Strategy Paper 4 mktg 360

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Washington State University *

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360

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Marketing

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Feb 20, 2024

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MKTG 360 Please use this page as the title page/cover sheet for the paper. STRATEGY PAPER 4: Promotion and Pricing Group #: Names: Company or product: /6 How well the report fulfills the assignment /9 How well the report demonstrates an understanding of marketing principles /9 Depth of research, analysis, and insights /6 Quality of writing (communication and mechanics) /30 TOTAL

Please answer each question in the white space below the question box. Please format your answers in proper paragraphs, using 12 point type and double spacing. This paper is expected to be about 3-6 pages long. 1. What methods does the company use for promotion? The methods YETI uses for promotion are; sales promotion, advertising, and publicity. 2. If advertising is used, which media are used? The main advertising media YETI uses are magazines/print, video, and social media. 3. If social media are used, which platforms are used? YETI utilizes several different social media platforms such as Twitter, Instagram, and YouTube. 4. Evaluate the effectiveness of the promotion strategy in terms of the promotion objectives of informing, persuading, and reminding. The effectiveness of YETI's promotion strategy in terms of the promotion objectives informing, persuading, and reminding I would say overall successful. Proof of success consists in YETI’s financial portfolio, "In 2021, YETI Holdings's revenue was $1.41 billion, an increase of 29.24% compared to the previous year's $1.09 billion" (Yeti Holdings, Inc. (YETI) stock price, Quote & News). YETI has had tremendous growth ever since YETI utilized promotion strategies to their ultimate potential. Based on the article How yeti is growing its brand with 'A thousand little connection points', according to its annual report YETI spent $61.9 million in advertising in 2021 (Yan, 2022). YETI brought awareness to consumers of a quality product that was in good demand in the market and captured the interest of hundreds to thousands of outdoor-loving people in the right demographics. Then they persuaded people that this product is one to desire and cannot live without. Following through with reminding customers of all of the products YETI creates and regularly upgrading the products they already have to a greater one. 5. What recommendations would you make regarding the "promotion" element of the marketing mix for this company? Think creatively for some recommendation even if you see no deficiency for the promotion element currently.

I would recommend YETI invest in some outdoor media advertising such as billboards in high- traffic areas as well as more TV commercial ads. I would also suggest that YETI would have more sales promotions to capture the interest of new customers and keep the interest of buying more products from loyal customers. YETI focuses the majority of its promotion budget on social media advertisements such as its website and YouTube videos, but considering the target market is outdoor-loving consumers, YETI is lacking in catalogs and magazines one can take with them on the road to skim. 6. What pricing methods and/or policies are being used? Explain. 7. How are the products priced in relation to products from competing companies? 8. Are the prices for the products considerably different depending on where they are purchased (e.g. at different stores, on line, etc.?) 9. What recommendations would you make regarding the "pricing" element of the marketing mix for this company? Think creatively for some recommendation even if you see no deficiency for the pricing element currently. References: Yan, J. (2022, July 14). How yeti is growing its brand with 'A thousand little connection points' . Ad Age. Retrieved December 1, 2022, from https://adage.com/article/marketing-news- strategy/yetis-sales-are-growing-behind-marketing-strategy/2423251#:~:text=Yeti's %20advertising%20costs%20were%20%2461.9,according%20to%20its%20annual %20report. Yeti Holdings, Inc. (YETI) stock price, Quote & News . Stock Analysis. (n.d.). Retrieved December 1, 2022, from https://stockanalysis.com/stocks/yeti/

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