MKT 421 Week 4 Components of a Marketing Plan Part 2: Price, Promotion, Environment, and the Concept to Commercialization Process

Purpose of Assignment 

The purpose of this assignment is to continue to have students place themselves in the role of a marketing research and planning team leader while completing the last half of the team’s project that was started in Week 3. Students will be researching and making decisions on price setting, promotion strategies, environmental forces/scanning, and steps to bringing their company’s product from concept to commercialization. 

Assignment Steps 

Resources: Marketing: Ch. 1: pg. 4-10; Ch. 3: pg. 72-92; Ch. 8: pg. 210-223; Ch. 10: pg. 274-281; Ch. 13: pg. 350-352; Chapter 17: pg. 472-475; Ch. 18: pg. 519-526; Ch. 19: pg. 556-558 

Scenario: Using the same “approved” organization and product/service you used in the Week 3 written learning team assignment and the same scenario, you will be presenting the following analyses to the board of directors and stakeholders. They will be using these analyses to make their final decision on how, and if, to launch your company’s new and unique product/service.

Develop at least a 1,450 word analysis addressing the following:

• Conduct an environmental scan for your company focusing on which of the five external forces the company is likely to be impacted by and what actions they will need to take to overcome them.
• Select and describe the price strategy your company will use to launch its product/service. Why is that strategy the best choice and will it need to be adjusted over the duration of the Product Life Cycle (PLC)? Why or why not?
• Select four of the following methods and explain how they should be used by your company. Explain the reasoning why they align best with your target segment and product:

  • Advertising
  • Public relations
  • Traditional Digital marketing
  • New Digital marketing techniques (describe)
  • Sales promotion
  • Direct marketing
  • Event marketing
  • Outdoor

• Analyze how your company will implement the New-Product Development Process (seven stages) to bring your product/service from concept to commercialization.

Cite a minimum of three peer-reviewed sources.At least one source should be from the text and at least one source from the University Library. Note: Failure to utilize these resources will result in severe markdowns.

Format your paper consistent with APA guidelines. 

Click the Assignment Files tab to submit your assignment.

Note: Grades are awarded based upon individual contributions to the Learning Team assignment. Each Learning Team member receives a grade based upon his/her contributions to the team assignment. Not all students may receive the same grade for the team assignment.