[Author Note]
Executive Summary
The main perspective of this assignment is to make effective strategies in terms of 4Ps of marketing. There is a hypothetical company has been chosen for the analysis, with the name of X-1. There are four different companies are also present in the industry with the name of X-2, X-3, X-4 and X-5 and all of these companies are doing exceptional job as far as competing with X-1 is concerned. From the assignment, it is found that all of the strategies like Place, Price, Promotion and product are in the favor of Company X-1 as far as generating net income against all of the competitors. This report is designed to help Company X-1 win the Compete simulation by using a high quality, high price strategy with low production costs. The pricing and promotion strategy identified in this particular assignment for Company X-1 is perfect and it would be effective for the company as compared to its major competitors.
Strategies Part
Strategy lies at the heart of an organization and no organization could increase its financial belongings, without having effective strategies in total. In order to accomplish the same thing, 4Ps of marketing would have been taken into account for the same (Pride, 2004). Basically, there are three different products in which Company X-1 is dealing which particularly are, Total Spectrum Television (TST), Computerized Video DVD Editor (CVE) and Safe Short Laser (SSL).
Product Strategy in Region-1, Region-2 and Region-3 (TST)
- In High Income Area, Company X-1 has to come up with high products of TST, because people pertain to this particular region are fonder of having TST
- In Less Income region, Company X-1 to come up with low manufacturing of TST, and alternative come up with SSL products because people lie in this region could afford them more and easily as well
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers
Product Strategy in Region-1, Region-2 and Region-3 (CVE)
- In High Income Area, Company X-1 to come up with high manufacturing of CVE and TST, because people lie in this region could afford them more and easily as well
- In Less Income region, Company X-1 to come up with lowers than average manufacturing of CVE, because people lie in this region could not afford them easily
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers
Product Strategy in Region-1, Region-2 and Region-3 (SSL)
- In High Income Area, Company X-1 to come up with high lower manufacturing of SSL, and high TST manufacturing, because people lie in this region could afford them more and easily as well
- In Less Income region, Company X-1 to come up with high manufacturing strategy of SSL, because people lie in this region could afford them easily, because this is the cheapest option they have
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers
Pricing Strategy in Region-1, Region-2 and Region-3 (TST)
- In High Income Area, Company X-1 has to come up with high products of TST; hence the pricing would be Premium
- In Less Income region, Company X-1 to come up with low manufacturing of TST and high manufacturing of SSL, because people lie in this region could afford them more and easily as well, hence pricing would be Penetration
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence pricing would be Bundle Pricing
Pricing Strategy in Region-1, Region-2 and Region-3 (CVE)
- In High Income Area, Company X-1 to come up with high manufacturing of CVE and TST, because people lie in this region could afford them more and easily as well, hence the pricing would be Premium
- In Less Income region, Company X-1 to come up with lowers than average manufacturing of CVE and higher number of SSL, because people lie in this region could not afford them easily, hence the pricing would be Penetration
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence pricing would be competitive
Pricing Strategy in Region-1, Region-2 and Region-3 (SSL)
- In High Income Area, Company X-1 to come up with lower manufacturing of SSL and higher manufacturing of TST, because people lie in this region could afford them more and easily as well, hence the pricing would be Competitive
- In Less Income region, Company X-1 to come up with very low manufacturing strategy of TST and high manufacturing of SSL, because people lie in this region could not afford them easily, hence the pricing would be Penetration
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence the pricing would be Cost Plus
Place Strategy in Region-1, Region-2 and Region-3 (TST)
- In High Income Area, Company X-1 has to come up with high products of TST; place strategy should be offline and online
- In Less Income region, Company X-1 to come up with less manufacturing of TST, because people lie in this region could afford them more and easily as well, hence place strategy would be both offline
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence place strategy would be both offline and online
Place Strategy in Region-1, Region-2 and Region-3 (CVE)
- In High Income Area, Company X-1 to come up with high manufacturing of CVE, because people lie in this region could afford them more and easily as well, hence the place strategy should be both offline and online
- In Less Income region, Company X-1 to come up with lowers than average manufacturing of CVE, because people lie in this region could not afford them easily, hence the place strategy would be offline only
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence place strategy would be both offline and online
Place Strategy in Region-1, Region-2 and Region-3 (SSL)
- In High Income Area, Company X-1 to come up with high manufacturing of SSL and TST, because people lie in this region could afford them more and easily as well, hence the place strategy should be both offline and online
- In Less Income region, Company X-1 to come up with very high manufacturing strategy of SSL, because people lie in this region could not afford them easily, hence the place strategy would be offline and online only
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, hence place strategy would be both offline and online
Promotion Strategy in Region-1, Region-2 and Region-3 (TST)
- In High Income Area, Company X-1 has to come up with high products of TST; therefore Company X-1 has to use the Pull Strategy with offline marketing strategy
- In Less Income region, Company X-1 has to come up with high low manufacturing of TST, because people lie in this region could not afford them more and easily as well, therefore Company X-1 has to use the Push Strategy with offline and online marketing strategy
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, , therefore Company X-1 has to use the Push Strategy with offline and online marketing strategy
Promotion Strategy in Region-1, Region-2 and Region-3 (CVE)
- In High Income Area, Company X-1 to come up with high manufacturing of CVE, because people lie in this region could afford them more and easily as well, , therefore Company X-1 has to use the Push Strategy with offline and online marketing strategy
- In Less Income region, Company X-1 to come up with lowers than average manufacturing of CVE, because people lie in this region could not afford them easily, therefore Company X-1 has to use the Pull Strategy with offline marketing strategy
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, because of having mix consumers, therefore Company X-1 has to use the Pull Strategy with offline and online marketing strategy
Promotion Strategy in Region-1, Region-2 and Region-3 (SSL)
- In High Income Area, Company X-1 to come up with high manufacturing of SSL and TST, because people lie in this region could afford them more and easily as well, therefore Company X-1 has to use the Push Strategy with offline and online marketing strategy
- In Less Income region, Company X-1 to come up with very low manufacturing strategy of SL, because people lie in this region could not afford them easily, therefore Company X-1 has to use the Pull Strategy with offline marketing strategy
- In moderate income region, Company X-1 has to come up with higher number than the lesser one and lower quantity than the high income areas, , therefore Company X-1 has to use the Pull Strategy with offline and online marketing strategy
Price Setting
Company X-1, has to adopt this pricing in order to become competitive and effective as compared to its competitors and in order to get the highest amount of market share.
Summary
Productivity and organizations always interrelates each other completely, because both of them are incomplete without the other. When an organization form, then it has a single and definite mindset which is to increase the financial belongings of Company X-1 in total (Kotler, 2009). Organization is basically referred to a place wherein people belong to different demographics and mindset work together for the achievement of a single and pre-specified goal in total, and to accomplish the same, entities have to consider number of things in total.
References
Gillespie, K. (2010). Global marketing. (pp. 150-174). London, England: Routledge.
Kotler, P. (2009). Marketing management. (p. 395–398). New York, NY: Springer.
Lamb, C. (2010). Essentials of marketing.. (pp. 211-225). Olympia, WA: Cengage Learning.
Pride, W. (2004). Marketing. (pp. 245-277). Chicago, IL: Cengage Learning.
Russell, E. (2010). The fundamentals of marketing. (pp. 97-109). Houston, TX: AVA Publishing.
