Marketing
We need to discuss our marketing strategy.
Where should we start?
Let’s start with our target market segment.
Okay. Who is our target market?
I believe we should target middle-class males, ages 18-25.
I think this is a good target market for our product.
Let’s discuss the four P’s.
You mean Price, Promotion, Product, and Place?
Yes. What do you think our price should be?
I think we should lean toward the less expensive side.
Do you think $5 is a good price?
Yes.
What about our promotion?
We should use TV advertisements and ads on websites.
Good idea. Where should we sell our product?
We should sell at large supermarkets rather than specialty stores.
Why is that?
Because our product is inexpensive, so a higher volume will help us have higher profits.
I see.
What about selling online?
I think we could sell our product on our own website and also affiliate websites.
Good idea.
What sets our product apart from our competition?
We have additional accessories customers can use that other products don’t have.
That does give us an advantage. I think we have a great marketing strategy.
I think so too.
