MKT205_Module_Four_Milestone

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Southern New Hampshire University *

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205

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Marketing

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Jan 9, 2024

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docx

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Uploaded by AgentValorAnt50

Brandon Mahoney Ashley McAlpin May 30, 2021 Product semisweet chocolate baking chips Persona Becca, 32 Promotion First Marketing Channel Description of first marketing channel: If I had to choose one of the communication channels I would choose television. When an ad comes on and starts playing say a brand for a certain Mexican restaurant ill immediately look at my wife and want to eat there. Why this channel is appropriate for this persona: We watch television a lot so I feel like when you put ads on Hulu or Amazon Video its a smart move from those companies to hit the target markets of the people that watch streaming services. I know theres a lot of other people out there that watch streaming services with ads so ignorer to push your product, I believe that the way they're doing it is working well. Second Marketing Channel Description of second marketing channel: For digital communication channels, I believe social media is the best way to get your name out there as a company. Many others use social media and all of the time I see different products on facebook, instagram and so on. Why this channel is appropriate for this persona: People around my age I believe is the best way to get your product out there. Every single person I know is on social media so if you're trying to sell a certain products, then I think the number one option for companies to use is social media. Price Pricing Factor: Competitor pricing

Competitor pricing: Sometimes its as simple as branding that can make a company thrive. Most importantly though is competitor pricing. Lets use syrup for example, if Aunt Jamima and the Great Value brand syrup are sitting next to each other on the shelf and are around the same price range you would mostly choose name brand product to use for your syrup. Its important to try and beat the competition when considering your competitors. How pricing factor is used to determine pricing: I would approach pricing a product to my competitors. I would want to make a quality product but also would want to either match or undercut the competitors pricing so when consumers are looking for a certain product, their eyes will get drawn to our product instead of the competitors. Pricing Strategy: premium General advantages and drawbacks of premium pricing strategy: Premium pricing means you are going to be getting higher quality product for a higher price. The advantages is that there is a huge market for shoppers who always go for the higher quality product. Meaning they contain healthier ingredients, or a better quality of life when being prepped for the stores. the downfall of the higher end products is that it will end up costing the producers of such product to spend more money making the products which in turn will lose them money. In the end they will mostly make some of that money back because consumers will pay a higher price. Specific advantages and drawbacks of premium pricing strategy: Our product "Chocolate Bliss" Is a premium product. Where we cost more in price, we make up for in quality. We use the richest chocolate on the market and send it straight to stores for a guaranteed fresh and quality product.

REFERENCES Fruition Chocolate Works; L.A. Burdick; Raaka; Alyssa Powell/Insider

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MKT205_Module_Four_Milestone

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