Description
Week 8 Assignment - Promotion and Pricing Strategies
Introduction
"Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company's target customers and describes how it will attract and keep them. The process does not have to be complex." (Scarborough & Cornwall, 2015, p. 274).
Overview
With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.
Instructions
Using the business from the assignment, Feasibility Analysis, write a 3–4 page paper in which you:
- Identify its primary target market.
- Specify three methods you will use to research customer needs and wants.
- Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement or distribution.
- Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
- Include at least two references outside the textbook.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
- Create a marketing plan to help a business effectively promote its products and services.
Explanation & Answer
View attached explanation and answer. Let me know if you have any questions.Hi, I finished. Please check my work and contact me if you have any doubts. I'm uploading the paper plus a small outline. Bye
Outline
Introduction
Primary Target Market
Research Methodologies
Marketing Mix
•
Product
•
Price
•
Placement
•
Promotion
Marketing Budget
References
Introduction
This marketing plan is designed to support the launch of a new business focused on providing
premium spa services for both health related issues or cosmetic purposes. The spa market has
been growing at very fast rates especially due to the positive health effects associated with them.
Therapeutic massages have shown to improve blood circulation, and distribution of oxygen and
nutrients to cells especially towards the body’s extremities. They have also been associated with
stimulating the lymphatic system (Somkeatkun & Wongsurawat, 2017). The popularity of health
spas ahs increased significantly over the past years and they represent a fast growing market and
a very good business opportunity especially for urban areas with rapid population growth,
especially of younger adults.
Primary Target Market
By 2015, there existed more than 100,000 spas located in different areas of the world and
the global spa market was estimated at $99 billion per year (Schmidt, 2017). The spa industry
continues to grow at a very fast rate, and the United States is the largest global market. There are
over 24,000 spas functioning in the country with an estimated annual revenue of $16 billion. As
modern life becom...