I’m working on a business project and need an explanation to help me learn.
Promotion and Pricing Strategies
“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).
With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.
Using the business from the assignment, Feasibility Analysis, write a 3–4 page paper in which you:
- Identify its primary target market.
- Specify three methods you will use to research customer needs and wants.
- Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement or distribution.
- Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
- Include at least two references outside the textbook.