MKTG 630 Unit 3 IP: Money Manager Application Marketing Plan

This project outlines a comprehensive marketing plan for a Money Manager application, addressing key stages of new product development. It begins with idea generation and screening, followed by concept development and testing, market research (qualitative and quantitative), and the definition of SMART goals. The product itself is an expense tracker app, with a penetration pricing strategy and a direct distribution channel leveraging digital platforms like social media. The plan details promotional strategies, including digital marketing through social media and blogs, and proposes methods for measuring results via surveys. A contingency plan addresses potential issues like employee quality. The project also includes a business memo that focuses on identifying the target market for the Money Manager app, considering demographic, geographic, psychographic, and behavioral characteristics. Furthermore, the plan discusses pricing and distribution strategies for the application, emphasizing the use of digital platforms. The plan also explores the environmental factors affecting the product launch and includes a discussion on the new product development process, covering aspects such as product attributes, benefits, and business analysis. The project concludes with a discussion on commercialization and references relevant literature.

APPLIED MANAGERIAL MARKETIG
Name of the student
Name of the University
Author’s Note

Objective of plan
• A new direction- Creating
opportunities to reach new
heights of success
• Managing Money- Track the
earnings as well as spending
• Reorganization- Build brand
reorganization

Market Research
Qualitative Research
Quantitative research

Product
Product name: Money Manager
The nature of the product is an expense tracker application
This product tracks all the earnings and spending to manage
individual’s money.

Pricing
Penetration Pricing Strategy
Bundle Pricing Strategy

Distribution
Direct Channel (Zero Level)-

Promotional Strategies
Digital platform through social media or
blogs

Measuring Results
• Surveys
-to know how many
people are aware of the
product
-to record feedbacks
from the consumers
-to measure the result of
the innovation

ConTINGENCY pLAN
Quality programs for the employees

Anticipated Question
-What might somebody else say to show your proposed solution is wrong?
Will not attract customers in the earlier stages
-What could you say to show s/he is wrong?
Aim of the proposed planning is to capture larger market segment in the long run
-What alternative solution might someone else recommend?
Similar substitutes in the market
-What reasons might someone provide to support their solution?
People don’t usually change preferences
-How would you respond to their reasons?
Would demonstrate how the new product is different and
unique from the old ones in the market.
• .

Bibliography
Carey, C. C. (2019). Key Regulatory Aspects and the Importance of Consensus Standards in Bringing Devices to Market. In The
Handbook of Cuffless Blood Pressure Monitoring (pp. 191-202). Springer, Cham.
Antwi, S. K., & Hamza, K. (2015). Qualitative and quantitative research paradigms in business research: A philosophical reflection.
European Journal of Business and Management, 7(3), 217-225.
McCusker, K., & Gunaydin, S. (2015). Research using qualitative, quantitative or mixed methods and choice based on the
research. Perfusion, 30(7), 537-542.
Taleizadeh, A. A., Babaei, M. S., Niaki, S. T. A., & Noori-daryan, M. (2017). Bundle pricing and inventory decisions on
complementary products. Operational Research, 1-25.
Liu, J., Zhai, X., & Chen, L. (2018). The interaction between product rollover strategy and pricing scheme. International Journal of
Production Economics, 201, 116-135.
Mullakhmetov, K. S., Sadriev, R. D., Gabidinova, G. S., & Akhmetshin, E. M. (2016). Control in marketing-based
management. Academy of Marketing Studies Journal, 20(2), 13-19.
Pamudji, W. H., Daryanto, H. K., & Djohar, S. (2015). Cost based penetration pricing strategy for beverages industry. International
Journal of Scientific and Research Publications, 5(10), 1-7.
Sarstedt, M., & Mooi, E. (2014). A concise guide to market research. The Process, Data, and, 12.
Sije, A., & Oloko, M. (2013). Penetration pricing strategy and performance of small and medium enterprises in Kenya. European
Journal of Business and Social Sciences, 2(9), 114-123.
Mullakhmetov, K. S., Sadriev, R. D., Gabidinova, G. S., & Akhmetshin, E. M. (2016). Control in marketing-based
management. Academy of Marketing Studies Journal, 20(2), 13-19.