Assignment 3: Promotion And Pricing Strategies Due Week 8

Assignment 3 Promotion And Pricing Strategiesdue Week 8 And Worth 135

Using the business from Assignment 2, write a three to four (3-4) page paper in which you: Identify its primary target market. Specify three (3) methods you will use to research customer needs and wants. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity. Include at least two (2) references outside the textbook.

Your assignment must follow these formatting requirements: This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link). Include a cover page containing the title of the assignment, the student's name, the professor's name, the course title, and the date. The cover page and the reference page are not included in the required page length.

Paper For Above instruction

In developing a comprehensive marketing plan for a small business, identifying the primary target market is fundamental. For the purpose of illustration, suppose the business from Assignment 2 is a boutique fitness studio specializing in personalized training sessions and wellness programs. The primary target market for this business would primarily consist of health-conscious adults aged 25-45 living within urban or suburban areas, particularly those who are busy professionals seeking flexible scheduling. Additionally, the target demographic includes individuals interested in holistic well-being and willing to invest in personal health services.

To effectively understand customer needs and wants, three research methods are essential. Firstly, conducting surveys either online or in-person allows direct feedback from potential customers to gauge their preferences, expectations, and willingness to pay. Secondly, focus groups enable in-depth discussions with small groups representative of the target audience, providing nuanced insights into customer motivations and perceptions. Lastly, analyzing competitor offerings and customer reviews on social media and review platforms helps identify gaps in the market and areas to differentiate, thereby refining the business's value proposition.

The marketing mix, often referred to as the 4Ps, provides a structured approach to the marketing strategy. Regarding the product, the boutique fitness studio offers tailored wellness packages, including personal training, nutrition guidance, and relaxation therapies. The pricing strategy adopts a value-based approach, setting prices that reflect the exclusivity and personalized nature of services, while offering membership discounts, introductory offers, and flexible payment plans to attract different customer segments. Promotion strategies encompass digital advertising, social media campaigns, influencer collaborations, and local community events, aimed at building brand awareness and engagement. For placement, the business will be located in a high-traffic urban area accessible by public transportation, with online booking options to maximize convenience.

To support these strategies, a one-year advertising budget of approximately $50,000 is projected. This budget allocates funds across various media, including social media advertising (40%), local print and radio ads (20%), sponsored content and influencer partnerships (20%), and promotional events or open houses (10%). The remaining 10% is designated for contingency and analytics tools to monitor campaign effectiveness. The publicity component involves press releases about the grand opening, collaboration with local health and wellness organizations, and participation in community health fairs to enhance visibility and credibility.

In conclusion, a well-defined target market combined with strategic research methods, a clear marketing mix, and a thoughtfully allocated advertising budget are critical elements for the success of a small business. Continual assessment and adaptation of these strategies, guided by ongoing market feedback and performance metrics, will help ensure sustained growth and customer loyalty.

References

• Scarborough, N. M., & Cornwall, J. (2015). Essentials of Entrepreneurship and Small Business Management (6th ed.). Pearson.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Burnett, J., & Evans, J. R. (2016). Strategic Business Planning (4th ed.). McGraw-Hill Education.
• Kerpen, D. (2015). Likeable Social Media: How to Benchmark, Share, and Grow Your Business Visibly with Social Media. McGraw-Hill Education.
• Ryan, D. (2014). Understanding Social Media. Kogan Page.
• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing (7th ed.). Pearson.
• Armstrong, G., & Kotler, P. (2017). Principles of Marketing (17th ed.). Pearson.
• Shah, D. (2020). The Marketing Companion Podcast: Strategies for Small Business Growth. MarketingProfs.
• Hanna, R., Rohm, A., & Crittenden, V. L. (2011). We’re All Connected: The Power of the Social Media Ecosystem. Business Horizons, 54(3), 265-273.
• Grunig, J. E. (2013). Excellence in Public Relations and Communication Management. Routledge.