Review the Marketing Plan Outline and Final Marketing Plan Evaluation Guide.
Write a paper of at least 900 words using the company and product and/or service identified in Week #2. Your paper should include the following topics, which correspond to the Marketing Plan Outline and Assignment Rubric. You do not need to organize the plan by each topic but must include all of these components:
7. Product Differentiation and Competitive Strategy
8. Distribution
9. Pricing
10. Product Policy
Format your paper using West Writing Style Handbook guidelines.
Include a minimum of four sources, which may consist of readings from the University Library and other selections from credible sources. You are expected to use your textbook as a source but you should use at least four sources in addition to your textbook. Your textbook doesn't count towards the four source minimum.
Answer the following questions:
7. Product Differentiation and Competitive Strategy
a. What competitive strategies will you adopt to differentiate your product?
b. What stage of the life cycle is this product category?
c. What is your growth strategy? Consider options such as market development, diversification, or product development.
8. Distribution
a. How does the consumer learn about the product? Obtain the product? Service the product?
b. How has this distribution channel changed recently?
c. What functions do the current intermediaries perform?
d. Are there substantial sources of channel conflict?
9. Pricing
a. What is your overall pricing strategy?
b. What is your specific price? Which process did you use to arrive at that price? Discuss consumer, competitor, and cost considerations. (You must include prices for at least one product in your product line.)
c. What are your variable cost estimates for this product? What are the profit margins?
d. What price adjustments will you make to capture or manage demand?
e. How does this pricing strategy impact short and long-term profit targets?
10. Product Policy
a. How do you define your customer value hierarchy in terms of the product levels, from core to augmented product? How does this compare to the competitors' product?
b. Describe your product line as a whole. How could it change over time?
c. Are there opportunities for product bundling or reconfiguration to meet needs of different market segments?