Marketing Plan Pricing Objective Assignment

Marketing Plan Pricing Objective Assignment Instructions

Apply the 4 Ps of marketing to the sport product or service selected for the Marketing Plan. Address the following items in this Marketing Plan: Pricing Objective Assignment: 1. Product: Explain the sport product or service to be marketed. 2. Price: Identify the cost of the sport product or service as compared to its competition. 3. Place: Describe how the product or service will be distributed to consumers. 4. Promotion: Recommend how you will make consumers aware of the product or service. All assertions should be clearly supported with at least 1 formal citation of an external source. There should be a complete and concise discussion of the issue. Please include an appendix in this assignment. See the resource Appendix Instructions for more information on creating an appendix. View the Marketing Plan Resources under the Marketing Plan: Pricing Objective page. Note: Your assignment will be checked for originality via the Turnitin plagiarism tool.

Paper For Above instruction

Introduction

In the highly competitive sports industry, developing a comprehensive marketing plan that leverages the 4 Ps—Product, Price, Place, and Promotion—is essential for success. This paper aims to formulate a marketing plan centered on a selected sports product, applying these principles to enhance market reach and consumer engagement. Specifically, it will identify the sport product, analyze its pricing relative to competitors, outline distribution channels, and recommend promotional strategies, supported by credible sources.

Product Description

The selected sport product for this marketing plan is a state-of-the-art smart tennis racket designed for amateur and professional players. This racket incorporates advanced sensors that analyze swing techniques, ball impact, and shot accuracy, providing real-time feedback via a companion mobile application. Its unique selling proposition lies in integrating technology with traditional sports equipment, targeting tech-savvy athletes seeking performance improvements. The product aims to enhance user experience, improve skill development, and offer valuable performance insights, aligning with current trends toward sports technology integration (García-Folgoso et al., 2021).

Pricing Strategy

Pricing the smart tennis racket requires careful consideration of manufacturing costs, perceived value, and competitive offerings. The product's development and technological features position it in a premium segment. Based on market analysis, similar high-end sports tech gear, such as advanced fitness trackers and smart equipment, retail between $250 and $350 (Kumar & Reinartz, 2016).

Compared to traditional tennis rackets, priced around $100-$200, the premium technology integration justifies a higher price point. A suggested retail price is $349, aligning with comparable products like the Sony Smart Tennis Sensor, which retails at approximately $150 but lacks the comprehensive features of the proposed product. Pricing it at $349 offers differentiation and recovers investment in R&D and marketing while targeting consumers willing to pay for performance-enhancing technology (Kim & Mauborgne, 2014). Moreover, offering a tiered pricing model, including discounts for early adopters and bundle deals with coaching services, can further improve market penetration.

Distribution Channels (Place)

Distribution plays a vital role in making the smart tennis racket accessible to target consumers. The product will be sold through multiple channels: directly via the official website, through sporting goods retailers, and online marketplaces like Amazon. Direct-to-consumer sales through the official website allow for greater control over brand messaging and customer data collection (Kotler & Keller, 2016).

Partnerships with sporting goods stores such as Dick's Sporting Goods provide physical presence and the opportunity for consumers to experience the product firsthand. Additionally, offering the product on Amazon ensures extensive reach and convenience for online shoppers. Developing relationships with tennis academies and sports clubs can also facilitate product trials and endorsements, fostering brand trust and credibility.

Promotion Strategies

Promotional efforts should focus on raising awareness among amateur and professional tennis players, sports technology enthusiasts, and fitness consumers. Digital marketing will be pivotal, utilizing social media platforms such as Instagram, YouTube, and Facebook for targeted advertising, influencer partnerships, and product demonstrations (Chaffey & Ellis-Chadwick, 2019). Collaborating with tennis influencers and sports tech reviewers can generate buzz and credibility.

Content marketing, including instructional videos, customer testimonials, and performance improvement stories, will engage potential buyers and highlight the product’s unique benefits. In-store demonstrations and participation in sports expos can provide hands-on experiences, further encouraging purchase decisions. Additionally, promotional discount offers during major tennis tournaments or sports events can boost awareness and trial.

To support these strategies, the company will implement email marketing campaigns and loyalty programs to retain customers and encourage repeat purchases. Leveraging data analytics will enable targeted promotional efforts, maximizing engagement and conversion rates.

Conclusion

This marketing plan employs the 4 Ps to strategically position the smart tennis racket within the competitive sports tech market. By clearly defining the product, setting a premium pricing structure, utilizing multi-channel distribution, and adopting a mix of digital and experiential promotional tactics, the plan aims to capture the interest of tech-savvy tennis players and sports enthusiasts. Successful implementation hinges on consistent brand messaging, leveraging influencer partnerships, and providing excellent customer experiences, ultimately fostering brand loyalty and market growth.

References

• Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson Education.
• García-Folgoso, C., García, A. L., & Calvo-Morata, A. (2021). Innovation in Sports Equipment Technology: A Review. Sports, 9(3), 34.
• Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
• Kim, W. C., & Mauborgne, R. (2014). Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant. Harvard Business Review Press.
• Kumar, V., & Reinartz, W. (2016). Creating Enduring Customer Value. Journal of Marketing, 80(6), 36-68.