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Essay Available:
Pages:
2 pages/≈550 words
Sources:
1 Source
Style:
APA
Subject:
Business & Marketing
Type:
Research Paper
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 10.37
Topic:

Product Promotion and Pricing Strategies

Research Paper Instructions:

Overview
In the Module Two milestone, you selected a product and developed a persona that reflects your target market. Your work on this milestone must be based on the same product selection. Review the feedback from your instructor on your persona and make any needed improvements before completing this assignment. Your work on this milestone must be based on that corrected persona.
In this milestone, you will consider promotion, specifically marketing communication channels, and price.
You will receive instructor feedback on this milestone, revise your work, and add it to your project submission.
Prompt
Complete the Module Four Milestone Worksheet in your Soomo webtext and submit it for instructor feedback. To navigate to the worksheet, click the Contents button on the upper right, then select the Milestone: Module Four Milestone tab from the Chapter Four drop-down menu. Use the persona from your Module Two Milestone, with revisions based on instructor feedback, as the basis for this milestone.
Specifically, you must address the following rubric criteria:
Promotion
Recommend two marketing communication channels for your chosen product. Briefly describe each and explain why they are appropriate based on your persona.
Price
Explain how one of the following is used to determine the approach to pricing for any offering.
Company profitability
Competitor pricing
Target market price sensitivity
Identify which one of the four basic pricing strategies (skimming, premium, economy, or penetration) you feel is most appropriate for your chosen product and persona, and describe the general advantages and drawbacks of that pricing strategy.

Research Paper Sample Content Preview:

Promotion and Price
Student’s Name
Institution
Course Number and Name
Instructor’s Name
Date
Promotion and Price
Chocolate Bliss must engage in appropriate product promotion and pricing to launch healthy carob bars successfully. It can increase the speed of product acceptance and the target market's willingness to buy healthy carob by utilizing the following promotion and pricing strategies:
Promotion
Chocolate Bliss can use digital advertisement and direct marketing to promote Healthy carob bars.
Digital Advertisement
Digital or online advertisement involves product promotion using digital media. According to Boone and Kurt (2022), companies increasingly use digital media, such as social networking sites and websites, to promote their products to a target audience. Chocolate Bliss can use digital advertising as a marketing communication channel to promote healthy carob bars to its target market. Digital advertising is appropriate for the persona because she is a digital media enthusiast. Specifically, Amy enjoys connecting with friends and family through online communication. She relies on social networking sites for online networking and interactions. Chocolate bliss can use paid digital advertising on social networking sites such as TikTok and Instagram, which are popular among Amy’s generation (Generation Z). The company can advertise directly to its target market by selecting who sees its adverts on these social networking sites.
Direct Marketing
Direct marketing involves communicating directly with the target market to promote products and services. It allows companies to engage in interactive communication with individuals rather than the mass through posts, emails, and telephone (Hollensen & Opresnik, 2019). Chocolate Bliss should use email marketing as the preferred direct marketing channel. It can send specific messages to its target audience, represented by Amy, through email. Amy prefers online communication, and emails are a form of online communication. Emails w...
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