Research-based Marketing Plan Initial Proposal - Pricing, Promotion, and Distribution Channels on the Topic/Industry: Biodegradable Plastic Bags(1000 words)

What Not To Do

• Do not make up information about JGJ’s current business; such as, JGJ’s current sales, location, products, etc. • All that is necessary is to know that JGJ is in a

related business to the market they want to enter which is the reason they are considering this new adventure

• Do not use the word “we” in your report because you are a consultant to JGJ not an employee

• Do not copy another student’s submission and use the information they wrote

• Do not copy/paste from resources without citing

• Do not submit an assignment that has been totally copied from the web. Instead, add in your own thoughts, ideas, suggestions. If you plagiarize, I must report it to the university and a mark will be on your record.

• Do not purchase an assignment from online sources

• Do not submit papers created by prior students

What To Do

• USE CRITICAL THINKING

• Think about how the information you researched would be helpful to a company (JGJ) that is considering entering a new business

• Evaluate the information and how it could be put into action

• Use your own experience to add ideas into your report for JGJ

• Help JGJ make a decision by providing valuable information and provide steps JGJ can implement

• Remember you have been hired and are getting paid to provide a marketing plan

• Note the word “plan.” You are providing JGJ with a direction and steps to take

Assignment 4.3 – Price, Promotion, Place

PROMOTION PLACE

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Assignment 4.3 (outlined in Brightspace) Part A: Analysis of Current Pricing Models in the Market Part D: Recommended Pricing Strategy for JGJ Inc.

MY SUGGESTIONS: • You don’t have to decide an actual price. You’ll recommend to JGJ the pricing strategy they should

follow (this is the pricing strategy for the new product/service you developed in assignment 2.3).

• Step 1: Research the competitors in the industry to discover the pricing strategy being used • Step 2: Decide if JGJ will use a similar pricing strategy or a different strategy

• Explain your reasoning

See next slide for pricing strategies

• Supply and demand strategy • Sellers and buyers converge simultaneously (example: hand sanitizer) • Sellers respond by adjusting prices until a market price minimizes shortages

• Competitive pricing strategy • Prices are similar to competition with little differentiation between them

• Cost plus strategy • Manufacturing cost + expected profit = price • Firm has a certain degree of control over prices; potential competition is not a significant issue • Customers do not have easy access to other alternatives

• Discount, liquidation or clearance pricing • Customers pay promptly or in advance • Customers purchase large quantities • Products are in decline

• Use this link to understand pricing strategies (in addition to the resources supplied in Workshop 4) • https://quickbooks.intuit.com/r/pricing-strategy/6-different-pricing-strategies-which-is-right-for-your-business/ • In addition to above resources, look at the additional definitions below

PRICING STRATEGIES

Promotional Strategies

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Part B: Analysis of Current Promotional Models in the Market Part E: Recommended Promotional Strategy for JGJ Inc

Promotion refers to the methods you will use to advertise and sell your products and services. See the next slide for promotional methods.

Step 1: Research the types of marketing promotions being used in the industry Step 2: Recommend promotional strategies for JGJ and include your reasoning (this is the strategy for the product/service you developed in assignment 2.3).

For example: A new lime-scented glass cleaner developed by JGJ, would use Advertising and Sales Promotions. It would be promoted in the Spring for spring cleaning as well as November/December for the holidays. The promotions would include couponing, twin packs, point-of-use displays in stores, advertisements in house/garden magazines, website, videos on Facebook, twitter, and Instagram.

PROMOTIONAL STRATEGIES (outlined in Brightspace)

• website

• social media

• blogging

• e-newsletters

• networking

• brochures and flyers

• TV, radio or print advertising

• word of mouth

• loyalty and reward programs

• cold calling

• mail-outs and letter drops

• sponsorship

• PR activities such as media releases and events

Promotional methods may include:

• tradeshows

• exhibitions

• showrooms

• telemarketing

• displays

• YouTube

• coupons

• infomercials

• magazines

• newspapers

• billboards

https://trellis.co/blog/7-promotion- strategies-every-business-should-be-using/

Here’s another interesting article:

Distribution Channels

DISTRIBUTION STRATEGIES (outlined in Brightspace)

Part C: Analysis of Current Distribution Models in the Market Part F: Recommended Distribution Strategy for JGJ

Step 1: Research the types of distribution channels being used in the industry Step 2: Recommend distribution strategies for JGJ and include your reasoning

For example: A new lime-scented glass cleaner, is manufactured in a plant then shipped to the company’s warehouses on the East Coast, West Coast, and in the middle of the U.S. Shipments are made by truck or train depending on the quantity being shipped. From the warehouses, pallets of product are shipped by truck to distribution centers of large retail customers such as Walmart, or a distributor. Walmart or the distributor then ships to their stores by truck pallets that are mixed with different products.

See next slide

Consider: • Supply chain • Production • Warehousing • Inventory • Order system • Transportation

DISTRIBUTION STRATEGIES

https://www.selecthub.com/enterprise-resource-planning/cutting-edge-distribution-strategies/

How to read the article:

First: Read the definition of Direct and Indirect then decide what method your industry is using and if JGJ will sell direct or indirect. Tip: Annual reports of companies will typically describe their distribution methods

Second: Read the definition of Intensive, Selective, or Exclusive and decide which one applies to JGJ compared to what the competition is doing

Third: Read the definition of wholesalers, franchises, retailers, or distributors and decide which JGJ will use

Things to consider: Supply chain, production facility, warehousing, inventory, transportation, order system, etc.

Read this article for distribution definitions:

Part C: Analysis of Current Distribution Models in the Market Part F: Recommended Distribution Strategy for JGJ

What if your marketing plan is about a service, not a product?

If JGJ goes to the customer:

• Inside phone sales staff

• Virtual meetings

• Transaction software

• Outside sales staff

• Transportation

• Communication methods

• Etc.

If customers come to JGJ:

• Building • Entrance, aesthetics,

procedures, signs

• Parking, signs, lighting, safety

• Employee training

• Sales staff

• Etc.

Distribution: Think People and Processes