Promotion and Pricing Strategies for Healthy Carob Bars

1 Module Four Milestone Worksheet: Promotion and Price Southern New Hampshire University MKT 205: Applied Marketing Strategies Lepra George September 20, 2023

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Sue, 29 years PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: My first marketing communication channel would be local cable and television. According to Nielsen National Television Household Universe Estimates, there are 121 million TV homes in the U.S. for the 2020-2021 TV season. Also, because of the pandemic, Food Network's overall ratings in April were up 25% over the same month last year. Why this channel is appropriate for this persona: I picked local cable television because you can market "healthy" carob (chocolate substitute) bars on a cooking channel like "Food Network" or "Travel Channel." By showing the product on television, the customer can see the product directly and can instantly hear reviews. Children and adults watch television, and a child can influence their parent or guardian to try the product. SECOND MARKETING CHANNEL Description of second marketing channel: Social and print media are excellent dual marketing communication channels. In February 2021, 72% of U.S. adults used at least one social media site. Social media is a perfect way to reach people and market your product without physically having to leave your home. Why this channel is appropriate for this persona: With apps like Facebook, Instagram, YouTube, TikTok, and local newspapers, it allows content creators to use and review a product for all their followers to see. For example, the YouTube channel "Tasty" has 8.9 million subscribers. They can post videos reviewing and using "healthy" carob (chocolate substitute) bars. If the reviews are reasonable, millions of new consumers want to buy this product. Social media will continue to grow, and people will continue to use their platforms to promote new products. PRICE

3 PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Competitor pricing is a vital component in determining an item or service's price. It refers to putting your costs based on your competition's fees for parallel items or services. The price other corporations rate impacts how every additional agency fee the equal product because each emblem desires to promote and make the maximum income. If an enterprise likes the marketplace and feels its logo is better, it'll want to recognize the competitor's best rate. If they charge much less than the competitor to grab purchasers' attention, they may need to monitor what the opposite groups are charging consistently. How pricing factor is used to determine pricing: My approach to pricing is to price this product higher than the competitor. I want this product to be of higher quality. I also want to promote this brand to be a premium brand. PRICING STRATEGY: PREMIUM General advantages and drawbacks of premium pricing strategy: The use of a top-rate pricing method creates a luxury brand. Consumers will perceive the emblem as the best, so it will boom. It is the fee. Any other gain from using this pricing approach is that the enterprise will acquire a higher income margin. One drawback is the fee for advertising and marketing the logo. If you will price higher excellent charges, then you want to sell the product as such. Specific advantages and drawbacks of premium pricing strategy: The "healthful" carob bars are promoted as a healthy replacement for chocolate. Customers who keep the wholesome meals want better, excellent merchandise and are inclined to pay the better charge. The personality for this product is a mother of 2. She eats and stores whole some things and desires better first- rate products for her family. The top-rate pricing will trap her eye, and they will be extra willing to buy it.

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4 REFERENCES https://www.nielsen.com/insights/2020/nielsen-estimates-121-million-tv-homes-in-the-u-s-for- the-2020-2021-tv-season/ Associated Press. (2020, May 6). Stay-at-home rules are boosting HGTV, Food Network viewership. MarketWatch. https://www.marketwatch.com/story/stay-at-home-rules-are- boosting-hgtv-food-network-viewership-2020-05-05. https://www.pewresearch.org/internet/fact-sheet/social-media/

MKT205_Module_Four_Milestone

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