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Please see previous weeks feedback attached and complete assignment based on all weeks combined. The current rubric is attached as well for your guide.Assignment ContentPurpose of Assignment This assignment is designed to help students analyze and understand how price setting and go to market (distribution) are interrelated and affects the profitability and growth of the business. It has been designed to be a short overview on purpose: the concepts of pricing and distribution are complex and a general understanding is what should be absorbed in one week of study. Assignment Steps Resources: Marketing Plan and Outline (ATTACHED)Construct a minimum 700-word plan for setting price and a distribution model (place/distribution) in Microsoft® Word. This plan should address at least three elements (from the Price and Place/Distribution list below) of the Price and Place/Distribution section of the marketing plan.Price and Place/Distribution:Distribution StrategiesChannels, Mass, Selective, ExclusivePositioning within channelsDynamic/Static Pricing StrategiesChannel tactics (Pricing)Daily pricing, promotion pricing, List pricingNote: Charts/graphs/tables do not count toward the word count.The plan will be a continuation of your global or multi-regional business you chose in Week 1. This will be incorporated into your overall marketing plan for Week 6.RUBRIC ATTACHED. rubric_price_and_channel_strategy.doc mkt571r10_marketing_plan_outline_and_timeline__1_.doc grading_guide_jennifer_m.docx mkt_571_promotion_and_product_life_cycle.docx grading_guide___jennifer_m__1_.docx Unformatted Attachment Preview Price and Channel Strategy Grading Guide MKT/571 Version 10 Marketing Copyright Copyright © 2017, 2016 by University of Phoenix. All rights reserved. University of Phoenix® is a registered trademark of Apollo Group, Inc. in the United States and/or other countries. Microsoft®, Windows®, and Windows NT® are registered trademarks of Microsoft Corporation in the United States and/or other countries. All other company and product names are trademarks or registered trademarks of their respective companies. Use of these marks is not intended to imply endorsement, sponsorship, or affiliation. Price and Channel Strategy Grading Guide MKT/571 Version 10 Individual Assignment: Price and Channel Strategy Purpose of Assignment This assignment is designed to help students analyze and understand how price setting and go to market (distribution) are interrelated and affects the profitability and growth of the business. The assignment is to build a pricing strategy that incorporates channel power and is part of the overall marketing plan. It has been designed to be a short overview on purpose: The concepts of pricing and distribution are complex and a general understanding is what should be absorbed in one week of study. Grading Guide Content Met Partially Met Not Met Total Available Total Earned 70 #/70 Partially Met Not Met Comments: Student’s plan for setting price and a distribution model (place/distribution) addresses at least three elements from the Price and Place/Distribution list provided here: • Price and Place/Distribution: o Distribution Strategies o Channels, Mass, Selective, Exclusive o Positioning within channels o Dynamic/Static Pricing Strategies o Channel tactics (Pricing) o Daily pricing, promotion pricing, List pricing The plan is a minimum of 700 words in length. Note: Charts/graphs/tables do not count toward the word count. Writing Guidelines The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. Met Comments: 2 Price and Channel Strategy Grading Guide MKT/571 Version 10 Writing Guidelines Met Partially Met Not Met Total Available Total Earned 30 #/30 100 #/100 Sentences are complete, clear, and concise. Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Additional comments: # Comments: 3 Marketing Plan Outline and Timeline MKT/571 Version 10 University of Phoenix Material Marketing Plan Outline and Timeline Marketing Plan You are expected to develop a marketing plan, according to the outline below, for a product or service of your choosing. The product or service must be identified by the end of Week 1. The product or service you select is used to develop the assignments for Weeks 2 through Week 6. References must be included for each section. There are no defined standards for the length of the marketing plan; however, your plan must disclose complete marketing strategies and provide reliable and valid references and data supporting the strategies to convince the target audience. The plan must be written in plain language that would be easily understood by stakeholders. Marketing Plan Outline Your final marketing plan must consist of the following sections. Refer to the timeline for due dates for each section and subsection. Assignments may include modifications to these lists. Please use lists provided in assignments only. • Executive Summary: o o o o • Situational Analysis: o o o o o o o o • Vision, Mission, Strategic objectives, Values Internal Analysis Strengths/Weaknesses Capability/Capacity Competitor’s Strengths/Weaknesses Technological Competency Product or Service Analysis Market Segments Research o o o o o o o o o o o • Strategic Objectives Products or Services Resources Needed Projected Outcomes Primary Research Secondary Research Consumer Analysis Customer Profile Continuous Consumer Monitoring & Research Environmental Scanning Identify Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces Current Opportunities Potential Future Opportunities Current Threats Potential Future Threat Target Market(s): Copyright © 2017 by University of Phoenix. All rights reserved. 1 Marketing Plan Outline and Timeline MKT/571 Version 10 o o o o o • Demographics Psychographics Ethical Issues Legal Issues Social Issues Product, Place/Distribution, Promotion, and Price Strategies: o o o o o o o o o o o o o o o o o Product Descriptions and Product/Service Mix Strategies Product/Service Determinants Creating a Brand Image Maintaining Brand Image Branding Concerns Distribution Strategies Channels, Mass, Selective, Exclusive Promotion/Integrated Marketing Communication Advertising Strategy/Objectives Push and Pull Media Strategy Advertising Execution Sales Promotion Direct Marketing Public Relations/Strategies Positioning Dynamic/Static Pricing Strategies Marketing Plan Timeline Week 1: Marketing Plan Topic • Consider your company and product or service selection in Week 1. You may select an existing type of product or service or a new product or service but it must be global or multi-regional. Once you have selected your product or service, you must define the size and type of company that provides the product or service (available from annual reports). This need not be elaborate but must include total number of employees, production volume, distribution methods, and so forth. Company and product or service selection is a critical part of this project. You must ensure your proposed company can implement the marketing methods discussed in the text. • Key to creating an effective marketing plan is the ability to analyze the environment in which the product or service will be offered. The Week 1 assignment allows you to begin to understand various reports and how they can be used in your marketing plan. Week 2: Understanding Target Markets • To develop effective relationship marketing, a company must first understand its targeted consumers’ buying influences and behaviors. In Week 2, create the Research section of your plan. In addition, create the first two parts of the Target Market section, which includes performing the demographics and psychographics analysis. Week 3: Promotion and the product life cycle • All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts. In Week 3, you will incorporate a promotion strategy that addresses at least three areas of the product life Copyright © 2017 by University of Phoenix. All rights reserved. 2 Marketing Plan Outline and Timeline MKT/571 Version 10 cycle. Week 4: Price and Channel Strategy • How one goes to market and the influences of the channel (channel power, strength of channel, speed of channel, etc.) affects the pricing strategy of the product or service. In Week 4 your pricing and distribution strategy will be incorporated into the marketing plan. Week 5: Marketing Communication and Brand Strategy • Brand strategy and the communication of the brand is essential to understanding the various phases of a product or service (viz a viz the life cycle). Brand recognition is based in the marketing communication efforts of the firm. When you hear or see the word Coke, you immediately know it is Coca Cola. When you see five interlocking rings of different colors you know that is the symbol for the Olympics. In Week 5, you will develop a brand and communication strategy for your product. Week 6: Executive Summary, Legal, Social and Ethical Issues, Final Plan • Review your final plan. Does the plan effectively analyze market strategies? Are the social, ethical, and legal considerations valid and accounted for? What is the relationship among quality, price, satisfaction, and perceived value within the plan? Copyright © 2017 by University of Phoenix. All rights reserved. 3 Grading Guide Content Met Student’s product strategy addresses at least three areas of the product life cycle (NPI-new product introduction, growth, maturity and decline). Student’s product strategy addresses how he/she will measure (what metrics will be used to determine success or failure) the marketing activities. Partially Met Not Met Comments: Nice job – good ideas and but have application with a specific plan for each stage with a marketing strategy. This product exists even though it is not selling yet. You need a new product o create. x Yes – sales. x Student’s product strategy includes the creation of at least two different types of media methods for the products. One media method must be a print method and one must be non-print. A media method is a media strategy which highlights his/her product. Student has 2-3 sentences about each media method (i.e. one paragraph of what he/she would do, not how to do it). Student does not use the Facebook example provided here: • Product and Promotion: o Integrated Marketing Communication o Advertising Strategy/Objectives o Push and Pull o Media Strategy o Advertising Execution o Direct Marketing o Public Relations/Strategies o Positioning Again – you need your own ideas and strategies for a new product that you create. x Student’s product strategy addresses three elements of the Product and Promotion List provided in the assignment. x The product strategy is a minimum of 700 words in length. Note: Charts/graphs/tables do not count toward the word count. x Total Available 70 Total Earned 35/70 Promotion and the Product Life Cycle Grading Guide MKT/571 Version 10 Writing Guidelines Met The paper—including tables and graphs, headings, title page, and reference page—is consistent with APA formatting guidelines and meets course-level requirements. x x Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. x Rules of grammar and usage are followed including spelling and punctuation. Assignment Total Not Met Comments: Missing conclusion. Intellectual property is recognized with in-text citations and a reference page. Sentences are complete, clear, and concise. Partially Met x x # Total Available Total Earned 30 25/30 100 Additional comments: See comments in paper. You need a new product that you create. 60/100 2 Promotion and Product Life Cycle 1 Promotion and Product Life Cycle Jennifer McCaskill MKT 571 Instructor: Heather Hanchak-Moss 2 Promotion and Product Life Cycle Product Strategy In my earlier assignment I had chosen Samsung Electronics as my company of interest. The product strategy that I will choose is the marketing research or the leader strategy. This is the strategy that the company invests heavily in their research and marketing departments with the aim of producing more innovative products that will provide competition to their rivals (Konyk, 2016). It is aimed at making more technologically advanced products and unique products from their competitors. This strategy is usually extensive and also expensive which makes small firms shy from it as they don’t possess the resources that are needed to implement it (Konyk, 2016). Samsung is the market leader and thus this is the best product strategy for the company. Product Lifecycle Samsung introduces new products every now and then. In this study we will discuss he product Samsung Galaxy Fold smartphone. In its product lifecycle we have the initial stage which is the new product introduction. This is the stage where the company creates awareness of the product to its customers and also explain how it will benefit them (Stark, 2015). The marketing research strategy is very effective in this stage of the cycle as it will help the company to brand the product uniquely. Promotion, pricing and also distribution aspects of the Samsung Galaxy Fold smartphone are also found in this initial stage. If the product is well launched, it will then proceed to the growth stage. The growth stage is the second stage of the life-cycle. This stage is aimed at increasing the market share of the product and also establish the product further. Here the company will try and improve the quality of the product and also may consider revising the price to match the needs of the customers. This stage also looks at the distribution channels and 3 work to make them effective and efficient (Stark, 2015). The third stage of the product life-cycle is the maturity stage. This is where a product loses the quality that made it sell and thus its sales start declining. The consumers now are tired of the new product and thus the company should find a replacement and change the marketing strategy. Ways that will determine the success or failure When the Samsung Galaxy Fold smartphone is launched, we have various ways that will examine if it is a success or failure. One method that will help to determine will be the number of customers that will purchase the product. A high number will indicate that it is a success while a low number will prove failure. Another method that will be used is the user engagement (Ahlan & Sukmana, 2014). This is done through surveys where the focus and what the customers need will determine the success or failure of the product. Methods of the media The company will use magazines and newspapers as the print media to do advertisement. The company will ensure that there are QR codes that if consumers scan them will get discounts. On the non-print media, the company will use radio and television to advertise the Samsung Galaxy Fold smartphone. The advertisements must be creative and show consumers the benefits of using the product over those of their competitors. Elements of product and promotion 1. Integrated marketing communication This is where all messages and communications in product promotion are linked ad ensured that they work in harmony (Yeshin, 2008). Thus all the tools used in promotion of the Samsung 4 Galaxy Fold smartphone will convey a similar message thus providing uniformity. This ensures that there is both efficiency and effectiveness in communication. 2. Push and Pull Here is where the company tries all it can to promote the product with no basis on the demand. The company will encourage consumers to purchase the new product by enticing them through discounts (Khanfar, 2016). Aggressive strategies of marketing are also used to promote the new product. It is as if the product is being pushed on the consumers using enticing ways. 3. Advertising strategy This is where efforts are made to create awareness of the Samsung Galaxy Fold smartphone and how it will benefit its users. The print media will be used and also the non-print media will be used extensively using creative advertisements (Khanfar, 2016). When the company will follow all these in its product promotion, they will have increased sales and this will increase their market share in the industry. 5 References Ahlan, A. R., & Sukmana, H. T. (2014). An alternative method for determining critical success factors of information system project. Khanfar, I. A. (2016). The Effect of Promotion Mix Elements on Consumers Buying Decisions of Mobile Service: The case of Umniah Telecommunication Company at Zarqa city-Jordan. European Journal of Business and Management, 8(5), 94-100. Konyk, O. (2016). MARKETING STRATEGY of AEGEE Brno. Stark, J. (2015). Product lifecycle management. In Product lifecycle management (Volume 1) (pp. 1-29). Springer, Cham. Yeshin, T. (2008). Integrated marketing communications. In The Marketing Book (pp. 365-389). Routledge. Grading Guide Content Met Partially Met Not Met Student creates the research section of his/her marketing plan and includes at least 3 elements of the research list of topics provided here: • Comments: What is the new product and you need more application and less general research. Too much research for an existing product – that is not the assignment. Research List of Topics o Primary Research o Secondary Research o Consumer Analysis o Customer Prof ile o Continuous Consumer Monitoring & Research o Environmental Scanning o Identif y Market, Economic, Technological, Regulatory, Legal, Social, and Ecological Forces o Current Opportunities o Potential Future Opportunities o Current Threats o Potential Future Threat x Any diagram(s) provided (not required) are in APA format and includes discussion providing insight and clarity. Be as specific as possible – for the new product. Student develops the first two parts of the Target Market section, which includes an overview of the demographics (age, income, family members, and birthdays) and psychographics (activities, interests, and opinions) analysis. x x Student explains the insights he/she has gained from his/her inspection and analysis of the demographic and psychographic information he/she has found. The Research section is a minimum of 700 words in length. x Total Available Total Earned 70 35/70 Writing Guidelines Met Partially Met Not Met Comments: The paper—including tables and graphs, headings, title page, and reference page— is consistent with APA formatting x guidelines and meets course-level requirements. Intellectual property is recognized with in-text citations and a reference page. x Paragraph and sentence transitions are present, logical, and maintain the flow throughout the paper. x Sentences are complete, clear, and concise. x Rules of grammar and usage are followed including spelling and punctuation. x Assignment Total More defined section headings. # Total Available Total Earned 30 28/30 100 63/100 Additional comments: Please see comments in paper. You need to be specific with a new product and have application and not so much general marketing research. ... Purchase answer to see full attachment