Pricing Strategy Of Water Gym
- Project Paper and Presentation Due Date Week 10 (the night before class meeting)
- Submit your project using assignment tab.
- Combine the paper and all required appendices into 1 PDF file.
- Save file with students names First Name, Last Name Initial (e.g. Group 1_Jeanny L, Robbin C, Astrid S).
- Part I: Current Industry Situation and Goal Setting
Discuss the Overall Industry Information. (1) Identify relevant current competitors that share similar product idea as yours. (2) Identify any potential threats and opportunities in the industry. Create a chart that compares your competitors product and your product offering. (3) Discuss the various segments in the industry. (4) Perform a SWOT analysis. (5) Define the goals of your team? For example, our goal is to help XYZ company to thrive in the ABC market, specifically YHK segment, providing IOP value, to the NMB targeted consumers.Part II: Select Target Market & Assess Demand
Select Target Market. (1) Which unique group did you pick? (2) How big approximately is this group? (3) Use the Need-Based Segmentation to help you understand your TM better. Additionally, how do they behave/think/act or shop for your product? What are their values, beliefs, attitudes? (4) Why are they a good choice for your product? (5) Provide a profile/persona of your target market in appendix.
Assess potential demand in the market (e.g., Purchase Demand, Market Share, Industry Buyer Behavior Trends). Predict future sales. Determine the associated costs and financial resources necessary. (1) Determine your pricing strategy. (2) Forecast the size of your TM. (3) Factor Market Share likelihood or competition. (4) Provide a sales forecast in the appendix.
Provide any secondary data or references used for determining your target market and sales predictions.Part III: Marketing Mix Program (Note: This should be the most integral and creative component of your marketing plan)
Proposed Product/Service Value Offering. (1) What is your value offering equation? (2) What are the specific quality measure at high level vs detail? (3) How does your value offering meet the needs of your target market? (4) Use a perceptual map to identify your competition and feature your unique value. Provide any secondary data that are relevant from your research. Reports, graphs, statistics, etc.
Describe your proposed product strategy (e.g. attributes, variety etc.). Product (1) Evaluate the current product and make any creative recommendations for product/service that would add value to the present offering (e.g. additional services, product extensions, product changes, more variety, service repackaging, etc.)? (2) Which stage of the product life cycle do you think your product class or category is in? Why?
Describe your proposed pricing strategy (e.g. penetration, skimming, etc.). Price (1) What recommendations do you have for future pricing strategies? What are some of the key constraints? (2) What type of pricing strategy do you think should be appropriate for the new product/service? (3) What type of pricing (not promotional) discounts or allowances should be offered to the trade or to consumers? (4) Provide a detailed pricing that you will be charging to your TM.
Describe your proposed promotional effort. How will the product be promoted? What message will it appeal to the target market? Where will you promote the product? Provide the specific channels and the advertising messages that will be used. Promotion (1) Develop the promotional plan for the new product/service. (2) Describe the theme, wording, slogan, story line, (3) Create sample advertising print(s) from scratch, and (4) be sure to address how you plan to use each of the four promotional mix elements (e.g. advertising, personal selling, sales promotion, public relations).
Describe your proposed distribution strategy (e.g. outlet, channel, etc.). Distribution (1) Describe any recommended changes to your distribution strategies as you perceive them today (e.g. intensive, selective, exclusive). (2) Describe how the product/service will be made available to the target market (e.g. direct means, indirect means, utilization of intermediaries). (3) Provide the locations, states, or cities that you intend to roll out your plan.Part IV: Required Exhibits in Appendix
- SWOT Analysis
- Perceptual Map and Positioning Statement
- Value Equation
- Competitive/Product Analysis (e.g. competitors value propositions)
- A Need-Based Target Market Chart (e.g. a list of target market characteristics, starting from consumer needs assessment to demographic variables)
- Primary Research Analysis (if applicable)
- A Target Market Estimation. A Sales Projection
- Media Plan (Product Slogan to the Consumers, Sample Print AD, Sample Video)
- Reference Section (Label all tables and graphs)