MKT205_Project

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Southern New Hampshire University *

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MKT205

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Marketing

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Feb 20, 2024

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1 MKT 205 Project William Donovan Southern New Hampshire University MKT 205: Applied Marketing Strategies Ursula Wefers December 17, 2023

2 PRODUCT “healthy” carob (chocolate substitute) bars PERSONA Sarah, 30 DEMOGRAPHICS Location: My persona will be middle class living in a family home Marital Status: My persona will be married Occupation and Income: My persona will be employed full time and will be middle class Education Level: My persona will be educated but not necessarily have an degree PSYCHOGRAPHICS Hobbies and Interests: Health conscious, enjoys outdoors, and has an active lifestyle Wants and Preferences: Doesnt want to sacrifice flavor but wants the health benefit of something healthy Personal and Professional Goals: Has a career and wants to move up the corporate ladder without sacrificing time with their family Shopping Habits and Preferences: Shops regularly in store and online Lifestyle: Occasionally drinks, Socializing with small groups PROMOTION FIRST MARKETING CHANNEL Description of first marketing channel: For my first marketing Communication I will be using social media. Given the other channels I feel this one would produce the best results. I feel like word of month just goes hand and hand with any product. With confindence and knowing that our product satify a larger customer base word of mouth will happen without efforts on our part. The other channells I just feel wont get as much attention as Social Media.

3 Why this channel is appropriate for this persona: My demographic uses social media regularly. Because social media can track your location I can tailor my m arketing efforts to certain area. Also social media tracks hobbies and interest so less cost time will need to be spent finding my target market. SECOND MARKETING CHANNEL Description of second marketing channel: For my second marketing channel I will be choosing influencer marketing. With my first marketing channel being social media I feel these can work well together. I dont want to choose the other marketing channels cause of my demographic. Why this channel is appropriate for this persona: In todays market the younger generation want to be like their role models and like the celebrities they follow. With using a influencer market the company has the potential of reaching millions instantly. In order for my marketing channels to achieve ve the best outcome I choose two that would work well together. PRICE PRICING FACTOR: COMPETITOR PRICING Competitor pricing: Our pricing factor is competitor pricing. With competoring pricing you get paremters of what your product cost on the low side as well as what it cost on the high side. If you have high prices and other competitors are priced significantly lower you will typically struggle more to sell your product. How pricing factor is used to determine pricing: The reason we choose competitive pricing is to avoid having to convince our customer to still buy our product even though there are several competitors selling similar products for cheaper. PRICING STRATEGY: PENETRATION General advantages and drawbacks of penetration pricing strategy: A drawback to the pentration pricing strategy is that you ay have to price the product lower then what it could sell for. The advantage of this however is that you gain a high customer base that you you can adjust pricing in the future that they'll still buy. Specific advantages and drawbacks of penetration pricing strategy: The number one drawback to penetration pricing strategy is having to start selling product at such a low price. That being said the advantage that I will have is as the market changes and hopefully the demand goes up I will have loyal customer base that will be willing to pay higher prices later on.

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4 PLACE CHANGES IN THE MARKETPLACE Change in the marketplace: People dont want to pay full price. More sellers are offering some type of discount to keep customers How the change addresses the distribution of products to my persona: How our product would do ten years ago amongst the same economy class is vastly different then today market. Middle class with the struggling economy are less concern about health and more concern with convience and saving. So bundle deals will be available to our online customers from the convience of their own home. DISTRIBUTION CHANNEL Potential distribution channel and why it is appropriate for my product and persona: For our distribution channel I am recommending a wholesaler. There are several retailers with in my target area however a wholesaler could reach more in less time. The allows my persona to see the product at several locations they may stop at while still having the option to buy online as well. PRODUCT How product should be marketed in relation to meeting the needs and wants of my persona: Our product fulfills a desire, people love sweets but hate indulging due to the health aspect. Our persona still has the urges to eat sweet but is very health concious we offer a solution. Now our persona can have the best of both worlds with our our new chocoalate bliss product with zero guilt. How bringing this product to the marketplace helps support and build the Chocolate Bliss brand: Chocoalate has mostly been the same products just a different level of quality. With us offering a healthy alternative not only are we still catering to our already existing customer base but a a whole new customer base. By opening up to a new customer base thats increase in sales as well as customer loyalty. EVALUATION How to evaluate the effectiveness of the marketing plan: I believe in order for a marketing plan to be effective all coponets of the plan need to thorough. In judging the effectiveness, I

5 should see a breakdown and bullet points regarding our products target market as well as an analysis of our competition. Two quantitative data collection tools I could use to evaluate the marketing plan: 1) Quantitative Surveys: The following can be ascertained with the assistance of a quantitative survey. 2) Experiments: Products that generate value can be marketed in accordance with the results of rigorous experiments. In regards to experiments I use the following illustration: a vehicle that has been subjected to rigorous road conditions, high temperatures, and collusion will contribute to the development of a superior product. It is entirely possible to market it as a safe and effective product. So for Chocolate Bliss we plan on doing the same to gives us an edge on competitors Two qualitative data collection tools I could use to evaluate the marketing plan: Focus groups: Participants assemble in small groups under a moderated environment to engage in discourse and share their viewpoints concerning the marketing strategy. Chocolate Bliss may employ this approach to rapidly gathering feedback from a heterogeneous cohort of participants in order to evaluate marketing messages, concepts, or product attributes. By drawing on the participants' collective knowledge, the discussions may also disclose opportunities for enhancement and assist in identifying the marketing plan's strengths and limitations. In-depth interviews consist of bilateral discussions between the researcher and the participants, during which the latter are motivated to offer comprehensive and intricate answers. The examinations may be carried out in person or via video conferencing. When assessing a marketing strategy, comprehensive interviews can be utilized to acquire profound understandings and gain a deeper understanding of consumers' attitudes, motivations, perceptions, and behaviors concerning the marketed product or service.

6 REFERENCES Retrived on November 3, 2023 from https://www.bodyandsoul.com.au https://directiveconsulting.com/resources/glossary/marketing-channel/ (Retrieved on November 15th, 2023) https://www.bigcommerce.com/articles/ecommerce/influencer-marketing/ (Retrieved on November 15th, 2023) Indeed, Distribution Strategy: Definition and Examples retrieved on Dec 1, 2023 from https://www.indeed.com/career-advice/career-development/distribution- strategy#:~:text=For%20instance%2C%20a%20product%20may,be%20the%20product %27s%20distribution%20channel.

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