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Unit 2 Assignment_Marketing_WaterSense

Unit 2 Assignment_Marketing_WaterSense - Unit 2 Assignment...

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Unit 2 Assignment: Marketing WaterSense MT450: Marketing Management February 13, 2012 Charity Barnes
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Imagine standing on your feet all day waiting on customers or helping patients, your feet hurt to the extent that you would rather walk barefoot on concrete than take another step in them old uncomfortable shoes. You just can’t seem to find the pair for you but then you are presented with the opportunity to buy a pair of shoes that not only look comfortable but they even have their own catchy little slogan…'Feet hurt? Walk on water with WaterSense Orthopedics’. This will be the ideal scenario after marketing the newest breakthrough in shoes but first it is very important to have a marketing plan for this product. In doing this, careful consideration for the product, placement, price, and promotion is very important. After carefully considering these elements of the marketing plan, the next step would be to decide how to market the product; a very important question to ask during this process would be does niche marketing or mass marketing seem to fit the bill in order to reach the intended market at the least cost possible. The product that I will be marketing is called WaterSense Orthopedic shoes. WaterSense is a very special shoe made specifically for those who have jobs requiring them to be on their feet for extended periods of time. According to the Bureau of Labor Statistics, persons in retail accounted for about 4.5 million jobs and if you do the simple math that’s 9 million sore feet. When added to the 483,600 Medical Assistants, 1.7 million Home-Health Aids, and 1.5 million Nursing aides, orderlies, and attendants, the market for extra comfortable shoes becomes rather large and that is just a few professions where constant standing is required (Occupational Outlook Handbook, 2009). The second element of the marketing mix that needs to be considered is the price. Although this shoe sounds heavenly and it’s everyone’s dream to walk on water, its production could get pretty pricy when first coming out of the gate and, let’s face it, if the price is too high it don’t matter how good the product is, it’s not going to sell. The ideal price that I would like to set
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for these shoes is $99 and after doing some research on the prices of popular brands of running/walking shoes, $99 does not seem like a high price to pay. The first shoe that I looked at was the Nike Air Miller walking shoe priced at $88 (Nike, 2012). At first sight this shoe looks
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