Components of a Marketing Plan Part 2: Price, Promotion, Environment, and the Concept to Commercialization Process
- Field: Business Finance – Accounting
Solace Wear &Textile Company is what its going to be written about
Purpose of Assignment
The purpose of this assignment is to continue to have students place themselves in the role of a marketing research and planning team leader while completing the last half of the team’s project that was started in Week 3. Students will be researching and making decisions on price setting, promotion strategies, environmental forces/scanning, and steps to bringing their company’s product from concept to commercialization.
Resources: Marketing: Ch. 1: pg. 4-10; Ch. 3: pg. 72-92; Ch. 8: pg. 210-223; Ch. 10: pg. 274-281; Ch. 13: pg. 350-352; Chapter 17: pg. 472-475; Ch. 18: pg. 519-526; Ch. 19: pg. 556-558
Scenario: Using the same organization and product/service you used in the Week 3 learning team assignment and the same scenario, you will be presenting the following analyses to the board of directors and stakeholders. They will be using these analyses to make their final decision on how, and if, to launch your company’s new and unique product/service.
Develop a minimum 1,050-word analysis addressing the following:
- Conduct an environmental scan for your company focusing on which of the five external forces the company is likely to be impacted by and what actions they will need to take to overcome them.
- Select and describe the price strategy your company will use to launch its product/service. Why is that strategy the best choice and will it need to be adjusted over the duration of the Product Life Cycle (PLC)? Why or why not?
- Select four of the following methods and explain how they should be used by your company. Explain the reasoning why they align best with your target segment and product:
- Public relations
- Traditional Digital marketing
- Sales promotion
- Analyze how your company will implement the New-Product Development Process (seven stages) to bring your product/service from concept to commercialization.
Cite a minimum of three peer-reviewed sources.At least one source should be from the course materials and at least one source from the University Library.
Format your paper consistent with APA guidelines.