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Question.2022 - You can utilize several approaches for this assignment and the “generic” outline in Canvas for this project. Please remember that developing a marketing strategy report can take many forms because of many variables and organizational needs. Therefore, your outline should not be a copy or a replica of an existing report. This posting aims to develop your thoughts and a general focus for the research and analysis. As such, an outline helps to establish an initial structure for the marketing strategy report. The outline should be specific to the client and the scope of the marketing analysis that may need to be conducted. As a skeleton, it may have more or less content depending on many factors and circumstances. Working individually or in a team, everyone is analyzing unique organizations. Therefore, there is no competition or conflict regarding the subjects or approaches. Consequently, we can learn from each other about the structures, methods, problems, etc., taken for each project. Instructions: 1. Upload the proposed outline of your marketing strategy project. Note that this does not require all sections to be discussed, but it should indicate the general trust in your approach. Moreover, do not have an executive summary because this is the absolute last item to write after all the other sections have been completed. You cannot encapsulate your research, analysis, and recommendations before those are all completed.3/23/24, 10:29 AM Topic: Marketing Strategy outline - Discussion Group 3 https://canvas.uncp.edu/groups/16747/discussion_topics/460927 2/2 ? Reply ? Attach Replies are only visible to those who have posted at least one reply. If working as a team. please upload only one document per team. It does not make any difference which team member submits the assignment. Please identify the team project and include the names of all contributing team members at the top of the document. All the other members should then make a post that consists of the name of the team or client along with the names of the team members. This will constitute a submission in the Canvas system and permit all team members to participate in the discussion area. 2. Contribute comments and suggestions regarding the outlines of at least two of your classmates. Peer evaluations can assist as you work on the projects. Provide suggestions if there are gaps, offer assistance based on different perspectives, point out any similarities or examples that you may know existing in similar circumstances, sources of information, etc. "I'm a great believer in outlines." ~ Tom Wolfe (March 2, 1930 – May 14, 2018. American author and journalist.) "Normally, I spend a week on the outline and take two weeks to write the book." ~ R.L. Stine (American novelist, short story writer, television producer, screenwriter, and executive editor.)

Answer Below:

Introduction A marketing strategy is an overall game plan of the company for facilitating the selling and purchasing of its services or goods, as well as determining the ways of reaching potential customers to make them permanent consumers (James, 2024). The paper aims to outline a marketing strategy for a US-based organization, Home Goods. Marketing Strategy Company Home Goods, a US-based organization, is an off-price retailer and sells top home fashions and brands from all over the world at a 20% to 50% discount from the prices of specialty and department stores every day (Home Goods, 2023). Target Market It is significant to choose a target market for identifying a consumer base with a higher possibility of consumption for revenue growth (Hwang & Lee, 2021). The target market for Home Goods will be customers who prefer home fashions and brands at affordable prices. Pricing Strategy The price of products at Home Goods will be based on value. Value-based pricing (VBP) refers to the well-established pricing technique for services and products that is based on the commodity’s price and reflects the customers’ value instead of production costs (Jommi et al., 2020). In the home furnishing industry, several companies sell home brands and fashion products, but value-based pricing can help Home Goods set the price of its goods as per how much its target market believes the products are worth. Promotional Strategy  Home Goods does not do promotions of its products (Home Goods, 2023). Thus, the company needs a comprehensive promotional strategy to promote its products to its existing and potential buyers. Promotional strategy is required for introducing the goods more intensively to make the market more aware and knowledgeable and for strengthening the brands (Yasa et al., 2020). Promotion through social media platforms such as Facebook, YouTube, and Instagram can be effective for Home Goods, as it can help the company to reach more people. Social media can reach every social tier and all activities of people and help companies in reaching markets, selling their goods, as well as maintaining good connections with clients (Yasa et al., 2020). Conclusion The paper concludes with a discussion of the marketing strategy for Home Goods to position them in the home furnishing market. The company will target buyers who have preferences for top home fashions and brands at affordable prices. Value-based pricing and comprehensive promotional strategy can allow the company to compete with other home furnishing companies in the market.   References Home Goods. (2023). How We Do It. Retrieved from https://www.homegoods.com/howwedoit   Hwang, S., & Lee, Y. (2021). Identifying customer priority for new products in target marketing: Using RFM model and TextRank. Innovative Marketing, 17(2), 125-136. Retrieved from https://pdfs.semanticscholar.org/4346/8bb4aa93cba475d16c208106c2911238cc93.pdf  James, M. (2024). Marketing Strategy: What It Is, How It Works, and How to Create One. Retrieved from https://www.investopedia.com/terms/m/marketing-strategy.asp  Jommi, C., Armeni, P., Costa, F., Bertolani, A., & Otto, M. (2020). Implementation of value-based pricing for medicines. Clinical therapeutics, 42(1), 15-24. Retrieved from https://www.clinicaltherapeutics.com/action/showPdf?pii=S0149-2918%2819%2930567-3  Yasa, N., Giantari, I. G. A. K., Setini, M., & Rahmayanti, P. J. M. S. L. (2020). The role of competitive advantage in mediating the effect of promotional strategy on marketing performance. Management Science Letters, 10(12), 2845-2848. Retrieved from http://m.growingscience.com/msl/Vol10/msl_2020_120.pdf  Yasa, N., Giantari, I. G. A. K., Setini, M., Sarmawa, W., Rahmayanti, P., & Dharmanegara, I. (2020). Service strategy based on Tri Kaya Parisudha, social media promotion, business values and business performance. Management Science Letters, 10(13), 2961-2972. Retrieved from http://m.growingscience.com/msl/Vol10/msl_2020_165.pdf   

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