MKT205_Module_Four_Milestone KBarrick

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1 Module Four Milestone Worksheet: Promotion and Price Kimberly Barrick Southern New Hampshire University MKT 205: Applied Marketing Strategies John Schroeder November 16, 2023

2 PRODUCT semisweet chocolate baking chips PERSONA Megan Mason, 34 PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel that I want to utilize is social media. Social media is a internet platform that allows people from all over to socialize and make new connections. There are groups that consist of people with the same interests to share idea's and tips on the shared interest the group focuses on. Social media also as advertising opportunities in the form of paid adds and the ability to connect with influencers. There are many different forms of social media that are used by many different groups of people. Why this channel is appropriate for this persona: Social media is an appropriate marketing communication channel for this product based on the persona I created. Megan frequents baking groups on social media so choosing to market though this cannel will make it easier to reach her and people like her. Through the use of videos, post, and possible influencer interaction, social media is a a easy way to communicate with potential customers like Megan. With most people using multiple social media platforms, there is a better chance to get engaged. (Newberry, 2023) SECOND MARKETING CHANNEL Description of second marketing channel: The second communication channel that I would choose for my product is blogs. Blogs can hold many opportunities for marketing products. There are blogs dedicated to specific brands and paid adds on other companies/peoples blogs. blogs are available to anyone with internet and are often visited for many reasons, some including things not related to anything the close to the product but the ability to advertise on them gives more views to the products. Why this channel is appropriate for this persona: Blogs are an appropriate communication channel for my persona. Megan frequents baking blogs, so using them as a marketing channel to reach her and people like her would be smart. There are recipe blogs (some of which are

3 sponsored by products) that could help promote my product. Blogs also include a good amount of paid advertising, which creates good marketing opportunities. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Competitor pricing is when a company decides whether or not to chare more or less for a product than other competitor companies. This pricing factor considers what other companies are charging for their products and services, which shows what the target audience for your product is willing to pay. Finding the right price points helps customers see that your product is not to pricey and also not cheap either, either of which might make them reconsider buying the product. How pricing factor is used to determine pricing: I think my chosen pricing factor will help set our product at the right price for the customers. With there being so many other companies that produce the same/similar products, knowing what they are charging helps us come up with a reasonable price. We will be able to see what types of chocolate chips people are buying and what they are willing to pay for them by using the market research others have already done and see what works for them and tweak the price to draw consumers in our direction. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: I think the general advantage of the penetration pricing strategy come from being able to draw our target market to the product by introducing it at a lower price. Starting at a lower price point enables more people to be able/want to try the new offering and create repeat customers once the initial pricing is over with. There are also some general disadvantages as well. One of these could be that the customer may stop buying the chocolates chips after the price is raised. Some customers could also assume that because the chocolate chips are so low priced that some customers may not want to try it because they associate low cost with bad equality. Specific advantages and drawbacks of penetration pricing strategy: I think that for my persona the advantages of penetration pricing will come from the fact that she is on the lookout for new products to try in with her home baking and the lower introductory price will draw her in because she enjoys baking for school functions, which requires a large amount of ingredients. She also may share the product in the baking groups she is a part of, which can cause a sales increase due to the amount of people that frequent the groups. A disadvantage of this strategy for my persona would be that if the price jump after the initial price is to high, she may move

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4 on to another company to try them if their price is lower, she could also be dissuaded by the low price and think that it is a low quality product.

5 REFERENCES Newberry, Christina. (October 4th 2023).Should You Post to All Social Media at Once? (TL;DR: Not Really). https://blog.hootsuite.com/post-to-all-social-media-at-once/#:~:text=Finally %2C%20consider%20that%20almost%20all,exact%20same%20content%20multiple %20times. Tanner, J., & Raymond, M. A. (2020). Applied marketing strategies . Soomo Learning. https://www.webtexts.com

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