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Pricing strategy strayer university
Product pricing and strategies
Pricing strategy for business markets
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PRICING
The pricing strategy to be used in Thailand will be Premium in order to enter to foreign market with expenses in transportation, additionally, the product has superior quality compared with competitors in terms of quality, and specially freshness of the milk and ingredients. Moreover, consumers are willing to pay more for importation products that are healthy with high quality and that are in convenient locations, even though demand of product is elastic.
The price is higher than competitors for its features. A suggested price for the 425 ml bottle is: $1.50 AUS, which are around 39 Baht.
Competition prices are around 25, 26 Baths. For example Foremost Flavor milk of 400 ml is 25 Baht, Meiji 450 ml is 27 Baht, Thai Danish of 400 ml
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Key Messages of Communication:
• Fresh milk no protein powders
• New, Australian made
• Fullness for your busy day
• Ready to Eat
• Extra energy, protein and taste
EVALUATION AND CONTROL
With the purpose of assess the performance and efficiency of the proposed marketing plan and each one of the objectives previously stablished, the next activities will be made
• SALES AND QUANTITY OF PENETRATION:
Monitor sales at 7-Eleven stores during the first six months to understand consumer buying behavior and make adjustments in the marketing strategy and determine the number of bottles to be exported in the next six months and the mix of flavors to be sent.
• BRAND AWARENESS:
Conduct a market research study to understand if the customers identify the brand and their willingness to buy it, also the general thoughts they may have about it. Information like market share, image and position of the brand among the customers will be evaluated.
• NEW MARKETS:
Monitor sales of the new three chosen retailers and cities, measuring actual against planned performance in each one of them.
CONTROL OF PROCESSES WITH BALANCE SCORE CARD
Although Vietnam is rapidly developing, the poverty percentage of the particular country is still high. Topman is considered to offer midrange prices to its customers but the currency of Vietnam is gradually low and unstable compared to the currency of United Kingdom. Therefore, Topman’s product might be considered expensive for most of the Vietnamese when products are converted to Vietnam Dong, which is the currency of Vietnam. As the price of fuel is increasing rapidly, same goes with the logistic expenses. Topman varies each of its collection every two weeks. Therefore, there will be frequent shipment of its products to Vietnam from United Kingdom. The price of Topman’s product will be slightly higher as logistics expenses are added in the cost of the products.
(Yoder-Wise, 2015) During the process of planning you need to assess your internal and external environment, identify any opportunities and threats. Then you want to create your plan and identify your goals and objectives, implement the plan and lastly you evaluate and make any necessary changes. In strategic marketing, you want to identify your target market and research it. When planning you identify your strategies and objectives you identify what services you will provide and at what cost an how you’re going to market your plan. You can evaluate by getting feedback from consumers through different
Firstly, one of the most important focuses would be given to the target customer as we will need to know more about their taste and preferences. What it is they need and or want. Particular topics covering this area will be, the need for ‘Market segmentation’, identifying a competitive position in the market about to enter in the market and studying consumer behaviour, will all be discussed.
Discuss an assessment or evaluation strategy which may be used to help determine the marketing potential of an organization.
A brand audit is a detailed assessment of a brand’s current ranking in the market compared to other competitors. It provides information on how the business is performing in the market. A brand audit also aims at examining the image and reputation of the brand as perceived by customers. The two key elements of brand audit are brand inventory and brand exploratory. Brand inventory provides up to date itinerary of how a company markets and brands its products. On the other hand, a brand exploratory is an examination undertaken so as to comprehend what consumers feel about the brand. It seeks to conduct a consumer insight research in order to acquire consumers’ feelings and perceptions. This paper looks into the brand exploratory aspect of auditing under the customer-based brand equity (CBBE) model.
Arcading to Sue Pulendran marketing planning technology provides for decision-making that is more comprehensive. Marketing planning is a performance paradoxical that measures strategies for the market segmentation. The most important thing about strategic marketing positioning covers the business strategic positioning choice also each business has a different marketing strategy imposed to so that they can gain a competitive advantage over other business in the same market. Skype
Once the market research data is compiled, it is then evaluated and upon which recommendations and conclusions about are drawn. This includes how the design of the product would look like, its price, initial niche markets, etc.
In order for PepsiCo to be successful in selling Pepsi Platinum, the company must research the marketing community. The best way to create a strategic marketing plan is to understand the target market in the beverage and sports drink business. PepsiCo must ask, “What is the demographic of this market, what are psychographics and behaviors of the specific market that PepsiCo, in regards of selling this brand, desires to reach?” Understanding our customer needs, and competitors offerings will help PepsiCo create a strategically integrated marketing plan. The principal to any successful marketing strategy is to understand the customers and their needs. The ability to satisfy customers' needs better than the competitors, will first be, that PepsiCo build customer loyalty and increase sales (Business Link, 2007). Marketing research uses many methods to obtain its results. PepsiCo will use external census data and marketing survey data collected by outside marketing research firms, as a method of understanding customer wants and needs. Computer-aided methodologies will also be used to collect data on the competitors of PepsiCo such as Coca Cola, Jones Soda, and Mo...
...termine if they are higher or lower than those that have been set. If sales are lower, than set corrective action would be taken to re-evaluate the marketing plan and current advertising efforts. Furthermore, if sales are higher than the goal amount exploiting a positive deviation action would be taken to invest more money into the current marketing strategies.
Since when does sexy conduct healthier and better milk? The two print ads that I am introducing to you is a milk from the Coca-Cola Company. The milk is called Fairlife and comes in different flavors: 2% reduced fat, 2% chocolate, fat free, and whole. Their tag line is “Believe in a better milk”.
Once the product is accepted the organisation would experience a high growth rate. For example, PAX Yogurt Company which originates on Mount St. Benedict, is a local company which developed seven different flavours of yogurt into the market, they are: almond, guava, passion fruit, pineapple, soursop, strawberry, natural (plain) and vanilla. The primary objective was to meet the customers’ needs with a good quality product at an affordable price in order to return high sales and profitability for the company. It is imperative at this stage, that particular attention should be placed on creating strategies for pricing, place or distribution and promotion so as to establish a market presence and create a suitable demand for the product. Pricing strategies include price skimming and price penetration. It is advisable at this stage to employ the price skimming strategy for example, pricing the product at the highest point possible. Prices can then be lowered when demand starts to
The packaged milk category was originated in 1981 by (quaintly named) Milk Pak, which pioneered tetra pack milk in Pakistan. The supply chain involved collecting milk from rural areas across Punjab, processing the milk through UHT (Ultra-High Temperature Processing) treatment, and selling it to consumers in uniquely colored triangular and rectangular packs designed to prolong the milk’s quality. Milk Pak’s “Milk Packs” were very well-received and the brand soon became synonymous with quality milk. Its first real competition came in the form of Haleeb, which introduced distinctively blue tetra packs to the market in 1986.
Facing to more complex business environment, systematically marketing plans are important to organizations in terms of maintaining a high level of operating efficiency and achieving goals fully. According to Sally and John (1996:3), marketing plans are “the written document or blueprint for implementing and controlling an organization’s marketing activities related to a particular marketing strategy” (Sally, D., Lyndon S., & John, B., 1996: 3). A successful marketing plan is able to improve organizations’ profits and growth, uses in objective setting and monitors results (Subash Jain, Michael D. Clemes, Gregory Brush, 2008: 5)
Briefly it is a systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company, allows management to make the changes necessary for better results through adopting a proactive approach. Therefore, if a company wants to know what type of products or services would be profitable it should make a market research. Furthermore, a comprehensive research will enable the company to know about the product imperfections (if there are) and to know if it has been able to satisfy customers’ needs. It attempts to provide accurate information that reflects a true state of affairs. Due to market research the company can formulate a viable marketing plan and estimate the success of its existing plan. There are two main sources of marketing research information:
ice cream belonging to the premium category. Based on our analysis, we have identified two major