Price
It is crucial that the price of my product fulfills the criteria that the public want but also that will make money back for my company. The price must be slightly cheaper than my competitors to attract consumers but also expensive enough to cater for the cost of the production of the supplements. It can’t be too cheap because that would suggest that the quality of the product is not great and consumers would lean towards purchasing a competitors product.
The strategy I’m going to use is going-rate prices, this is because I want to have a slightly cheaper price so when the consumers compare my brand and my competitors product they will choose mine based on the price. After researching competitor’s prices and the purpose of that product I have decided to sell my product for $44.95, for 85 capsules, I have also used psychological pricing to give the impression that the product is cheaper than it actually is.
The strategy I’m going to use is going-rate prices, this is because I want to have a slightly cheaper price so when the consumers compare my brand and my competitors product they will choose mine based on the price. After researching competitor’s prices and the purpose of that product I have decided to sell my product for $44.95, for 85 capsules, I have also used psychological pricing to give the impression that the product is cheaper than it actually is.
Place
The pros of having direct distribution channels would be having total control over how I sold my product and it would cut out the profit margins of the retailers if I were to supply them with my product. However, it would end up costing more due to the real estate and storage costs as well as hiring and training staff to work in the retailer shop. If I were to have indirect distribution channels the advantages would be beneficial, I would be able to pass on the storage cost to the retailer as well as have more time to focus on making my product
I plan on making my product and distributing it to various outlets and shops. These include supermarkets, chemists and sports stores such as rebel, amart sports etc. I will be paying the business in which I supply to put my product in full view and to advertise my product in catalogues, magazines etc. My product would generally need to be near the supplements/vitamins isle of the store, preferably at the start of that aisle so consumers don’t have to venture down the aisle to see my product.
I plan on making my product and distributing it to various outlets and shops. These include supermarkets, chemists and sports stores such as rebel, amart sports etc. I will be paying the business in which I supply to put my product in full view and to advertise my product in catalogues, magazines etc. My product would generally need to be near the supplements/vitamins isle of the store, preferably at the start of that aisle so consumers don’t have to venture down the aisle to see my product.
Promotion
I have decided to promote my brand by using a billboard. I want to sell my brand to possible consumers as a lifestyle, rather than focus on the benefits and description of the product I want to sell success as it is something everyone strives for. I'm getting the message across that by buying my product you are buying success. The poster is not too text heavy as I want possible consumers to be able to glance at the billboard and know instantly what the product is.
The second promotion method I want to use is placement in film. Their is currently a movie being made called Southpaw which is set to be released towards the end of 2015. The storyline is based around a young up and coming boxer who suffers a tragedy which brings his whole world crashing down. I would like to put my product in this movie to gently remind the audience of my brand and what we do. Having it be a movie about athletic ability it would be a perfect opportunity for me to promote my brand. I wouldn't be asking the director to make my product a major attraction or twist the storyline to fit it in, just whenever their is an opportunity to show my product would be great. It would be a successful way to promote my brand due to the amount of people that will view this movie. The film is filled with star studded actors and actresses who will attract possible consumers.