Marketing Planpsychology Narrative Essay Example

which involves setting a higher initial price for a new product when introduced into the market for a limited time period.

The pricing strategy I am considering is unsuitable for a startup, including mine. To garner immediate interest from potential customers, I must initially offer a lower price. As the business gains traction, it may become viable to increase prices, particularly if the product is unique or differentiated, such as larger portion sizes.

To gain a larger market share, a pricing strategy called Penetration entails starting with a lower price than your competitors. I will adopt this approach to promote my product and increase its sales. Results of my questionnaire analysis suggest that many customers are content with the prices they pay at the cafes they frequent. By adopting lower prices initially, I aim to attract these customers from my competitors.

One pricing strategy could involve initially charging �3.50 for a full English breakfast and then increasing the price for repeat customers once the business is established and demand for the product is higher. Alternatively, competition-based pricing, which involves setting prices based on competitors' prices, will not be used as I aim to differentiate my business by introducing lower prices.

As soon as my business gains more stability, I aim to increase my prices to match those of my competitors. This is particularly crucial for the survival of my business, especially for customers who have already shown loyalty. While price plays a key role, surveys indicate that customers also value a pleasant atmosphere and high-quality food. Promotion, which aims to inform consumers and potential purchasers about a product, is critical. The objective of promotion is to

persuade customers to buy a product. Advertising and point-of-sale will predominantly be the two forms of promotion I will utilize.

Advertising for a product is crucial for its success and can be done through direct means such as TV, radio, and newspapers, but also indirectly through product placement. Promotional material at point-of-sale such as displays, free samples, and special offers can also aid in promotion. In order to guarantee success, a solid marketing strategy is essential. I will be advertising my product through leaflets and newspapers to ensure its success.

As a small business owner, I believe promoting our brand through local radio stations like Time 106.8 fm is a wise move. Rather than advertising on television, we will focus on newspapers, leaflets, and radio to reach our local audience. For example, we may consider placing an ad in a sports or cars section of the newspaper where men are more likely to see it. Leaflets will be distributed around factories and manual labouring areas within the estate, as well as to commuters at train stations and industrial estates. Additionally, we will place leaflets on car windows in the local high street and car parks.

This method of advertising has proven to be successful for my parents' cafe, so I plan to combine leaflets with promotional material like vouchers. The vouchers offer special deals like a free cup of tea, a free meal on the first visit, and a discount of ?1 off any meal at any time. This will prevent people from discarding the leaflets immediately. The leaflets will be prominently displayed in the cafe's windows to showcase our uniqueness and differentiate us from our competitors.

It

is important to widely maintain word of mouth promotion for my business. In order to entice customers, I will be using the flyer example provided below. The availability and accessibility of the product is key, including physical location, timing, and product availability. My product will be launched at Erith industrial estate.

The property I found is conveniently located near my target customers' workplace, making it an excellent option for me. It offers 18 fully furnished tables in both 2 and 4 configurations. Since I intend to use a direct-to-customer distribution strategy, there will be no wholesalers or retailers involved. My business hours are weekdays from 7am to 6pm and weekends from 7am to 5pm, which can accommodate the busy schedules of potential clients.

As my business grows, I am contemplating the possibility of offering takeout services in addition to opening a retail store that will entice customers.