Marketing Plan: Part II In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part II, make certain to include the sect

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Marketing Plan: Part II

In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part II, make certain to include the sections listed below in your marketing plan.

SWOT Analysis

A valuable step in your situational analysis is to assess your firm’s strengths, weaknesses, opportunities, and threats (SWOT). For this section, conduct an inventory of your internal strengths and weaknesses. Then, note the opportunities and threats that are external to the organization based on your market and the overall environment.

Competitive Analysis

For this section, create a comparative chart discussing the differences between a minimum of two competitors.

Goals

What are the objectives and goals of your marketing plan? What is it that you hope to achieve? Please be very specific in this section.

Corporate Social Responsibility, Sustainability, and Ethics Strategy

For this section, explain any governance policies that you will use to be socially responsible and ethical. Identify any aspects of your business model that will create more sustainable operations (with a focus on bettering people, the planet, or profits).

Your essay must be at least three pages in length, not counting the title and reference pages. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least two references. Adhere to APA Style when constructing this assignment, including in-text citations and references for all sources that are used. Please note that no abstract is needed.

Marketing Plan: Part II In this unit, you will continue to build upon your marketing plan for an existing company and a product or service of your choice. For Part II, make certain to include the sect
6 Marketing Plan Unit IV MKT 3301 Principles of Marketing Casidy Landry Columbia Southern University Marketing Plan Products My small online business sells hygiene and cosmetic products. I’ve decided to focus my efforts on developing my new “Organic Body Butter” product. This organic body butter can be used to nourish and moisturize the skin. Because this product is of high quality, I believe its price should reflect that. I think this product will appeal to individuals looking for an organic and natural skin care product. Furthermore, I believe that the pricing of my product will set it apart from competitors (Kienzler & Kowalkowski, 2017). This is a premium product, so expect to pay around $50 for a single jar. My product qualifies as a convenience good since it is a frequently used item that simplifies the user’s routine. My product’s use of high-quality materials ensures that it will perform its intended purpose for an extended period. Because it is an expensive luxury item, my product is ultimately a high-involvement good. My brand-new product is about to enter the market. As a result, the product is at the start of its life cycle. My primary goal at this time will be to increase brand awareness and product interest. I intend to achieve this using a combination of web advertising, social media marketing, and public relations. Price When it comes to pricing my products, I want to charge a premium that is proportional to the item’s quality. I believe that using this pricing structure will make my product stand out from the crowd. I also think a high asking price will offer exclusivity and luxury to my service (Glantz, 2021). Various essential factors will be considered when deciding the selling price for my products. The cost of materials, the cost of advertising, the level of competition, and market demands are a few examples. The resources will largely determine my product’s final price I must invest in its creation. I must price my products high enough to pay the costs of materials, production, and shipping. The expense of advertising and promoting my products is also a vital consideration. If I want to run a profitable marketing campaign, I need to charge a profit-generating price for my items. Another critical factor to examine is the amount of rivalry in the industry. Because other identical products are vying for the same audience, my offering may need to lower its price. Customer demand is an essential factor to consider when determining the selling price of my goods. If there is a significant demand for my product, I may be able to raise my rates. I may have to cut the price if there isn’t much interest. I have several options for pricing my products. Pricing techniques such as cost-plus, value-based, and competition-based are a few examples. “Cost-based pricing” refers to basing a product’s price on its production costs. This strategy is typically used when there are few rivals. Setting a product’s worth based on how much value it delivers to the buyer is an example of value-based pricing. This strategy is frequently employed when there is a lot of competition in the market. The term “competition-based pricing” refers to a pricing strategy in which the price of a product is established concerning the costs of competing items. This strategy is typically used when there is a lot of rivalry in a market. The various pricing approaches were investigated, and after careful consideration, I opted to price my product based on its perceived value. To maximize profits, I want to charge a price that reflects how much customers appreciate my items. Different price-adjusting approaches allow me to experiment with the base price for my service. This category includes coupons, promos, and deals. Temporary price reductions are a popular pricing tactic. This method can be used to boost sales during slow periods or to get rid of excess inventory. Another way to minimize costs is to offer discounted coupons for a specific product. This method is advantageous for both sales and new clients. A “promotion” is a systematic approach to adjusting prices by offering a free or discounted item with the purchase of another one. This method could boost sales or promote a brand-new product (Scott, 2022). After considering all options, I decided on a discount scheme for my goods. I’m hoping that by offering a limited-time price cut, I’ll be able to enhance my sales. References Glantz, G. (2021). Evaluating Audiology Pricing Models, Identify the pricing objectives and delivery model that works best for your practice. The Hearing Journal, 74(8), 22,23. https://doi.org/10.1097/01.hj.0000770996.72603.ea Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110. Scott, W. (2022). Ten Charts Explain How Asset Price Inflation Harmed the Economy More Than Consumer Price Inflation. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4188032

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