Assignment 3: Promotion and Pricing Strategies

Due Week 8 and worth 135 points “Entrepreneurs must determine what to sell, to whom and how often, on what terms and at what price, and how to get the product or service to the customer. In short, a marketing plan identifies a company’s target customers and describes how it will attract and keep them. The process does not have to be complex.” (Scarborough & Cornwall, 2015, p. 274). With this assignment, you will address some of the basic areas within a marketing plan and help to refine your strategies for creating a successful business.

Using the business from Assignment 2, write a three to four (3-4) page paper in which you:

1. Identify its primary target market.

2. Specify three (3) methods you will use to research customer needs and wants.

3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.

4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.

5. Include at least two (2) references outside the textbook.

Your assignment must follow these formatting requirements:

· This course requires use of Strayer Writing Standards (SWS). The format may be different than other Strayer University courses. Please take a moment to review the SWS documentation for details (more information and an example is included in the Strayer Writing Standards left menu link).

· Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required page length.

The specific course learning outcomes associated with this assignment are:

· Describe and analyze the necessary activities and key decisions to start a small business.

· Use technology and information resources to research issues in small business management.

· Write clearly and concisely about small business management using proper writing mechanics.

Click here to view the grading rubric.

Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing skills, using the following rubric.

Points: 135Assignment 3: Promotion and Pricing Strategies
CriteriaUnacceptable Below 60% FMeets Minimum Expectations 60-69% DFair 70-79% CProficient 80-89% BExemplary 90-100% A
1. Identify its primary target market. Weight: 20%Did not submit or incompletely identified its primary target market.Insufficiently identified its primary target market.Partially identified its primary target market.Satisfactorily identified its primary target market.Thoroughly identified its primary target market.
2. Specify three (3) methods you will use to research customer needs and wants. Weight: 25%Did not submit or incompletely specifed three (3) methods you will use to research customer needs and wants.Insufficiently specifed three (3) methods you will use to research customer needs and wants.Partially specifed three (3) methods you will use to research customer needs and wants.Satisfactorily specifed three (3) methods you will use to research customer needs and wants.Thoroughly specifed three (3) methods you will use to research customer needs and wants.
3. Describe the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution. Weight: 20%Did not submit or incompletely described the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.Insufficiently described the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.Partially described the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.Satisfactorily described the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.Thoroughly described the marketing mix: a) product, b) pricing strategy, c) promotion, and d) placement/distribution.
4. Create a one-year advertising budget and plan that incorporates the use of various advertising media and publicity. Weight: 20%Did not submit or incompletely created a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.Insufficiently created a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.Partially created a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.Satisfactorily created a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.Thoroughly created a one-year advertising budget and plan that incorporates the use of various advertising media and publicity.
5. Two (2) references outside the textbook Weight: 5%No references providedDoes not meet the required number of references; all references poor quality choices.Does not meet the required number of references; some references poor quality choices.Meets number of required references; all references high quality choices.Exceeds number of required references; all references high quality choices.
6. Clarity, writing mechanics, and formatting requirements. Weight: 10%More than 8 errors present7-8 errors present5-6 errors present3-4 errors present0-2 errors