Marketing Pl Product And Service Offerings

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CHAPTER 7
MARKETING PLAN: PRODUCT AND SERVICE OFFERINGS

Marketing Mix Objectives, Key Results Areas, and Performance Indicators Retail Mix and Overview

Product Strategies

• Introduce new product every 3 months
Product variation is important to create more choices for consumers and to encourage repeat purchase for its regular and loyal customers. It’s unlikely for customers to buy the same product twice specially if its a bag, pouch or wallet related product, they would look for a different design. Product launch is a great strategy to create break the internet and update people on the activities of the brand. Adding an additional product create opportunities to increase sales.
• Create compelling, functional and innovative…show more content…
The company gain additional promotion from the designer and artist engagement with the product that will strengthen its customer relationship and also indirectly creating a community for the brand.

Price Strategies

• Cost Based Pricing
The price of the bags are based on cost of goods sold and marketing conditions on setting the price. This cost strategy will be used for the sport 's series bag of M-Series. On the current market, selected brands offer shoe compartments and this products are priced higher than regular bags. So, the company will price the bag with its cost of goods sold and marketing factors such as the price of the competitors and the product value of the bag.
• Psychological Pricing
Since the company 's target market is students with low savings level. Student lifstyle bags will be priced at Php 999 instead of Php 1,000, to create "less" in consumer 's mind. Students perceived prices exceeding the amount of Php 1,000 as expensive. So, the company will position the item price in such a way that it will not be too expensive for its primary market but still profitable for the company.

• Bundle Pricing
Related products like wallets or pouch and bags will be combined and sold at a bundle price. Pouches and wallets will be sold at "3 for 250" to reduced the item price and create a discount and encourage more quantity to be sold.

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