MKT205_Module_Four_Milestone

.docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

23EW3

Subject

Marketing

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by DrLion3580

1 Module Four Milestone Worksheet: Promotion and Price Riana Henderson Southern New Hampshire University MKT 205: Applied Marketing Strategies Maria Asensio September 24, 2023

2 PRODUCT semisweet chocolate baking chips PERSONA Michelle Palmer, 23 years old PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel I would choose would be Digital, more specifically social media. In today's society, social media is the number one channel to reach the majority. For example, TikTok not only shows random videos and tell sad stories to the public, but it also is a great source for new recipes. To map out the video I would create, easiest pick, a recipe for homemade chocolate chip cookies. I would include all the basic ingredients needed, emphasizing the semi-sweet chocolate baking chips. Showing clips of all the ingredients being mixed together and ending the video with the cookies fresh out of the oven and pulling apart, really showing the texture of the chocolate. Make it seem as if you can taste the video. Why this channel is appropriate for this persona: The marketing communication channel I have chosen is appropriate, given my persona, because she is young. Other than reading and enjoying the outside, we have other downtime that may include scrolling through our social media. We always look into recipes via google or TikTok and the videos that are portrayed are pleasing to the eye and the taste buds. Chocolate is satisfying to people of many different ages. But as Generation Z, which takes up 20% of today's population in the US, tends to be more involved into social media and takes up so much of the world's population, that is the party I am shooting to aim for. SECOND MARKETING CHANNEL Description of second marketing channel: My second marketing communication channel would be television, ads. I feel that this channel would target the older generation. As cable is not a huge thing in the younger generation, we usually resort to Netflix, Hulu, Amazon Prime, etc. It would be a commercial. I would set the scene up in a kitchen, with a grandma and her grandchildren, spending a day full of baking cookies. Fully emphasizing the semi-sweet chocolate baking chips as the main ingredient.

3 Why this channel is appropriate for this persona: I feel that this marketing communication channel I chose is appropriate, given my persona, because what the commercial shows, is what she loves to do with her family. We just changed the age group for this specific communication channel to reach another target and to even show that this event can live on for generations to come. Semi-sweet chocolate chips are not for one generation only. They can reach many different targets and depending on the communication channel you choose, is the audience you can reach. Which is why, multiple different channels are key. PRICE PRICING FACTOR: COMPANY PROFITABILITY Company profitability: When it comes to semi-sweet chocolate baking chips, the prices can vary depending on the location in which the product is sold or even the specific brand but they always remain in a reasonable price range. Chocolate baking chips are affordable and easy to access. I believe the company profits more than what the cost is to make it due the reasonable price range it remains and how often the product is purchased. With the product attracting many different consumers all over the world, the profit more than their competitors. How pricing factor is used to determine pricing: With the money that is used to create the product, from the ingredients, the packaging, and the distribution of the product, they cannot create the selling price to be outrageous if they want to make their money back. Chocolate baking chips tend to attract more than one specific kind of consumer, which benefits the company very well. They are allowed to keep the prices at a reasonable rate due the amount of purchases they collect through the years. If you raise the price of a bag of chocolate chips to 10 dollars and compare it to the competition, then you will lose consumers. Therefore, the company is taking the risk of maintaining their prices at a low cost and profiting more then their competitors. PRICING STRATEGY: ECONOMY General advantages and drawbacks of economy pricing strategy: The general advantages of the economy pricing strategy is the consistency of the price. Common consumers of this product are never thrown for a loop when the price changes. It is one thing we know for certain and maintaining that price helps establish a grocery budget better. A drawback of the economy pricing strategy is with inflation. With the prices of almost everything increasing, the company is bound to have to increase theirs, which means they will more than likely start to lose customers.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version