Context, Need, Pricing
Submit a short paper covering context, need, and pricing. This milestone establishes your chosen organization’s (Native American Culture Center) direction within the marketplace. Use the attachments to reference chosen organization.
Specifically, the following critical elements must be addressed:
Branding and Idea Context
• For your project idea, addresses the following:
o Corporate mission and how the new product or service aligns with it
o Defining features of the product(s)/service(s)
? How the product will be marketed internally and externally?
? How the company is differentiating from competition?
? Alignment of pricing with market position and corporate mission
• Your substantiated opinion of brand effectiveness
Defining Product or Service Need
• For your idea, continue your paper by addressing the following:
o Behavioral and/or lifestyle demographics of the targeted consumer or buying style of organizational buyer and why they are a good choice
o What unsatisfied need the product/service fulfills
o How the customer/buyer seeks information to fill the need
o How the product is purchased (characterize the buying situation)?
o Why your chosen target market is the best choice?
• Using the idea that you have chosen, finish your paper by covering the following:
o Explain the fixed and variable costs and how these fit with the company’s short- and long-term goals. Use a narrative with a table to show calculations for cost categories. Provide reasonable estimates for each of the categories. Specific or in-depth financial analysis is not necessary.
o Examine competitors’ pricing and explain reasoning for differences.
o Estimate how much you think the target market is willing to pay for your product/service. Is this due to preferences for social responsibility, ethical behavior, or other intangibles?
o What pricing strategy (skimming, penetration, economy, or premium) is most appropriate and why?