Using information in the Building Knowledge and course reading assignments, complete a paper that defines and describes how the innovation will be produced, priced, distributed and promoted. Your paper will include
- Product (Note that the term “product” is used to refer to either a service or a good.)
- Describe the core, actual and augmented product.
- Describe how the product will be designed and created.
- Define the products key features and benefits.
- Describe how the product will get from the company to the customer – will it be sold directly from the company to the customer or will it be sold through channel partners such as distributors and wholesalers.
- Describe why this is the best option.
- If the product is sold directly to a customer describe the retail location or locations that will be used.
- Explain why those Place decisions address the customer needs.
- Describe the type of promotion and selling efforts that will be needed to make customers aware of the product and be motivated to buy.
- Determine what digital media support is necessary to promote and sell the product.
- Estimate overall costs to establish the sales and promotion strategy and annual costs to maintain it.
- Define the type of pricing strategy that will be used and explain why this type was selected.
- Describe how the pricing strategy fits with the customer profile
- Explain how the pricing strategy achieves the company goals.
Assemble all four sections of the marketing mix strategies in a 5-7page paper. Use references from the text and course material to support your decisions. Submit as directed by your facilitator.