Suppose you want to start a business of ready-made garments by opening a factory in Faisalabad. Your product will be T-Shirts. There are already three garments manufacturing companies (having the same product) in that area. These companies are doing their business with big foreign buyers like Nike, Puma, D& G, JC Penny, Brands& Fashions, Sports Essentials, and Marks & Spencer etc.
1) How you will differentiate your product from your competitors? (5 Marks)
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
4)What will be your promotion method to attract the foreign customers toward your products? (5Marks)
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Question no 1. How will you differentiate your product from your competitors? (5 Marks)
One of the most important components of successful marketing is to differentiate our product from other competitors. We have to create our products (T- shirts) different enough from the existing products, in the other three garment manufacturing companies in our area, to attract the customers by highlighting these differences in our product. For this purpose we must know that which types of T- shirts will appeal the customers through the market research, through which we'll be able to manufacture our product's design, quality and features according to the customers' taste mixing with our own different and attractive theme, and compel them to leave the other three companies. The other interesting way, to grab the customers' attention to our product, is to provide our product with some free gifts or presenting any interesting scheme for winning the prizes through buying our product.
Question no 2. What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
The very common strategy adopted by many companies is to set a low price strategy to increase their sales and market shares and once the market share has been captured, the firm will increase their prices. But in this way, firm will lose the profits in case of low price strategy. Therefore we'll adopt a little different from the strategy mentioned above. We'll surely go deep with the low prices to bring new costumers but we'll also be careful about our profit that we don't want to lose. We'll set a sale on some of our specific products to grab the customers but we'll also set our required high prices (which fulfill our profit that we are going to lose in our low prices sale) on the products that we think, would be more demanding, attractive and of high quality according the customers' needs and wants and they will certainly buy them without giving much attention to high prices. We can also use the Odd Even pricing, in which we'll set odd prices for our product. For example we'll set the price 299Rs on a product rather than 300Rs. In this way the customer will have an emotional reaction and he'll tend to think that he is buying the product cheaper than 300Rs.
Question no 3.Which channel of distribution you will adopt to deliver your product to foreign customer? (5 Marks)
Product distribution is one of the most important elements in marketing mix. Marketing channels actually pass the product from the producer to the consumer and connect the firm with its customers. We should contact the organization or companies specific for the distribution of products to the foreign customers rather than distributing the products directly to consumers. We can also send our product by Boeing aircraft to the customer at his preferred delivery site. Moreover we can deal with a broker or an agent, who will handle the distribution process and send the product directly to the consumer.
Question no 4. What will be your promotion method to attract the foreign customers toward your products?
The success of a business depends on the ability to attract the customers to the product as it is well said that customers are the kings. We have to promote our product to gain the attention of the customers. These are following different methods of promoting our product that we can bring into play.
plzz some body do correction. main nay submit karna hay....:(
last assignment main b mujhay achay marks nhi milay........
hania dear ise ziyada material kiya ho sakta hai assignment ka liya... as it is paste nahi karo na
apni adding karo apna lec mai kiya suna kiya parha ...and search in Google just related ideas about assignments ... BEST OF LUCK ...
nhi mujhay confusion tha pricing strategy k baray main as concerned to faislabad specially about odd even pricing strategy or channel of distribution par kuch confusion ho rahi thi k theek hay ya nhi
wese main nay ab submit kar b diya
hello plz give me assignment solution