MKT205_Project

.docx

School

Southern New Hampshire University *

*We aren’t endorsed by this school

Course

205

Subject

Marketing

Date

May 28, 2024

Type

docx

Pages

6

Uploaded by MegaStrawPuppy17

1 MKT 205 Project Danielle Fleck Southern New Hampshire University MKT 205: Applied Marketing Strategies Michael Schneider October 16, 2022
2 PRODUCT semisweet chocolate baking chips PERSONA Rachelle, 40 DEMOGRAPHICS Location: A single-family dwelling located in a suburb of Cedar Rapids, Iowa. Marital Status: Rachelle is married to Tim for the past 12 years. Together they have 3 children, ages 15, 12, and 11. Occupation and Income: Rachelle is an office manager for a busy Dermatology office. She currently makes $65,000 per year. Education Level: Rachelle is a college graduate with a bachelor's degree in business administration from the University of Iowa. PSYCHOGRAPHICS Hobbies and Interests: Rachelle's hobbies and interests include reading, exercising, volunteering at children's schools, family-oriented activities, and vacationing. Wants and Preferences: Rachelle is looking for semi-sweet chocolate chips to make tasty goodies, that will be set up for the upcoming bake sale. Personal and Professional Goals: Rachelle's personal and professional goals are to continue to succeed at her current place of employment and be present for her family. Shopping Habits and Preferences: Rachelle loves to shop, she is a bargain shopper and tends to stay loyal to her favorite brands. Lifestyle: Rachelle is an active mom, who enjoys baking as a way to relieve stress from her busy life. PROMOTION FIRST MARKETING CHANNEL
3 Description of first marketing channel: The first marketing communication channel I will use is social media. The added benefit of utilizing a digital channel is that it will directly impact your target audience with the ability to communicate the product’s value. Social media gives you several options to expand your brand with customer interaction by utilizing discounts for inviting others to like or share your page. Increased interaction can also be achieved through your target audience's partnerships with social media influencers. In this case, the target audience will be millennials ages 20-40. Why this channel is appropriate for this persona: This marketing channel is appropriate for Rachelle because like most busy mom's in her age group when she has a free moment she hops on to social media. Whether she is posting photos of her kid’s last soccer game or checking out her favorite vloggers, an ad is bound to be seen in the scrolling process. SECOND MARKETING CHANNEL Description of second marketing channel: My second marketing channel would be television. There is a television in most homes in the US which means there is a great potential for your product to be viewed in a commercial. Although commercials may seem like an annoyance they have a certain influence when it comes time to choose a certain product. Why this channel is appropriate for this persona: The second marketing channel is appropriate for Rachelle because she loves to sit down at the end of the night and watch her favorite shows. This is her time after everyone has gone to bed to settle down and gather herself. She enjoys watching cooking and crime shows most of all and could potentially see a commercial selling this product. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Competitor pricing is setting the price of your product to that of your competitor. What the competitor charges affect pricing because if they price the product lower than yours the target audience may purchase the item from the competition. Doing this will cause your company to potentially lose some of your customer base due to the competitor offering a lower price. How pricing factor is used to determine pricing: It is important to determine a price that appeals to your customer while also holding the value of your product. Pricing your product out of the market range could potentially cost you sales and customers.
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help