Mgt211 Assignment No. 2 solution
Wednesday, January 12, 2011 Posted In MGT Edit ThisSemester “Fall 2010”
“Introduction to Business (MGT211)”
Assignment No. 2 Marks: 15
Supposed you have been hired as a Marketing Manager in a Multinational Company which is dealing in high tech products. Company wants to launch a cell phone in the market which can measure the Sugar level and Heart beat of the users. Since, it is a specialty product so it requires very rational strategic decisions to be made in order to launch in new market. Selected target market for your company is Lahore. Now you are required to prepare an analysis on the following Ps of marketing before launching this new product in the market.
Product = Specialty
Place = Lahore
Price =?
Promotion =?
* As the target market comprises of the affluent or elites of the city, you need to devise appropriate plan for this.
Requirement
(9 Marks)
Price
You are required to select the best option and justify your answer
Pricing plan:
• Less sale and high profit margin
• High sale and less profit margin
Pricing strategy:
• Skimming strategy
• Penetration strategy
Pricing approach:
• Value exchange = Price
• Cost plus profit = Price
(6 Marks)
Promotion
You are required to mention the proper plan for the promotion of this product under the
following headings.
• Advertisement strategy
• Promotion strategy
Schedule
Opening Date and Time January 10, 2011 At 12:00 A.M. (Mid-Night)
Due Date and Time January 13, 2011 At 11:59 P.M. (Mid-Night)
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| Pricing plan: • Less sale and high profit margin • High sale and less profit margin Explanation : Main motive of business is to earn “profit “and high profit is basic aim if a business generated high sale but have less profit its not according to business rules and planning. So I selected 1st option. Pricing strategy: • Skimming strategy • Penetration strategy Explanation : According to this strategy “this strategy churns out those entire customers from the market who are willing to pay high price. And first of all the main advantage of this strategy serves to recover such cost before competitors get chance to barge in on the scene. Pricing approach: • Value exchange = Price • Cost plus profit = Price Explanation : I select this option because I thing when we produce a product we should keep in mind business profit with cost price complete of a product when you add profit in cost. (6 Marks) Promotion : |
| You are required to mention the proper plan for the promotion of this product under the following headings. • Advertisement strategy : An advertising strategy is a campaign developed to communicate ideas about products to potential consumers in the hopes of convincing them to buy those products. And for this product we should use REMINDER ADVERTISING-that tries to keep a product’s name in the consumer mind. • Promotion strategy : Promotional strategy is whole and advertising is a part of promotional strategy for this product we should use PUSH STRATEGY-promotional approach designed to motivate wholesalers and retailers to push a producer’s products to end users. |
