Question

Marketing Mix (4 P’s): Product - overall product positioning, Product positioning, Product design considerations, Scope of product line

Price – pricing strategy, What is the pricing objective and strategy; skimming, penetration, market holding, cost plus, etc., Currency fluctuations/exchange rates, Inflation within the country, Government controls, Ethical consideration with the price of the product

Distribution Channels: Distribution channels to use: An established channel within the country, Must motivate the existing distribution channel to sell your product, Build your own channel

Global Digital Promotional Strategy – Integrated Marketing Communication

Identify the digital IMC plan that works best for the marketing mix and strategy. Come up with a digital communication strategy and present the practical implementation of it.

What is the One Voice Communication message (copy or written slogan)?

How will you represent this message (visual)?

How will you digitally communicate your marketing message to your target market? Digiatal strategyfor each promotional area used in your IMC.

Campaign Timeline – visual representation of the integration of tactical executions in a Timeline!

Advertising – Paid Media, Display Ads, Rich Media Ads, E-Mail advertisements, Text Link Ads

Sponsored Content

Public Relations – Blogs/Chat/Social Media, Facebook, Twitter, LinkedIn, Youtube

Promotions: Text coupons, Online sweepstake, Online games, QR codes

Expectations: . Must include slogan, visual layouts of promotions and promotional implementation plan and calendar

Answer 1

Pricing is one of the important elements of marketing mix. It is essential to achieve success in a business which guides in setting the cost of a product or service.it helps in maximizing sales growth, targeting & capturing market share. Pricing affects other elements of marketing mix such as product features, channel decisions & promotions. A companies pricing objective reflects a company’s financial, strategic & product goals. Firm’s use various types of pricing strategies depending on their business & financial goals.

1) Skimming: In this strategy a firm charges a high initial price in the early stage of a product’s life cycle because this firm is offering it for first time in the market. It is designed in such a way to gain maximum revenue advantage before other competitors enter into the market with similar products. As a certain segment of consumers will buy this product at high price to be ahead of the game, firms can expect maximum profits from them.

2) Penetration: In penetration pricing strategy the main goal is to capture market share by entering the market at relatively low prices. This strategy is made to motivate consumers to switch to new product or service. Though in the initial stage of a business this strategy can result in some losses but hope is that in future it will help in capturing a market share.

3) Market holding: The market holding price strategy has a tactical goal which seeks to keep product prices in line with same or similar products offered by other competitors. It helps in maintaining stable level of profit generated from a product or service by avoiding a price war where no one has an advantage. It prevents prices from falling at levels which result in losses for all competitors.

4) Cost plus: In this type of price strategy a firm sets the price of a product at the production cost plus a certain profit margin.