Promotional strategies
Based on the extent of coverage of our marketing campaign, several promotional strategies are available at our disposal. Quality advertising will be employed in order to deliver a convincing advertising campaign. The use of mixed promotional strategies are essential to market the children pants.
The first promotional strategy to be adopted by our company involves the giving product giveaways. Our product is new in the market and therefore, giving consumers a sample of our product will entice them to buy (Cannon, Cannon, & Low, 2013). This strategy will be executed using the in-store promotion strategy where random customers will be given free pants. This promotion strategy will be supported by giving consumers promotional gifts bearing our brand. Selected brands include pens, handkerchiefs, and key holders. These products will act as constant reminders to consumers.
Another important promotional strategy is the use of the social media. Social media sites such as twitter, Google+, and Facebook would provide our company with the best direct marketing strategy because millions of our potential consumers are connected through the social media (Cannon, Cannon, & Low, 2013). Social media would also enable our company to obtain a platform for providing quick answers to client queries. Other promotional strategies that will utilized include supporting cause and charity events, holding appreciation events, and putting commercial adverts on the newspaper, TV, and billboards.
Price
The price of our products will vary depending on the size. However, most of our products will be sold at premium prices because of the relatively high brand image of our company. Our target market are not price sensitive and will spend highly to obtain products of their desired brand. The quality of our product is high therefore supporting our premium pricing strategy. Our preferred pricing strategy is price skimming and it will involve setting high prices during the introductory phase. This strategy is appropriate because it will enable our company to collect high revenues in the first phase of the good in the market (Ceder, & Persson, 2013). Eventually, we will reduce our prices as the market evolves and our market expands. The market cycle of our product is also relatively short thereby enabling the company to pull back its profits before the sales decline.
Placement
Our product will be positioned in the market to capture attention from consumers and change the perceptions of consumers regarding the children pants. Placement strategies will be achieved by defining elements of our marketing mix. Reference to quality, product appeal, and material used to manufacture the product will be outlined clearly. Placement strategies for our product include product positioning, brand positioning, and competitive positioning. Competitive positioning will involving advertising the strong attributes of the pants in manner that distinguishes it from products delivered by our competitor. Equally, identifying the material strengths and level of comfort delivered by our product is essential during this placement stage. Finally, brand positioning entails utilizing the brand value to market our product.
Retailers
This will involve engaging buy-ins from retailers and communication with retailers to arrange for consumers to purchase our product from their stores.
Environment scan of the competition and consumers
A quick environmental analysis reveals that our product is certain to achieve success in the market. The political environment is stable and satisfying the legal requirements is easy. Besides, market trends reveal that families and households prefer quality products and would go to extended limits to purchase quality (Ceder, & Persson, 2013). There is less competition in the premium market because of the low competition. The unique design and high quality of our pants will enable our business to achieve success in the market. A possible test market survey showed that our product received positive reviews.
Brand Personality
Our brand personality will be defined by a soft yet strong linen that delivers comfort and elegance to the children. Other than comfortable products in our brand are easy to wash and last longer.
Packaging
The manner in which a product is packaged plays a critical role in influencing the purchase decisions of a consumer. For this reason, our products will feature transparent packages to ensure that client’s get a glimpse of what is in store for them. Additionally, package will ensure that our products are well-stored and quality is not compromised.
Symbols
Our products will be accompanied by symbols that communicate our brand in addition to enabling the product to increase our competitiveness in foreign markets. The logo of the brand will feature a British standards/European standards with a Diamond in the middle. This represents a mark of certification and quality assurance to our consumers.
Color Schemes
Our products will feature a range of dark colors that include black, blue, grey and brown. The selection will only involve dark colors.
Effects of technology
Technology will play an important role in our product development process and product marketing initiatives. The design of our pants will simulated using computer software and creation of patterns and symbols will also rely on technology. In terms of marketing, the wide use of the internet among consumers means that products can be marketed over the internet. Placing orders or reaching new consumers will be facilitated by technological means and strategies.
References
Cannon, J. N., Cannon, H. M., & Low, J. T. (2013). Modeling Tactical Product-Mix Decisions: A Theory-of-Constraints Approach. Simulation & Gaming, 44(5), 624- 644.
Ceder, G., & Persson, K. (2013). World Changing Ideas. Scientific American, 309(6), 34-40.
