The Special Dark Chocolate Bar - Pricing & Creating a Plan

Published: 2021-06-29 06:55:51
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Category: Business

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Faye Glenn
American Intercontinental University
Unit 4 Individual Project
MKTG 205 - Principles of Marketing
July 1, 2012



Abstract
The Special Dark Chocolate bar is presented as a marketing strategy. This bar will target consumers with cardiovascular conditions as well as chocolate lovers, young children, and females. The chocolate bar is tasty, but has some health benefits for the young at heart. Identifying the consumer's needs and wants is how businesses target their consumers. Segmentation helps manage the diversity of the consumers. Once a business creates segmentation, they have to make sure it is appealing enough to intrigue their customers and not send them to their competition. Everyday consumers will purchase their desired or needed items through a marketing channel of distribution. There is many ways for a consumer to purchase their items such as the internet, a department store, convenient stores, and/or catalogs.
Keywords: marketing strategy, distribution channels, and segmentation


Pricing & Creating a Plan
Introduction
The purpose of this paper is to add final plan to the marketing program for my product. In completing the marketing program, I will explain in my own words the definition of marketing by using the definition I used in a previous assignment. I will introduce my product. I will discuss the situation analysis of marketing environment forces impacting my product. I will discuss my marketing strategy. I will discuss the overview of my and the strategies to consider. I will discuss the pricing strategy and finally I will discuss the distribution channels. I will choose at least 3 promotion tools
Definition of Marketing
My own interpretation of marketing is: marketing is a strategy that is used to attract the public, consumers, and customers to participate in buying, selling, trading, and investing in numerous of products that are put on the market. In order for marketing to work there has to be more than one party participating, because of the exchange of a product or service for money. For instance, I walk into a shoe department store and find a gorgeous pair of shoes that I'm just dying to have. Well, the department store and I both exchange something of value. I exchange my money and the department store exchanges their product for my want. Marketing is basically choosing the perfect product; find the perfect place to sell the product; draw a group of customers to buy it for the right price; and promote it at the right time.
Introduction of Product/Service
First define product, a product is a mixture of goods, services, and/or idea of tangible and nontangible attributes that fulfills the needs of consumers and is also received as an exchange for money. A tangible product is an item that we can use our five senses on. A nontangible item would be services that are provided to a consumer. (Kerin, 2012) A daycare center is a nontangible service. Parents use a daycare center to care for their children while they are at work. Money is being exchange for the services the daycare center provides to the parents of the children they care for. The product of my choice is the chocolate bar. Not just a chocolate bar, but Hershey's Special Chocolate Bar. I chose the dark chocolate, because of the health benefits it can provide for the chocolate lovers, especially those chocolate lovers with cardiovascular illnesses. The special dark chocolate is said to be a stress reliever. (Candy Manufacturing, 2012)

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