Objective
Explain the role price plays in the 4Ps of marketing.
Overview
Marketing Planning Document 6 explore the next “P” – Price.
AssignmentPart One: Introduction
Introduce Marketing Planning Document 6 by explaining the role price plays in the 4Ps of marketing.
Part Two: Resources
Review what you learned in Lesson 9 about price including content from your textbook and online course material. Note: Be sure to incorporate insights you gained from the Practice Marketing demo – Price. You are also encouraged to conduct independent research to enrich your own learning. Please remember to cite your work properly.
Part Three: Prompts and Guiding Questions
Please answer the following prompts and guiding questions relating to price:
- Identify which pricing objective makes sense for your product (and be sure to include your rationale).
- You will want to explore the nature of demand for your product and how demand will have a determinant on the price you can ask (i.e., elasticity of demand). Alternatively, you may chose to ignore or minimize demand and price primarily based on cost. Explain your rationale with either decision.
- Be sure to address the relationship of price to quality in this section, as well as other determinants of price you might need to address (i.e., where the product is versus where it is projected to fall in the Product Life Cycle).
Part Four: Final Artifact and Reflection
Summarize the considerations you, as marketing managers, have had to consider regarding your specific product as it relates to price (i.e., summarize the work you did in Part Three into a cohesive paragraph describing the product you are marketing as it relates to price). Conclude your planning document by providing insights you gained from this assignment that you had not initially gleaned from the course material or textbook reading
Marketing Planning Documents
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| This criterion is linked to a Learning OutcomeIntroduction |
| Meets Expectations: Introduction grabs attention and provides meaningful context and rationale to why this component is needed within the overall marketing plan.3.0 pts |
Below Expectations: Introduction provides a basic context for the purpose of this marketing component.2.0 pts |
Needs Significant Improvement: Introduction is present, but fails to adequately introduce purpose of paper. Introduction does not flow with the purpose of the paper. Contains blanket or vague statements; needs development to be effective.1.0 pts |
Incomplete: Assignment is not turned in or component is not completed.0.0 pts |
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3.0 pts |
| This criterion is linked to a Learning OutcomeContent |
| Meets Expectations: Content draws from lesson material (online material, textbook and simulation). Thoughtful and insightful ideas drawn from independent research is incorporated into this component of the marketing plan. Reader gains great insight into this component of the marketing plan.10.0 pts |
Below Expectations: Content does draws from lesson material (online material,textbook and simulation). Little if any additional insights are drawn from independent research. However, what exists is incorporated into this component of the marketing plan. Reader gains some insights.7.5 pts |
Needs Significant Improvement: Content draws minimally from lesson material (online material,textbook and simulation). No additional insights from independent research are incorporated into this component of the marketing plan. Reader gains few insights.5.0 pts |
Incomplete:Assignment is not turned in or component is not completed.0.0 pts |
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10.0 pts |
| This criterion is linked to a Learning OutcomeConclusion |
| Meets Expectations: Strong conclusion that provides a clear description of the various considerations that were explored when developing the project’s artifact.3.0 pts |
Below Expectations: Conclusion is present, but only provides a base level summary of what considerations were taken into account when developing the project’s artifact. Provides minimal insights gained from this assignment.2.0 pts |
Needs Significant Improvement: Conclusion is present, but fails to either summarize what considerations were taken into account when developing the project’s artifact or it does not take into account any insights gained from this assignment.1.0 pts |
Incomplete:Assignment is not turned in or component is not completed.0.0 pts |
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3.0 pts |
| This criterion is linked to a Learning OutcomeOrganization |
| Meets Expectations: Follows format provided in assignment directions. Ideas arranged logically, flow smoothly and are clearly linked. Reader can follow reasoning.1.0 pts |
Incomplete:Assignment is not turned in or component is not completed.0.0 pts |
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1.0 pts |
| This criterion is linked to a Learning OutcomeStyle and Mechanics |
| Meets Expectations: Accurately follows professional writing guidelines. Writing is free or almost free of errors. Few or no APA errors are made (if applicable).3.0 pts |
Below Expectations: Format reflects incomplete knowledge of professional writing. Numerous errors that distract the reader. APA format unsuccessfully attempted.2.0 pts |
Needs Significant Improvement: Format is not recognizable. Writing errors are so numerous that they obscure meaning. APA not used (if applicable).1.0 pts |
Incomplete:Assignment is not turned in or component is not completed.0.0 pts |
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3.0 pts |
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Total Points: 20.0
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