Promotion And Pricing Strategies Due Week 8 And Worth 135

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.

The specific course learning outcomes associated with this assignment are: Describe and analyze the necessary activities and key decisions to start a small business. Use technology and information resources to research issues in small business management. Write clearly and concisely about small business management using proper writing mechanics.

Paper For Above instruction

The success of any small business hinges significantly on effective promotion and pricing strategies that align with its target market and overall marketing plan. In this paper, I will analyze and develop key components of such strategies based on the business outlined in Assignment 2. These components include defining the primary target market, employing research methodologies to understand customer needs, outlining the marketing mix—product, pricing, promotion, and distribution—and devising a comprehensive advertising budget and plan for one year.

Identifying the Primary Target Market

The foundation of any successful marketing strategy begins with a clear understanding of the target market. For the selected business, which is a boutique fitness studio specializing in yoga and wellness classes, the primary target market comprises health-conscious adults aged 25-45 who seek holistic wellness and are willing to invest in personalized fitness experiences. This demographic typically resides within urban or suburban areas, possesses a moderate to high income level, and values health, relaxation, and self-care. Additionally, this group is likely to be tech-savvy, making digital engagement a critical component of marketing efforts.

Research Methods for Customer Needs and Wants

Understanding customer needs and wants is essential for tailoring products and marketing messages. The three research methods proposed for this business include:

  1. Customer Surveys: Conducting online and in-studio surveys to gather feedback on existing offerings, preferred class times, suggested new services, and pricing preferences. Surveys enable direct insight into customer satisfaction and unmet needs.
  2. Focus Groups: Organizing small focus groups consisting of loyal and potential customers to discuss their wellness goals, perceptions of the brand, and suggestions for improvements. This qualitative research helps uncover deeper motivations and attitudes.
  3. Market Observation: Observing competitor offerings, foot traffic patterns, and customer behaviors at local gyms, wellness centers, and community events. This approach provides contextual understanding of demand trends and customer preferences.

The Marketing Mix

Constructing an effective marketing mix involves strategic decisions across four key areas:

Product

The core product is a variety of wellness services, including yoga classes, meditation sessions, and personalized coaching. Additional offerings such as health workshops, wellness retreats, and nutritional counseling enhance the value proposition and foster customer loyalty.

Pricing Strategy

The business will employ a value-based pricing model, aligning prices with perceived customer benefits. Introductory rates, class packages, and memberships provide flexible options while encouraging long-term engagement. A competitive analysis indicates that pricing will be slightly below high-end competitors to attract price-sensitive customers, while emphasizing premium service quality.

Promotion

Promotional efforts will primarily focus on digital channels such as social media marketing, targeted email campaigns, and local online directories. Special promotions include introductory discounts and referral incentives. Community engagement through wellness fairs and collaborations with local health practitioners will also boost visibility.

Placement/Distribution

The physical location will be centrally situated accessible to the target urban demographic. Supplementary online classes and virtual wellness sessions expand reach beyond geographic constraints, accommodating diverse customer preferences and circumstances.

One-Year Advertising Budget and Plan

The annual advertising budget for this wellness business is projected at $15,000, allocated across various media as follows:

  • Social Media Advertising: $5,000 – Focused campaigns on Facebook, Instagram, and LinkedIn to build brand awareness and promote special offers.
  • Local Publications and Community Media: $3,000 – Advertisements and sponsored content in local newspapers, wellness magazines, and community newsletters.
  • Google Ads and Search Engine Optimization (SEO): $4,000 – Paid ads targeting local keywords, plus investment in optimizing the website for organic search.
  • Public Relations and Publicity: $2,000 – Collaborations with local influencers, hosting free introductory classes, and participation in community wellness events to generate positive publicity.

The promotional plan involves scheduling digital campaigns throughout the year, aligning with seasonal trends (e.g., New Year fitness resolutions, summer wellness retreats). Regular performance metrics, including ROI and engagement rates, will be monitored to adjust strategies accordingly, ensuring maximum impact and optimal budget utilization.

Conclusion

Effective promotion and pricing strategies are vital for establishing a sustainable small business. By clearly defining the target market, employing diverse research methods, and carefully designing the marketing mix, the business can attract and retain customers. A well-structured advertising budget and plan further support consistent outreach and brand development. Combining these strategies fosters growth, enhances customer satisfaction, and ensures long-term success in a competitive marketplace.

References

  • Scarborough, N. M., & Cornwall, J. R. (2015). Principles of Marketing (7th ed.). Pearson.
  • Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
  • Ferrell, O. C., & Hartline, M. (2014). Marketing Strategy. Cengage Learning.
  • Armstrong, G., & Kotler, P. (2017). Marketing: An Introduction. Pearson.
  • Lamb, C. W., & McDaniel, C. (2016). Marketing. Cengage Learning.
  • Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing. Pearson.
  • Ryan, D. (2016). Understanding Digital Marketing. Kogan Page.
  • Martin, D. M. (2019). The Marketing Plan Handbook. SAGE Publications.
  • West, D. M. (2015). Digital Breakdown: Exploring the Impact of Digital Technologies on Small Business Marketing.
  • Hollensen, S. (2015). Marketing Management: A Relationship Approach. Pearson.

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