Reference no: EM133259486

Assignment - Marketing Plan Paper

Description - These discussion questions should be based on the Marketing Plan that is being developed. Information contained in the attached documents should be used for the creation of the responses for Discussion A & B. Please reach out if you have any questions.

A. This will require the Excel sheet, as well as 200-250 word written narrative. Please submit Excel sheet, and narrative in Word Document. Utilize at least one scholarly source.

In this activity, you will create a Worksheet/Spreadsheet to help you understand some of the financial considerations marketing managers must think about when calculating costs/expenses and projected revenue for introducing a new product to the marketplace. COSTS: Think about the product you and your team are planning on introducing to your target market. What do you think are some of the specific variable and fixed costs you need to consider? In this spreadsheet worksheet, there are a number of line items listed. Some of these are not pertinent to your product.

Now look at projecting revenues for a new product implementation. Assuming your product will hit the market on January of the next year, project what you think your product will bring in revenue over the first year by month; the 2nd year by quarter and the 3rd year by quarter. For example, if your product is a new type of running shoe and you are implementing it regionally starting in New England, you likely will sell more in the spring and summer than in the winter. Think about those kinds of variations when doing your projections by month and by quarter.

B. 300-350 response in Word Document. Minimum 2 Scholarly Sources (APA Format)

In this module, you reviewed many of the different factors that influence the pricing process. One aspect of the pricing process is the brand image and the brand equity related to the product (discussed in previous modules). Explain how these two items may influence the price you can establish for your product as it relates to your Team Project Product. Support your answer with additional outside materials (apart from the text).

1. What do you think your brand image is in terms of quality and value to your consumer? Are you high-end, low-end or in-between? Explain as it relates to your major competitor.

2. Given the image you want to project and where you are in the Product Life Cycle (studied in previous modules), what type of pricing scheme do you think you should use (e.g., prestige pricing, penetration pricing, skimming pricing, bundle pricing, odd-even, value, etc.)? Why will this scheme work best for your target market?

3. What do you think your final price might be for this product? Provide a realistic range and discuss why.

4. Cite and list sources to support your comments using APA format.