Explain pricing strategies and tactics to be used by company

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Reference no: EM131430676

MARKETING ASSIGNMENT

Travel Today, a well-known travel agency that has been serving customers for 25 years, has experienced a slow- down of business over the last five years. They are of the belief that the internet has enabled customers to plan and book their own vacations. Their business development department has begun researching possible alternative new product/service offerings with the idea of re-capturing some of their lost customers.

Product Strategies
Place Strategies
Pricing Strategies
Promotional Strategies

This section of the Marketing Plan will assess the marketing strategies or the controllable to include the entire marketing mix (4 P's). Think about the most effective strategies to use with an eye on the target market. Include your rationale and research to support your position. Additionally, you will include a discussion of whether the fictional company has a competitive advantage (or is better than its competitors) with respect to each area. Note: You will discuss competitive advantage four times and should be discussing each area separately.

Product Strategies

Explain the product characteristics including the product and/or service qualities, warranties, service contracts, packaging, and branding opportunities. Include rationale. Discuss whether the company has a competitive advantage with respect to product.

Place Strategies

Explain the entire channel of distribution from the manufacturer to the consumer. Think about how the channel aligns with the overall logistics and the location of the physical facility. Include rationale. Discuss whether the company has a competitive advantage with respect to place.

Pricing Strategies

Explain the pricing strategies and tactics to be used by your company. Research the various combinations of strategies that could be used by the company at different times. Include rationale. Discuss whether the company has a competitive advantage with respect to pricing.

Promotional Strategies

Explain the promotional mix to be used, thinking about personal selling, advertising, sales promotion, internet marketing, and publicity. Think about promotional mediums as well. Include rationale. Discuss whether the company has a competitive advantage with respect to promotion.

The APA formatted assignment should be a minimum of four pages in length (not including the title and references pages), allowing for you to adequately discuss all four areas of the marketing mix. Be sure to use the subheadings as given above. Because this assignment is a comprehensive plan, additional research and support should be included. You are required to use a minimum of three peer-reviewed, academic sources that are no more than five years old.

Reference no: EM131430676

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