Bus520 Marketing Plan Completion
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Marketing Plan CompletionTracy WellsBUS/520May 21, 2018Rachael KehoeMarketing Plan CompletionThis paper is discussing the product development and how there are eight steps in developing the product. When it comes to product development there are eight steps that need to be followed. This paper is also discussing the how a SWOT Analysis will help a business stay on track because it will let them make strategies.Product DevelopmentWhen it comes to product development the company should use a SWOT analysis, because this will help the business stay on track because it will let them make strategies and will let the company realize what it’s strength, weakness, needs, trends, expected ROI, and if the products or merchandise is affordable and when it comes to product development the business will need to consider the competition of the product, costs involved, pricing strategies, if they are going to be able to break even.  Concept development should give the business ideas of how the product will be placed on the market and at this time the business will need to finalize the  idea, it’s a moment in time for the business to consider and decide on the marketing and other business strategies that will be used. The business will also have to figure out the products profitability, a market to merge with, and use a branding strategy to decide on the product. There are other analytics to consider that might help the business competition of the product, cost involved, pricing strategies, breaking even, and product development, the product will need to be tested in this analytic process. If the customers have a negative feedback on the product then some changes will need to be made, commercialization—if the product is ready to be put on the market and in businesses then the marketing strategies should be put into place. This is where markets are decided for the product to be sold in and this is where different departments are involved and duties and targets are put into place. But there are decisions that will need to be made when putting the product on the market by introducing it and then getting feedback on the product from the customer and the initial stage of the actual product lifecycle is considered (Pahwa, 2017). PricingWhen it comes to pricing a product the business will need to take into consideration the location of the business, the people that they receive within the business so that they are able to set the price as to the economy of the people and the type of people they get in their business. If the cost of products is too low (according to the consumer) – the buyers will refuse to make a purchase, as he/she will have hesitation of the quality of the products. If the price of the merchandise is too high (according to the consumer) – the shoppers will decline to buy anything, as he/she will not agree to pay. but if the price of the goods will not correspond to the cost of the shopper’s concepts – the probability of the purchase will be maximum. The formula for calculating the cost of the product with the perceived value method of pricing is that the product will need to be reasonable or the customers may not want the product because they are able to get it somewhere else. Why include the adjustment factor because when calculating the cost of the product with the method of the alleged value, it is important to keep up the positive variation between the real value of merchandise and the real cost, in other words, set the price of the merchandise be somewhat lower (approximately 5-10%) of the alleged value. In this case, the purchase of merchandise would seem beneficial to the customer (Promodo 2004 — 2018).
Channels of DistributionMarketing channels will be the way that goods and services are ready and obtainable for use by customers. Channels of distributions and selling will depend on the way the goods are circulated. No matter how the products and services are circulated the business will need to make sure the goods is properly set and ready to go for the consumers and the customers and possibly the vendors (Blunt, 2018). With merchandise it will go through all types of distribution channels such as manufacturer to customer, manufacturer to retailers to consumers, manufacturers to wholesaler to customers and manufacturer to agent to wholesaler to retailer to customers. With the channel distribution it will help the merchandise spread around the world and in different stores and communities so therefore this may help the product sell better and quicker (Blunt, 2018).With the channels of distribution the product could be sent through different channels such as: social media, mobile, websites, call center, print, email, warehouse, merchant, sales, tracking, customers and trading with different area and different stores. The different types of channel distribution will help spread the merchandise throughout to see where it will sell the best and how much it will go for. The business will need to have a survey ready so that consumers and customers can give their feedback on the merchandise (Shutterstock, Inc, 2003-2018).Promotional Plan In the environment of the advertising mix up, promotion represents the variety of aspects of market message, that is, the announcement of information about the product with the goal of generating a positive customer response. Market communication decisions consist of: Promotional strategy (push, pull, etc.)  Advertising Personal selling & sales force  Sales promotions community relations & public advertising, communications budgetA promotional plan will help with the product because the business will need to decide on how much the product will cost. A promotional plan contains a detailed plan for increasing a business or marketing a particular item for consumption. The Business will have to take fairly a lot of factors into account when you write a promotional plan, such as a budget limitation, past sales and your preferred outcome. The business may have to share your plan with other business partners, investors, lenders and your employees, so it must be full of clear and concise information, including the specific actions that you intend to take. Once you have implemented your promotional plan, you must keep it on file so you can track your steps forward towards your goals.A business will need to write down a sketch and to do so they will need to do the following: they will need to gather information and recent bank statements for their company, they will need their financial details whether on paper or on the computer that will list the things they sell and the operating cost of the merchandise, they will need to have a time to start the merchandise to sell. Know who their customers are and have an explanation of the idea and make a plan for the merchandise and know when to put the plan in place, know exactly where you would like for the merchandise to go so that there is no confusion when it is time and know how to advertise the merchandise so that customers can see, and keep a list of the areas of where the merchandise is going, and set targets so that the customers know you are on target for the merchandise (Ciaran, 2018).