Promotion and Place Project - Research Paper Example

Download file to see previous pages While developing the marketing plan for the new energy drink, the company is at first required to finalize the place strategy. This implies the manner in which the product is placed in the target market. Later on, planning will be done for product promotion. The company will develop its integrated marketing communication plan to convey the required message to the target customer base. Promotional mix for the new product will be developed to identify which promotional tools should be used to attract and retain potential customers.
While developing the marketing plan, the company will take into account the marketing tactics followed by the competitors. To enhance the effectiveness of the marketing plan, some innovative and creative promotional tools have been planned. This will make the whole marketing process attractive for the customers.
“Place” is one of the vital elements of a product mix and plays an important role in the marketing plan of any product or service. The term “place” refers to the distribution of the product from the manufacturing point to the customers (Gitman & McDaniel, p.295). Once the new product is launched in the target market, it is necessary to ensure that it is readily available to the customers. This is only possible if the company has an effective distribution channel. The place strategy deals with the physical distribution of the product. Hence while developing the place strategy, the company needs to finalize the activities associated with storage and transportation of finished goods to the target market segment (Lamb, Hair & McDaniel, p.47).
The company can either develop its own distribution channel or it can hire a distributor who takes the responsibility of distribution in lieu of certain payments. Both these choice has its own advantages as well as disadvantages.    ...Download file to see next pagesRead More