MKT 205 Module Four Milestone Worksheet
Promotion and Price
Claudia Rodriguez
Maureen Murphy
July 23, 2021
PRODUCT
gourmet truffles with fruit, herb, and flower extract infusions
PERSONA
Lily, 29
PROMOTION
FIRST MARKETING CHANNEL
Description of first marketing channel: my first marketing channel would be in person events, I think people
actually seeing and smelling the product will make people want to try. Most people cant resist the smell of sweet
when passing by. So I would set up a booth, maybe give away tiny samples, and then have my product packaged
and ready to sell. I would start trying this at outdoor events or at a food truck event where a lot of food trucks line
up to sell their products.
Why this channel is appropriate for this persona: I think by my persona living in the downtown area and generally
visiting the local eateries, she would probably also hit up the food trucks or be willing to try an in person event
where we went to her office building lobby to sell. This would work as when people are at work and have the mid
day slump, having something sweet always perks them up.
SECOND MARKETING CHANNEL
Description of second marketing channel: My second marketing channel would be social media, as word of mouth
is always helpful with this generation. having someone tweet from one of my events or just talking about it on
social media will get the publicity talking about it and if people say something negative, there will always be those
that want to try just to see if those people were wrong. If the talk is good people will be wanting to try it to see
what all the fuss is about.
Why this channel is appropriate for this persona: I think my marketing persona is a busy professional but also like
to spend time on social media t keep up with what's going on. I also think if she read there was a new place in
town with something yummy she would want to try it out. Especially if it's in walking distance from her home or
work.
PRICE
PRICING FACTOR: TARGET-MARKET PRICE SENSITIVITY
Target-market price sensitivity: I would explain this as the demand for product changes when the price changes. If
a lot of people are coming in for my product I can continue to do sales or keep prices relatively low. But if I don't
have a lot of consumers I will have to raise my price to make a small profit. Customers wont like higher prices, so
we will have to find a way to keep them happy and still make a profit.
How pricing factor is used to determine pricing: I think starting off I would use the target market price sensitivity, I
would price my truffles at a reasonable rate, and do certain specials for repeat customers. I would starting off with
a competitively low price, and then once I started seeing repeat customers I would then show then other products
that were a little pricier. this way they already liked my product and I already built a small clientele.
PRICING STRATEGY: PENETRATION
General advantages and drawbacks of penetration pricing strategy: The advantage of penetration is that by
having a low cost many people will come in and buy the product. Now if the market changes and I am able to raise
prices I will just not so much that people complain. the disadvantage of this is people will get used to the low price
and get upset once prices go up.
Specific advantages and drawbacks of penetration pricing strategy: The advantage of penetration pricing with my
product is that by having low prices starting off people will be willing to try my product and hopefully spread the
word on how much they love it. the drawbacks are that my customers will get used to these low prices and may
stop coming in so much once my prices go up.
REFERENCES
Influence and Co, Bartel Nickie
social media marketing
https://www.wordstream.com/social-media-marketing
