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Principle of Marketing (MGT301) Fall, 2016
Graded Discussion Board No.1
Due Date: January 30, 2017.
Total Marks: 05 Marks
Topic: “General Pricing Approaches”
NOTE: There is no grace period in case of GDB
To familiarize the students with the concept of general pricing approaches, so that they can drag the attention of masses towards the product that is facing intense competition in the market.
After attempting this case student will be able understand that:
The global markets of consumer hygiene products have shifted towards anti-bacterial segment. Keeping aligned with the trend, Pakistani consumer goods manufacturers have now started providing products that fit in the anti-bacterial category and provide maximum value to the consumer. Dettol is the pioneer of products in the anti-bacterial segment that started long time back with the offering of Dettol Soap. The company enjoyed the first mover advantage when it launched the “Dettol Surface Cleaner” which is the direct competition to open Phenyl used commonly some time back in Pakistan, and enjoyed rigorous sales. Seeing the opportunity two new entrants entered the market by launching “Max Surface Cleaner” and “Caroline Surface Cleaner”respectively. The sale of both of these products also sky rocketed, mainly because of their competitive pricing. No doubt, these newly entered variants had given a very tough competition to “Dettol Surface Cleaner” by lowering not its product sale but brand fame as well.
Point of discussion:
What strategy do you think Dettol should employ to increase its sales; should it be a price deduction related decision, or any other bundle offer, or both? Support your discussion with logical arguments.
The total marks of this GDB are 05; avoid irrelevant text/material while answering the question.
For acquiring the relevant knowledge, do not rely only on handouts but also watch the course video lectures and read additional material available online or in any other mode.
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MGT 301 GDB Solution:
For increasing sale of Dettol .the knowledge about our competitor should have which price they are charging in market. Advertising is very necessary and make use of the advertising medium that best suits your product, and the time it is released .radio, tv, print, and internet are some of the medium we may rely upon to advertising in budget. Give out free sample because if once your prospective customer starts using your product or service .They will have increased confidence in their purchasing decision .This will lead to a faster sale . Run a customer reward gift as. 1 being a customer of one year allow them discount 2. Allowed discount to them how purchase more in a year. Set up production centers in different parts of the country where consumer can easy reach for any kind of complain In this way the sale of product can be increase .
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MGT301 GDB Idea
Our emphasis on an agile, responsive organisation enables us to anticipate and address consumer needs quickly and effectively. Consumer health is higher margin, which helps give us the financial headroom to invest in innovation and in building brands, so that consumers have access to the next generation of products that meet their changing needs. This approach drives financial outperformance, with revenues growing faster than the market and increasing margins creating value for our investors. At the same time, we know that growth and responsibility go hand in hand. Our betterbusiness strategy therefore also encompasses our role in society – through the way we look after our people and our community programmes – and our drive to continue to reduce our environmental impact. Our betterbusiness strategy inspires us to do the right thing every day.
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As Price bundling is the cost structure of most service companies is such that providing an additional service costs less than providing the second service alone…. A second benefit of bundling thats appeal to customers is purchasing related services from one service provider. They can save time and money by interacting with an paying one provider rather than multiple providers. Third, bundling effectively increases the number of connections a service company has with its customers. On other hand if price or cost reduction is used by Dettol Company to increase its revenues depending upon the company services product. But every decision in product development process
For increasing sale of Dettol, a combined strategy should be pursued to deal with an emerging competitor. Decreasing price will attract potential customers but the price should be carefully being measured to have a positive impact on the product. Also with price, promotion of product can also be done in the form of advertising (buy one get one free), exclusive discounts on some products. They can also introduce some new products in the market to gain customers attention. (Dettol Antibacterial cleansing floor wipes and Antibacterial cleansing surface wipes). Dettol can offer this promotion as it is an old and established brand and can cut off some of its profit to win sales over its competitors.
So, a combined strategy integrating price and promotion mainly lead to the strengthening of the brand thus winning the confidence of customers
yahn pay 2 say zayada company han tu Competition-Based Pricing employ ho ga... es may ik going rate pricing and sealed bid ha??/??combined strategy???/
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