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,
Identify its primary target market,
Specify three methods you will use to research customer needs and wants,
Describe the marketing mix: a) product b) pricing strategy c) promotion and d) placement or distribution,
Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity,
Include at least two references outside the textbook. Promotion and Pricing Strategies
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.
“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). Promotion and Pricing Strategies
SAMPLE ANSWER
Feasible Study – Coffee Shop, aimed to open in the Sun Valley Shopping Center in Indian Trail, NC. The feasible study will decide whether the opening of the coffee shop will continue. The goals of the coffee shop will be to maintain a high quality standard of coffee and treats, provide a relaxing atmosphere, offer top quality entertainment on select days, run ads in monthly flyers, offer discount coupons, and provide free Wi-Fi. My understanding, if you are planning to open a coffee shop that now is the time. Coffee Shops are the quickest growing concept in the restaurant business. As stated by the successful coffee shop chain, Crimson Cup, it cost in between 80,000 to 250,000 to open a coffee shop. This cost will vary depending upon the size, employees, equipment needed, supplies and other services to be offered. While doing researching, trying to figure out how much money a coffee shop makes there is no comprehensive answer. Decoding whether or not you can bring home a consistent income when opening a coffee shop will depend upon how well you balance the budget after generating a steady customer base, meet the overhead, purchasing equipment, payroll and more. In 2018 the total growth rate of 3.8 percent of coffee shops far exceeds the guess of 3.6 percent. The market is expected to grow annually by 4.5 percent (CARG 2019-2023). Coffee drinks are extremely favored in the United States with a consumption of 75 percent of all
caffeine drinks taken in, in this country……. (GET A CUSTOMIZED ESSAY LIKE THIS HERE)
