Who are the customers for the cricket products? Be sure to consider market segment and segmentation.
Part I – Identify a target market (Who wants/needs these?)
Who are the customers for the cricket products? Be sure to consider market segment and segmentation. Example: The demographics of my target market are . . . The psychographics of my target market are . . . etc. Be sure to explain what factors were involved in choosing your type of segmentation for each demographic.
Part II – Identify the marketing mix
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Order Paper Now1. Product/Service Management (Product): Businesses must decide which products to offer customers.
o What is the name of your product and/or company? Why did you choose this name for your product?
o What is your slogan?
o Describe the product that will be offered in detail!
o How will the product be packaged? Describe your packaging in detail!
o Explain the level of quality of your crickets and why you chose this level of quality.
o Will guarantees or warranties be offered? Explain the terms of your guarantee or warranty. If you are not offering one, explain why you made that decision.
o Provide a prototype of your package. Yes, you need something tangible. Even though you cannot get it to me, be sure to describe it in detail or take a picture and send. Be creative and make it attractive and marketable.
2. Pricing (Price): The amount a business charges customers for a product.
o Similar items are selling for $2.89 per package. Should prices vary? Why or why not?
o What is the price of your product?
o How did you decide on this price? Is your price based on competitor’s current price, cost of production + markup, consumers? (Cost + Markup = Retail Price)
o When will the product be discounted?
o Who are your top 3 competitors?
3. Channel Management (Place): Having the product available at the right time and location. AKA: distribution
o What is your plan for channel of distribution and identify any channel members involved. (Manufacturers, Distributors/Transportation, Agents, Wholesalers, Retailers, Customers)
o Will the product be sold in a department store, boutique, discount store, specialty store, or on the Internet? List the store(s) where your crickets will be sold and explain why you chose these locations.
4. Promotion: Informing and reminding customers of products available to them and persuading them to purchase. Promotion includes advertising, sales promotion, and publicity.
Describe the 3 CREATIVE ways you will promote your product. Be sure to include details such as: type of promotion, where it will take place, often, etc. (contests, games, celebrity endorsement, coupons, etc.) Think about what are the most effective form(s) of communication for these products.
Part III – Marketing Functions
1. Selling: How will you utilize personal selling and salespeople? Will you need additional salespeople at particular times of the day or year? Explain!
2. Marketing Information Management: Describe the 3 ways you will gather information to help make business decisions. Remember, you may need to gather information before and after the release of your product. (where will this info come from, how will it be used?)
3. Take a SWOT at it! List your product’s one biggest strength, weakness, opportunity, and threat. Identify one problem you anticipate and solution to help you prevent/manage the issue.
4. Social Media: Describe your social and mobile marketing campaign.
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