MGT211IntroductiontoBusiness ASsignment no 2 spring 2011
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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.
