sugar-
land-tx/
City of Sugar Land (2019). Economic Development. Retrieved
http://www.sugarlandecodev.com/Quality-of-Life.aspx
King, T. (2019). The Stages of Family Life Cycle Marketing.
Retrieved https://smallbusiness.chron.com/stages-family-life-
cycle-marketing-61214.html
Pondent, C. (2017). The Stages of Family Life Cycle Marketing.
Retrieved https://bizfluent.com/info-8485784-stages-family-
life-cycle-marketing.html
Sukhrai, R (2017). The Psychological Meaning of Shapes in
Logo Design. Retrieved
https://www.impactbnd.com/blog/psychological-meaning-of-
shapes-in-logos
Hemani, K.(2012) Impact of Slogans and Branding. Retrieved
https://www.socialmediatoday.com/content/impact-slogans-
branding
Watkins, D. (2019). What Is Market Penetration Pricing?
Retrieved from https://smallbusiness.chron.com/market-
penetration-pricing-20346.html
Griffin, D. (2019) Penetration Pricing Strategy. Retrieved
https://smallbusiness.chron.com/penetration-pricing-strategy-
2723.html
nstructions
Create the third part of your marketing plan:
1. Describe or list the feedback you received on Part B of Your
Marketing Plan. Explain how you will use the feedback to
improve your plan.
2. Develop the company’s pricing and distribution strategy.
3. Develop the integrated marketing communications plan most
relevant for your product / service and audience. Develop your
message strategy. Develop your media strategy.
4. Develop your public relations, sales promotion, and personal
selling plan most relevant for your product / service and
audience.
5. Develop your online and direct marketing plan most relevant
for your product / service and audience.
6. Develop your social responsibility/cause related marketing
plan most relevant for your product / service and audience.
7. Use at least three academic resources that address
sustainability and monitoring of effective marketing plans and
determine the applicability for your hypothetical company.
These resources should be industry specific and relate to your
chosen product / service.
Note: Wikipedia and other websites do not qualify as academic
resources.
Your assignment must follow these formatting requirements:
· Be typed, double spaced, using Times New Roman font (size
12), with one-inch margins on all sides; citations and references
must follow APA or school-specific format. Check with your
professor for any additional instructions.
· Include a cover page containing the title of the assignment, the
student’s name, the professor’s name, the course title, and the
date. The cover page and the reference page are not included in
the required assignment page length.
The specific course learning outcomes associated with this
assignment are:
2. Evaluate marketing strategies used to create/communicate
customer value.
d. Analyze integrated marketing communications and its
relationship to advertising strategy.
3. Create an effective marketing plan.
a. Develop recommendations based on market analysis and
strategy.
c. Develop dynamic strategies for competing.
d. Develop branding strategies for new products or services.
e. Develop pricing strategies and distribution channels for
products or services.
f. Develop a fully integrated marketing communications plan
for products or services.
Points: 280
Assignment 3: Part C: Your Marketing Plan
Criteria
Unacceptable
Below 70% F
Fair
70-79% C
Proficient
80-89% B
Exemplary
90-100% A
1. Describe or list the feedback you received on Part B of your
marketing plan. Explain how you will use the feedback to
improve your plan.
Weight: 10%
Does not describe feedback received.
The student does not explain how feedback will be used to
improve the marketing plan.
Satisfactorily describes or lists feedback received.
The student partially explains how feedback will be used to
improve the marketing plan.
Adequately describes or lists feedback received.
The student sufficiently explains how feedback will be used to
improve the marketing plan.
Accurately describes or lists feedback received.
The student fully explains how feedback will be used to
improve the marketing plan.
2. Develop the company’s pricing and distribution strategy.
Weight: 10%
Did not submit or incompletely developed the company’s
pricing and distribution strategy.
Partially developed the company’s pricing and distribution
strategy.
Satisfactorily developed the company’s pricing and distribution
strategy.
Thoroughly developed the company’s pricing and distribution
strategy.
3. Develop the integrated marketing communications plan most
relevant for your product / service and audience. Develop your
message strategy. Develop your media strategy.
Weight: 20%
Did not submit or incompletely developed the integrated
marketing communications plan most relevant for the product /
service and audience. Did not submit a message or media
strategy.
Partially developed the integrated marketing communications
plan most relevant for the product / service and audience.
Partially submitted a message and media strategy.
Satisfactorily developed the integrated marketing
communications plan most relevant for the product / service and
audience. Satisfactorily submitted a message and media
strategy.
Thoroughly developed the integrated marketing communications
plan most relevant for the product / service and audience.
Thoroughly submitted a message and media strategy.
4. Develop your public relations, sales promotion, and personal
selling plan most relevant for your product / service and
audience.
Weight: 20%
Did not submit or incompletely suggested the public relations,
sales promotions, and personal selling plan most relevant for
your product / service and audience.
Partially suggested the public relations, sales promotions, and
personal selling plan most relevant for your product / service
and audience.
Satisfactorily suggested the public relations, sales promotions,
and personal selling plan most relevant for your product /
service and audience.
Thoroughly suggested the public relations, sales promotions,
and personal selling plan most relevant for your product /
service and audience.
5. Develop your online and direct marketing plan most relevant
for your product / service and audience.
Weight: 10%
Did not submit or incompletely suggested the online and direct
marketing plan most relevant for your product / service and
audience.
Partially suggested the online and direct marketing plan most
relevant for your product / service and audience.
Satisfactorily suggested the online and direct marketing plan
most relevant for your product / service and audience.
Thoroughly suggested the online and direct marketing plan most
relevant for your product / service and audience.
6. Develop your social responsibility / cause related marketing
plan most relevant for your product / service and audience.
Weight: 10%
Did not submit or incompletely suggested the social
responsibility / cause related marketing plan most relevant for
your product / service and audience.
Partially suggested the social responsibility / cause related
marketing plan most relevant for your product / service and
audience.
Satisfactorily suggested the social responsibility / cause related
marketing most relevant for your product / service and
audience.
Thoroughly suggested the social responsibility / cause related
marketing plan most relevant for your product / service and
audience.
7. Citations and References / Information Literacy / Integration
of Sources
Weight: 10%
Lack of in-text citations and/ or lack of reference section.
Serious errors in the integration of sources, such as intentional
or accidental plagiarism.
In-text citations and references are provided, but they are only
partially formatted correctly in APA style. Does not meet the
required number of references; some or all references poor-
quality choices. Sources are partially integrated using effective
techniques of quoting, paraphrasing, and summarizing.
Most in-text citations and references are provided, and they are
generally formatted correctly in APA style. Meets number of
required references; all references high-quality choices. Sources
are mostly integrated using effective techniques of quoting,
paraphrasing, and summarizing.
In-text citations and references are error free and consistently
formatted correctly in APA style. Exceeds number of required
references; all references high-quality choices. Sources are
consistently integrated using effective techniques of quoting,
paraphrasing, and summarizing.
8. Clarity, Writing Mechanics, Grammar, and Formatting
Weight: 10%
Information is confusing to the reader and fails to include
reasons and evidence that logically support ideas. Serious and
persistent errors in grammar, spelling, punctuation, or
formatting.
Information is partially clear with minimal reasons and
evidence that logically support ideas. Partially free of errors in
grammar, spelling, punctuation, or formatting.
Information is mostly clear and generally supported with
reasons and evidence that logically support ideas. Mostly free
of errors in grammar, spelling, punctuation, or formatting.
Information is provided in a clear, coherent, and consistent
manner with reasons and evidence that logically support ideas.
Error-free or almost error-free grammar, spelling, punctuation,
or formatting.

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Chapter 11Setting the PricePricing Objective survival, is .docx

  • 1. Chapter 11 Setting the Price Pricing Objective: survival, is it valuable, what makes it different, maximum market share, maximum market skimming Pricing strategy Determining Demand: est demand curves-surveys, price experiments; price elasticity of demand Estimating costs Selecting a price method: perceived value pricing- based on buyer’s image of product; value pricing; EDLP-high/low pricing; going rate pricing Selecting the final price: impact of other marketing activities; company pricing policies Marketing channels and value networks- a market channel system · The particular set of marketing channels a firm employs · Push vs pull strategy Marketing communications The means by which firms attempt to inform, persuade, and remind consumers about the products and brands they sell. Marketing Communication Mix Advertising, sales promotion, events and experiences(making customers involved), public relations and publicity (out of the ordinary), online and social media marketing, mobile marketing, personal selling(know how to use each and show) Developing effective communications Message strategy-What are going to say? Positioning statement turn it into consumer friendly words Creative strategy- How are you going to do it? What is it going
  • 2. to look like Message source- Who is going to do it? Online marketing Advantages · Can offer or send tailored information/messages · Can trace effects/clicks on page/ad · Contextual placement · Can lace advertising based on search engine keywords Disadvatages · Consumers can screen out most messages · Ads can be less effective than they appear(bogus clicks) · Lost control over online messages via hacking Communications Options Web sites (what is the purpose, be detailed, user friendly, physical attractiveness) Search ads (paid search or pay per click ads, search engine optimization) Display ads emal Find online communities that what to socialize. Networking events Word of mouth Face to face and phone Online: Viral marketing Direct marking Direct mail: choose objectives, target markets and prospects, offer elements, test elements) Catalog Telemarketing Socially Responsible Marketing Effective internal marketing must be matched by a strong
  • 3. sense of ethics, values and social responsibility Companies need to understand the social pressures and opportunities facing their companies as they make decisions about investing in social responsibility. Cause-Rated Marketing Links the company’s contributions toward a designated cause to customers engaging directly or indirectly in revenue- producing transactions with the company Is part of corporate societal marketing(CSM) Brand Strategy: Very good and thorough with rationale. Target Market: Your target markets are broad. Considerations should be: age, lifestyle values, attitudes, wants and needs, gender, number of kids, education income, stage in the household lifecycle, geographic location (urban vs. rural, etc.), or risk orientation, etc. More thorough rationale for your targets along a good section for scholarly references to substantiate your position. See pages 93-104. Positioning Statement and Perceptual Map: The perceptual map clearly shows where you fall within the competition. Your positioning statement is relevant. Consumer Behavior: You need to explain more about your target market's consumer behavior - lifestyle values, attributes, wants and needs, etc. with the brand name, logo, slogan, brand extension, and positioning statement. Why your brand's USP will resonate with them. This section is a good section to use scholarly resources to validate your target market’s consumer behavior. References and Citations: Your paper does not meet the required number of references; some or all references poor quality choices. Use at least three (3) academic resources as quantitative marketing research to determine the feasibility of
  • 4. your product / service. In order to receive most points, you must submit four or more. These resources should be industry specific and relate to your chosen product / service. Note: Newspapers, magazines, and other Websites do not qualify as academic resources and although you should reference if you use, they do not count towards your minimum. Quality references are peer-reviewed, scholarly journal published in the last 5 years. A good way to incorporate is by using Journal of Marketing for your theories and consumer behavior observations. Listing your references without applying them in your text (citations) is not acceptable. Every statement you make that you got from somewhere needs to be paraphrased (not copied and pasted) and cited along with reference provided in reference section. Every sentence (its not sufficient to use at end of paragraph or once in the paper). Click here for more info on references and citations formatting. Mechanics: Please pay more attention to the APA formatting requirements for the paper and references, Running head: MARKETING PLAN FOR SUITE LOUNGE 1 MARKETING PLAN FOR SUITE LOUNGE 6 Marketing Plan: Suite Lounge Name School
  • 5. Suite Lounge has been evaluated as not having a target market or our target market is very board. Given the current stat of the economy, having a well-defined target market is more important than ever (Porta, ). From the recent feedback Suit Lounge will focus on age and stage in the household. People that populate the area of Sugar Land are from the ages of 18 to 64 which is 65% of the population. Alcohol will be served the establishment will only allow people 21 years old and up inside, so this is the perfect age demographic to target. Suite Lounge is in the hospitality and entertainment field which will require people to make a certain amount of money that can be used to spend on food, drinks and entertainment. Personal belongings often hold emotional attachment for people. In the Sugar Land area the median household income is $108,994 during 2013- 2017 and per capita income in the past 12 month is $51,204 and only 6% are living in poverty. This master planned community has achieved its sustainable, strong local economy through a strategically focused and aggressive economic development program creating new wealth and jobs( Census). The people are employed and living above poverty which is another demographic that we need to target to stay in business. Knowing the stage of the household lifecycle in the area is also a good target because this analyzes a person’s family size along with age and professional status. The young and single demographic is mostly interested in into spending. They spend on things that they need and a lot on their wants like shopping, fashionable clothing and entertainment and they fit perfectly
  • 6. into our target market. Couples that are newly married with no children are in a better financial shape and are looking to keep their potentially growing family financially safe (King, 2019). They will be more frugal with their funds but with their proper budgeting I’m sure they will visit Suite Lounge occasionally. Families in the full nest classification 1 are those who have several young children living at home which might make it financially difficult for the parents to get away for some Adult time. But on the other hand Suite Lounge will be a good fit for them as well for their “date night” because we are located within the Sugar Land area. Classification 2 for full nest are those people whose children are a little older, but they have more control over finances and they may be able to get out to enjoy some adult entertainment on a regular basis. Full nest classification 3 are those that have older children that may be living with them but have jobs or are in college. These people have more leisure time but still may have to help support the young adult children. Lastly are the empty nester who do not have any children in the home and are finically stable and are able to spend on entertainment as much as they want and Suite Lounge will target the group as well. Our target market are those people that want to stay locally, have a great meal and drinks without being overpriced, socialize and enjoy listening to some music all while being our VIP. There aren’t many places in the Sugar Land area that offer what Suite Lounge offers. We feel that our large red clef note is very eye catching and memorable that symbolized that music will be played. The oval shape represents community, friendship, love, relationships, unity, perfection and attention (Sukhraj, 2017). These are the emotions and feelings that we want our customers to have after visiting us. A brand name cannot stand alone as compressed communication to speak for the brand. The brand slogan have a key role in communicating the essence of a brand (Hemani, 2012). We want people to “Unwind with Us” by leaving the children at home and allowing themselves to focus on unwinding with the
  • 7. atmosphere that Suite Lounge will create without being overpriced. We are telling our customers that they are entering a stress-free atmosphere and though our outstanding customer service Suite Lounge will give them the VIP treatment each time. Unwind with Us is the center piece of our company’s identity. Developing an effective slogan helps businesses cut through the chatter and get consumer attention quickly (Hamlin, 2019). Pricing Suite Lounge will be new to the area so we will use the market penetration pricing strategy. This will allow Suite Lounge to set attract new customers based on the low price and discourage our competition. Penetration pricing is most appropriate when demand for a new product is expected to be high and the product can be easily copied by many competitors. Setting the price low initially discourages completion from entering the market. It is also an appropriate strategy to use when you intend to become the market standard, marginalizing the completion (Watkins, 2019). Our service will be unmatched and everyone will want to take advantage of it. There will be no cover charge to enter and we will reduce pricing on our menu for the small plated items as well as most of the selections of wines and spirts. In order to making our prices look very attractive we will get p Suite Lounge wants to grab the customer’s attention with the low price but when they come in give them the WOW factor with our suburb customer service that will leave them wanting more. Joern Meissner states, “A penetration strategy is the price war, this strategy goes for the deepest price cuts drives at every moment to have your price be the lowest in the market.” People will and can switch their loyalty from one company to another if they are enticed with lower prices. This strategy works best during a product’s growth phase (Griffin, 2019). There may be an initial loss of income but this will increase in
  • 8. the awareness of Suite Lounge and help make us standout and in time increase our profits. Our customer service will be what keeps people coming back. Integrated Marketing Communications Plan We want to communicate to the people in the area between the ages of 21 to 65 and we will use a marketing communication mix to reach out to our target audience. Advertising Public Relations, Promotions and Selling Plan Online and Direct Marketing Plan . References Porta, M. (2019). How to Define Your Target Market. Retrieved https://www.inc.com/guides/2010/06/defining-your- target-market.html U.S. Census Census Reporter (2019). Sugar Land, TX. Retrieved https://censusreporter.org/profiles/16000US4870808-sugar- land-tx/ City of Sugar Land (2019). Economic Development. Retrieved http://www.sugarlandecodev.com/Quality-of-Life.aspx King, T. (2019). The Stages of Family Life Cycle Marketing. Retrieved https://smallbusiness.chron.com/stages-family-life- cycle-marketing-61214.html Pondent, C. (2017). The Stages of Family Life Cycle Marketing. Retrieved https://bizfluent.com/info-8485784-stages-family- life-cycle-marketing.html Sukhrai, R (2017). The Psychological Meaning of Shapes in Logo Design. Retrieved https://www.impactbnd.com/blog/psychological-meaning-of- shapes-in-logos Hemani, K.(2012) Impact of Slogans and Branding. Retrieved https://www.socialmediatoday.com/content/impact-slogans- branding Watkins, D. (2019). What Is Market Penetration Pricing? Retrieved from https://smallbusiness.chron.com/market-
  • 9. penetration-pricing-20346.html Griffin, D. (2019) Penetration Pricing Strategy. Retrieved https://smallbusiness.chron.com/penetration-pricing-strategy- 2723.html nstructions Create the third part of your marketing plan: 1. Describe or list the feedback you received on Part B of Your Marketing Plan. Explain how you will use the feedback to improve your plan. 2. Develop the company’s pricing and distribution strategy. 3. Develop the integrated marketing communications plan most relevant for your product / service and audience. Develop your message strategy. Develop your media strategy. 4. Develop your public relations, sales promotion, and personal selling plan most relevant for your product / service and audience. 5. Develop your online and direct marketing plan most relevant for your product / service and audience. 6. Develop your social responsibility/cause related marketing plan most relevant for your product / service and audience. 7. Use at least three academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other websites do not qualify as academic resources. Your assignment must follow these formatting requirements: · Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
  • 10. · Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. The specific course learning outcomes associated with this assignment are: 2. Evaluate marketing strategies used to create/communicate customer value. d. Analyze integrated marketing communications and its relationship to advertising strategy. 3. Create an effective marketing plan. a. Develop recommendations based on market analysis and strategy. c. Develop dynamic strategies for competing. d. Develop branding strategies for new products or services. e. Develop pricing strategies and distribution channels for products or services. f. Develop a fully integrated marketing communications plan for products or services. Points: 280 Assignment 3: Part C: Your Marketing Plan Criteria Unacceptable Below 70% F Fair 70-79% C Proficient 80-89% B Exemplary 90-100% A 1. Describe or list the feedback you received on Part B of your marketing plan. Explain how you will use the feedback to improve your plan.
  • 11. Weight: 10% Does not describe feedback received. The student does not explain how feedback will be used to improve the marketing plan. Satisfactorily describes or lists feedback received. The student partially explains how feedback will be used to improve the marketing plan. Adequately describes or lists feedback received. The student sufficiently explains how feedback will be used to improve the marketing plan. Accurately describes or lists feedback received. The student fully explains how feedback will be used to improve the marketing plan. 2. Develop the company’s pricing and distribution strategy. Weight: 10% Did not submit or incompletely developed the company’s pricing and distribution strategy. Partially developed the company’s pricing and distribution strategy. Satisfactorily developed the company’s pricing and distribution strategy. Thoroughly developed the company’s pricing and distribution strategy. 3. Develop the integrated marketing communications plan most relevant for your product / service and audience. Develop your message strategy. Develop your media strategy. Weight: 20% Did not submit or incompletely developed the integrated marketing communications plan most relevant for the product / service and audience. Did not submit a message or media strategy. Partially developed the integrated marketing communications plan most relevant for the product / service and audience. Partially submitted a message and media strategy. Satisfactorily developed the integrated marketing communications plan most relevant for the product / service and
  • 12. audience. Satisfactorily submitted a message and media strategy. Thoroughly developed the integrated marketing communications plan most relevant for the product / service and audience. Thoroughly submitted a message and media strategy. 4. Develop your public relations, sales promotion, and personal selling plan most relevant for your product / service and audience. Weight: 20% Did not submit or incompletely suggested the public relations, sales promotions, and personal selling plan most relevant for your product / service and audience. Partially suggested the public relations, sales promotions, and personal selling plan most relevant for your product / service and audience. Satisfactorily suggested the public relations, sales promotions, and personal selling plan most relevant for your product / service and audience. Thoroughly suggested the public relations, sales promotions, and personal selling plan most relevant for your product / service and audience. 5. Develop your online and direct marketing plan most relevant for your product / service and audience. Weight: 10% Did not submit or incompletely suggested the online and direct marketing plan most relevant for your product / service and audience. Partially suggested the online and direct marketing plan most relevant for your product / service and audience. Satisfactorily suggested the online and direct marketing plan most relevant for your product / service and audience. Thoroughly suggested the online and direct marketing plan most relevant for your product / service and audience. 6. Develop your social responsibility / cause related marketing plan most relevant for your product / service and audience. Weight: 10%
  • 13. Did not submit or incompletely suggested the social responsibility / cause related marketing plan most relevant for your product / service and audience. Partially suggested the social responsibility / cause related marketing plan most relevant for your product / service and audience. Satisfactorily suggested the social responsibility / cause related marketing most relevant for your product / service and audience. Thoroughly suggested the social responsibility / cause related marketing plan most relevant for your product / service and audience. 7. Citations and References / Information Literacy / Integration of Sources Weight: 10% Lack of in-text citations and/ or lack of reference section. Serious errors in the integration of sources, such as intentional or accidental plagiarism. In-text citations and references are provided, but they are only partially formatted correctly in APA style. Does not meet the required number of references; some or all references poor- quality choices. Sources are partially integrated using effective techniques of quoting, paraphrasing, and summarizing. Most in-text citations and references are provided, and they are generally formatted correctly in APA style. Meets number of required references; all references high-quality choices. Sources are mostly integrated using effective techniques of quoting, paraphrasing, and summarizing. In-text citations and references are error free and consistently formatted correctly in APA style. Exceeds number of required references; all references high-quality choices. Sources are consistently integrated using effective techniques of quoting, paraphrasing, and summarizing. 8. Clarity, Writing Mechanics, Grammar, and Formatting
  • 14. Weight: 10% Information is confusing to the reader and fails to include reasons and evidence that logically support ideas. Serious and persistent errors in grammar, spelling, punctuation, or formatting. Information is partially clear with minimal reasons and evidence that logically support ideas. Partially free of errors in grammar, spelling, punctuation, or formatting. Information is mostly clear and generally supported with reasons and evidence that logically support ideas. Mostly free of errors in grammar, spelling, punctuation, or formatting. Information is provided in a clear, coherent, and consistent manner with reasons and evidence that logically support ideas. Error-free or almost error-free grammar, spelling, punctuation, or formatting.