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    MKT 205 Module Four Milestone Worksheet Promotion and Price: Product

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    shelby mccflapjacks
    The document summarizes a marketing plan for semisweet chocolate baking chips targeted at Michelle, a 37-year-old millennial. The first marketing channel is television commercials focusing on taste and quality compared to value. This channel is appropriate as Michelle has more TV time as a stay-at-home mother. The second channel is social media marketing through blogs and influencers, as 83% of millennials use social media regularly. For pricing, competitors will be analyzed to ensure fair pricing in the middle range. A penetration strategy is proposed for fast sales and brand leadership, but risks inability to later raise prices.

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    MKT 205 Module Four Milestone Worksheet Promotion and Price: Product

    Uploaded by

    shelby mccflapjacks
    2K views3 pages
    The document summarizes a marketing plan for semisweet chocolate baking chips targeted at Michelle, a 37-year-old millennial. The first marketing channel is television commercials focusing on taste and quality compared to value. This channel is appropriate as Michelle has more TV time as a stay-at-home mother. The second channel is social media marketing through blogs and influencers, as 83% of millennials use social media regularly. For pricing, competitors will be analyzed to ensure fair pricing in the middle range. A penetration strategy is proposed for fast sales and brand leadership, but risks inability to later raise prices.

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    Marketing 205 milestone for snhu class

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    MKT205_Module_Four_Milestone

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    The document summarizes a marketing plan for semisweet chocolate baking chips targeted at Michelle, a 37-year-old millennial. The first marketing channel is television commercials focusing on taste and quality compared to value. This channel is appropriate as Michelle has more TV time as a stay-at-home mother. The second channel is social media marketing through blogs and influencers, as 83% of millennials use social media regularly. For pricing, competitors will be analyzed to ensure fair pricing in the middle range. A penetration strategy is proposed for fast sales and brand leadership, but risks inability to later raise prices.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views3 pages

    MKT 205 Module Four Milestone Worksheet Promotion and Price: Product

    Uploaded by

    shelby mccflapjacks
    The document summarizes a marketing plan for semisweet chocolate baking chips targeted at Michelle, a 37-year-old millennial. The first marketing channel is television commercials focusing on taste and quality compared to value. This channel is appropriate as Michelle has more TV time as a stay-at-home mother. The second channel is social media marketing through blogs and influencers, as 83% of millennials use social media regularly. For pricing, competitors will be analyzed to ensure fair pricing in the middle range. A penetration strategy is proposed for fast sales and brand leadership, but risks inability to later raise prices.

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    MKT 205 Module Four Milestone Worksheet

    Promotion and Price


    Shelby Langston
    Matt Parfitt
    September 26, 2021

    PRODUCT

    semisweet chocolate baking chips

    PERSONA

    Michelle, 37

    PROMOTION

    FIRST MARKETING CHANNEL

    Description of first marketing channel: The first marketing communication I will choose is television. since the
    product is a classic product I don't feel any gimmicks or flashy songs should be used. A solid commercial that
    explains the taste and quality compared to the value should do the trick.

    Why this channel is appropriate for this persona: I am marketing my product to an older millennial I believe
    traditional marketing Is the best avenue to take. My market specifically is catered more towards women who are
    stay at home mothers therefore having a little more tv time than other people might. it will most definitely have
    the biggest reach of people.

    SECOND MARKETING CHANNEL

    Description of second marketing channel: My second communication channel will be social media. I believe it is
    effective because millennials are heavily on social media. I would chose to heavily market with blogs and YouTube
    influencers. There are many bakers that have very loyal fan bases.

    Why this channel is appropriate for this persona: social media has a large number of millennial users. 83% of
    millienals use social media on a regular basis. That being said there are many blogs that cover baking and baking
    related products. their fan base along with targeted ads will gain a high ad viewer rate which would increase sales.

    PRICE

    PRICING FACTOR: COMPETITOR PRICING

    Competitor pricing: Competitor pricing is basing your prices off of the common prices for similar markets. What
    competitors charges matters very much when its a market with many of the same product. You need to know the
    research of all of the companies to know where your product wants to fall in the range of prices depending on
    what market you're trying to obtain.

    How pricing factor is used to determine pricing: Considering I am trying to sell a very common product in the
    baking ingredients market comparing the prices to the top brands will ensure we are not charging too much or too
    little for our product. since our target is right in the middle of line product, neither high end or budget friendly. we
    need to compare ALL ranges of chocolate morsels to ensure we are pricing fairly.

    PRICING STRATEGY: PENETRATION

    General advantages and drawbacks of penetration pricing strategy: Some of the advantages of of penetration
    pricing is 1. quick sales 2. quick brand loyalty 3. can quickly be established as a brand leader. disadvantages 1. may
    not yield enough profit 2. people may consider it a lower quality product. 3. can be difficult to raise prices later.

    Specific advantages and drawbacks of penetration pricing strategy: The biggest advantage to this pricing strategy
    for our product is fast sales and fast brand leader. Because there is already one large main company that has a
    hold of the space, if we keep our prices low it will give us an advantage to that company allowing us to possibly
    steal their brand loyalty. the biggest disadvantage for our product is the possibility of not being able to raise prices.
    Since a large majority of our customers will be coming to us due to those low prices with similar if not better
    quality of the brand leader, it could be challenging to raise the price it could result in loss of customers going back
    to the brand leader.
    REFERENCES

    How millennials use social media. The Institute of Politics at Harvard University. (2015, April 20). Retrieved

    September 20, 2021, from https://iop.harvard.edu/iop-now/how-millennials-use-social-media.

    N/a. (n.d.). Penetration pricing. Money and management related articles on finance, business management, office

    management, investment, marketing, planning, accounting, Auditing etc. Retrieved September 26, 2021,

    from https://accountlearning.com/penetration-pricing-advantages-disadvantages/.

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