Marketing Strategies

Methods of Pricing a New Product

We will address the following questions after new product development:

  • How should a company price a new good or service?
  • How should the price be adapted to meet varying circumstances and opportunities?
  • When should the company initiate a price change, and how should it respond to competitive price changes?

In the entire marketing mix, price is the one element that produces revenue; the others produce costs. Price is also one of the most flexible elements: It can be changed quickly, unlike product features and channel commitments. Although price competition is a major problem facing companies, many do not handle pricing well.… Read the rest

Abey Francis

Stages of New Product Development

New products are the lifeblood of the organisation but they are extremely vulnerable and the majority never reach commercialization. In competitive markets, the best and strongest firms sustain growth through the introduction of new products and services to meet the changing needs of the consumers. All products have a finite life span and this is influenced by the type of product, its innovativeness, the management of the product through its life cycle, as well as the markets in which it is sold. All products will eventually decline and need to be replaced by new ones and companies need to be adept at adapting marketing strategies to respond to the dynamics of the environment, so as to manage the product through its life cycle effectively.… Read the rest

Abey Francis

Positioning Strategies in Marketing

Positioning is the strategy of differentiating your product from that of the competition, in the mind of the prospect. A positioning strategy may be developed from the product’s attributes, its specific uses, the type of uses, the product class or category, or the competition. Each of these represents a different approach to developing a positioning strategy. However, all of them have the ultimate objective of developing or reinforcing an image in the minds of the audience. Following are steps of positioning strategies:

1. Positioning by Product Characteristics/Consumer Benefits

a) This is a commonly used strategy and consists of associating an object with a product characteristic or customer benefit.… Read the rest

Abey Francis