Introduction to Business (MGT211) “Assignment # 2” Need Solution

[humayun.mehmood]

Introduction to Business (MGT211)

Suppose you want to start a business of ready-made garments by opening a factory inFaisalabad. Your product will be T-Shirts. There are already three garmentsmanufacturing companies (having the same product) in that area. These companies aredoing their business with big foreign buyers like Nike, Puma, D& G, JC Penny, Brands& Fashions, Sports Essentials, Marks & Spencer etc.
1) How you will differentiate your product from your competitors? (5 Marks)
2) What pricing strategy you will adopt to grab the market share from yourcompetitors? (5 Marks)
3) Which channel of distribution you will adopt to deliver your product toforeign customers? (5 Marks)
4) What will be your promotion method to attract the foreign customerstoward your products? (5 Marks)


Can anyone please upload the solution which would be really appreciable?

[Vuhelper]

1) How you will differentiate your product from your competitors?
Product: The good, service, or idea that is marketed to fill consumer wants and needs. Improving existing products and developing new products are among the marketer's most important tasks.
Product differentiation: Creation of a product or product image that differs enough from existing products to attract consumers. Differentiation is a source of competitive advantage. Combinations of physical goods and services can also be sources of differentiation.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Pricing: Selecting the most appropriate price at which to sell a product. Lower prices generally lead to higher sales volume, while higher prices generally lead to higher profits per unit. Prices must support a variety of costs, such as the organization’s operating, administrative, and research costs, and marketing cost like advertising and sales salaries
3) which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
Place: Determining the most effective and efficient way to get products from producers to consumers. Distribution also involves choosing which channels of distribution are most appropriate.
4) What will be your promotion method to attract the foreign customers toward your products? (5 Marks)
Promotion:
All of the activities a firm undertakes to communicate and promote its products to the target market. This is clearly the most visible element of the marketing mix.

[humayun.mehmood]

So much thanks for the idea solution. Its really helpful. Appreciated bhai. TC

[Xpert]

you are welcome dear......

[Vuhelper]

welcome . . . ..

[Vuhelper]

1) How you will differentiate your product from your competitors? (5 Marks)
Answer : First step that should be taken is to make the customer aware of the type or qulaity of T-shirts which fullfil customer requirements and then to settle up to reasonable prices to differentiate product from competitors (your shirts from other T-shirts in market) by gaining competitive advantage.

2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Answer: In the market place, to grab the market share from competitors we can set lower prices or adopt psychological strategy to have a psycological price impact of T-shirts on customers which will attract more customers so if the per unit price of T-shirt is Rs.85 then we can change figures up to level 84.95 or 85.99 rupees.

3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
Answer: The channel adopted would be considered as product distribution or place channel with the ease to supply our T-shirts to the end cutomers while the direct or indirect channels used in process to deliver T-shirts accordance to requirements of our foreign customers at right time.

What will be your promotion method to attract the foreign customerstoward your products? (5 Marks
Answer: The methodology adopted to attract the foreign customers towards our T-shirts is to use latest technology, enhance brand image a thirst to innovation,budget line while keeping in mind about the legal issues arising are allowed to promote our T-shirts or not and considering target
audience to which business want to reach.