Posted: November 11th, 2022

Discuss two pricing strategies you would consider for new product market entry.

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To maintain its competitive stance, your company will embark on an innovative product development initiative in the coming year. This innovation will remain within the present family of products (no product diversification planned).
a) In preparation you have been tasked to explore the various pricing strategies that should be considered. Discuss two pricing strategies you would consider for new product market entry. Be sure to include value pricing as one of your strategies.
b) You have been informed that you will also be tasked with developing your promotions for your innovative product launch. Which of the promotional mix elements will you include and why? Identify no more than three elements. What will your clear, consistent, and compelling message be for your innovation?
c) Identify a budget you are likely to be given for your promotional campaigns. How will you allocate your total budget amongst the three elements? Clearly explain the allocation.
d) How will your intended target segment purchase your innovative product? Where or how can they shop for it? Briefly explain.
Describe your target segment. Your discussion should include information on their demographics, lifestyles, purchasing power, buying patterns, etc.
Pick 2 competitors to evaluate the similarities and differences in their marketing strategy approach. Indicate the differences in product, price, promotional mix (along with the budget if available), place (where available). You may want to share the information in a table.
Length: 5-7 pages not including title page and reference

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