On a trip home during the summer break, you pay your Uncle Dave a visit at his record store. When you walk in, you notice there is not one single customer. “I have run this store since the 1980s,” Uncle Dave says with a sigh. “We were the first store in this whole town to sell compact discs! But now, it feels like we’re at least a decade or two behind the times. No one buys records anymore—or even CDs! I have thought about just closing down the store and retiring a little early. But I can’t stand the thought of doing that just yet. I wish there was some sort of new direction I could take things in.”
You explain to Uncle Dave that the best idea would be retooling his marketing plan. “Now, you know I don’t know anything about doing that,” he replies. “My business had always sold itself until just a few years ago. I had no need for marketing.” Suddenly, a light bulb goes off in your head. Since you’re studying business in school, why not put the skills you have learned to work by helping out Uncle Dave?
Before leaving, you tell Uncle Dave you will be working on a marketing plan for him. Write a professional 1-page (300-500 word) plan that addresses all four elements of the marketing mix:
• Product: What new products and/or services might Uncle Dave start to offer at his store, since—in his own words—no one buys records or CDs anymore?
• Price: Would lowering his prices help Uncle Dave? Or, for that matter, would raising them give him a slight boost?
• Place: Should he start using other channels for distribution, or positioning his products differently?
• Promotion: Are there any new IMS techniques that Uncle Dave might not be using, but should use? What target audiences may be unaware of his store and its offerings?