Marketing Plan: Part IV In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part IV, including the sections listed be

Marketing Plan: Part IV In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part IV, including the sections listed be
Marketing Plan Principles of Marketing MKT 3301 Unit VI Casidy Landry Columbia Southern University Marketing Plan There are several different types of segmentation strategies that I will apply to meet my firms target advertising and marketing efforts. The most common segmentation categories are behavioral, geographic, psychographic, and demographic. Geographic segmentation is the method of dividing a market into diverse geographic regions. This type of segmentation can be helpful for companies selling regionally specific products or services (Januario, 2015). For example, a company that sells snowboards would likely use geographic segmentation to target its marketing efforts toward consumers in regions with snow. Demographic segmentation is the method of dividing a market into various groups based on demographic characteristics. This type of segmentation can be helpful for companies that sell products or services that are geared towards specific demographic groups. For example, a company that sells baby clothes would likely use demographic segmentation to target its marketing efforts toward new parents. Psychographic segmentation is the process of dividing a market into multiple groups based on psychological characteristics. This type of segmentation can be helpful for companies that sell products or services that are geared towards specific psychographic groups. For example, a company that sells luxury cars would likely use psychographic segmentation to target its marketing efforts toward affluent consumers. Behavioral segmentation is the process of dividing a market into different groups based on consumer behavior. This type of segmentation can be helpful for firms that want to target their marketing efforts toward specific consumer behaviors. For example, a company that sells fitness equipment would likely use behavioral segmentation to target its marketing efforts toward consumers who are interested in staying fit and healthy. Age: A population’s age is one of the most vital demographic variables that my online business must look into. It is often used to identify target markets for products and services, Gender: Gender is another important demographic variable. I will use it effectively to know the structure of the market. Income: Income measures a person’s or household’s purchasing power. This is an essential factor for my small online business. Ethnicity: Ethnicity measures a person’s or household’s cultural identity. Marketing Strategy The 4Ps marketing strategy is a proven and effective marketing strategy that can be used by my online businesses to increase sales and brand awareness. The 4Ps marketing strategy is based on the four fundamental marketing principles: product, price, place, and promotion. Using these four fundamental marketing principles, my online business can create a comprehensive marketing strategy to help me achieve t sales and brand awareness goals. Product My small online business needs to offer a high-quality product that meets the needs and wants of its target market. When selecting a product, my online business will consider the features and benefits of the product, as well as the price. It will also consider the shipping and return policy of the product to ensure that the product is delivered to the customer in a timely and efficient manner. Price My online business needs to set a competitive price for its product. When setting the price, I will consider the cost of the product, the shipping and handling fees, and the return policy. In addition, my online business will also consider the product’s perceived value. The perceived value is the customer’s perception of the worth of the product (Abdullah, 2015). Any businesses should set a price that is in line with the product’s perceived value. Place My online business needs to ensure that its product is available in the places where its target market shops. When selecting a place to sell their product, I will consider the type of customer we are targeting. For example, my business will target a younger demographic selling their product on a website or online store. On the other hand, businesses that are targeting an older demographic may want to sell their product in a brick-and-mortar store. Promotion My online business needs to use various marketing and advertising techniques to promote its product. When selecting a promotion strategy, I will consider the type of customer we are targeting. For instance, businesses that are targeting a younger demographic may want to use social media marketing to promote their product. On the other hand, businesses that are targeting an older demographic may want to use television or radio advertising to promote their product. Positioning Positioning is creating a unique and differentiated image for a product or service in the minds of the customer. Positioning is based on the belief that the customer will make a purchase decision based on their perception of the product or service. There are three main elements to positioning that my online business will consider: The target markets. The competition. The unique selling propositions. The target market is the group of individuals that the product or service is designed for. The competition is the other products or services that the customer may consider. The unique selling proposition is the feature of the product or service that sets it apart from the competition. The positioning statement is the statement that articulates the position of the service or product in the minds of the customer. The positioning statement should be clear, concise, and easy to understand (Kim et al., 2014). Here is an example of a positioning statement: Our product is designed for busy professionals who want a quick and easy way to get their daily dose of vitamins and minerals. Our product is the only one on the market that is specifically designed for this target market. This positioning statement articulates the competition, the product’s unique selling proposition and the target market. The benefits of a product or service are the features that offer value to the customer. The benefits should be based on a thorough understanding of the target market and the customer’s needs. Some examples of benefits that our product or service might offer are: Convenience Quality Value Selection Service Strategy The sales strategy is the set of decisions about the sale of a product. The sales strategy should be based on a thorough understanding of my online business’s target market and customer needs. Some examples of sales strategies we will apply are: Direct sales Indirect sales Channel sales Online sales The sales strategy will be designed to meet the target my company s market’s needs. The sales strategy should also be prepared to maximize the product’s profitability. The decision of whether to focus on business-to-business (B2B) or business-to-consumer (B2C) markets is an essential one. The choice will be based on a thorough understanding of the target market and the customer’s needs. Some factors I will consider when making this decision are: The type of product or service. The price of the product or service. The target markets. The sales strategy. References Abdullah Saif, N. (2015). How does Marketing Strategy Influence Firm Performance? Implementation of Marketing Strategy for Firm Success. International Journal Of Innovation And Economic Development, 1(3), 7-15. https://doi.org/10.18775/ijied.1849-7551-7020.2015.13.2001 Januario, A. (2015). Multinational Firms’ Geographic Segmentation and Exchange-Rate Dynamics. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2606197 Kim, M., Park, K., & Won, J. (2014). Development and Positioning Accuracy Assessment of Precise Point Positioning Algorithms Based on GLONASS Code-Pseudorange Measurements. Journal Of Positioning, Navigation, And Timing, 3(4), 155-161. https://doi.org/10.11003/jpnt.2014.3.4.155
Marketing Plan: Part IV In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part IV, including the sections listed be
6 Marketing Plan Unit IV MKT 3301 Principles of Marketing Casidy Landry Columbia Southern University Marketing Plan Products My small online business sells hygiene and cosmetic products. I’ve decided to focus my efforts on developing my new “Organic Body Butter” product. This organic body butter can be used to nourish and moisturize the skin. Because this product is of high quality, I believe its price should reflect that. I think this product will appeal to individuals looking for an organic and natural skin care product. Furthermore, I believe that the pricing of my product will set it apart from competitors (Kienzler & Kowalkowski, 2017). This is a premium product, so expect to pay around $50 for a single jar. My product qualifies as a convenience good since it is a frequently used item that simplifies the user’s routine. My product’s use of high-quality materials ensures that it will perform its intended purpose for an extended period. Because it is an expensive luxury item, my product is ultimately a high-involvement good. My brand-new product is about to enter the market. As a result, the product is at the start of its life cycle. My primary goal at this time will be to increase brand awareness and product interest. I intend to achieve this using a combination of web advertising, social media marketing, and public relations. Price When it comes to pricing my products, I want to charge a premium that is proportional to the item’s quality. I believe that using this pricing structure will make my product stand out from the crowd. I also think a high asking price will offer exclusivity and luxury to my service (Glantz, 2021). Various essential factors will be considered when deciding the selling price for my products. The cost of materials, the cost of advertising, the level of competition, and market demands are a few examples. The resources will largely determine my product’s final price I must invest in its creation. I must price my products high enough to pay the costs of materials, production, and shipping. The expense of advertising and promoting my products is also a vital consideration. If I want to run a profitable marketing campaign, I need to charge a profit-generating price for my items. Another critical factor to examine is the amount of rivalry in the industry. Because other identical products are vying for the same audience, my offering may need to lower its price. Customer demand is an essential factor to consider when determining the selling price of my goods. If there is a significant demand for my product, I may be able to raise my rates. I may have to cut the price if there isn’t much interest. I have several options for pricing my products. Pricing techniques such as cost-plus, value-based, and competition-based are a few examples. “Cost-based pricing” refers to basing a product’s price on its production costs. This strategy is typically used when there are few rivals. Setting a product’s worth based on how much value it delivers to the buyer is an example of value-based pricing. This strategy is frequently employed when there is a lot of competition in the market. The term “competition-based pricing” refers to a pricing strategy in which the price of a product is established concerning the costs of competing items. This strategy is typically used when there is a lot of rivalry in a market. The various pricing approaches were investigated, and after careful consideration, I opted to price my product based on its perceived value. To maximize profits, I want to charge a price that reflects how much customers appreciate my items. Different price-adjusting approaches allow me to experiment with the base price for my service. This category includes coupons, promos, and deals. Temporary price reductions are a popular pricing tactic. This method can be used to boost sales during slow periods or to get rid of excess inventory. Another way to minimize costs is to offer discounted coupons for a specific product. This method is advantageous for both sales and new clients. A “promotion” is a systematic approach to adjusting prices by offering a free or discounted item with the purchase of another one. This method could boost sales or promote a brand-new product (Scott, 2022). After considering all options, I decided on a discount scheme for my goods. I’m hoping that by offering a limited-time price cut, I’ll be able to enhance my sales. References Glantz, G. (2021). Evaluating Audiology Pricing Models, Identify the pricing objectives and delivery model that works best for your practice. The Hearing Journal, 74(8), 22,23. https://doi.org/10.1097/01.hj.0000770996.72603.ea Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110. Scott, W. (2022). Ten Charts Explain How Asset Price Inflation Harmed the Economy More Than Consumer Price Inflation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4188032
Marketing Plan: Part IV In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part IV, including the sections listed be
Marketing Plan Unit V Principles of Marketing MKT 3301 Casidy Landry Columbia Southern University Marketing Plan Strengths My online business has several internal strengths that give it a competitive advantage in the market. First, my firm offers high-quality products made with organic and natural ingredients. This selling point sets my business apart from many of my competitors. Additionally, my company provides excellent customer service. I always go above and beyond to ensure that my clients are satisfied with their purchases (Lee et al., 2020). I believe that this commitment to customer service sets my business apart from other online retailers. Weaknesses There are also some internal weaknesses that my company needs to address. One drawback is that my business is relatively new and unknown. As a result, I have not had the chance to build a loyal customer base. Another weakness is that I do not have a lot of financial resources this lack of capital limits my ability to invest in marketing and advertising. Opportunities There are several external opportunities that my firm can capitalize on. One option is that online shopping is becoming more and more popular. As a result, more individuals are looking for online retailers to purchase goods from. Another opportunity is a growing demand for organic and natural products. This trend is being driven by health-conscious consumers looking for products free of harmful chemicals. Threats My company also needs to be aware of some external threats. One threat is a lot of competition in the online retail market. This high level of competition makes it difficult for new businesses to succeed. Additionally, the economic downturn has made consumers more price-conscious. As a result, they are less likely to make impulse purchases. Competitive Analysis My business Competitor 1 Competitor 2 My online business offers high-quality products made with organic and natural ingredients. This selling point sets my business apart from many of my competitors. Additionally, my company provides excellent customer service. I always go above and beyond to ensure that my clients are satisfied with their purchases. I believe that this commitment to customer service sets my business apart from other online retailers. This competitor offers a wide range of products, including hygiene and cosmetic items. This company’s products are made with synthetic ingredients. Additionally, this company provides good customer service. However, they do not offer the same level of customer service as my company. My second competitor does not offer a unique combination of high-quality products, excellent customer service, and a commitment to social responsibility and ethics as I do. These factors give him a less competitive advantage in the market. Opportunities and threats that are external to the organization Businesses have faced several obstacles due to the global pandemic, but it has also offered them some opportunities. The fact that more time is being spent online presents one potential option. As a result of this trend, businesses now have a pressing need to strengthen their presence online. In addition, individuals seek methods to cut costs and save money. Because of this, companies now have the chance to provide exclusive deals and limited-time promotions. My organization must be mindful of not only internal dangers but also of some exterior dangers as well. One of the dangers is that the pandemic has led to a reduction in the amount that consumers are spending (Rupi , 2022). Because of this, it has become challenging for firms to bring in new customers. Additionally, as a direct consequence of the epidemic, there has been a reduction in foot traffic. Because of this, it has become more challenging for firms to acquire new clients. Goals My primary goal is to increase brand awareness and product interest. I intend to achieve this using a combination of web advertising, social media marketing, and public relations. My secondary goal is to generate sales. I plan to accomplish this by offering a discount on my products. I hope to achieve a significant increase in brand awareness and product interest. Additionally, I hope to generate a substantial number of sales. Corporate Social Responsibility, Sustainability, and Ethics Strategy My internet business is dedicated to upholding the highest standards of ethics and social responsibility. To ensure that my firm conducts itself in a socially responsible manner, I have put into place a variety of governance principles. A code of conduct is one of the rules I have implemented as part of my policy. This code outlines my expectations for my staff members, who are expected to adhere to those expectations. In addition, I have instituted a policy that mandates all of my staff members complete education courses on ethical standards and social responsibility (Maccarrone & Contri, 2021). I believe that my company will be able to become more honest and socially responsible as a result of these policies. The social responsibility and ethics plan implemented by my organization are not without their share of potential drawbacks and advantages. My business runs the danger of coming under fire if people believe it is behaving in a manner that is not socially responsible. This is one of the potential downsides. On the other hand, in my opinion, the advantages of running a socially responsible and ethical business outweigh the disadvantages. I believe my business will be rewarded with higher revenue, increased customer pleasure, and increased loyalty to our brand. References Lee, J., Lee, S., & Jung, K. (2020). Balanced SWOT: Revisiting SWOT Analysis through Failure Management and Success Management. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3612519 Maccarrone, P., & Contri, A. (2021). We are integrating Corporate Social Responsibility into Corporate Strategy: The Role of Formal Tools. Sustainability, 13(22), 12551. https://doi.org/10.3390/su132212551 Rupi , N. (2022). Threats and opportunities for learning organizations Nordic perspective and experience. The Learning Organization, 29(3), 275-283. https://doi.org/10.1108/tlo-04-2022-280

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