Marketing Strategy : Pricing, Promotion, Distribution, And Distribution Strategy

1348 WordsMar 18, 20166 Pages
4. Marketing strategy This section will give details of the marketing operation including not only what methods will be used such as pricing, promotion and distribution, but also the reason for choice with theory. Pricing strategy The pricing strategy of our product will be considered by parity pricing. For the similar product – Student Loan Company and kid saving account, the price will be compared with these competitor’s prices. The interest rate of Student Loan Company is usually about RPI + 3%, and you can choose how long to pay your rent. On the other hand, children saving account has a high-interest rate and free tax, but it limits the age and has a maximum deposit. So the interest rate of our product is better compared with our…show more content…
Moreover, it should put emphasis on the product life cycle, market share and consumer base, competition, advertising frequency and product substitutability. The strategy of promotion includes consumer decision process, communication process, the hierarchy of consumer needs and Ad execution style. The bank will present an Ad that the responsibility of the product which is to help children have enough money to study in college and overlook the future of two dependent children who has no student saving account to help them. If parents open a student saving account when their child just born, their child will have more money than tuition fee. If they do not sign a student loan, their child will have to pay more than 50 thousand pounds in the future. Communication process which helps consumers to remember Ad message will make users exposed to more additional Ad, such as print Ad, radio/TV, newspaper and magazine. The announcement will put emphasis on protecting children from a massive student loan which gain social acceptance and status and develop self-identity or social responsibility. The style of Ad must be logical arguments and emotional impact because logic can be an effective way to promote specific financial services that may require customer evaluations and emotional impact appeal to emotional states in consumers’ mind. The product has different evaluation stage of consumer decision processes for various interest rate

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