Price
Pricing strategy
There are 4 P’s of marketing that are price, product, place & promotion. As we mentioned our product is Khadi and our market is Indian market. Our pricing strategy for India is shown in the following table. Price strategy used for the product is market oriented pricing where the research will be conducted and prices will be set according to the consumer’s perception. This will help the company in increasing sales by selling high quality product at reasonable price. The strategy may differ according to the product life cycle of the product. The following table shows the number of products which will be sold in Khadi. The saree is traditional and cultural dress of Indian women hence the prices of these items are quoted after research from secondary sources.
Pricing Constraints
The pricing constraints for the product are due to the target market. The price is set according to the segment to which the product is exported. The majority of population earns one by hardworking and they do not earn high hence the prices are set by the wish and how they perceive the product in their market. The other constraint is where the shops are placed if the shop is located in elite class area then Khadi by charging premium pricing. Pricines of the products vary according to the quality and material of the cloth.
Promotions
Marketing strategy
1. We market Khadi by participating in trade exhibitions. The trade shows in places which were Britain, Italy, Switzerland, France and Poland which were organized by International Trade promotion Offer(ITPO) in an effort to promote Khadi in reputed fairs
2. Khadi can be marketed by giving export incentives. We give 5% incentive on FOB (free on board) given to those industries who expo...
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...roduct through innovative and creative TVCs can make the marketing campaign affective. The use of internet is most affective in this regard. It is easy to compare analyze and order your product online with freedom of choice. The internet medium can provide detailed information and catalogue to facilitate the customers just by surfing some pages.
Country of origin importance
The climatic conditions of Indian vary and have four seasons but summers have the longest duration when people like to wear thin clothes to save them from scorching heat of summers. the cloth of Khadi also remain cool in winters. Hence the origin of the country is important as people like to wear cotton clothes. Hence the introduction of high line product to Indian community will be much appreciated the traditional name of the product also has some association with its culture from the past.
Bright Light Innovations will be able to evaluate different segments to determine differential advantages in each of those segments. Furthermore, management will be able to determine any of the particular marketing mix for a more successful strategic plan. Market segmentation can be obtained by researching geographic data (zip code, region, etc), demographic data (age, occupation, nationality, etc), psychographic data (social status, personal type, etc), behavioral data (customer behavior), or any other data that can be beneficial to the research (Kawasaki, 2004). According to Hyman and Sierra (2010), before a service or product is introduced into the market, the marketer needs to have a good understanding of the consumer’s needs and preferences. For that reason, it is recommended that management considers all of the limitations and challenges that the Nepalese market has for the Starlight Stove. Major decisions need to be made by management to effectively make profit on this product. On the other hand, Nepal is ranked in the low-income group. There are other possible markets in South Asia that can be consider and might represent a less challenge, especially since management is looking to make profit. Bright Light Innovations needs to consider GNI numbers before deciding where this product will be launched. Because there are technology limitations in Nepal, management will need to create a marketing campaign that can be clear and easy to understand by the Nepalese citizens. Magazines are always a great source of marketing, but these can represent a challenge in Nepal since only half of the adults can read and 11% of the households have electricity. Therefore, visuals and signs can be strategically placed among the different villages to target the corresponding districts. Bright
As we learned from Chapter 12, price must be carefully determined and match with firm’s product, distribution, and communication strategies. (Hutt & Speh, 2012, p. 300) Therefore, there should be a strong market perspective in pricing. In order to build an effective pricing policy, marketers should focus on the value a customer places on a product or service. One of the most effective ways to do so is differentiating through value creation.
Due to the various options of distribution channels their prices vary. Consumers take that into consideration when purchasing their products.
This paper will detail a strategic marketing plan for a new product that is ready to “go to market”. A strategic marketing plan is important when presenting a new product or service because it ensures that the maximum amount of profit can be obtained for the product. A good strategic marketing plan provides focus and helps to pinpoint opportunities. A strategic marketing plan incorporates an executive summary, target marketing, place, product, pricing and promotional strategies, and a distribution plan.
Saroj (2001) supports the fact now a days factors that cause change to occur are unpredictable, Bega Cheese however appears to be in a continual state of change. Change is driven by forces which make a firm unique to able to achieve strategic goal of company. These forces can either be internal of external. External forces that have driven Bega Cheese to prompt change include social and political pressure is another force due to customers, suppliers’ needs wants to be unsteady, fore which, managers at Bega Cheese implement participative leadership (Rawat 2001). As Bega Cheese export cheese worldwide, therefore, many social and political concerns arises, however, Bega Cheese has valued and acknowledged high quality to be exported through applying legal conformity such as Halal accredited to Middle East countries. Moreover, it has gained competitive advantage to establish high value of its customers and employees as well as superior profits for itself (Micheal 1998).
For durable and luxurious goods when deciding to buy these products, price is one of the most important factors to be considered as the price of these products are high. Therefore, people will compare the price among various shops and purchase from the shore that offers the best deal at the same quality.
One of the most successful ways of promoting the product is running the trade fair, where selling the five stars products. Meanwhile, the producer could learn from each other to another improvement, in or der the share the market, which demand is in very high especially in the international marker. In 2015, the community develop department is running two exhibitions called “The OTOP to the town fair “ and “the TOP Thai innovation fair” these two event will be merging in to one site, estimating at least 20,000 visitor and more than 300 million bath during the event. (National news bureau of Thailand (NNT), Government public relations department, 2015) This event aims to introduce the OTOP products from all regions in Thailand to local people and business sectors. There will be 400 producers with their high quality products. Thus, this market strategies are in a long due to the government is aiming the produced to have the permanent the marketplace to carry out the products internationally. Furthermore, the government is also trying to reduce the assist at the same in or der the communities could stand by themselves without any assisting from
Marketing is a essential part of a business because it helps to control the way that goods or services are sold. When marketing a specific product or service it is crucial to be well informed in all aspects of marketing, which include the marketing mix, marketing strategy, target market in which you will offer your product and the environmental factors that could effect how your product is received, including social and cultural difference, competition, economic and technological aspects. In this paper I will explain how I will market the product which I have chosen. An Herbal Shampoo brand called "Herbalize."
In order to satisfy this market needs, a well-rounded plan is needed to distribute the product. It is a perception that has to change internationally and the most appropriate way to approach this issue is indirectly. Through indirect exporting, the other intermediary companies can provide a range of services to include logistics and marketing tailored for that target market, likely making the product familiar, or
Organic agriculture is one of the most dynamic and rapidly growing sectors of the global food industry. ‘Organic foods are grown with a commitment to respect biological and ecological processes’ (Kortbech-Olesen, 1998). There are many organic agricultural products such as tea, coffee, cocoa, rice, spice, vegetables, tropical fruit and citrus fruit. Before that this market only was a small market focusing on small group of customer or very niche market and became a billion market sectors in 2004. Now people awareness about healthy, safety and environmental issue was increased (Ellis et al., 2006). Thailand was a major export of tropical fruits, vegetable and rice to European markets. EU was the major import market for rice; customer seeking for higher rice quality and organic rice because of health-food trend was growing. This was a good opportunities for the suppliers in developing countries such as Thailand, the top largest of rice producing and exporting in the world, to attend the market (CBI, 2010). My international business opportunity is export organic rice to European countries. This essay aim to identify international business opportunity and apply two concepts that have discussed in International Entrepreneurship class. First concept is niche marketing; focused on the specific consumer needs market. This market has high value and profits because customer willing pay the company that best satisfies their needs. The quality of product is the maim factor for this mark get rather than product price. Second concept is born global, the newly established business that go international immediately or very nearly. Niche market is a one trend that can clarify born global and widely use. It is necessary to set the marke...
Professor Jerome McCarthy introduced in the early 1960s a marketing mix which consists of the 4 Ps: product, price, place and promotion (Kotler, 1999, p. 94). Traditionally, efficient product, price, place and promotion strategies would lead to a successful business but in today’s society, due to such technological advancements, the internet is changing the way we sell our products and services, and therefore organisations now need online strategies to attract and retain customers. The e-marketing mix considers how the 4 Ps can be presented online in order to give that firm a competitive advantage through digital marketing (Learn Marketing, 2014).
Here, visual merchandising will be a beneficial tool in defining the exclusive identity of the brand and thereby increasing the sales and their market value. It is the appropriate time that the Indian retail industry understands and adopts the beneficial traits visual merchandising rather than the traditional practices of display of products and communication via sales personnel. The customers are trends aware and the stores on the other hand have managed to up the glamour quotient. Only a link of brand communication between the brand products and shoppers remains missing. (Pundir, 2007)
...e enough because the company has chosen the best possible way to increase the company performance. The pricing strategy is the company’s best strategy from all because it affected the sales revenue a lot. Although fluctuating the price is quite risky for a business since the customers might order from other companies if the company doesn’t do it properly, but XXX Company manage to done it well so far. The effectiveness might also be seen by the average of sales revenue between January to August from 2011 to 2013.
This cloth recycling process is known as the “Indian shoddy industry (where clothing is completely destroyed in order to permit the reclamation of its constituent fibres)”(Norris). A modernized and westernized India has seen a growth in western name brand clothing such as Levi’s Strauss & Co. Jeans, and other brand name clothing that are favored by adolescents of western society, and have gained increasing popularity amongst Indian adolescents as well. Western clothing has become so popular in India that its own government now considers it a part of traditional Indian clothing. This is a clear example of India's loss of culture as foreign brands are becoming more prevalent within the Indian mainstream. Not only has western clothing such as jeans and t-shirts been accepted into the Indian mainstream, but India itself has delved into the clothing and fashion industry with the creation of new designer brands that perfectly capture western clothing styles.
Price is what a buyer must give up to obtain a product. It is often the most flexible of the four marketing mix element that the price is the quickest element to change. A marketer can raise or lower prices more frequently and easily than they can change other marketing mix