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MKT 4-2 Milestone: Promotion and Price

In the Module Two milestone, you selected a product and developed a persona that reflects your target market. Your work on this milestone must be based on the same product selection Gourmet truffles with fruit, herb, and flower extract infusions

In this milestone, you will consider promotion, specifically marketing communication channels, and price.

Prompt

• Select a Product
• Define the Target Market
• Define Demographic Characteristics
• Define Psychographic Characteristics
• Create Your Reference Page
• Describe the Persona’s Location
• Describe the Persona’s Marital Status
• Describe the Persona’s Occupation and Income
• Describe the Persona’s Education
• Describe the Persona’s Hobbies and Interests
• Describe the Persona’s Wants and Preferences
• Describe the Persona’s Personal and Professional Goals
• Describe the Persona’s Shopping Habits and Preferences
• Describe the Persona’s Lifestyle-Related Habits and Preferences
• Choose Your Persona’s Name and Age
• Your Reference Page
• Describe the Persona’s Shopping Habits
• Describe the Persona’s Lifestyle
• Choose Your Persona’s Name and Age
• Describe Your First Channel
• Describe Your Second Channel
• Add Your Research Sources
• Choose a Pricing Factor
• Analyze Your Pricing Factor
• Choose a Pricing Strategy
• Analyze Your Pricing Strategy
• Add Your Research Sources

• Promotion
  • Recommend two marketing communication channels for your chosen product. Briefly describe each and explain why they are appropriate based on your persona.
• Price
  • Explain how one of the following is used to determine the approach to pricing for any offering.
    • Company profitability
    • Competitor pricing
    • Target market price sensitivity
  • Identify which one of the four basic pricing strategies (skimming, premium, economy, or penetration) you feel is most appropriate for your chosen product and persona, and describe the general advantages and drawbacks of that pricing strategy.