Promotion and Pricing Strategies for Healthy Carob Bars

1 Module Four Milestone Worksheet: Promotion and Price Sheri Curley Southern New Hampshire University MKT 205: Applied Marketing Strategies Melinda Salzer September 25, 2022

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Amanda, 36 PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: My first marketing communication channel will be Social Media. This could be Instagram, TikTok, and/or Facebook. Creating Ads, videos, and content will help to market the carob bar to our target area. Why this channel is appropriate for this persona: I think this is appropriate as the persona I created from market research spends most of their down time on social media. I think this is the most effective way to advertise the carob bar. SECOND MARKETING CHANNEL Description of second marketing channel: The second marketing communication channel I choose is Podcasts. I think it would be beneficial to team up with some of the top listened to podcasts currently and market our carob bar this way. Why this channel is appropriate for this persona: I think podcasts are an appropriate channel because the target market listens to these while multi tasking as well as in downtime. Podcasts are listened to in the car, while working out, grocery shopping, cleaning, etc. PRICE PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY Target-market price sensitivity: Target-market price sensitivity is about researching your target to know what is important to them. Do they associate price with quality? Do they have a specific budget? Do they prefer deals or sales? How pricing factor is used to determine pricing: We are already an established brand but coming out with a new product specifically for our target market. We know our target-market is

3 into trends and healthier alternatives and does a mix of higher end grocers along with buy in bulk stores. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: The general advantage would be that a lot of our market would be able to buy at a lower price point and once they try it we could win their brand loyalty. The drawback of doing this is we might lose premium customers who associate price with quality. Specific advantages and drawbacks of penetration pricing strategy: The advantage for our target-market is that it would reach a lot of consumers. The persona we created does like high- end health conscious grocers but also shops at places like Costco where you save money by buying in bulk. The drawback is this persona follows trends on social media and if we don't market this is as a premium product, it may not be enticing.

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4 REFERENCES Hayes, Adam. (2022, July 20). Social Media Marketing (SMS): What It Is, How It Works, Pros and Cons . Investopedia. https://www.investopedia.com/terms/s/social-media-marketing- smm.asp Galav, Akriti. (2022, January 24). How Podcasts play an important role in your digital marketing strategy . My Great Learning. https://www.mygreatlearning.com/blog/podcasts-play-an- important-role-in-digital-marketing-strategy/

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