Week 8 Assignment – Promotion and Pricing Strategies

Introduction 

“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).

Overview

With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Instructions 

Using the business from the assignment, Feasibility Analysis, write a 3–4 page paper in which you:

1. Identify its primary target market.
2. Specify three methods you will use to research customer needs and wants.
3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement or distribution.
4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
5. Include at least two references outside the textbook.

This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.

The specific course learning outcome associated with this assignment is:

• Create a marketing plan to help a business effectively promote its products and services.

The company chosen for this paper assignment: 

Amgen

Jack Trout and Al Ries brought the concept of positioning into the marketing mainstream with their book, Positioning, the Battle for Your Mind, published in 1980 and since updated several times. (I highly recommend that any of you who are actually interested in a career in marketing should get a copy of the book and read it carefully.) In brief, they define positioning as the mental short list that a consumer has in her mind when she starts to think about shopping for something. Your brand should have a position somewhere on that list, as close to the top of it as possible. If you are not on the list at all, your brand will probably not be considered.

That mental shortlist will typically be about 5 to 7 items long and often shorter, almost never longer. For example, when consumers start thinking about buying a new car, they don’t think of the dozens of possibilities out there, they think about choices with which they are already familiar and which stand out from the crowd.

The authors argue that it is the job of marketers to make their brands seem different from competitors and different in ways that the intended target audience will see as important and preferable.

“Positioning” then becomes a process of figuring out a short summary about the brand to make it memorable and likable. Often, this is summarized in a single phrase or sentence, like BMW’s “Ultimate Driving Machine” or Disney’s “Where dreams come true.”

Such statements often take the form of what advertising people call a “tagline” or “slogan.” But this is not always the case. Sometimes brands use multiple approaches to create a brand image that communicates a message to set it apart from competitors. For example, Volvo is widely perceived as a very safe car that will protect people inside the car even when there is a bad accident. Recently, Subaru has also started to use the same idea, and I would argue that this makes Subaru look somewhat like a “me too” brand, one that is “Johnny come lately” to a category that Volvo established years ago.

For this paper what you need to do is pick a Fortune 500 company and discuss its positioning and the tactics/actions it uses to get this positioning to “stick” in someone’s mind.  As stated above, choosing the company must be done ahead of time so that no two people pick the same company. The first person to pick a company “owns” that example.

NOTE:  Please refer back to your Course Summary for your due date on this paper so you can prepare well in advance.

EXPECTATIONS:  Length is 5 to 9 pages excluding title page, executive summary (on a page by itself), reference list, and any appendices. Follow APA formatting. Do not include a table of contents.

Note that the grading rubric states that using correct APA formatting is worth 10% of the total grade on your paper, so if you do a poor job with this, it could easily cost you a letter grade on the assignment. Therefore, effort is required to adhere to APA standards.

To clarify what an Executive Summary is, be sure to read this article:

http://www.wikihow.com/Write-an-Executive-Summary (Links to an external site.)

Also, click on the attached APA sample paper that you must read and which you should probably print out for yourself. Note that the paper is not just a sample, it also explains how to use elements of APA style.  On top of that, here on Canvas under resources, there is a list of APA help documents as well, please be sure to read over all of the resources within that section to help you write your paper.  In addition, be sure to utilize the writing tutor to help show you how to improve your paper.  Make those changes BEFORE submitting your paper for a final grade.