Topic s Srapthat This Assignment is NOT a Marketing Plan. It is a Marketing Prop
ID: 379087 • Letter: T
Question
Topic s Srapthat This Assignment is NOT a Marketing Plan. It is a Marketing Proposal Each area described in the following document would be many pages long for a Marketing Plan. For a Marketing Proposal, you cover each area in a few paragraphs. The entire Plan should be four or five pages long. You can either do research to get answers to the questions below or you can make your details up. Marketing Mix (Four Ps) Product Strategy Briefly describe your product or service. Where is it in the product life cycle? What recommendations do you have for improving the offering to fit your target market's needs? Be sure to consider What level of quality and consistency does the offering have? How many features does it have and can they be removed or added? How well does your product or service deliver what the customer values? How can it improve? What improvements would help your offering compete more effectively? Pricing Strategy How is your product or service priced today? How does this compare to competitors, assuming competitors are at or near break-even point with their pricing? Analyze pricing alternatives and make recommendations about pricing going forward based on the following: How sensitive are your customers to changes in price? . What revenue you need to break even and achieve profitability? What does the price says about your product in terms of value, quality, prestige, etc.? Place: Distribution Strategy What is your current distribution strategy? What missed opportunities or disconnects are you seeing in this distribution approach? Make recommendations about your future distribution strategy based on the following: What are the best distribution channels and methods for you to use, and why? . Will you have a retail outlet and if so, where will it be located? . In what geographic area(s) will your product/service be available?Explanation / Answer
Product is Snapchat. It is a messaging and media sharing platform. It is highly popular among youth and teenagers.
The product is in the Growth stage in its Product Life cycle. Features include image sharing, video chatting, time limited snaps, draw with emojis, snapcodes, symbol messages etc. The experience of the appliction is realistic and intersting at the same time. It not only helps communicate easily but also saves time as for example one can easily post a snap for all of her followers in order to effectively convey a message without having to post again and again.
It is an easy way for people to communicate on to one as well as one to many, and the receiver and sender not necessarily need to be available at the same time. The users can also easily multicast to advertise their own products.
However, as the product already having breachd the 100 million user base needs to be adopted and subscribed by more owing to its vast range of features. Most of the fetaures are unique to Snapchat.The intended target segment would be tech savvy young adults.
Price is free for normally subscribed users and premium members may need to pay a small amount as per usage. Normally these are institutional user accounts or members wanting to advertise their products or services. It is a good way to connect with friends and followers among standard users. The revenue it draws is from advertisements and firms purchase sponsored geofilters designed for them. Also some post their videos or snaps for target customers on the platform.
Customer have easily adopted Snapchat and price free customers may drive them away. Most of the users are milennials and teenagers and this is an ever increasing population and hence the pricing strategy should conntinue to be the same.
Place or Distribution of the product is based on online content shared across a common platform . It is interactive and entertaining at the same time while being easy to access. Users may access it ovewr their multimedia devices like mobile phones, tablets, laptops etc.This being digital content served online and used over an application there is no provision of brick and mortar facilities needed. Online content created by users themselves using basic template elements like emojis, geofilters removes any barriers for usability and access. Hence it can be accessed from anywhere with a secure internet connection.
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