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COURSE MKTG630 – APPLIED MANAGERIAL MARKETING – PHASE 4 506
Question
Phase 4 – Task 1
Task Type:
Discussion Board
Deliverable Length:
750–1,000 words
Primary Discussion Response is due by Wednesday
Now it is time to elaborate on the rest of the marketing plan for the new product. Be specific. Make sure that all of the pieces of your plan are consistent with each other and are designed to meet the needs and wants of your target customers.
Primary Task Response: Within the Discussion Board area, write 750–1,000 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.
The board members were very impressed with your presentation and how you are moving through the product development process. Michelle is ready now to start looking at the promotional part of the plan. She has been reading technical publications that laud the advantages of high-tech or digital promotional tools (i.e., Internet, social media, blogs, etc.) over traditional approaches (i.e., TV, radio, newspapers, and magazines) to reach potential customers. You catch up with her in her office before she leaves on a business trip.
“Michelle, I want to speak to you about the e-mail you sent regarding the promotional tools we should consider for the new product,” you say.
“Sure, I’ve got a few minutes before I have to leave,” she says. “Go ahead.”
“Well, I agree that digital media is the trend, but I think traditional advertising and promotion should still have a place in the plan,” you say. “I know you don’t have time now, but I’d like to talk about the advantages and disadvantages of each type of promotional tool. When can we get together and talk about this?”
“I really do want to talk about this,” she says. “I need to know what type of media you think would be best for MM’s new product. Can send me an e-mail with your thoughts on the subject and I’ll read it on the plane? We can get together when I get back to finalize the choices.”
“Thanks, Michelle. I’ll do that,” you say.
Phase 4 – Task 2
Task Type:
Individual Project
Deliverable Length:
2–3 page memo (excluding cover and reference pages)
Now that the product and promotional decisions have been made for the new product, Michelle is concerned about the pricing of the new product and the distribution channels that will be used to make the product available to customers.
“We’ve discussed a lot of things during the last few weeks, but I think we need to decide on a pricing strategy for the new product,” Michelle says. “Perhaps you can come up with 2 different strategies that should be considered and we can narrow it down from there.”
“That’s a good way to approach it,” you respond. “There are so many options that narrowing it down will help us focus and make a decision. Along with the pricing, we have to consider a distribution plan to make the product available to the target customers. The distribution plan may be different based on which pricing strategy we select.”
“Good idea,” she says. “Could you prepare a memo that analyzes the 2 pricing strategies and also provides your recommended strategy?”
“Yes,” you reply. “I’ll do that and also include the appropriate distribution plan based on my recommended strategy. Can I get this to you on Monday?”
“Monday will work,” says Michelle. “I look forward to reading it then. Let me know if you have any questions or need to discuss any of your ideas.”
The materials found in the M.U.S.E. may help you with this assignment. Additional information is also provided in the Lessons From Experience found at the following links:
The Price Has to be Right: http://coursebuildercontent.careeredonline.com/Assets/60000/55516.pdf
Penetration and Skimming Pricing Strategies: http://coursebuildercontent.careeredonline.com/Assets/60000/55511.pdf
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