In the next several units, you will be creating a marketing plan for a company. Submit a draft of your marketing plan to your instructor for review and feedback. This draft only needs to include a discussion of the product or service that you select and the pricing strategy that you anticipate to use. The details to include are provided below.
In this section, discuss your proposed product strategy.
- Identify the company for which you will be creating a marketing plan, and describe the product or service. If you choose a large global company, you must create a new product; however, this new product may be an upgrade of an existing product. Also, make certain that you select a company that you have not used for other assignments in the course.
- Explain how your product or service will be classified according to use, durability, and involvement.
- Identify where your product or service falls on the product life cycle.
- Identify pricing goal(s).
- Discuss key determinants of price.
- Compare and contrast different pricing methods to choose a pricing strategy
- Explain how you might fine-tune the base price with price-adjustment strategies.