Mkt_viii

MKT_IIIreturned.docx

1

3

Principles of Marketing

Student Name

School

Course Title

Instructor Name

Due Date

Principles of Marketing

Product

I have decided to prepare a marketing plan for a new product which is meant to be offered by TechNova, a flagship technology firm that creates next-generation solutions for today's world. TechAssist Pro is the name of the product I am introducing today as it is the next revolutionary smart home assistant that comes with multiple features and can be characterized as a high-involve product due to its significant impact on daily life and consumer involvement in the process of making a purchasing decision. Additionally, it is a durable product as it has been designed to work for a long period and to put a continuous value in use. Regarding its use, TechAssist Pro is a superiority product in the sense that it allows you to accomplish different house tasks and operations easily and rapidly. With respect to the developmental stage of product life cycle, TechAssist Pro appears as a representative of the most recent smart home technology. This mobile assistant builds on the existing smart assistants with the addition of more smart AI capabilities, including smart integration with smart home devices and a tailor-made user experience.

TechAssist Pro will go after a prominent position in the market by selling to people who are into technology, who see the value of convenience, efficiency, and latest technological breakthroughs. For instance, that system will be able to control various aspects of the home environment through voice commands or a smartphone app, among others, such as changing the lighting, temperature, safety systems and entertainment systems. It will also assist users from a proactive response to their needs by anticipating their needs and habits as well as recommending recipes based on their available ingredients and ordering groceries when supplies are low. All in all, TechAssist Pro is a leading-edge tool that not only eases the life both for the users and for those who helps maintain the devices, but also improves their quality of life via artificial intelligence and smart house technology (Al-Surmi et al., 2020).

Pricing

The effective pricing strategy of TechAssist Pro will be tightly maintained in order to realize several pricing objectives. Primary aim is to maximize the profits, yet A competitor should be considered at any time. Moreover, the pricing must be in the alignment with the value proposition of TechAssist Pro as high-quality Smart Home Assistant showing consumers that it is a high-priced product worth its every cent. Fundamental characteristics of the price are production expenses, competitor pricing and the consumers’ evaluation of value. The production costs may also be high due to TechAssist Pro incorporating the latest technology and advanced options. All this will affect base prices charged for the service. Plus, competitor pricing will enter into the equation to guarantee that TechAssist Pro is the best-priced among smart home assistant devices. On the other hand, perceived value will encompass the promotional and positioning actions in which will delineate this mark-up.

A number of pricing tactics will be reviewed and compared to see which one seems more appropriate. These methods involve cost-plus pricing where the price is added to production cost to determine the market selling price; value-based pricing where a price is set by looking customers' perception; or competitive pricing where prices are based on competitors' prices. The innovative characteristics and the advanced functionality of TechAssist Pro make this product suited for a value-based pricing strategy, as it will help promote the exceptional value offered by the product as well as justify a premium price point. The customization of the base price using the pricing strategies will be employed to narrow the cost. These strategies may vary from promoting the product during the launch with discounts to stimulate the initial demand, offering volume discounts to wholesale buyers, and making price adjustments to maximize sales during the peak demand seasons. Consequently, TechAssist Co could start with a launch price of $299 that could be used together with a $50 introductory discount for early-bird shoppers to customers at $249. Volume discounts could also be offered, such as a 10% discount for purchasing multiple units. These price-adjustment strategies will help optimize sales and revenue while maintaining the perceived value of TechAssist Pro in the market (Perreault et al., 2021).

Top of Form

References

Al-Surmi, A., Cao, G., & Duan, Y. (2020). The impact of aligning business, IT, and marketing strategies on firm performance. Industrial marketing management, 84, 39-49. https://doi.org/10.1016/j.indmarman.2019.04.002

Perreault Jr, W. D., Cannon, J. P., & McCarthy, E. J. (2021). Essentials of marketing: A marketing strategy planning approach. McGraw-Hill.

MKT_VII.docx

MKT_III 3301 Principles of Marketing

Unit VII Assignment. Unit III has been attached that you completed so that you can continue to build upon it.

Marketing Plan: Part II

In this unit, you will continue to build upon your marketing plan from Unit III for an existing company and a product or service of your choice. For Part II, make certain to include the sections listed below in your marketing plan.

Corporate Social Responsibility, Sustainability, and Ethics Strategy

For this section, explain any governance policies that you will use to be socially responsible and ethical. Identify any aspects of your business model that will create more sustainable operations (with a focus on bettering people, the planet, or profits).

Segmenting, Targeting, Positioning, and Differentiation

Identify the specific segmentation strategies that you will use. Identify your target markets. Incorporate the use of specific demographics and data in your research.

Marketing Strategy

In this section, use the four Ps of marketing to specifically explain your product, price, promotion, and place (or distribution) strategies. Identify any specific competitive advantages that you have for each P that you are using.

Positioning

How do you want your customers to perceive your product or service? What benefits will you offer? What is your sales strategy? Explain whether you will focus on business-to-business (B2B) or business-to-consumer (B2C) markets.

Branding Strategy

What is the branding strategy for your organization? What is the purpose of your b rand? How will you differentiate yourself from domestic and/or international competitors?

Technology and Social Media

Identify any tools that you will use in your promotions, marketing, or advertising. List any tools that you will use for customer relationship management and identify specific social media tools that will be used.

Implementation Plan

Identify tactics and strategies that you will use to implement your marketing plan. Tactics are short-term, and strategies are long-term. Identify specific dates that you will achieve certain action items. Include a chart or graph that disseminates this information in a linear fashion.

Evaluation and Control

How will you evaluate the effectiveness of your marketing plan? How will you follow up with customers? Will you use surveys to track satisfaction, and will you take future actions that are based on customer recommendations?

Conclusion

Include any final thoughts or recommendations that might be pertinent to your marketing plan.

Executive Summary

This section of your marketing plan will capture your key proposal, recommendations, and projected outcomes of the plan. Summarize the key components of your marketing plan in this section.

Your completed plan must be four pages in length. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least three references, including one source from the CSU Online Library. Sources must be cited and referenced in APA Style.

MKT_IIIreturned.docx

1

3

Principles of Marketing

Student Name

School

Course Title

Instructor Name

Due Date

Principles of Marketing

Product

I have decided to prepare a marketing plan for a new product which is meant to be offered by TechNova, a flagship technology firm that creates next-generation solutions for today's world. TechAssist Pro is the name of the product I am introducing today as it is the next revolutionary smart home assistant that comes with multiple features and can be characterized as a high-involve product due to its significant impact on daily life and consumer involvement in the process of making a purchasing decision. Additionally, it is a durable product as it has been designed to work for a long period and to put a continuous value in use. Regarding its use, TechAssist Pro is a superiority product in the sense that it allows you to accomplish different house tasks and operations easily and rapidly. With respect to the developmental stage of product life cycle, TechAssist Pro appears as a representative of the most recent smart home technology. This mobile assistant builds on the existing smart assistants with the addition of more smart AI capabilities, including smart integration with smart home devices and a tailor-made user experience.

TechAssist Pro will go after a prominent position in the market by selling to people who are into technology, who see the value of convenience, efficiency, and latest technological breakthroughs. For instance, that system will be able to control various aspects of the home environment through voice commands or a smartphone app, among others, such as changing the lighting, temperature, safety systems and entertainment systems. It will also assist users from a proactive response to their needs by anticipating their needs and habits as well as recommending recipes based on their available ingredients and ordering groceries when supplies are low. All in all, TechAssist Pro is a leading-edge tool that not only eases the life both for the users and for those who helps maintain the devices, but also improves their quality of life via artificial intelligence and smart house technology (Al-Surmi et al., 2020).

Pricing

The effective pricing strategy of TechAssist Pro will be tightly maintained in order to realize several pricing objectives. Primary aim is to maximize the profits, yet A competitor should be considered at any time. Moreover, the pricing must be in the alignment with the value proposition of TechAssist Pro as high-quality Smart Home Assistant showing consumers that it is a high-priced product worth its every cent. Fundamental characteristics of the price are production expenses, competitor pricing and the consumers’ evaluation of value. The production costs may also be high due to TechAssist Pro incorporating the latest technology and advanced options. All this will affect base prices charged for the service. Plus, competitor pricing will enter into the equation to guarantee that TechAssist Pro is the best-priced among smart home assistant devices. On the other hand, perceived value will encompass the promotional and positioning actions in which will delineate this mark-up.

A number of pricing tactics will be reviewed and compared to see which one seems more appropriate. These methods involve cost-plus pricing where the price is added to production cost to determine the market selling price; value-based pricing where a price is set by looking customers' perception; or competitive pricing where prices are based on competitors' prices. The innovative characteristics and the advanced functionality of TechAssist Pro make this product suited for a value-based pricing strategy, as it will help promote the exceptional value offered by the product as well as justify a premium price point. The customization of the base price using the pricing strategies will be employed to narrow the cost. These strategies may vary from promoting the product during the launch with discounts to stimulate the initial demand, offering volume discounts to wholesale buyers, and making price adjustments to maximize sales during the peak demand seasons. Consequently, TechAssist Co could start with a launch price of $299 that could be used together with a $50 introductory discount for early-bird shoppers to customers at $249. Volume discounts could also be offered, such as a 10% discount for purchasing multiple units. These price-adjustment strategies will help optimize sales and revenue while maintaining the perceived value of TechAssist Pro in the market (Perreault et al., 2021).

Top of Form

References

Al-Surmi, A., Cao, G., & Duan, Y. (2020). The impact of aligning business, IT, and marketing strategies on firm performance. Industrial marketing management, 84, 39-49. https://doi.org/10.1016/j.indmarman.2019.04.002

Perreault Jr, W. D., Cannon, J. P., & McCarthy, E. J. (2021). Essentials of marketing: A marketing strategy planning approach. McGraw-Hill.

MKT_VII.docx

MKT_III 3301 Principles of Marketing

Unit VII Assignment. Unit III has been attached that you completed so that you can continue to build upon it.

Marketing Plan: Part II

In this unit, you will continue to build upon your marketing plan from Unit III for an existing company and a product or service of your choice. For Part II, make certain to include the sections listed below in your marketing plan.

Corporate Social Responsibility, Sustainability, and Ethics Strategy

For this section, explain any governance policies that you will use to be socially responsible and ethical. Identify any aspects of your business model that will create more sustainable operations (with a focus on bettering people, the planet, or profits).

Segmenting, Targeting, Positioning, and Differentiation

Identify the specific segmentation strategies that you will use. Identify your target markets. Incorporate the use of specific demographics and data in your research.

Marketing Strategy

In this section, use the four Ps of marketing to specifically explain your product, price, promotion, and place (or distribution) strategies. Identify any specific competitive advantages that you have for each P that you are using.

Positioning

How do you want your customers to perceive your product or service? What benefits will you offer? What is your sales strategy? Explain whether you will focus on business-to-business (B2B) or business-to-consumer (B2C) markets.

Branding Strategy

What is the branding strategy for your organization? What is the purpose of your b rand? How will you differentiate yourself from domestic and/or international competitors?

Technology and Social Media

Identify any tools that you will use in your promotions, marketing, or advertising. List any tools that you will use for customer relationship management and identify specific social media tools that will be used.

Implementation Plan

Identify tactics and strategies that you will use to implement your marketing plan. Tactics are short-term, and strategies are long-term. Identify specific dates that you will achieve certain action items. Include a chart or graph that disseminates this information in a linear fashion.

Evaluation and Control

How will you evaluate the effectiveness of your marketing plan? How will you follow up with customers? Will you use surveys to track satisfaction, and will you take future actions that are based on customer recommendations?

Conclusion

Include any final thoughts or recommendations that might be pertinent to your marketing plan.

Executive Summary

This section of your marketing plan will capture your key proposal, recommendations, and projected outcomes of the plan. Summarize the key components of your marketing plan in this section.

Your completed plan must be four pages in length. All sources used must be referenced; paraphrased and quoted material must have accompanying citations. You must use at least three references, including one source from the CSU Online Library. Sources must be cited and referenced in APA Style.

MKT_IIIreturned.docx

1

3

Principles of Marketing

Student Name

School

Course Title

Instructor Name

Due Date

Principles of Marketing

Product

I have decided to prepare a marketing plan for a new product which is meant to be offered by TechNova, a flagship technology firm that creates next-generation solutions for today's world. TechAssist Pro is the name of the product I am introducing today as it is the next revolutionary smart home assistant that comes with multiple features and can be characterized as a high-involve product due to its significant impact on daily life and consumer involvement in the process of making a purchasing decision. Additionally, it is a durable product as it has been designed to work for a long period and to put a continuous value in use. Regarding its use, TechAssist Pro is a superiority product in the sense that it allows you to accomplish different house tasks and operations easily and rapidly. With respect to the developmental stage of product life cycle, TechAssist Pro appears as a representative of the most recent smart home technology. This mobile assistant builds on the existing smart assistants with the addition of more smart AI capabilities, including smart integration with smart home devices and a tailor-made user experience.

TechAssist Pro will go after a prominent position in the market by selling to people who are into technology, who see the value of convenience, efficiency, and latest technological breakthroughs. For instance, that system will be able to control various aspects of the home environment through voice commands or a smartphone app, among others, such as changing the lighting, temperature, safety systems and entertainment systems. It will also assist users from a proactive response to their needs by anticipating their needs and habits as well as recommending recipes based on their available ingredients and ordering groceries when supplies are low. All in all, TechAssist Pro is a leading-edge tool that not only eases the life both for the users and for those who helps maintain the devices, but also improves their quality of life via artificial intelligence and smart house technology (Al-Surmi et al., 2020).

Pricing

The effective pricing strategy of TechAssist Pro will be tightly maintained in order to realize several pricing objectives. Primary aim is to maximize the profits, yet A competitor should be considered at any time. Moreover, the pricing must be in the alignment with the value proposition of TechAssist Pro as high-quality Smart Home Assistant showing consumers that it is a high-priced product worth its every cent. Fundamental characteristics of the price are production expenses, competitor pricing and the consumers’ evaluation of value. The production costs may also be high due to TechAssist Pro incorporating the latest technology and advanced options. All this will affect base prices charged for the service. Plus, competitor pricing will enter into the equation to guarantee that TechAssist Pro is the best-priced among smart home assistant devices. On the other hand, perceived value will encompass the promotional and positioning actions in which will delineate this mark-up.

A number of pricing tactics will be reviewed and compared to see which one seems more appropriate. These methods involve cost-plus pricing where the price is added to production cost to determine the market selling price; value-based pricing where a price is set by looking customers' perception; or competitive pricing where prices are based on competitors' prices. The innovative characteristics and the advanced functionality of TechAssist Pro make this product suited for a value-based pricing strategy, as it will help promote the exceptional value offered by the product as well as justify a premium price point. The customization of the base price using the pricing strategies will be employed to narrow the cost. These strategies may vary from promoting the product during the launch with discounts to stimulate the initial demand, offering volume discounts to wholesale buyers, and making price adjustments to maximize sales during the peak demand seasons. Consequently, TechAssist Co could start with a launch price of $299 that could be used together with a $50 introductory discount for early-bird shoppers to customers at $249. Volume discounts could also be offered, such as a 10% discount for purchasing multiple units. These price-adjustment strategies will help optimize sales and revenue while maintaining the perceived value of TechAssist Pro in the market (Perreault et al., 2021).

Top of Form

References

Al-Surmi, A., Cao, G., & Duan, Y. (2020). The impact of aligning business, IT, and marketing strategies on firm performance. Industrial marketing management, 84, 39-49. https://doi.org/10.1016/j.indmarman.2019.04.002

Perreault Jr, W. D., Cannon, J. P., & McCarthy, E. J. (2021). Essentials of marketing: A marketing strategy planning approach. McGraw-Hill.

MKT_VII.docx

MKT_IIIreturned.docx

MKT_VII.docx

MKT_IIIreturned.docx

MKT_VII.docx