In this section, you will take a deeper dive into your product strategy. To do this, you need to identify the $4$Ps of marketing, and explore each of these in more detail. Answer the questions below as well for this section.

Product

Where is it in the product life cycle?

What recommendations do you have for improving the offering to fit your target market$$s needs?

What level of quality and consistency does the offering have?

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?

Price

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?

How sensitive are your customers to changes in price?

What revenue do you need to break even and achieve profitability?

What does the price say about your product in terms of value, quality, prestige, etc.?

Place

What is your current distribution strategy?

What missed opportunities or disconnects are you seeing in this distribution approach?

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?

Promotion

What is your current promotion strategy?

Identify at least one goal for your campaign, and make sure your goal is S$.$M$.$A$.$R$.$T$.($specific$,$ measurable, attainable, realistic, and timed.$)$

Identify the key marketing communication methods and specific IMC tools you will use in your marketing campaign.

How will you use each of these tools? Look for ways different methods and tools can build on each other: advertising, direct marketing, public relations, digital marketing, guerrilla marketing, personal selling, sales promotion.