Business Finance Homework Help

We are in Week Nine and discussing another critical component of our Business Plan, The Marketing Plan.

Briefly describe and define the Four P’s of your Marketing Plan.

Please find vital discussion points relative to WeTECH Rocks joint venture Marketing Plans, including “The Four P’s; (1) Product or Service, (2) Place, (3) Price, and (4) Promotion” (JWI575, 1).

Product or Service to be Marketed

As stated in the Week Three Discussion Post and my Assignment Three, “The TLC Program, created by Women in STEM for Women in STEM is the first product and service offering for WeTECH Rocks. The concept of a professional development program created by Sr. Female Executives and seasoned professional women in the STEM industry, specifically for women in the STEM industry differentiates this service from most of our competitors.

The TLC Program will function as an online platform, offered to mid through upper-level women in the STEM (science, technology, engineering, and mathematics) industry (Rice,2; Rice,3). Our objective is to create an online training and professional development platform that aids in preparing women in STEM for promotions and better career opportunities.

There is a gap in Diversity, Equity, and Inclusion (DE&I) relative to leadership roles for women in the STEM industry. “The TLC Program will offer aid to women in STEM who desire to overcome the barriers that hinder their career advancements using “self-paced study courses, an eight-week training course that includes live webinars, online mentorship, and coaching services. The TLC Program enhances STEM women’s abilities to overcome “the emotional effects of gender bias in the workplace by building confidence and self-efficacy while further developing their professional and leadership capabilities” (Rice, 4).

According to the four A’s framework model for how customers evaluate brands, clients must become Aware, develop an Attitude towards the offering, Act regarding a purchase, and Act Again for repeat purchases (Kotter, Kartajaya, and Setiawan, 5). According to a customer’s Attitude, Kotter states, “the initial appeal of a brand is influenced by the community surrounding the customer to determine the final attitude. Many seemingly personal decisions are essentially social decisions. The new customer path should reflect the rise of such social influence” (Kotter, Kartajaya, and Setiawan, 6).

The social platform of DE&I for women in STEM will be included in the WeTECH Rocks’ branding and marketing strategy to provide an opportunity for customer loyalty and product/service advocacy by our clients. According to Marketing 4.0, “some customers are attracted to brands that uphold strong social and environmental values” Kotter, Kartajaya, and Setiawan, 7).

Since these services are offered in multiple levels ranging from Tier One (on-demand) to Tier Four (TLC Executive Program), the needs of multiple groups of women in the STEM industry can be met.

Place of Marketing & Product Promotion

The initial launch and marketing campaign for WeTECH Rocks is scheduled for January 2022 with a 90-day launch plan beginning in October 2021. The launch team consists of the WeTECH Rocks senior leadership team and a “marketing team specializing in introducing platforms specifically for women pursuing career development and self-help” (Rice, 8). A budget of $15,000 is expected for the Marketing Strategy implementation in 2021-2022 timeframe, with an additional budget of $15,000 set aside for years 2023 and 2024 (Rice, 9).

“According to Kawasaki, an essential component of Evangelizing our service is to make it personal and relatable by achieving “humanness” (Kawasaki, 10). Our goal is to “tell our stories as women in STEM (science, technology, engineering, and mathematics) in a manner that is relatable to some of the 2 million women in the STEM industry that could be potential clients” (Rice, 11).  

Our Marketing Vehicle will include social media platforms such as Facebook, Clubhouse, LinkedIn, Podcasts, YouTube, Google, and Instagram, along with personal emails. Tools such as blogs, newsletters, and interviews that include “informative and current subject matters that add value to its readers and listeners to encourage engagement” will be used (Rice, 12)

The WeTECH team will also apply “Schmoozing” at STEM events such as Advancing Minorities’ Interest in Engineering (AMIE) and the Society of Women Engineers (SWE) and a means to network and advertise one-on-one by renting a trade show booth (Kawasaki, 13).

Price of the Service

The level service prices for WeTECH Rocks are below. The varying price levels will expand our market share. Special offers and rewards for early program registrations and referrals will be included in our promotions. Our prices are very competitive.

Revenue Stream

Potential Income Generated

Tier One TLC Program

$2,500 per client participant

Tier Two TLC Program

$5,999 per client participant

Tier Three TLC Program

$7,999 per client participant

Tier Four TLC Executive Program

$9,999 per client participant

What is the most important lesson that you learned from the Tio case study?

Planning, Persistence, Patience, and Passion are the four P’s I learned from the Tio case study. Launching a new venture requires all four to reap the expected success. Adaptability is also a necessity.

Regards,

Yvette Rice

Sources:

1. JWI575 Week Nine. (2021). The Four P’s of Marketing.
2. Rice, Clotile Yvette. (2021). JWI575 Week Three Discussion Post.
3. Rice, Clotile Yvette. (2021). JWI575 Assignment One. 6.
4. Rice, Clotile Yvette. (2021). JWI575 Assignment One. 6-7.
5. Kotter, Philip, Kartajaya, Hermawan, Setiawan, Iwan. (2017). Marking 4.0. Hoboken, New Jersey. John Wiley & Sons, Inc. 60 – 61.
6. Kotter, Philip, Kartajaya, Hermawan, Setiawan, Iwan. (2017). 61.
7. Kotter, Philip, Kartajaya, Hermawan, Setiawan, Iwan. (2017). 81.
8. Rice, Clotile Yvette. (2021). JWI575 Assignment Two. 1.
9. Rice, Clotile Yvette. (2021). JWI575 Assignment Two. 7.
10. Kawasaki, Guy. (2015). The Art of the Start 2.0. (2nd). New York, NY. The Penguin Group. 152-154.
11. Rice, Clotile Yvette. (2021). JWI575 Week Seven Discussion Post.
12. Rice, Clotile Yvette. (2021). JWI575 Week Seven Discussion Post.
13. Kawasaki, Guy. (2015). The Art of the Start 2.0. (2nd). New York, NY. The Penguin Group. 199.