Promotion and Pricing Strategies
Identification of target market
In business, product promotion is one of the key factors that run a particular business. The other factor that helps the ongoing business is pricing. In this report, I will discuss the strategies I would use to come up with an advertising plan and price my product. I have a fashion collection of bands of shoes. Over 50 percent of my customers are married women, while about 35 percent of them are single women and the remaining percentage are men who are not quite into the fashion industry. Therefore, I do not stock many men’s shoes with the information I have, but there is a channel of women’s shoe collection. It has also made me question how to improve men’s interest and increase the buying from women. Before pointing out my long-term strategy, I would first collect the data from the customers.
Methods of Research
Firstly, I would consider the primary method, which is conducting interviews with customers. It is not as simple as it seems since customer’s reactions to the questions are unpredicted, and also, the feedback may not be accurate. All in all, I would consider focusing on the main problem, which is how to improve my product sales. To do this, I will not concentrate on advertising but on the customer’s preference (Blank, 2020). With the ongoing pandemic, I will prefer video chatting with customers rather than using emails, which might result in delayed feedback. With video chatting, I can identify verbal and non-verbal expressions from customers (Blank, 2020).
The second method I would use to gather information is by observation and analysis. It is important to observe the trend of customer visits and order to know the time the demand increases and why that period, like during winter, ladies tend to buy high boots due to the cool temperature (Ainsworth, 2019). It can also be archived by analyzing my competitors on how they promote their products and customer service type. With the information, I later compare with my production concerning the customers’ trend and the strategies conducted by my competitors.
The other method I would use to gather information about my product is listening to the compliments and reviewing customers’ products. It usually opens up every business organization’s eyes since they can approximate their production and customer relation. Since there is an application for my product for orders, a platform has been put there to allow customers to review the shoes sold by rating and evaluating the service. It is a type of data collection called quantitative data collection that involves gathering and analyzing responses from the service or product receiver; in this case, customers (Ainsworth, 2019).
The Marketing Mix
The first strategy I will improve from the data collection will be my product. The product is among the four marketingmix, which is the best way to ensure a product and service’s marketing. The market mix is used as the backbone of marketing in that they help in placing a product or service in the right place and time to understand the potential of the product (Luenendonk, 2019). With a product, both the seller and the buyers need to understand the essence of its existence. For my shoe collection, I need to understand the importance and challenges my products face. To achieve this, I should know my shoes’ potential buyers and understand their backgrounds and cultures (Luenendonk, 2019).
Pricing is also a key factor in the market mix. The price is the approximated amount the final consumer pays for the possession or receiving of the products involved. It is the determination of the quality of the product. If I price my shoes higher than their value, their demand will reduce (Luenendonk, 2019). If I also price them lower than their value, the demand will decrease because buyers will doubt the quality. Therefore, my pricing needs to be accurate for me to make sales.
It is the actions involved with improving the brand andimage of a product with the aim of increasing sales of the product. In other terms, promotion may involve activities like sales promotion, advertising, and activities that involve good public relations. Therefore it is important for me no note that promotion is not marketing alone but the communication technique of the marketing process. Every promotion should suit the product, customers involved and the pricing of the product (Luenendonk, 2019).
The other term is placement, it is the way in which the produst is issed to the customers keeping in mind that distribution is the crucial part of placement. The strategy will aid the evaluation of the type of channel to use for the product. The way in which the customer gets the product should blend with the rest of market mix (Luenendonk, 2019). With my product, the placement of the shoes is flexible. I have a strategic store and with my app, there is an option of delivering the shoes once bought.
One year-Advertising Budget
I will end by describing the long-term advertising approach that I had already hinted at before—with the creation of the mobile application, advertising my products online has been achieved since it is linked with every social media platform, including Instagram, Facebook, and YouTube. Paying for its advertisement is one of the long-term strategies that I will achieve by paying Google to advertise my collection on their platforms using the AdSense approach.It may cost approximately $ 80,000 that I have set aside as my budget. It is one of the best approaches since most of my target customers are based on social media. With the ongoing coronavirus outbreak, it is the safest way of advertising.
Avg. CPN monthly
Display advertising on the mobile app
Paid Advertisement on Adsence
Social media Advertising
Previuos Annual Returns
Blank, S. (2020, June 8). Customer interviews: Tips, do’s, and don’ts. Retrieved from https://venturewell.org/customer-interviews/
Ainsworth, Q. (2019, September 27). Data collection methods. Retrieved from https://www.jotform.com/data-collection-methods/
Luenendonk, M. (2019, September 18). Understanding the marketing mix concept – 4Ps | Cleverism. Retrieved from https://www.cleverism.com/understanding-marketing-mix-conce
Selling of online instructions to young ones on tolerance is a noble cause with the potential of penetrating the market because the majority of countries have been experiencing issues of racism that has been passed over through generations, thus resulting in a discrepancy in value-based life. Sharing of values despite race and color is appealing to society because it is through this value classification that has seen unnecessary killings, discrimination, and police brutality in the U.S. The entity will be aiming at making an impact in the lives of the young ones without making a profit because the platform will be driven as a non-profit religious organization. The entrepreneur is guided by his experience which gives him a competitive advantage.
Industry and market feasibility
The selling of instructions to private preschoolers and elementary students about sharing common values as human beings is a viable idea that has not been ventured by many people in the United States. Educating people on race relations has been neglected due to existing perceptions about race interaction and stereotypes that come with it. It is an attractive intervention because young people and especially those in preschool and elementary will have a new idea of the significance of interaction without considering race and any other ethnic difference. The new niche of this business which is to teach about race relations through the communication of video clips encourages living by certain values that guide people as one society. The video clips will be displaying people fromdifferent races interacting towards accomplishing various noble causes. This would help enlighten parents who have been sheltering their children from learning the experiences of the world. However, such parents would be secondary audiences in this intervention. Besides, what the young ones require is to grow up being open-minded people and knowledge-driven to become successful people in the future with no race inclination whatsoever.
Product or service feasibility
Having preschoolers and elementary students as the audience, the business service which is to teach tolerance and bias training at a young age would be appealing as it will be introducing new practices that encourage sharing of values as human beings without considering where one comes from or the race which they belong. It is a service intended to introduce new normal in sharing ideas and interacting freely from a young age.The hostile racial environment even for teachers guiding these young kids in the United States makes it hard to establish a harmonious environment when interacting with students (Kohli, 2018). This, therefore, means that the service will be favorable in learning institutions.
The service will be aimed at making an impact on American children. Although the intervention may incur some financial costs, the expectations are non-financial returns because the platform will be driven through a religious organization which is a non-profit entity. The impact created is also financial feasibility because it intends to create and improve an environment which is racial free (Berry, 2017). Many children will adapt to new interactive interventions as a new normal in their entire lives despite some given financial constraints in running the platform.
The entrepreneur is potentially ready to drive the idea through the guidance of his ethics which fits well in this business as they employ the use of Holy Scriptures to emphasize the significance of being tolerant in life. The readiness of the entrepreneur is seemingly incorporating the concept of innovation which would relatively result in great yields in achieving this noble cause. The entrepreneur seeks not to change the history of discrepancies in human values regarding racism, and stereotyping in the United States but aims at making it known and understood from a young age. His personal experience creates a pathway to the success of this endeavor.
Modification of the business idea
According to the assessment done, the business idea can be modified a little bit to accommodate parents especially mothers as a secondary audience because they spend most of the time with the young ones. Having been enlightened through this forum, they can take a central part in molding their children according to the teachings from this platform. Besides, this can also incorporate some media houses in relaying this teaching through advertisements among other means that would disseminate this information accordingly to the children and their parents. Having incorporated media in this noble cause, it is easy to reach a large number of young ones in the United States and across the world in general.
Selling online instructions to private preschoolers and elementary students on sharing common values and embracing tolerance will be the service offered by this business. Therefore, the young ones will be the primary audiences. The entity will be aiming at making a positive impact in addressing racism through video clips showing people from different races engaging in common activities to positively impact society. However, the business idea could be modified to accommodate mothers as the closest guardians to children so that they can guide them through this important intervention.
Berry, G. R. (2017). Feasibility analysis for the new venture nonprofit enterprise. New England Journal of Entrepreneurship, 20(2), 4.
Kohli, R. (2018). Behind school doors: The impact of hostile racial climates on urban teachers of color. Urban Education, 53(3), 307-333.For more information on Supply Chain Management and Financial Plan read :https://en.wikipedia.org/w/index.php?search=Supply+Chain+Management+and+Financial+Plan&title=Special%3ASearch&go=Go&ns0=1