Assignment : Product & Price
Using the Waters Bottling Company in Module 1, continue to build the Marketing Plan Sections for the product you have selected/ invented/ created. Complete the following in MS Word: Be concise but complete in your analysis of each plan element. Your employer wants to know you have left nothing out in your analysis.
Scenario:
You are the new marketing manager to The Waters Bottling Company (WBC) of Munsonville, NH. They have never done any marketing for their water before so they will need to be educated as to the role of marketing in their company's success. They started their company last year and want to "do it right" according to their president and founder, Dr. M. Waters. (The M stands for Muddy so he prudently only uses the initial. He also is rather fond of Blues music, which he would like to incorporate into the marketing plan in some way.) They want to sell their crystal clear, granite filtered mountain water to the "right" market. It is your job to identify that target market. At this point, they don't even know how the product should be packaged or have a name to identify it. You will get to make that determination and carry that product through the entire Marketing Plan.
This assignment represents Section 3 of the Marketing Plan. Use the guide to identify the sections of the Marketing Plan and the marketing elements contained therein. This assignment will focus on Section 3- Product & Price (Module 3).
Section 3 - Product & Price (Module 3 LASA 1)
The Product
o Product Levels: Core, Actual, & Augmented (Packaging)
o Product Life Cycle
o BSC Model
Services Marketing
Price Determination & Pricing Strategies
o Supply & Demand
o Competition
o Objectives and Strategies
You will create a complete Marketing Plan by the end of the course. You will write the third section of the Marketing Plan for this assignment. Use the Marketing Plan guide to identify the sections of the Marketing Plan and the marketing elements contained therein. This assignment will focus on Section 3 - The Product & Pricing (Module 3).
Relate all responses using the WBC scenario and the product you have selected to market in Module 1. Create a 4- to 6-page Word document for your Marketing Plan Section. Apply a standard business writing style using the
Market Planning Guide sections as your (headers/ sub heads/ bullets) to your work. Be sure to cite your work in the APA format.
Assignment 2 Grading Criteria
Determine the features/ benefits of the selected product. Include the Core, Actual, and Augmented product characteristics in your analysis.
Identify the stages of the product's life cycle and what will take place for your selected product in each stage.
Discuss the BSC Model for your product. Examine the Services Marketing aspects of this product.
Discuss the elements for determining the price.
Compare the various Pricing Strategies for this product.
Explain the Supply & Demand aspects as they relate to the pricing strategy.
Analyze competitive pricing for similar products.
Discuss pricing as it relates to company objectives and strategies.
Writing components: Demonstrated understanding of readings, interpreting concepts, making connections, and distinguishing between fact and opinion. Presented a structured report free of spelling and grammatical errors, and applied current writing standards for editorial style, expression of ideas, and format of text, citations, and references.