28 Jun Marketing Plan for new Apple product – product, pricing
Question
Marketing Plan for new Apple product: product, pricing & distribution
This is a part of a marketing Plan for a new Apple product
Product : a car radio
Primary objective by introducing the Car radio is to deliver the user the same satisfaction from iTunes on the road, while on the move in the car. main features are standard radio, connectivity to all Apple devices, and the ability to connect wirelessly to all Apple devices and software
Discuss the following below in relation to product with references.
Price Strategy:
In developing you pricing strategy, keep in mind that it will be affected by your positioning strategy, as well as factors that may not be in your control – competition and markets could set price limits. Depending on your model, your distributors may also have a strong influence on the pricing strategy.
Pricing strategy directly impacts your revenue. But note that while increasing the price might give you more return on each unit, the number of units sold might decrease. So make sure you have considered your product’s Elasticity of Demand before proposing your pricing strategy.
Distribution Strategy (Direct and Indirect):
Your distribution strategy will cover the distribution channels and points of sales. Just as the characteristics of the product have to be guided by the customer wants and needs, the distribution strategy has take into account where and how your customers want obtain your product/service. Is it online? At specialized stores? Warehouses? Some combination of the above?
Integrated Marketing Communications Strategy:
Integrated Marketing Communication Strategy (or Promotion) combines all the elements of communications from the brand to the customer. Promotion strategy informs customers about your product and its characteristics, creates positive attitudes towards the product and influences consumer buying decisions. The tactics under this strategy will include many kinds of activities, such as advertising, public relations, sales promotions, sponsorships, telemarketing, direct mail etc.
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