This section of the Marketing Plan will assess the marketing strategies or the controllables to include the entire marketing mix (4 P's). Think about the most effective strategies to use with an eye on the target market. Include your rationale and research to support your position. Additionally, you will include a discussion of whether the fictional company has a competitive advantage (or is better than its competitors) with respect to each area.
Note: You will discuss competitive advantage four times and should be discussing each area separately.
Product Strategies Explain the product characteristics including the product and/or service qualities, warranties, service contracts, packaging, and branding opportunities.
Include rationale. Discuss whether the company has a competitive advantage with respect to product.
Place Strategies Explain the entire channel of distribution from the manufacturer to the consumer. Think about how the channel aligns with the overall logistics and the location of the physical facility.
Include rationale. Discuss whether the company has a competitive advantage with respect to place.
Pricing Strategies Explain the pricing strategies and tactics to be used by your company. Research the various combinations of strategies that could be used by the company at different times.
Include rationale. Discuss whether the company has a competitive advantage with respect to pricing.
Promotional Strategies Explain the promotional mix to be used, thinking about personal selling, advertising, sales promotion, internet marketing, and publicity. Think about promotional mediums as well. Include rationale. Discuss whether the company has a competitive advantage with respect to promotion.