1) Assignment 5: This assignment talks about the previous assignment that you helped me with last time about the New Coffee Machine. (I have attached the answer that you provided me with from the last assignment for your reference).
Your company will embark on an innovative product development initiative in the coming year to maintain its competitive stance. This innovation will remain within the present family of products (no product diversification planned). In preparation, you have been tasked to explore the various pricing strategies that should be considered. Discuss two pricing strategies you would think for new product market entry. Be sure to include value pricing as one of your strategies.
For this assignment, you will use your knowledge of the marketing mix to develop a marketing strategy. In this assignment, you will do the following:
Instructions
In a Word Document or PowerPoint (as long as you address all the questions in detail). Make sure to provide specific examples to support and illustrate.
Compare two pricing strategies
Discuss promotional strategy, and
Clearly identify the target market
You have been informed that you will also be tasked with developing your promotions for your innovative product launch. Which of the promotional mix elements will you include and why?
Identify no more than three elements. What will your clear, consistent, and compelling message be for your innovation?
Identify a budget you are likely to be given for your promotional campaigns. How will you allocate your total budget amongst the three elements? Clearly explain the allocation.
How will your intended target segment purchase your innovative product? Where or how can they shop for it? Briefly explain. Describe your target segment.
Your discussion should include information on their demographics, lifestyles, purchasing power, buying patterns, etc.
Pick two competitors to evaluate the similarities and differences in their marketing strategy approach. Indicate the differences in product, price, promotional mix (along with the budget if available), and place (where available). You may want to share the information in a table.
Length: No explicit requirement as long as the questions are addressed thoroughly yet concisely.
References: Include a minimum of 3 scholarly references.
The completed assignment should address all of the assignment requirements, exhibit evidence of concept knowledge, and demonstrate thoughtful consideration of the content presented in the course. The writing should integrate scholarly resources, reflect academic expectations and current APA standards, and adhere to the National University’s Academic Integrity Policy.
2) Assignment 6: Although there are many key performance indicators, this assignment aims to focus on KPIs that would benefit and support new product launch strategies. For this assignment, you will identify KPIs for pricing, promotions, and overall success.
Instructions
An essential role for marketing managers is communicating how to measure the success of innovative product launches and creative marketing strategies. Your CMO has asked your team developing the new product to explain the KPIs used to measure success in a monthly meeting.
For the two pricing strategies you discussed in Assignment 5, identify two performance metrics, one for each strategy.
Consider your promotional strategy in Assignment 5. What is a performance metric that will be applicable to the strategy?
What metric will you use to measure overall success?
