Reference no: EM133393229

Design a product's value proposition using branding, pricing, and sales promotions.

GEL-8.03: Apply critical thinking to formulate a logical solution to a problem.

According to Kotler et al. (2022), well-differentiated products can create a significant competitive advantage. Therefore, creating a distinctive aura for a product helps distance it from competitors. Moreover, marketers must have strong pricing strategies to remain profitable and competitive.

Read the scenario and address the checklist items in line with the goals of a hired marketing consultant by Carlo.

Scenario (fictional): In 2020, Carlo or Carlo's Pizza* launched a new concept of eating pizza - conical pizza! Instead of eating pizza in its traditional form, the pizza dough is eaten like an ice cream cone. The cones are made through a patented device created by Carlo. This technique allows consumers to eat pizza on the go with one hand. Therefore, the pizza does not drip with grease or sauce. The cones are personalized with whatever fixings the consumer desires. Toni is currently using a cost-based strategy for pricing. Market research indicated this product would be a huge success. The organization even started franchising the concept in 2021. Nevertheless, the company has had lackluster sales. Toni believes the company needs a better product and pricing strategy.

Generic Goals:

• Sell several hundred thousand units.
• Create awareness of new product line to new, prospective clients.
• Incorporate digital marketing.
• Hire more employees.
• Target B2B clients.
• Identify the best distribution model for selling to customers.

Part One

Checklist:

• Provide a brief introduction to the scenario and define the problem.
• Describe attributes of how marketers can differentiate their products from their competitors.
• Explain several attributes from the scenario to differentiate the product.
• Explain the packaging and labeling for the product.
• Design a proposed product portfolio design, including width, length, depth, and consistency

Part Two

Checklist:

• Integrate a service with your product using the five determinants of service quality. Provide specific examples for each determinant.
• Describe the concept of branding.
• Create a brand mantra for the product.
• Design secondary sources of the brand referencing, using specific examples for your product.
• Recommend three incentives to market your product to customers.
• Explain the pricing goals using the four common pricing objectives.
• Recommend a pricing method.