App to track teenage drivers
The product that I am using for the marketing plan is App to track teenage drivers (Hollister et al., 41). As the objective of this product is to outdo the already existing ones within the market, I would price it competitively to make sure that I achieve my objectives. I will do that by using the main pricing objectives, such as meeting the competitors’ prices and making sure that I maintain a favorable image for the product (Davis, 31). To achieve my goals, I will have to look at the competitor’s price and ensure that I offer that one is too competitive to attract huge customers and follow.
To enter the market more strategically and succeed, I will make sure that I use the best pricing strategy. In this case, I will use the pricing for the market penetration strategy, which is a long-term one (Davis, 57). This strategy works by attracting customers by lowering the price of the product. As time goes on, when there is increased awareness, it leads to profits and assists small businesses in standing on their own. After the company is stable, then it raises its prices to a good reflection of the state of its position that is within the market (Davis, 90). This could happen if sales are not meeting my objectives. Some of the advantages include that the product will be able to sell in significant numbers even if it is new. At the same time, the disadvantage that I foresee is future challenges if we adjust the prices once the product enters the market. The disadvantage should be put into consideration even if the sales are increasing day after the other.
Davis, John A. Measuring Marketing: 110+ Key Metrics Every Marketer Needs. , 2018. Print.
Hollister, Tim, Tim Hollister, Fischer P. Shadel, and Deborah Hersman. Not so Fast: Parenting Your Teen Through the Dangers of Driving. Chicago: Chicago Review Press, 2018. Print.
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