Try to pass them off as your own children. After everyone has gotten over their caffeine addictions, suddenly switch to espresso.
These companies can try to entrance our market by launching new product lines to compete us. Yet, we have distinct competitive advantage. That is our product is still brand new. The other companies will take sometimes to enter into the market. Till then we can have a monopoly market condition.
The other advantage that we have is lower price. We will sell products in reasonably lower price then other competitors do. To compete with the major competitors we can adopt the following measures: Market Plan Pricing Strategies We have decided to set a reasonable price for our product when we will develop it.
We considered many factors in setting the pricing policy. We will describe a six-step procedure: Setting the pricing objectives: Our company has decided where it wants to position its market offering.
We have chosen our objective to maximize market share. We believe that a higher sales volume will lead to lower unit costs and higher long-run profit. We have set the lower price because we assume that the market is price sensitive. Our overall objective is to capture the maximum market share by setting lower price.
We have estimated the cost and want to charge a price that covers the cost of production, distribution and selling the product, including a fair return for its effort and risk.
Types of cost and level of production: There are two types of cost: In our new product development project fixed cost is 2,00,00, taka.
Fixed cost includes- machinery, monthly bills, and salaries of employees and so on, regardless of output.
There are some variable costs like-cost of bottle, packaging and so on. These costs tend to be constant per unit production. We have estimated that per unit variable cost is Tk. Selecting a pricing method: We have chosen the target costing method to set price for our product; pricing that starts with an ideal selling price based on customer considerations, then target cost will ensure that the price is met.
To acquire a strong position in the market, we need to give special emphasis on effective promotional activities. In order to get the maximum market share we will have to use all four tools of marketing promotion.
Specially, advertising through mass media will support us a lot. We initially will give more emphasis on paper ads and TV commercials. Because, advertising through these media is the most effective way to reach the customers and position our product in their mind.
We are anticipating that this will have a massive impact on the teenagers and other enthusiasts. We hope that will play a significant role to increase our sales. We have also planned to apply some promotional tools. This will be the market-testing period for our product.
Later, we may apply the strategy of giving gifts, lucky coupons, tour tickets depending on the market and competitive situations. We have future plans to hold seminars, commit social development, supporting social activities, to arrange cultural functions and mobile game shows for publicity purpose.
Distribution Channel In the initial stage, we will distribute the products with our sole distribution channel. When our market will spread out, we will distribute our products through dealers. We will set our own outlets in few core market positions.
When we will go for mass marketing, we will supply our product nationwide through dealers. Our dealers will take the products to every district of the country.Flexible Financing We offer a wide range of flexible financing options including The Home Depot Consumer Credit Card issued by Citibank, N.A.
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