MKT205_Module_Four_Milestone

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1 Module Four Milestone Worksheet: Promotion and Price Amanda Robaska Southern New Hampshire University MKT 205: Applied Marketing Strategies David Maddox November 19, 2023

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Her name is Claire., She is 42. PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: The first marketing communication channel that we would be using is an in-person event. A taste testing at a grocery store or a booth near the YMCA she and her family attends. Why this channel is appropriate for this persona: Claire loves to socialize. Whether she is out with her family, friends, or coworkers. She is most likely to pay attention to something that is more in her face, or out in the world than something that is on TV or on the radio. SECOND MARKETING CHANNEL Description of second marketing channel: My second marketing communication channel would be a little less traditional and i would use digital marketing. I would like to use social media. I think this would work for my target market. Especially because everyone uses it for one reason or another. Why this channel is appropriate for this persona: I would choose the digital marketing channel as my second option because again, Claire likes to be social. She likes to see what her friends and family are up to using social media and she is more likely to see come across ads as she is using these platforms. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Competitor pricing is when the seller knows that the buyer has already done their homework and that the buyer understands the cost of the comparable items. The seller has to price their items to entice those buyers to buy their items instead. The seller needs

3 to take into consideration things like if their item is considered premium to the competitor then they can charge a higher price. How pricing factor is used to determine pricing: Right now we are competing with Rise Bars. I think because we are promoting our secret family recipe and maintaining "small batches" we can compare our pricing to the Rise bar and raise our price above theirs by just a few cents to make ours look premium to theirs. PRICING STRATEGY: PREMIUM General advantages and drawbacks of premium pricing strategy: I think the advantages of a premium pricing strategy will work well here because the higher cost will raise our profits faster. The downside is that because we want our target market to know we are premium to our rivals we will have to spend a little bit more on marketing our brand. The premium pricing strategy falls on the high end of quality and price! Specific advantages and drawbacks of premium pricing strategy: I think this pricing strategy will work well for my target market. Clare is always in the market for something new and healthy for herself and family. Again she is very social and likes to keep up with the Jones' as they say. I think if the chocolate is marketed this way she will be more likely to take a second look.

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4 REFERENCES Tanner, J., & Raymond, M. A. (2023). Applied marketing strategies (2nd ed.). Soomo Learning. https://www.webtexts.com

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