Assignment 3: Part C: Branding, Pricing, Distribution Strategy (Essay Sample)
To conclude your marketing plan, in Assignment 3, you will describe the company's, marketing strategy, implementation strategy, expansion plan, social media strategy, monitoring methods, and integrated marketing communication strategy.
Note: You may create and / or make all necessary assumptions needed for the completion of this assignment.
Write a six to seven (6-7) page paper in which you:
Develop the company's branding, pricing, and distribution strategy.
Classify the company's major competitors as inter- or intra-competitors. Categorize the competitors' major strengths and weaknesses.
Develop the differentiation strategy in relation to the closest competitor.
Establish whether the company's intention is to be a leader or follower within the industry.
Specify two (2) social media and / or media tools that you would use as you develop your plan. Justify each of your chosen tools.
Suggest the integrated marketing communications that are most relevant for your marketing plan. Relate each marketing communication to your company's advertising strategy.
Use at least five (5) academic resources that address sustainability and monitoring of effective marketing plans and determine the applicability for your hypothetical company. These resources should be industry specific and relate to your chosen product / service. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
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 assignment page length.
The specific course learning outcomes associated with this assignment are:
Develop strategies to assess performance and achieve marketing goals.
Develop pricing strategies and distribution channels for products.
Analyze integrated marketing communications and its relationship to advertising strategy.
Evaluate marketing research tools involved in the marketing process.
Use technology and information resources to research issues in marketing management.
Write clearly and concisely about marketing management using proper writing mechanics.
Part C: Marketing Plan
Part C: Marketing Plan
Branding, Pricing, and Distribution Strategy
Branding will determine to a great extent whether or not the new product will be successful in the market. As informed by Douglas, Craig, & Nijssen (2001), branding plays a vital role in establishing a firm’s position and visibility in the market. Therefore, for the success of Vico-jet, it is essential that an effective branding strategy is created.
Having a purpose is important for the product’s brand success. Vico-jet is created to meet the customer’s need for a dependable bike in terms of technology, speed, and reliability. These are the aspects of the product that will connect customers to the company. To ensure consistency, the marketing of the product will focus on its specific features that deliver satisfaction to the customers. In this case, the features that Vico-jet will be founded on are the use of latest technology and speed. Every promotional strategy of the firm will focus on demonstrating the ability of the bikes to meet these features. These features will be promoted in such a way that they appeal to the emotions of the customer. This will play a role in bringing the customers closer to the firm. With the consistency of the promotion of these features of Vico-jet, repeated communication will be achieved. The branding strategy of the product will not be complete without its logo. Every promotion will carry with itself the logo of the product as well as that of the firm. This will ensure the product remains in the minds of its target market.
In regards to pricing strategy, Vico-jet will be priced higher than the market average for bicycles. Therefore, premium pricing strategy will be applied. The company expects that it will be able to capture the attention of customers while selling the product at @$250. This price is justified given the investment the company will make in regards to integrating latest technology to ensure satisfaction by customers. In addition, it creates the perception of a high value of the product. The promotional efforts of the firm are expected to create a high-value impression in order to capture the market.
Distribution is a crucial element of the marketing strategy as determines how the product will reach the final consumer. In this case, the distribution strategy of Vico-jet will focus on using the traditional channels of the firm. With Techno-Bikes Inc. dealing with other products, it will be easy and less costly for the firm to use its traditional channels for distribution. The production center in the U.S will primarily be used for distribution the product in Texas during the beginning of the operations for Vico-jet. However, as the product grows in the international market, the product will be shipped from the manufacturing center in Shanghai to various specific markets around the world.
The major competitors for Vico-jet will be the products of the major industry players; Hyundai and Suzuki. With Techno Bikes dealing with other bicycle products, the firm will be dealing with both intra- and inter-competitors. The other bicycle products of the firm will be providing intra-competition, while products of other big players in the industry such as Hyundai and Suzuki will provide inter-competition. These are the companies that Techno-bike will take on as it starts operations.
Suzuki is one of the companies renowned worldwide for its automobiles and motorbikes. It will provide competition to Vico-jet since it produces motorized bicycles. In addition, with Techno-Bike Inc also producing Vico-Motor Jets, Suzuki emerges as one of its major competitors. A major strength of Suzuki is its experience in the market. However, since it is based in Japan, its weakness is the distribution of products in the Te...
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