Product, Price, Promotion & Placement
Phase III Individual Project
Product, Price, Promotion & Placement
Jerry W. Lane
Colorado Technical University Online
MKT305-0702B-01: Marketing and the Virtual Marketplace
Instructor: Edward Haberek Jr. MBA, PHD (Candidate)
June 18, 2007
Product, Price, Promotion & Placement Now that we have analyzed our marketing research and we have identified our potential target markets as being in the young adult to middle age adults and from the lower middle class and upward income bracket it is time to develop our plans to reach into these markets and grow IPT. How we target these markets is a series of techniques known as product, pricing, promotion and placement. We also know from the research that 35% of our customers would buy from a store front, 30% would order online or from a catalog, and our business customers would place direct orders.
Product
In the 4 “P’s” product is the lead element because this is what we sell and what we need to put in front of our customers. Our best products are always those that are unique or have a special niche market that does not have as much or less competition in the market. We have a special patented coating for our popcorn that sets us apart and this will be our lead product. Packaging of our product is especially important with a food related product. We want to emphasize the uniqueness and we want it to show, so we will use a clear bag with an Old Fashioned label that will be very appealing and desirable, our popcorn will look good unopened sitting on someone’s counter or table at home or in the office.
Pricing Because our product is unique we can demand a higher price than the other run of the mill popcorn producers. As a premium product we also establish IPT as the premier high end popcorn treat producer. Our pricing will also stay well within the range of other high end products. The rest of our product lines will be priced within the average range of other similar treats. Bulk business
Product, Price, Promotion & Placement
Jerry W. Lane
Colorado Technical University Online
MKT305-0702B-01: Marketing and the Virtual Marketplace
Instructor: Edward Haberek Jr. MBA, PHD (Candidate)
June 18, 2007
Product, Price, Promotion & Placement Now that we have analyzed our marketing research and we have identified our potential target markets as being in the young adult to middle age adults and from the lower middle class and upward income bracket it is time to develop our plans to reach into these markets and grow IPT. How we target these markets is a series of techniques known as product, pricing, promotion and placement. We also know from the research that 35% of our customers would buy from a store front, 30% would order online or from a catalog, and our business customers would place direct orders.
Product
In the 4 “P’s” product is the lead element because this is what we sell and what we need to put in front of our customers. Our best products are always those that are unique or have a special niche market that does not have as much or less competition in the market. We have a special patented coating for our popcorn that sets us apart and this will be our lead product. Packaging of our product is especially important with a food related product. We want to emphasize the uniqueness and we want it to show, so we will use a clear bag with an Old Fashioned label that will be very appealing and desirable, our popcorn will look good unopened sitting on someone’s counter or table at home or in the office.
Pricing Because our product is unique we can demand a higher price than the other run of the mill popcorn producers. As a premium product we also establish IPT as the premier high end popcorn treat producer. Our pricing will also stay well within the range of other high end products. The rest of our product lines will be priced within the average range of other similar treats. Bulk business
References: (Pereault William D McCarthy E Jerome 2006 Essential of Marketing: A Global-Managerial Approach)Pereault, William D., & McCarthy, E. Jerome (2006). Essential of Marketing: A Global-Managerial Approach (10th Edition ed., Rev.). New York, New York: McGraw-Hill/Irwin.