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Deliverable Length: 2-3 pages (not including cover page or Reference page; double spaced 12-point Times New Roman font)OBJECTIVESKey Assignment DraftNow that the product and promotional decisions have been made for the new product, Michelle is concerned about the pricing of the new product and the distribution channels that will be used to make the product available to customers. She has asked you to write a 2-3 page memo outlining two different pricing strategies that MM should consider. Her voice mail message goes on to say,I want you to recommend which strategy you think should be used for the target market and why. The second part of the memo should outline a distribution plan that will make the product available to the target customers.You are ready for Michelle’s request and begin drafting the memo to her that same day.PART 1OverviewOpening paragraph give an over of the importance of choosing the right pricing and distribution channel. Discuss outline for two different pricing strategiesPricing strategy #1Pricing strategy #2Discuss recommendation for pricing strategy #1 or #2, and why? (Must provide a specific price point).PART 2Discuss the outline for the DISTRIBUTION plan to get the product to the market for the target customer.