te a variety of industrial and office-based computer and laptop solutions, along with state-of-the-art services, software collaborations and innovative accessories.
EJ’s Innovations and More has a wide customer base for all of its electronic product offerings. This product will make full use of access to the existing customer base as they are all potential users of computers and laptops. Furthermore, they are already familiar with the brand name of EJ’s and have the trust relationship and faith in the product quality and service assurance of the company.
With this product, the company is planning to target all computer and laptop users. The potential customers range from 14 year old girls and boys to aged, retired gentlemen and ladies. However, this plan outlines the target audience, described later, for this particular wave of marketing.
The strategy of EJ’s Innovations and More is to offer customers a wide range of personal computers and laptops. These will be available in a variety of designs and colors, suiting the different needs and whims of the customer. They will be available in different varieties, starting with the basic computer or laptop, to the more advanced versions with greater memory capacity, RAM, accessories and additional features.
The most important aspect of these computers will be that with registration, they will be ready for immediate use. They will work easily on all software platforms from other companies with minimal installation. To assist the customer, customer support teams will be available 6 days a week and helpline will be open 24/7 to answer any product related questions.
The computers and laptops offered by the company will all carry the same brand promise of EJ’s which is one of complete innovation and convenience, designed to make the life of the customer easier and happier.
The specific target audience of this plan includes the people aged between 40 to 70 years, especially those with some sort of impairments or ...
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(Product and Pricing Strategy Essay Example | Topics and Well Written Essays - 1250 Words)
“Product and Pricing Strategy Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.net/miscellaneous/384265-product-and-pricing-strategy.
In long-term goals, the primary objective is to initiate a marketing mix strategy with a right set price for effective product development. Market promotion is a secondary stage, which would be possible if a pricing strategy is there to meet it adequately.
The fate of any business firm is decided by the pricing strategy formulated by it, according to its product’s nature and market value. Both Large and small firms equally maintain a pricing strategy in order to sustain in the business market. However for small business enterprises, pricing strategy is very significant as it decides their sustenance and profitability in the market.
It has been said that while establishing pricing, three things can happen: firstly, to overprice the product and lose a sale that might have resulted profitable; secondly, underprice and make an unprofitable sale; and thirdly, price accordingly and make both sale and profit at the same time.
Furthermore, River Side Cafe is the first cafe within its locality to embed the rich Mexican culture in its business practices. Apart from attracting immigrant Latinos living far away from home to come and have a test of their home made brew, the cafe also manages to attract both old and new lovers of the drink who want to try out the Mexican style of brewing beverages.
Only the freshest products make it to our kitchen- we do not believe in selling anything below our premium standards. Question 2 Organizations usually have a choice between cost-centric, demand-centric and competition oriented pricing strategy (Levy & Weitz, 2012).
Every organization should have own strategic goals for pricing the products - like prices will never be quoted in such a way that the revenues from the product will be less than 10% above the break even pertaining to the business of that product OR under any circumstances no product shall be allowed to incur losses to the extent that the overall revenues of all products put together will be less than 20% above the break even, etc.
Given current economic conditions, companies are under increasing pressure to sustain profitable operations. Traditional approaches to improving profitability managing costs are necessary, but are increasingly limited. An alternative approach is to address revenue growth as an additional lever to improving profitability.
Changes in price can be made must faster than changes in any other marketing mix variable
A company evaluates mainly the cost and the demand .for the product before setting up the price. However there are various other factors that need to be looked into while setting up the price.
For each commodity marketed, customers assign a certain amount that they are willing to pay. Some business organizations are able to price according to the customers' perceived value of their offering. However, some may be pricing less than what the customers would want to pay for them, thereby robbing the companies of profit potential.
The Lantus was ranked as the 15th top-selling pharmaceutical product in Germany in 2007. Financial information reflects that this product alone created nearly 3,000 jobs in Berlin and Frankfurt-Hochst. The company also achieved sales of €1 billion
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