Instructions for Marketing Plan Part 3 –
Next step: How do you plan to promote (make people aware of) your business, product/service? How do you plan to price your product/service? How much money and time can you set aside for your marketing activity? This paper takes a deep dive into the marketing and promotional mixes. Be sure to use your terms (PRICING STRATEGY, DISTRIBUTION STRATEGY AND INTEGRATED MARKETING COMMUNICATIONS)!
• Pricing Strategy – What is your pricing strategy?
o Status quo, profit maximization, etc… are you looking a profit, revenue, sales, market share as your key metric for performance
o What’s your pricing tactic… key stoning, prestige pricing, to use a yield management system
o What is your price and what is this based on
• Distribution (Place) Strategy – How do you plan to distribute your product
o If you say in-store… which type of stores (grocery, specialty, convenience, department store, big box, etc.)… and tell me where and how many stores are there
o If you say online… tell me how
o Could be traditional or nontraditional (pop up shop, vending machine, a food truck, etc.)
• Integrated Marketing Communications – common message, slogan, theme
