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based on the paper i need you to write this 2 subject
Evaluate factors involved in developing and managing an effective marketing communications plan, for the new product.
Evaluate advertising and promotion programs for the new product.
the paper
Channel strategies
The product of team C is a Helping Hand and after a successful implementation in the home market, they are now targeting entry into the international market. Entry into foreign markets may take a variety of ways depending on the company’s entry objectives. The product at hand is new and is due to enter a completely new market with no previous connectivity. The product connects clients with the company anytime of the day at a very secure platform. An effective channel strategy will require a thorough market analysis and assessment to avoid unnecessary risks.
By going international, this company can utilize two strategies. They can develop similar product lines as those in the home market but now targeting new customers. This is choosing to export their product in the new market. They may also choose to develop a new line of products similar to the home products, through strategic alliances and licensing. Exporting is the easiest way to enter the new market and it involves the company being either active or passive in the exportation. If the customer initiates exportation, then it is passive and if the company initiates, it becomes active exportation. If the company opts for exportation, its success will depend on experience and uncertainty effects, the firm�s behaviors and specific influences, and strategic influences.
The company can opt for strategic alliance with another company as a means of minimizing costs. A strategic alliance benefits a company by enabling access to assets not readily available in the market thus reduce set up costs. An alliance also enables a company to use an already established technology and market segment. This gives them ample time to learn the market further (The Romanian Economic Journal , 2008).
The company can also issue licenses to another company in the new market, which allows them to use their technology in operating a similar business. It involves use of the company’s brand name, operations technology, access to patents and trade secrets. This is appropriate when theethere are restrictions on foreign direct investment in the host country or where the market is small with high technology feedback prospects. Depending on the cost implications of the various options, the company can choose the most appropriate (The Romanian Economic Journal, 2008). Online exporting is an increasingly comfortable strategy where international customers make purchases online. This strategy suits any of the entry strategy chosen and requires proper planning and focus to implement and succeed.
Pricing strategies.
In entering new market, a company normally faces the dilemma of choosing the best price to sell their products. Being an entrant there are various strategies for pricing the product. One is value based pricing that focus on pricing the product based on the value of the product. If you deem the product to have a high value and satisfaction to the customer then the price will be high. Another model is the market based pricing that looks on the market conditions of competitors in the market places the price higher, lower or equal to the market. Another model is the cost-plus pricing, which prices a product based on the cost implications of its production. The company analyses the cost involved in bringing the product to the market and adjusts the price accordingly. The last model is negotiation pricing where the company does not have a specific price for the product but sets the minimum. The price will depend on negotiations between the client and company (Tamur, 2011).
There are three basic strategies for pricing a product in a new market, which are skim pricing, penetrating pricing and neutral pricing. Skim pricing involves setting prices very high relative to market levels t generate revenues from the high end of the market. Product differentiation is a competitive tool in this strategy as it attracts new competitors. Neutral pricing involves setting prices close to the competitor prices while penetration pricing involve setting low prices to allow the company to penetrate the market (Tamur, 2011).
The best model for learning team C product is value-based pricing that utilizes the skim price strategy. This will enable them to generate revenue from the higher market segment were clients will recognize the value for their product.
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