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4.2. Pricing
1. Objective of pricing
Pricing strategy is quite one of the important factors that is considered by the
company. The strategy selected by the company has to be effective as the
customers could be attracted towards the products that are being sold by the
management. With the help of the pricing method, the company can decide the
price for the products. This is one of the most important factors as this will help in
approaching maximum number of clients. The company has adopted skimming
pricing method for determining the price of the products that is sold by the
management. In this case, the relevance of the pricing for the product life cycle
method has to be adopted by the company (Kim et al., 2004).
New pricing strategy
The pricing strategy for the product and services that is been rendered to the
clients. It is quite important for the company to select the right method, through
which the right quote for the price can be implemented. The pricing strategy is
implemented with an intention of offering the products that will take care of the
needs of the clients. This will also help in tackling the challenges that would help
in overpowering the existing competition (Kotler and Keller 2009).
Pricing tactics
Price skimming is considered to be one of the most effective methods that help
the company to set out the right price that will help in increasing the sales for the
product. Through this method, it is possible for the company to recover the costs
that is involved in the production MacBook for the clients. This is also considered
to be effective methods for coping with the challenges that are associated with
the lack of information related to financial resources. Through this method, it is
possible for the company to decide upon the volume that needs to be sold to the
clients. Also, the promotional activities can be conducted without increasing the
operational expenses for the company (Kotler, 2003).
Perceptual map
Placement
Marketing channels
The method adopted for marketing of the product is quite important. In this
method, the company analyse the future goals and draft the best possible
policies that would help in increasing the sales. Some of the channels are
1. Direct selling - In this method, the sales for the products are done directly. The
company approach the customer and sell the product to the clients.
2. Indirect method - Here, the company adopts indirect method that includes
dealers and retail shops. Through such methods, the company attempt to
increase the sales and ensure that the right is adopted for the same.
3. Reverse channels In this process, the sales is done from the clients to the
intermediaries and then it is transferred to the beneficiary.
4. Dual distribution - Here, the company makes arrangement to sell the products
to different clients by adopting the best sales process (McGrath, 2005).
Distribution of products
Direct sales and indirect sales process is considered to the best method for
increasing the sales for the company. Through direct sales, the company
attempts to approach maximum number of clients and explain the benefits of the
product that is offered for sales. Apart from this, the strategies could be adopted
that will help in attracting the clients. Through indirect method, the management
proposes to approach dealers and retailers who would carry out the promotion
activities for the company. Such a task is quite challenging and thus, the
management of the company ensures to implement the right strategies.
Alternative method for distribution
The marketing and promotional activities are considered to be quite important.
For increasing the sales, the management proposes to create brand awareness
through the online and mobile promotional activities. Such process will attract
more clients towards the company.
4.4.Promotion
Describe the promotional mix elements
Promotional mix is quite an important factor, through which the sales and brand
awareness can be created amongst the customers. This also helps the
management of the company to cope with the challenges that exists due to
increase in the level of competition. In order to choose the right type of
promotional mix, it is essential to analyse the future objectives of the company.
This will help the company in approaching maximum number of clients from
different markets.
Some of the promotional mix elements that are considered to be essential in this
process are
Advertising
Personal selling
Direct marketing
Point of sale displays
Merchandising
Tool that has been used
The company depends a lot on the dealers and the internet technology for
increasing the sales for the products. This is quite effective, as majority of the
buyers from different markets prefer to buy the products and services through
online method. Apart from this, it is also possible to gather the required
information about the products through this method. Through online method, the
campaigns can be conducted through which the sales would increase. Besides
this, such method will enable the company to reach out to the clients quite easily.
Mobile application is another important aspect through which the company can
communicate with the potential customers.
Features
Advantages
Cost effective method
Quite reliable for communicating with the customers (Kotler, 2003).
Can interact with the clients and analyse the expectations of the
buyers
Disadvantages
The results cannot be measured
Quick services are a must or else the company wouldnt be able to
yield the expected results.
If the website is not interactive then it will create serious problem for
the clients.
6.0 Conclusion
The company aims to target new and existing market. By doing so, the
management intends to increase the sales and render the best possible services
to the clients. This is quite important for increasing the brand image for the
company. For the product strategy, it is essential to highlight the features of the
products that are sold by the company. This can be done through effective
promotional activities. At the time of marketing, the company can highlight the
features of the products, through which the customers can analyse the
requirements and choose the best product that will cater their needs. Pricing is
one of the important factors and needs to be done in the right manner. For
implementing the right price for the products, the company has to analyse the
challenges and the present market condition. This will help in increasing the
sales and approaching maximum number of clients from different markets.
Promotional activities have to be done on a timely manner, and the right
strategies have to be selected for the same. In this case, the steps that has to be
followed for conducting the promotional activities has to be planned and
communicated with the clients.
Recommendations
The strategy for product strategy has to be improved and the right steps for the
same have to be implemented by the company. This will help in adopting the
best strategies that will help the company. Innovative promotional activities
include introducing the changes that will attract the clients at the short span of
time. Pricing strategy will help the management in adopting the right price that
will be useful for the company. Introducing changes in such methods will help the
management in adopting the right strategies through which the sales can be
increased.
References
Johnson C and Schultz D, 2004. A Focus on Customers, Marketing
Management, Vol. 13 No. 5, PP.21-26
Kitchen J, Bringell J, and Jones S, 2004. The Emergence of Integrated
Marketing Communication: A theoretical Perspective. Journal of Advertising
Research, Vol. 44, No. 1, pp. 20-30.
Kim I, Han D, Schultz E, 2004. Understanding the Diffusion of Integrated
Marketing Communication. Journal of Advertising Research, Vol. 44, No. 1, pp.
31-45.
Kotler P and Keller L, 2009. Marketing Management: A South Asian
Perspective,13th ed.,Prentice Hall/Pearson,New Delhi, India.
Kotler P, 2003. Marketing Management, 11th ed., Prentice Hall/Pearson,
Englewood cliffs,NJ
McGrath J, 2005. A Pilot Study Testing Aspects of IMC Concept, Journal of
Marketing Communications, Vol.11 No.3, pp.1-20