7. Pr i ci n g str ategy Pr icin g is som eth in g you sh ould con sider while developin g your m ar ketin g plan . D evelopin g th e r igh t pr icin g str ategy can h elp you better m ar ket your product. - W h at ar e r eason able m ar gin s to m ake a prof it an d cover th e costs of production ? - I s th er e a m ar ket for products or ser vices at your projected pr ice poin t? - Ar e you w illin g to sacr if ice prof it m ar gin s in r etur n for a gr eater m ar ket sh ar e? - W h at ar e your m ar ketin g an d distr ibution costs? 20 8. M ar k eti n g str ategy I n th is section , br eak dow n what ch an n els ar e available for you to m ar ket your product. T h in k of which ch an n els would be m ost ef fective in com m un icatin g your stor y an d per suadin g your tar get audien ce. I f your tar get audien ce is social m edia savvy, for exam ple, it m ay be better to utilize th ose ch an n els in stead of r adio or pr in t m edia. H er e is a list of ch an n els to get you star ted:
- Pr in t (n ewspaper s, m agazin es, br och ur es, catalogs, dir ect m ail) - Br oadcast (T V, r adio) - Pr ess r eleases - Tr ade sh ows, product dem on str ation s, even t m ar ketin g - O n lin e adver tisin g - Social m edia - O n lin e sales - Join t m ar ketin g w ith oth er com pan ies 9. O bjecti ves Af ter deter m in in g what ch an n els you can use to com m un icate your m essage, th in k about what exactly you wan t to accom plish . T h is sh ould involve specif ic goals r elated to m ar ket pen etr ation an d r even ue tar gets. H er e ar e som e th in gs to con sider : - Sales quotas - N um ber of n ew custom er s gain ed - Custom er r eten tion per cen tages - Reven ue tar gets - M ar ket pen etr ation - Br an d awar en ess - W ebsite tr af f ic 21
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