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Pricing - New Product Development - Essay Example
Pages 14 (3514 words)
Pricing-New Product Development [Instructor Name] The Company The company is about to introduce a new product in UK market, which is an “eco car bin’’, a restoring eco friendly product. The aim is to launch the product in utmost 200 sites of the country and with a strong pricing strategy…
Analysis of design and technical features of the product are essential part of product development and would be required in price evaluation period. The challenge is to engage with the competitors and meet the market in effective and deliberate way. In the longer run, the aim is to build a relationship with British Petroleum in order to meet the primary objective of market capturing. This will introduce the eco bins in UK market in a good aspect of time and make it available for the new users. In pricing objective, the company should go with market penetration tactics, which would be achieved by a strong promotional campaign. Setting discount package is a good idea and in-fact a perfect idea to begin with. The need would be to meet the competition in the very first phase of the business. 1. Pricing Objective Pricing is the primary function of a business, which associates with the rest of the functions in a considerable way. It is a process of product development, product enrichment and promotion respectively. In a business organization, pricing is a central function and if it goes on successfully, the rest of the business is with parallel results (Lan 2006). Pricing is the main element of marketing and holds the major role in developing a marketing mix strategy. ...
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