Semester “Spring 2011”
“Introduction to Business (MGT211)”
Marks: 20
“Assignment # 2”
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, 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? (5 Marks)
Important Tips
1. This Assignment can be best attempted from the knowledge acquired after watching video lecture no. 1 to lecture no 24 and reading handouts as well as recommended text book).
2. Video lectures can be downloaded for free from Online VU Lectures.
Schedule
Opening Date and Time
May 26, 2011 At 12:01 A.M. (Mid-Night)
Due Date and Time
June 01 , 2011 At 11:59 P.M. (Mid-Night)
Note: Only in the case of Assignment, 24 Hrs extra / grace period after the above mentioned due date is usually available to overcome uploading difficulties which may be faced by the students on last date. This extra time should only be used to meet the emergencies and above mentioned due dates should always be treated as final to avoid any inconvenience.
Solution:
Pricing: Selecting the most appropriate price at which to sell a product. Lower prices generally lead to higher sales volume, while higher prices generally lead to higher profits per unit. Prices must support a variety of costs, such as the organization’s operating, administrative, and research costs, and marketing cost like advertising and sales salaries
3) which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
Place: Determining the most effective and efficient way to get products from producers to consumers. Distribution also involves choosing which channels of distribution are most appropriate.
4) What will be your promotion method to attract the foreign customers toward your products? (5 Marks)
Promotion:
All of the activities a firm undertakes to communicate and promote its products to the target market. This is clearly the most visible element of the marketing mix.
::::::::::::::::::::::::::::::::::::::::::
1) How you will differentiate your product from your competitors?Differentiating my offering, rather than product. Customers make decisions based on experience and confidence derived from themselves or experts. First they don't want failure or problems. Offering solutions that are similar to many with few differences is only difficult if i haven't explored the client's issues and reasons for choice.
The price of the products should be low as that of other companies. Market Specialty is another differentiating strategy. People are impressed with companies who concentrate on a specified activity or product.
Another way to differentiate is through product Preference. How a Product is made can differentiation. What’s hot in the market can also be a strategy of differentiation. People want to buy what is hot and don’t want to buy what is not.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Such pricing strategy should be adopt at which the product sale could be maximum, or at which the profit per unit could be maximum. If we keep low price then growth rate of the products will be maximum, and if we keep the price high then the profit rate per unit will be maximum. If I price them too high, I may not sell enough units to stay in business. If I price them too low, I could be leaving money on the table. The market-based pricing strategy aims to solve both of these issues and providing me with the best results.
With this type of pricing strategy, we have to pay attention to the level of price sensitivity of your customers. Depending on business model, I may be better off using a premium pricing model and separating myself from my competitors.
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)Our company has spent time, money and other resources to identify potential foreign distributors for our products. Now we have to decide which distributors are correct for us. Many people believe that the Internet will eventually eliminate the foreign distributor. But, very few products can be directly sold in foreign markets without a foreign distributor. Our customers expect us to deliver the right product to the right place at the right time. It is generally more efficient for a manufacturer to go through a distributor rather than selling directly to the customer. In the extreme case of Boeing aircraft or commercial satellites, the product is made by the manufacturer and sent directly to the customer’s preferred delivery site. It all depends upon the budget and the conditions of the company that which channel should be adopt.
4) What will be your promotion method to attract the foreign customers toward your products?We can launch a Web site. Web sites provide your company with worldwide exposure and give your customers convenient access to your services and products. We can host a grand opening or open house. Invite local business owners and residents from surrounding neighborhoods. Provide free merchandise samples, and have plenty of business cards and company brochures on hand. By using traditional advertising methods, such as classified ads, yellow page ads, television and radio spots, and display ads in magazines.
::::::::::::::::::::::::::::::::::::::::::::::::::::
1) How you will differentiate your product from your competitors? (5 Marks)Product: The good, service, or idea that is marketed to fill consumer wants and
needs. Improving existing products and developing new products are among the
marketer's most important tasks.
i. Product differentiation: Creation of a product or product image that differs enough from existing products to attract consumers. Differentiation is a source of competitive advantage. Combinations of physical goods and services can also be sources of differentiation.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks) Pricing: Selecting the most appropriate price at which to sell a product. Lower prices generally lead to higher sales volume, while higher prices generally lead to higher profits per unit. Prices must support a variety of costs, such as the organization’s operating, administrative, and research costs, and marketing cost like advertising and sales salaries
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks) Place (distribution): Determining the most effective and efficient way to get products from producers to consumers. Distribution also involves choosing which channels of distribution are most appropriate.
4) What will be your promotion method to attract the foreign customers toward your products? (5 Marks)Promotion: All of the activities a firm undertakes to communicate and promote its products to the target market. This is clearly the most visible element of the marketing mix.
::::::::::::::::::::::::::::::::::::::::
Question 1) How you will differentiate your product from your competitors?
Answer:
Product: It should be good and service or idea of that product is marketed to accomplish the costumer wants and needs. Civilizing presented product and also developing the new products among marketer’s most important task and goals. And the differentiation of the product is that how to that product attracts to the customer. Differentiate the product is a kind of source of competition advantage.
Question 2) what pricing strategy you will adopt to grab the market share from your competitors?
Answer:
Pricing: First take in mind one thing that the lower price leads to high sale. So before selecting the price keeps in mind the most appropriate price at which product should be sale. Price support different variety of costs like research costs, marketing costs like as advertising and sale salaries, the organization operating, administrative costs etc.
Question 3) which channel of distribution you will adopt to deliver your product to foreign customers?
Answer:
Place:
Selecting the most effective and efficient way where to introduce and launch the product. Also determining the efficient way to obtain the products from producers to customers. Distribution channel also involves in choosing where to product should be distribute.
Question 4) what will be your promotion method to attract the foreign customers toward your products?
Answer:
Promotion: This is the most and important element of the marketing mix. Because all kind of activities and efforts a firm undertake to promote and introduce its product in the market. And to achieve that task this part of marketing mix helps and to be achieved.
Solution:
1) How you will differentiate your product from your competitors?
Product: The good, service, or idea that is marketed to fill consumer wants and needs. Improving existing products and developing new products are among the marketer's most important tasks.
Product differentiation: Creation of a product or product image that differs enough from existing products to attract consumers. Differentiation is a source of competitive advantage. Combinations of physical goods and services can also be sources of differentiation.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Product: The good, service, or idea that is marketed to fill consumer wants and needs. Improving existing products and developing new products are among the marketer's most important tasks.
Product differentiation: Creation of a product or product image that differs enough from existing products to attract consumers. Differentiation is a source of competitive advantage. Combinations of physical goods and services can also be sources of differentiation.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Pricing: Selecting the most appropriate price at which to sell a product. Lower prices generally lead to higher sales volume, while higher prices generally lead to higher profits per unit. Prices must support a variety of costs, such as the organization’s operating, administrative, and research costs, and marketing cost like advertising and sales salaries
3) which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
Place: Determining the most effective and efficient way to get products from producers to consumers. Distribution also involves choosing which channels of distribution are most appropriate.
4) What will be your promotion method to attract the foreign customers toward your products? (5 Marks)
Promotion:
All of the activities a firm undertakes to communicate and promote its products to the target market. This is clearly the most visible element of the marketing mix.
::::::::::::::::::::::::::::::::::::::::::
1) How you will differentiate your product from your competitors?Differentiating my offering, rather than product. Customers make decisions based on experience and confidence derived from themselves or experts. First they don't want failure or problems. Offering solutions that are similar to many with few differences is only difficult if i haven't explored the client's issues and reasons for choice.
The price of the products should be low as that of other companies. Market Specialty is another differentiating strategy. People are impressed with companies who concentrate on a specified activity or product.
Another way to differentiate is through product Preference. How a Product is made can differentiation. What’s hot in the market can also be a strategy of differentiation. People want to buy what is hot and don’t want to buy what is not.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Such pricing strategy should be adopt at which the product sale could be maximum, or at which the profit per unit could be maximum. If we keep low price then growth rate of the products will be maximum, and if we keep the price high then the profit rate per unit will be maximum. If I price them too high, I may not sell enough units to stay in business. If I price them too low, I could be leaving money on the table. The market-based pricing strategy aims to solve both of these issues and providing me with the best results.
With this type of pricing strategy, we have to pay attention to the level of price sensitivity of your customers. Depending on business model, I may be better off using a premium pricing model and separating myself from my competitors.
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)Our company has spent time, money and other resources to identify potential foreign distributors for our products. Now we have to decide which distributors are correct for us. Many people believe that the Internet will eventually eliminate the foreign distributor. But, very few products can be directly sold in foreign markets without a foreign distributor. Our customers expect us to deliver the right product to the right place at the right time. It is generally more efficient for a manufacturer to go through a distributor rather than selling directly to the customer. In the extreme case of Boeing aircraft or commercial satellites, the product is made by the manufacturer and sent directly to the customer’s preferred delivery site. It all depends upon the budget and the conditions of the company that which channel should be adopt.
4) What will be your promotion method to attract the foreign customers toward your products?We can launch a Web site. Web sites provide your company with worldwide exposure and give your customers convenient access to your services and products. We can host a grand opening or open house. Invite local business owners and residents from surrounding neighborhoods. Provide free merchandise samples, and have plenty of business cards and company brochures on hand. By using traditional advertising methods, such as classified ads, yellow page ads, television and radio spots, and display ads in magazines.
::::::::::::::::::::::::::::::::::::::::::::::::::::
1) How you will differentiate your product from your competitors? (5 Marks)Product: The good, service, or idea that is marketed to fill consumer wants and
needs. Improving existing products and developing new products are among the
marketer's most important tasks.
i. Product differentiation: Creation of a product or product image that differs enough from existing products to attract consumers. Differentiation is a source of competitive advantage. Combinations of physical goods and services can also be sources of differentiation.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks) Pricing: Selecting the most appropriate price at which to sell a product. Lower prices generally lead to higher sales volume, while higher prices generally lead to higher profits per unit. Prices must support a variety of costs, such as the organization’s operating, administrative, and research costs, and marketing cost like advertising and sales salaries
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks) Place (distribution): Determining the most effective and efficient way to get products from producers to consumers. Distribution also involves choosing which channels of distribution are most appropriate.
4) What will be your promotion method to attract the foreign customers toward your products? (5 Marks)Promotion: All of the activities a firm undertakes to communicate and promote its products to the target market. This is clearly the most visible element of the marketing mix.
::::::::::::::::::::::::::::::::::::::::
Question 1) How you will differentiate your product from your competitors?
Answer:
Product: It should be good and service or idea of that product is marketed to accomplish the costumer wants and needs. Civilizing presented product and also developing the new products among marketer’s most important task and goals. And the differentiation of the product is that how to that product attracts to the customer. Differentiate the product is a kind of source of competition advantage.
Question 2) what pricing strategy you will adopt to grab the market share from your competitors?
Answer:
Pricing: First take in mind one thing that the lower price leads to high sale. So before selecting the price keeps in mind the most appropriate price at which product should be sale. Price support different variety of costs like research costs, marketing costs like as advertising and sale salaries, the organization operating, administrative costs etc.
Question 3) which channel of distribution you will adopt to deliver your product to foreign customers?
Answer:
Place:
Selecting the most effective and efficient way where to introduce and launch the product. Also determining the efficient way to obtain the products from producers to customers. Distribution channel also involves in choosing where to product should be distribute.
Question 4) what will be your promotion method to attract the foreign customers toward your products?
Answer:
Promotion: This is the most and important element of the marketing mix. Because all kind of activities and efforts a firm undertake to promote and introduce its product in the market. And to achieve that task this part of marketing mix helps and to be achieved.
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