Promotion and Pricing Strategies

“Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274).

With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Using the business from Assignment 2, write a three to four (3-4) page paper in which you:

1. Identify its primary target market.
2. Specify three (3) methods you will use to research customer needs and wants.
3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.
4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
5. Include at least two (2) references outside the textbook.

Your assignment must follow these formatting requirements:

• This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link).
• Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

• Describe and analyze the necessary activities and key decisions to start a small business.
• Use technology and information resources to research issues in small business management.
• Write clearly and concisely about small business management using proper writing mechanics.