MARKETING PLAN THAT

APPLIES THE USE OF THE 7PS TO ACHIEVE OVERALLMARKETINGOBJECTIVES.

Introduction: The following is a strategic marketing plan for a new product launch by a consumer electronics company. The objective is to achieve market penetration by targeting the millennial and Gen Z demographics. The product is a wireless Bluetooth speaker that offers high-quality sound and a unique design.

Product: The wireless Bluetooth speaker will be marketed as a premium product with high-quality sound and a unique design. The speaker will be available in two sizes and multiple color options to cater to customer preferences.

Price: The pricing strategy for the product will be based on value-based pricing. The product will be priced higher than the average Bluetooth speaker in the market, but the unique design and high-quality sound will justify the premium pricing. The pricing will be $149 for the smaller size and $199 for the larger size.

Place: The product will be initially launched through online channels like the company’s website and e-commerce marketplaces like Amazon and Best Buy. After the initial launch, the product will be made available in physical stores such as electronics and department stores.

Promotion: The promotion strategy will focus on creating awareness and interest in the product among the target demographic. The marketing campaign will include social media, influencer, and email marketing. Social media platforms such as Instagram and TikTok will be used to showcase the product’s unique design, and influencer marketing will be used to reach a wider audience. Email marketing will be used to reach out to the company’s existing customer base and offer exclusive discounts.

People: The company will invest in training and development programs for the sales team to ensure they have the knowledge and skills to sell the product effectively. The sales team will also be trained to provide excellent customer service to ensure customer satisfaction.

Process: The company will ensure the purchase process is seamless and user-friendly. The website and e-commerce marketplaces will be optimized for easy navigation and checkout. The company will also invest in customer support systems to provide quick and effective solutions to customer queries and complaints.

Physical Evidence: The product packaging and design will be aesthetically pleasing and visually appealing to the target demographic. The product will also be displayed in physical stores to highlight its unique design and features.

Conclusion: The above marketing plan utilizes the 7Ps of marketing to achieve the overall marketing objectives of market penetration and targeting the millennial and Gen Z demographics. The marketing plan is designed to create awareness and interest in the product, provide a seamless purchase experience, and offer excellent customer service to ensure customer satisfaction. The pricing strategy is based on value-based pricing, and the promotion strategy focuses on social media marketing, influencer marketing, and email marketing. The training and development of the sales team and investment in customer support systems ensure that the purchase process is userfriendly and the customers are satisfied.