Product, Price, Promotion & Placement

1054 WordsSep 26, 20135 Pages
Phase III Individual Project Product, Price, Promotion & Placement Jerry W. Lane Colorado Technical University Online MKT305-0702B-01: Marketing and the Virtual Marketplace Instructor: Edward Haberek Jr. MBA, PHD (Candidate) June 18, 2007 Product, Price, Promotion & Placement Now that we have analyzed our marketing research and we have identified our potential target markets as being in the young adult to middle age adults and from the lower middle class and upward income bracket it is time to develop our plans to reach into these markets and grow IPT. How we target these markets is a series of techniques known as product, pricing, promotion and placement. We also know from the research that 35% of our customers would…show more content…
which uses each location to bake the donuts and then deliver to local vendors such as convenience stores, restaurants, events and other functions. We must be able to support the markets we are targeting. Consumer Characteristics From personal experience and as reflected in our market research most consumers prefer to purchase perishable consumables at a local store and we will need to entice our targeted consumers to come to the store fronts or to order online once they have tasted and enjoyed our products. Much like Starbucks whose coffee shops sell a lot of items not related to coffee we must consider adding the intrinsic items that our customers would find interesting such as free wireless internet access from each storefront. This feature would also help us promote our website and expand our customer base. We must continue to collect feedback from all of our market areas and customer to make sure we keep our product fresh and exciting. Distribution and Growth impacts As we grow we must make sure we have the infrastructure to supply our new markets and that our suppliers are aware of the expected increases in quantities we order and that they are able to keep up. We should also expect discounts for high volume orders. Centrally we will supply the national flower and gift basket company and the local market place. Our store fronts will supply their local markets to include internet orders, business orders and retail sales. Summary We will use all
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