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Place and Price Analysis

Place and Price Analysis

Continue your exploration of your chosen product by completing a product and price analysis.

Introduction

Companies need to decide how will they distribute their products, which distribution channels they will use, and which pricing approaches and strategies they will apply in order to both make a profit and make the price attractive to the final consumer . . . you.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Accurately identify where the product or service is sold.
    • Accurately define the pricing system along with its characteristics and impact on the marketing mix.
    • Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Provide an evaluation of the pricing system and its impact on economic success.
  • Competency 3: Examine the relationship of basic marketing strategies to business success.
    • Provide an evaluation of place strategies and its impact on business success.
  • Competency 4: Apply effective marketing planning and implementation.
    • Accurately detail the chosen product\’s distribution channels.

Note: Assessments 1–3 in this course require you to complete a marketing analysis. Because they build on each other, it is recommended but not required that you complete them in sequence.

Overview

Continue with the second part of your marketing analysis and focus on the next of the 4 Ps—the price and place actions of your chosen company.

Preparation

Rather than picking a service-oriented company, pick one that makes or sells products. Use the same company for all assessments in this course. Try to go beyond the typical consumer electronic offerings, such as Apple. If you are in doubt about your chosen company but if it will work for the project, please ask your faculty member.

Instructions

Create a place analysis in which you do the following:

  • Accurately identify all areas where the product or service is sold.
  • Accurately analyze the chosen product or service\’s distribution channels.
    • How are they getting their product to market?
    • Which distribution strategies are being used to effectively create a competitive advantage?
  • Provide an analysis of the place strategies and their effect on business success.
    • Describe how the distribution decisions affect the other Ps in the marketing mix.
    • What recommendations can you make in terms of distribution decisions that may improve business success?

Create a price analysis in which you do the following:

  • Accurately analyze the pricing system along with its characteristics and effect on the marketing mix.
    • Which pricing strategy does the company use, and how does it compare to similar products in the product category?
  • Analyze the pricing strategy\’s impact on the economic success of the company?
    • Describe the effect of the pricing strategy on the overall success of the company.

In both analyses:

  • Cite any resources you use.
  • Be sure your analyses present a focused purpose through strong organizational skills. Also be sure they present evidence through strong paraphrasing/summarizing and appropriate tone and sentence structure.

ADDITIONAL REQUIREMENTS

  • Written communication: Communication should be clear and well organized, and support a central idea, with no technical writing errors, as expected of a business professional.
  • References: References and citations are formatted in a consistent style, with a preference for using Evidence and APA.
  • Number of resources: Use a minimum of three scholarly resources related to the content of the assessment.
  • Length of paper: Approximately 3–4 typed, double-spaced pages, in addition to the title and references pages.
  • Font and font size: Times New Roman, 12 point.

Competencies Measured(please make sure competencies are answered in subtitles)

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Accurately identify where the product or service is sold.
    • Accurately define the pricing system along with its characteristics and impact on the marketing mix.
    • Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Provide an evaluation of the pricing system and its impact on economic success.
  • Competency 3: Examine the relationship of basic marketing strategies to business success.
    • Provide an evaluation of place strategies and its impact on business success.
  • Competency 4: Apply effective marketing planning and implementation.
    • Accurately detail the chosen product\’s distribution channels.

Promotion Analysis Company Marketing Analysis

Promotion Analysis Company Marketing Analysis

Create a promotion analysis, the final component for your chosen company\’s marketing analysis.

Introduction

A company can promote its products and services in a variety of ways, such as traditional media like TV, radio, and newspaper. But today’s age of social media and smartphones has opened up the ability to connect with the target market via apps, texting, online coupons, and \”e-bates.\” The goal is to get the consumer to buy and form a loyalty to a company and brand.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Describe who represents the product.
    • Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Discuss the implications of an integrated marketing program to business economic success.
  • Competency 4: Apply effective marketing planning and implementation.
    • Discuss the effectiveness of the promotion strategy and the impact on the marketing mix.
    • Accurately describe the company\’s communication strategy (communication channels or media).
  • Competency 6: Evaluate management implications of marketing and sales plans.
    • Discuss the sales process or techniques and how it impacts marketing and sales plans.

Note: Assessments 1–3 in this course require you to complete a marketing analysis. Because they build on each other, it is recommended but not required that you complete them in sequence.

Overview

This assessment allows you to analyze in depth a product of your choice. You will be able to look in a detailed manner at how your chosen company maximizes the branding of the product, at the competition, and at how the company positions the product in the marketplace.

Preparation

Pick a company that makes or sells products, not a service-oriented company. Use the same company for all assessments in this course. Try to go beyond the typical consumer electronics offerings, such as Apple. If you are in doubt about your chosen company but if it will work for the project, please ask your faculty member.

Instructions

Submit your analysis for the final P (promotion) for your chosen company\’s product or service. Your analysis should cover all aspects related to promoting the product, including to the customer, as well as to other promotional audiences:

  • Analyze the sales process or techniques and how it impacts marketing and sales plans. What suggestions do you have for potential improvements?
  • Analyze choices of who represents the product. Do you consider the choices to be optimal?
  • Analyze the company\’s communication strategy, including both the communication channels and the media.
  • Analyze the effectiveness of the promotion strategy, including how promotional efforts affect decisions for the marketing and sales plans. What are the cost implications of the promotion strategy?
  • Analyze the implications of the company\’s integrated marketing program, including the impact on business economic success.
  • Cite any sources you use.
  • Be sure your analyses present a focused purpose through strong organizational skills. Also be sure to present evidence through strong paraphrasing/summarizing and appropriate tone and sentence structure.

ADDITIONAL REQUIREMENTS

  • Written communication: Communication should be clear and well organized, and support a central idea, with no technical writing errors, as expected of a business professional.
  • References: References and citations are formatted in consistent style, with a preference for using APA Style and Formatting.
  • Number of resources: Use a minimum of three scholarly resources related to the content of the assessment.
  • Length of paper: Approximately 2–3 typed, double-spaced pages, in addition to the title and references pages.
  • Font and font size: Times New Roman, 12 point.

Competencies Measured(please answer competencies as sub topics)

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Describe who represents the product.
    • Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Discuss the implications of an integrated marketing program to business economic success.
  • Competency 4: Apply effective marketing planning and implementation.
    • Discuss the effectiveness of the promotion strategy and the impact on the marketing mix.
    • Accurately describe the company\’s communication strategy (communication channels or media).
  • Competency 6: Evaluate management implications of marketing and sales plans.
    • Discuss the sales process or techniques and how it impacts marketing and sales plans.

Creating a Sales Plan

Creating a Sales Plan

Create a sales plan for your chosen product and company, including goals and the means to motivate your team.

Introduction

Sales activities and processes vary by organization and individual but generally include prospecting, using a pre-approach, using an approach, making the sales presentation, overcoming objections, closing the sale, and having postsales follow-up.

Much of the process is information gathering to allow a salesperson to make the right pitch to the consumer that will match the consumer needs with the product or service benefits and features.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 1: Examine the basic marketing models for a business or organization.
    • Describe who represents the product.
    • Address assessment purpose in a well-organized text, incorporating appropriate evidence and tone in grammatically sound sentences.
  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Discuss the implications of an integrated marketing program to business economic success.
  • Competency 4: Apply effective marketing planning and implementation.
    • Discuss the effectiveness of the promotion strategy and the impact on the marketing mix.
    • Accurately describe the company\’s communication strategy (communication channels or media).
  • Competency 6: Evaluate management implications of marketing and sales plans.
    • Discuss the sales process or techniques and how it impacts marketing and sales plans.

Note: Assessments 1–3 in this course require you to complete a marketing analysis, and this assessment requires you to complete a sales plan. Because those all build on each other, it is recommended but not required that you complete them in sequence.

Instructions

Using the company and product or service you used for Assessments 1–3, create a sales plan in which you do the following:

  • Define and analyze a set of sales goals for the business (being sure they are measurable), and justify why those goals were chosen.
  • Analyze viable sales strategies and at least two tactics that are suited to the target market, and explain why they are suitable and were selected.
  • Create methods or actions to motivate and manage your sales team, including why the methods or actions can be successful.
  • Create a well-supported evaluation plan with plausible and thoughtful rationales.
  • Analyze an integrated marketing plan, including how it will impact the sales plan and business.
  • Cite any sources you use.

ADDITIONAL REQUIREMENTS

  • Written communication: Communication should be clear and well organized, and support a central idea, with no technical writing errors, as expected of a business professional.
  • References: References and citations are formatted in a consistent style, with a preference for using APA Style and Formatting.
  • Number of resources: Use a minimum of three scholarly resources related to the content of the assessment.
  • Length of paper: Approximately 5–6 typed, double-spaced pages, in addition to the title and references pages.
  • Font and font size: Times New Roman, 12 point.

Competencies Measured

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 2: Relate the importance of an integrated marketing program to the economic impact of a business.
    • Describe how an integrated marketing plan will impact the business and sales plan.
  • Competency 5: Develop a sales plan.
    • Define a set of measurable sales goals for the business.
    • Identify viable strategies and sales tactics.
    • Describe methods to motivate staff.
  • Competency 6: Evaluate management implications of marketing and sales plans.
    • Create an evaluation plan.