Marketing Project
Our idea we have come up with is the Nanopatch (needless patch for vaccinations). This product hasn't been fully marketed yet, however we plan to be competitive in our marketing strategies for this project. We want to target Hospital and Clinics with this product right now, but in the future we want to get this product out worldwide. I need you to write the parts listed below following the instructions.
Please, check the Executive SummaryI have done; it has some facts and can give you a snapshot look at the project and what I'm trying to accomplish. also check the attachment, it is an example of someone's work .
You need to write these sections 7-9 pages:
A. Pricing
This includes 2 sections:
1. Determine your pricing objectives (AT LEAST ONE ) (use the book CH 9). Choose from the following and write a brief (one paragraph) rationale for your choice: YOU DO NOT NEED TO SET PRICING
Profit
Sales
Market Share
Image
Stabilization
2. Determine your pricing strategy (at least one) and provide a brief (one paragraph) rationale from the following:
Price Lining
Odd Pricing
One-price
Prestige Pricing
Leader Pricing
Bundled Pricing
Discount Pricing
B. Objectives / Strategies
· You must have 3 main quantifiable objectives (no more or less than 3)
o You must have 2 specific ADVERTISING strategies for EACH objective
SMART is used as an acronym in discussing objectives
S=specific, significant, systematic, synergistic
M=measurable, meaningful, motivational
A=achievable, agreed-upon, action-based, accountable
R=relevant, realistic, responsible, results-oriented, rewarding
T=tangible, time-based, thoughtful
Strategies are the ideas and approaches that are developed along with the specific actions, details and activities that must occur in order for the strategy to succeed in supporting the objective
Here's one good example of the relationship between objectives, strategies this example represents only a few of the possible strategies and tactics for the sample goal.
Objective: Increase new patient volume by 20% in the next year
Strategy: Improve patient experience to inspire more word-of-mouth referrals
Advertise monthly in Indy Star and Indianapolis Recorder
Develop a radio ad to target market on WIBC and WFMS
Create and display a framed poster in reception area defining our practice's unwavering patient satisfaction commitment
C. Advertising Schedule
This section will be focused on the advertising strategies of your plan.
o Identify the type of media schedule you will use and why (see the book and lecture on this)
o Choose the specific "media buy" you will make based on your target market. For example, if you use cable television will you advertise on The Today Show? FOX News? Modern Family? Will you advertise on radio? Which stations? Newspaper? Which ones?
D. PR/Earned Media plan
You must include a brief (one page)- develop 2 story ideas/press releases you can pitch to the media
E. Social Media plan
You must include a brief (one page) - develop a social media strategy you will use to reach your target market
F. Budget
This section needs a listing of your advertising expenses from your media plan. For purposes of this project we will assume revenue is steady. You will need to do some research (you may want to call some billboard companies or TV stations to inquire about rates)
Once you have done your media schedule and know what media you will use and when you are ready to estimate expenses. Please list each expense separately and then combine for a total budget number.
G. Controls
This section of the plan describes the actions that the company will take to reduce the differences between the planned performance and the actual performance.
This section includes 2 sections:
a. Metrics: In other words, how are you going to measure the success of your program or business line? For example: are you going to survey customers or track sales, leads, customers to your website?
b. Contingency: What if your plan goes awry? What will you do? How can you plan for the unexpected?
Attachment:- writtensummarynanopatch.rar