Pricing, Promotion, and Distribution Channels
In this final section of the paper, you are moving closer to an action plan. You understand what is happening and what will happen in the target market in the next five years. You have completed an extensive external analysis of the market and factors that impact it.
In this section of the paper, you will analyze the dominant pricing, promotional, and distribution strategies of the most significant potential competitors. You will use that analysis to develop a pricing strategy, outline a promotional plan, and identify the best distribution channel(s) of the target market for JGJ’s new offering. This is the last step in the marketing plan and it will be the most detailed and tactical in terms of specifics for the new product offering. In short, this section will outline how you will compete against the entrenched competitors who will not welcome you and allow you to come in and take some of their customers and profit.
Upon successful completion of this discussion, you will be able to:
Determine pricing strategies, price setting methods, distribution channels, and key channel members.
Analyze the effectiveness of emerging promotional strategies.
Textbook: The 30 Day MBA in Marketing: Your Fast Track Guide to Business Success, Ch. 6-7, pp. 115-150
Textbook: Value-based Marketing Strategy: Pricing and Costs for Relationship, Ch. 4
Textbook: Setting Profitable Prices: A Step-By-Step Guide to Pricing Strategy-Without Hiring a Consultant, Ch. 1-7, pp. 3-51
File: Market Analysis Report Template
Review the rubric to make sure you understand the criteria for earning your grade.
Construct a proposal to JGJ Inc. of 1000 words (+/- 50 words) using at least four credible and objective sources not provided as resources in the course in your analysis, plus at least one source provided in the course reading list.
Use the titles in the Market Analysis Report Template to create six sections for this part of the consultant’s report:
Analysis of Current Pricing Models in the Market
Analysis of Current Promotional Models in the Market
Analysis of Current Distribution Models in the Market
Recommended Pricing Strategy for JGJ Inc.
Recommended Promotional Strategy for JGJ Inc.
Recommended Distribution Strategy for JGJ Inc.
The first three sections require significant quantitative data and will be used to support the three recommendation sections. These analysis sections should provide a solid overview of existing competition with enough specifics from primary competitors to demonstrate a mastery of the market. You will not need to detail every competitor in the market; you should focus on those competitors which will be closest to JGJ Inc. in the positioning matrix and/or those who hold the largest market shares.
You do not need to necessarily use a different strategy than the competition in any of the three recommendation sections, but your recommendations must provide a logical and substantially strong argument for why your set of tactics will be successful. Going head-to-head is very difficult so your combination of tactics must meet the standard that it has a high likelihood of success. You should be creative and use the most current methods and trends to establish differentiation for your target customers.
Cite your work per current APA standards, however, indenting of the references is not required due to the discussion board format. (See OCLS APA Writing Styles Guides)
Post your initial proposal into the discussion forum as a post, not as an attached file.
Please note the relatively low point value of the initial report is not reflective of the time required or the importance of this assignment. The assignment should be viewed as the total of the initial report posted and the revised final report submitted and the combined total points for both steps. Further, your goal here is to provide your peer with a complete initial proposal so that you can receive valuable feedback to improve your revised final report.
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