Answer:
While introducing a product in a market many factors are considered that are:-
Product Decisions:
Being a market manager of food supplement company, our product should be according to need of our target market. Our product would be a quality product. It will be fresh and highly hygienic. Brand Name of our product will be “Farm Fresh” it will demonstrate the quality and freshness in our product.
Pricing Decisions
I shall consider the Pricing decision of our product as under:-
Price of our product will be very affordable and it will be according to the quality of our product because we are providing a quality product to our potential customers so we will charge the cost of our product according to that. Price is only item in the marketing mix which produces revenue therefore it will be consider very deeply and will be fixed accordingly so that we have not to face the loss in the sales for our company and keeping in view the customer’s willingness to pay for our product. I will consider the skimming pricing strategy for our product so that it can cover a wider target market.
Placement Decisions:
Placement decision means the how the organization launch its product in the market or offers its products to potential buyers of the product, being a Marketing Manager of a food supplement company I shall distribute our product by the placing it to super store in the posh areas of Lahore i.e DHA, Gulberg, Model Town, Garden Town, Bahria Town etc and own retail stores because our potential/ target customers are available in these areas. We will provide free home delivery service of our products to our regular customer.
Promotion Decisions
Promotion plays an important part in the marketing of any product. Being a Marketing Manager of a food supplement Company, I shall inform our target market about the product we are offering to them by the following ways so that we can acquire positive response from customers:-
By advertising our product
By offer discount for bulk purchase.
By using Public relations & publicity
By fixing Marketing communications budget
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