Marketing Strategies Essay, Research Paper
Prices are the key to income, which in turn are key to profits for an organization. To earn a profit, Triple Platinum must choose a price that is not too high or to low, a price that equals the perceived value to target consumers. In setting our price, we attempted to find a level high enough to produce a satisfactory profit. This is how we came up with the idea of selling different models, with different options, to suit all of our customers needs. For our primary model we are plan to charge a price between two hundred and three hundred dollars. Because we have no current competition we have no standards to meet that consumers expect.
Another advantage of our business is that out target market is set at other businesses. For larger businesses with multiple stores we can offer discount rates for large quantities of units sold. Triple Platinum established a price using a demand-oriented tactic. We did this because depending on the need for our product we can sell our service for a higher price. Another way we plan to generate sales is to offer discounts to out buyers. For long time members we will send coupons in the to them to encourage them to remain loyal to us. Triple Platinum will also send out promotions to nonmember companies to make them aware of us, and the service we can provide to them. These promotions would include a free trial period of 3 months and then a reduced price for the remainder of that year, if they decide to give Triple Platinum a try. This will encourage the corporation to consider our service and even inform other companies of us.
Implementation is one of the most important aspects of a business, unfortunately it is also the most overlooked. It is essentially “doing what you say you are going to do”. Triple Platinum’s goal is to keep both their customers as well as their employees satisfied during the duration of their involvement with the company. To maintain this relationship we will periodically send out surveys aimed at our improvement of service for the customer. No one person is more important then the other at Triple Platinum. Every employee is equally valuable in all aspects, as well as bringing their ideas or concerns to the firm’s attention. To do this we will have a mandatory evaluation every month as well as an anonymous suggestion box available at all times.
The best way to maintain a good implementation is through evaluation and control. The most extensive control tool available to our business is the marketing audit. This will monitor Triple Platinum’s goals, strategies, structure, and performance through systematic and periodic evaluations.
The firms must meet many different standards to ensure customer satisfaction. First we must maintain our quality prices. Our prices can not be too low for fear of low sales due to product, cheapness. Yet we can not have prices too high that customers aren’t willing to pay and in turn remain with our service. We also must provide fast service. If our product breaks for any reason we will temporarily replace the product with the next higher model until their unit is fixed by us. By doing this we can generate more sales on higher, more expensive models.
As a new business, Triple Platinum must first establish a market for our product and a customer for out product. We need to start at a slow pace, establish ourselves and eventually expand from there.