Product, Price, Promotion & Placement Essay Example for Free

Product, Price, Promotion post EssayProduct, Price, Promotion Placement without delay that we f whole in analyzed our marketing research and we have identified our potential target markets as beingness in the young adult to middle age adults and from the lower middle class and upward income hold up it is time to develop our plans to reach into these markets and grow IPT. How we target these markets is a series of techniques known as harvest-tide, pricing, packaging and placement. We also know from the research that 35% of our clients would buy from a store front, 30% would order online or from a catalog, and our business guests would place direct orders. ProductIn the 4 Ps product is the lead element because this is what we lot and what we need to fructify in front of our customers. Our best products are forever those that are extraordinary or have a special niche market that does not have as much or less competition in the market. We have a special procure coating for our popcorn that square ups us apart and this lead be our lead product. Packaging of our product is peculiarly important with a food related product. We lack to emphasize the uniqueness and we want it to show, so we go out use a clear bag with an Old Fashioned label that exit be truly appealing and desirable, our popcorn pass on look good unopened sitting on someones counter or table at home or in the office.PricingBecause our product is unique we bottom of the inning demand a higher(prenominal)er price than the other run of the mill popcorn producers. As a premium product we also establish IPT as the premier high end popcorn treat producer. Our pricing will also stay well within the range of other high end products. The rest of our product lines will be priced within the average range of other resemblingtreats. Bulk business orders will be discounted and our sales to the guinea pig flower and gift basket alliance will be wholesale allowing for mark up on resale. P romotionPromotion of our products will be three fold and very targeted. First we will increase the number of store front repairs in the theatre of operationss with the best demographics and remember the approximately important rule for a sell business location, location and location. This will put IPT solidly in the market area and the presence will give our brand the brick and plaster support as is done by Barnes Noble, Inc. From all of our storefront locations we will promote the IPT website for online ordering and placing orders with the national flower and gift basket company to send our products to friends and relatives across the nation and beyond. We will have to set up a strong website and we will use a professional hosting service to product the plug ordering, catalog creation and other site marketing features such as printable coupons for ordering that can be used at the brick and mortar store fronts. The website will also allow our business customer to place their orders and track the shipment. We will be utilizing search engine registration and promotion to make trustworthy we pop on all searches with key words like popcorn, gifts, treats, cookies, sweets and coated to name a few. PlacementGetting the product in front of or visible to the consumer is essential, the old saying is that if you have a great product then you essential be able to supply that product when the customer wants it and where they want it. Customer service and product availability are everything to the customer. We will expand into each market area such as Philadelphia by establishing a storefront and a small warehousing operation to accost the daily ordering, shipping and support for the market area. The store fronts will produce the product locally for retail and shipping within their market area so the product is fresh and doesnt age. Our warehouse will stock mainly supplies for the production lines at the store front. A good example is Krispy Kreme, Inc. which use s each location to bake the donuts and then deliver to local vendors such as convenience stores, restaurants, events and other functions. We must be able to support the markets we are targeting.Consumer CharacteristicsFrom personal experience and as reflected in our market research most consumers prefer to purchase perishable consumables at a local store and we will need to cajole our targeted consumers to come to the store fronts or to order online once they have tasted and enjoyed our products. Much like Starbucks whose coffee shops sell a lot of items not related to coffee we must consider adding the intrinsic items that our customers would find interest such as free wireless internet access from each storefront. This feature would also military service us promote our website and expand our customer base. We must continue to collect feedback from all of our market areas and customer to make sure we keep our product fresh and exciting. Distribution and Growth impactsAs we grow w e must make sure we have the infrastructure to supply our new markets and that our suppliers are aware of the expected increases in quantities we order and that they are able to keep up. We should also expect discounts for high volume orders. Centrally we will supply the national flower and gift basket company and the local market place. Our store fronts will supply their local markets to include internet orders, business orders and retail sales. SummaryWe will use all of this information provided today to continue our development of the marketing plan for IPT. I hope we have answered your questions and put to rest your doubts. If I can be of assistance in answering any other questions you tycoon have please let me know as soon as possible.References(Pereault William D McCarthy E Jerome 2006 prerequisite of Marketing A Global-Managerial Approach)Pereault, William D., McCarthy, E. Jerome (2006). Essential of Marketing A Global-Managerial Approach (10th Edition ed., Rev.). New York , New York McGraw-Hill/Irwin.