Write a 3 to 4 page analysis of place and price (the second and third “Ps” of the marketing mix) for a selected product.
Selecting the best methodology for getting a product to the targeted customer is an essential aspect of an integrated marketing plan. The establishment of value, as manifested in a product’s price, is another essential part of a successful integrated marketing program.
Analyze the place and price for a well known product. In a 3 to 4 page analysis complete the following.
Place Analysis
- Analyze distribution channels. (How does the organization get the product to market?)
- Analyze where the product is being sold and the approach to inventory.
- Analyze the relationship between the company’s place strategies for the product and the company’s economic success.
- Describe potential management challenges related to implementing the company’s place strategies.
Price Analysis
- Analyze the pricing system for the product. Is it cost-based, value-based, or competition-based? How did you come to your determination?
- Analyze the relationship between the company’s price strategies for the product and the company’s economic success.
- Describe potential management challenges related to implementing the company’s price strategies.
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