IPT has established themselves as a leading manufacturer of gourmet candy and popcorn. Their goal is to launch this image into the current and new market place. IPT's target consumers are young and middle-age adults with income levels from lower middle-class and upward. This current target market makes up 65 percent of their online and retail sales with business-to-business sales making up the additional 35 percent. Research has also show that IPT sales would increase by as much as 50 percent by expanding their target market outside the Philadelphia area.
Now that IPT has established their objective, they wish to accomplish an effective promotional strategy. There are many promotional tools available to IPT. First, IPT should register their website with search engines. This strategy will target the consumers that purchase products online no matter what age or income group. IPT will also send announcements to newsgroups. Here, specific newsgroups will be targeted depending on their content and consumer characteristics.
The creation of website announcements will be sent to e-zines and award sites based on their relative content. Additionally, ads will be placed with local newspapers and circulars will be generated and mailed to perspective clients. IPT will generate a form on their site allowing current customers to send a link to the site informing other parties about the company. IPT will also utilize direct mail and email to targeted consumers and businesses.
IPTs pricing strategy will take into account the cost to make and deliver the product while gaining a return on their investment. In addition to the cost to make and deliver the product, IPT will remain aggressively priced with their competitors. IPT will take into consideration price-sensitive and non price-sensitive consumers. Though, since IPT has a unique product, they have the ability to price discriminate or experiment with...