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MKT-205 Milestone: Promotion and Price
Description
Overview
In the Module Two milestone, you selected a product and developed a persona that reflects your target market. Your work on this milestone must be based on the same product selection. Review the feedback from your instructor on your persona and make any needed improvements before completing this assignment. Your work on this milestone must be based on that corrected persona.
In this milestone, you will consider promotion, specifically marketing communication channels, and price.
You will receive instructor feedback on this milestone, revise your work, and add it to your project submission.
Prompt
Complete the in webtext (I WILL SEND THE LINK) Use the persona from your Module Two Milestone, with revisions based on instructor feedback, as the basis for this milestone.
Specifically, you must address the following rubric criteria:
- Promotion
- Recommend two marketing communication channels for your chosen product. Briefly describe each and explain why they are appropriate based on your persona.
- Price
- Explain how one of the following is used to determine the approach to pricing for any offering.
- Company profitability
- Competitor pricing
- Target market price sensitivity
- Identify which one of the four basic pricing strategies (skimming, premium, economy, or penetration) you feel is most appropriate for your chosen product and persona, and describe the general advantages and drawbacks of that pricing strategy.
Sources should be cited according to APA style. - Explain how one of the following is used to determine the approach to pricing for any offering.
Module Four Milestone Rubric
| Criteria | Proficient (100%) | Needs Improvement (75%) | Not Evident (0%) | Value |
|---|---|---|---|---|
| Promotion: Marketing Communication Channels | Accurately describes two marketing communication channels and provides a logical explanation of why they are appropriate, given the persona | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include providing a more accurate description of the marketing communication channels or a more cogent explanation of why the channels are appropriate for the persona | Does not attempt criterion | 45 |
| Price: Approach to Pricing | Clearly explains one of the factors used to determine product pricing | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include providing a more complete explanation of the factor’s influence on price | Does not attempt criterion | 20 |
| Price: Pricing Strategy | Selects a pricing strategy that is appropriate for the chosen product and persona and accurately describes its advantages and drawbacks | Shows progress toward proficiency, but with errors or omissions; areas for improvement may include providing a more accurate or thorough explanation of the pricing strategy, including its advantages and drawbacks, or a more cogent explanation of why the pricing strategy is appropriate given the persona | Does not attempt criterion | 25 |
| Articulation of Response | Clearly conveys meaning with correct grammar, sentence structure, and spelling, demonstrating an understanding of audience and purpose | Shows progress toward proficiency, but with errors in grammar, sentence structure, and spelling, negatively impacting readability | Submission has critical errors in grammar, sentence structure, and spelling, preventing understanding of ideas | 5 |
| Citations and Attributions | Uses citations for ideas requiring attribution, with consistent minor errors | Uses citations for ideas requiring attribution, with major errors | Does not use citations for ideas requiring attribution | 5 |
| Total: | 100% | |||