Healthy Potion ( Hp ) Is On The Point Of Entering The Diet Pills Market

The three main competitive strategies are cost leadership, differentiation, and price strategy. Cost leadership focuses on acquiring raw material of the highest quality at the lowest price. In return this company can lower production cost with the goal of being the company with the lowest production cost in the industry. Differentiation strategies allow companies to make their products stand out from the others. Differentiation can be actual or perceived. Actual differentiation occurs when the company creates products that are not available elsewhere. Perceived differentiation takes a lot of marketing and advertisement to convince the consumer that this company’s product is superior. Price strategy includes a variety of strategies that cause a particular product to be marketed at the lowest price possible. Price strategy includes skimming where companies set a high initial price only to turn around and lower it. Bundle pricing occurs when several products are offered for one price. Promotional pricing allows other incentives to buy such as buy one get one half off. Using the pricing strategies causes many consumers to actually purchase more believing that they are receiving a “deal” while the company is still profiting. Competitive strategies are always used by companies and are often used together. Companies that understand how to combine competitive strategies fare much

In the real competition, we will still use the broad differentiation strategy in the first round. We will make our products better than the market with an affordable price. By using this method, we create a brand image and customer loyalty. Over time, brand recognition will lead to greater company profitability. In the second round, we will still improve all of the products’ performance and size, in which it has to be better than the market. For the price, we will keep it same

3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points)

To compete with others industry, for our new product we must first know our competitor and the current industry technique by mapping the competitor’s landscape then act as a customer who mean putting themselves inside of their minds. Be knowledgeable about your business. Know all the loop-holes, hire outside consultants who are familiar with the marketing mix. Utilize the four P’s, price, place, promotion, and product.

There are hundreds of companies that use very different techniques for marketing their product. A great example can be Apple with all if it products especially its new IPhone. Every year they bring a new product into the market, and it is usually the same product just with a few minor changes. Apple will successfully market the product is buy holding press conferences talking about the product, and how it is a revolutionary product. This year Apple was saying they were changing everything with a bigger phone than ever before. They use a lot of rhetoric in their marketing. To be specific they use logos, which is just telling the buyer it

When pursing a differentiation strategy, the focus of competition is to add unique features in order to

The entrance of a new competitor into a market can cause a business to change its marketing strategy. For example, a small electronics store that was the only game in town might have to change its image in the marketplace when a large chain store opens nearby. While the smaller store might not be able to compete in price, it can use advertising to position itself as the friendly, service-oriented local alternative.

A company needs to create a series of programs to differentiate their product from those from its competitors and to appropriately price the product to achieve the maximum demand, in order to set up the dynamics of its competitive strategy (David, 2007). The competitive strategy of a company is also expected to offer better products or services to its customers, at a reasonable cost. Due to the mass influence of the external environmental on the customers’ preference, it is vital for the company to develop an available competitive strategy to be able to solve a series of problems, and ultimately to improve the company’s performance. Those problems include: how to differentiate its products or service from competitors, how to create market segments to maximize demands, and how to offer a wider range of products or services to better meet the customers’ needs at more acceptable costs (David, 2007).

Points of Parity and Points of Difference between Diet Coke and Diet Pepsi – (To be added)

The concoction of deceptive business methods and unrestricted regulations have resulted in detrimental health concerns of dietary supplements consumers. Dietary supplements is virtually unrestricted, and expanding its markets, much like the “snake-oil” medicines of the early 1900s . In 1993, this industry was generating 4 billion a year, by 2003 consumers spent 16.8 billions on supplements, and it is currently at 37 billion a year.(Wingert,1993; Larsen, 2003; Bradley, 2015). This massive industry is gaining popularity from the increasing amount of health enthusiast, and aging population. However due to the introduction of the DSHEA and the limiting of the FDA’s regulatory power, this industry has become chaotic,dangerous but highly profitable. Consumers are in danger of ingesting unregulated and potentially dangerous pill, that are marketed to them as nature’s cures. The lobbyist and senators pass law in favor of this lucrative industry and it will continue to grow and prospers, until the victimized consumers stand up and strongly voice their opinions. Just like when the industry successfully campaign for supplements and limiting regulations, we consumers should use our democratic voice against the lack of obstacles, and safety measures of supplements.

Every organization needs to have a marketing strategy so that they know who are their competitors, which market they need to target, do they have resources to compete in that market and what strategies they need to adopt to gain competitive position in the industry. The most important thing is with the help of marketing, company is able to make people aware of its product.

Competitive strategy is the moves and methods that the firm has taken and is taking to appeal buyers, improve its market position, and to endure competitive pressures. The strategy is about what a firm’s capability to try to knock off competitors and attain competitive advantage, which can be offensive or defensive. There are three approaches to competitive strategy, which are low-cost leadership strategy where struggling to be the overall low-cost manufacturer in the in industry. Moreover, pursuing to distinguish one’s product offering from competitors (differentiation strategy), and the last one is focus or niche strategy where aiming on thin portion of the market rather than the whole market (Porter, 1998).

Another generic competitive strategy is broad differentiation strategies. According to Thompson, Strickland, and Gamble, in “Crafting and Executing Strategy”, broad differentiation strategy is seeking to differentiate the company’s product offering from rivals in ways that will appear to a brad spectrum of buyers. A company attempting to succeed through differentiation must study buyers’ needs and behavior carefully to learn what buyers consider important, what they think has value, and what they are willing to pay for. Then the company has to incorporate buyer-desired attributes into its product or service offering

The marketing strategy should be tailored around the firm's target market; if this were not the case marketing would be then less successful. Each aspect of the marketing mix would need to be formulated with the target market (consumer) in mind. For example the design of the product would need to be such that it would satisfy the consumer's needs. If it did not consumers would see no need to have it and buy a competitor's product. The price of

activities and tactics such as sampling and sales force promotion [3]. Whether a brand manager is using right promotional tools, whether 4P`s (now 7P`s are considered) are linked to each other and with product strategies for the two main objectives that includes [3]:  To Generate Prescription  Make the product reach the patient They can be said as Product chain and Prescription chain 1.1 The Product Chin This starts from selection of molecules and ends in the hands of patient. This chain is somehow intensive as it starts from the selection of molecules, then molecules are critically screened, after the screening of molecules the source of raw material is identified then the pilot batch manufacturing process starts at this stage pricing strategies and clinical trials are worked out. Once the pilot batch is manufactured then it starts with the commercialization of product, after commercialization product goes to distribution house and then it reaches the retailers. After patient’s diagnosis by doctor, patient purchases that product from retailer [4]. 1.2