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Analysis: Product Decision And Price Decision

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Question:

Write about the Analysis for Product Decision and Price Decision.

 

Answer:

Introduction

The breakthrough of a new product in to the market requires so many efforts through analysis and strategies. Understanding market dynamics, dos and don’ts of the market is a crucial element that may help in creating a pathway for the company’s new product. Price factors, the nature of the product itself, promotional activities and the place the product is sold are the main determining points in launching a new product in to the market (Singh 2012).

Product Decision

Creating a brand name that appeals to the prospective customers requires just more than the product itself. There are a lot of deciding factors that are influential in creating a breakthrough of the new product in to the market (Goi 2009). Therefore before launching a new product, it is fundamental to identify its three main levels and determine whether the product will fulfill the customers’ expectation and satisfaction. According to the (Marketing Teacher.com 2017), a product has three levels within which the customer satisfaction is fully met. These levels or layers include the Core Product, Actual Product and the Augmented Product.

Core Product

The core product is not tangible or visible product, but it the benefit that a consumer obtains from the product. The customer’s main motive behind buying a product majorly depends on the benefits available in the product, that is, the value of the product, be it medicinal or nutritional. Creating a product with numerous potential benefits that a customer yearns for creates a desire and potential trust in the product. The clients are mostly attracted with what fulfills what they desire. For instance, the nutritional value in the energy drink is what is of benefit to the buying customer from the actual product. 

The Actual Product

This is the real physical product customers obtain when they pay the money in exchange. The nature of the real product should satisfy the customers. For the energy drink, proper ingredients, delicious taste and satisfactory texture of the drink is fundamental for the customers.

The Augmented Product

This is also non-physical part of the product and includes additional benefits a customer may obtain from buying the product. They include proper services and instructions on the use of the product, or the customer priority and full attention accorded to the customer from the product’s company.

The Brand Name

A brand is the identifying factor that represents a product to the customers (Kotler & Armstrong 2007). Having a proper, appealing and a popular brand name is all that is required to lure new customers into buying your product. Therefore, the appropriate name for the XYZ’s company would best be “Calm Lifter” as it provides the customers with the calming benefit and lifts their mood after drinking the beverage.

 

Design Packaging

Product packaging plays a very important role in attracting the customers; therefore, it is necessary for the company to have properly designed packages for their products (Vyas 2015). In this case, the appropriate package design for the “Calm Lifter” energy drink would best be glass bottles, tinted with the corporate colours probably green and the brand name around its waist near the top. Another alternative for the easy takeaways would be recyclable metallic cans, branded in green colours with the brand name along either side the can. 

Price Decisions

Pricing has huge financial impact on the performance of a company and can determine the success of the business or its failure as well (Hinterhuber 2003). Therefore, the XYZ’s “Calm Lifter” energy drink would do best with the following pricing considerations:

Pricing Objective

The best pricing objective for the “Calm Lifter” energy drink would be Sales-oriented pricing objective. The main reason is, the product is still in its primary stages of trying to break in to the market and earning the market share in a market that already exists with competitors hence the sales-oriented pricing is a wise idea. Secondly, the sales-oriented pricing would ensure the breakthrough of the product in to the market, that is, the large amount of sales would mean the continuous increase in the product awareness and popularity.

The Pricing Point and Price Strategies

Given the fact that “Calm Lifter” is a new product in to the market, the best pricing point for the energy drink would be best determined by the demand of the new product after initial promotion activities. Hence, in this case, penetration pricing is the most appropriate pricing strategy for the drink, so as to reach the mass market in the price sensitive market.

Special Pricing Tactics

Pricing tactics may work wonders when best utilized. Therefore, for the new “Calm Lifter” energy drink, Odd-even pricing tactic is an appropriate tactic, since it does not risk the credibility of the company brand, and secondly, given that the energy drink is new in the market, playing around with customers’ psychology is a safer option than the ambitious but dangerous pricing tactics which may backfire to taint the brand name of the energy drink.

 

References

Goi, CL 2009, 'A Review of Marketing Mix: 4Ps or More? ', International Journal of Marketing Studies, vol I, no. I, pp. 2-15.

Hinterhuber, A 2003, 'Towards Value-Based Pricing- An Integrative Framework For Decision Making', Industrial Marketing Management , pp. 765–778.

Kotler, P & Armstrong, G 2007, Principles of Marketing, Pearson International Edition.

Marketing Teacher.com 2017, 'Three Levels of a Product'.

Singh, M 2012, 'Marketing Mix of 4P’S for Competitive Advantage ', Journal of Business and Management , vol III, no. 6, pp. 40-45.

Vyas, H 2015, 'Packaging Design Elements and Users Perception: A Context in Fashion Branding and Communication ', Journal of Applied Packaging Research, vol VII, no. 2, pp. 95-107.

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