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    Pricing Objectives of MKTNG

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    gunjan
    The document discusses the pricing objectives and strategies for a new personal safety product called I-spy. It aims to price the product affordably for middle-class Indians between Rs. 1500-3000. It also aims to maximize long term profits, acquire initial customers, increase sales and market share. The pricing will start low and become dynamic over time based on demand in different areas. Customization options and discounts are also discussed.

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    Pricing Objectives of MKTNG

    Uploaded by

    gunjan
    30 views3 pages
    The document discusses the pricing objectives and strategies for a new personal safety product called I-spy. It aims to price the product affordably for middle-class Indians between Rs. 1500-3000. It also aims to maximize long term profits, acquire initial customers, increase sales and market share. The pricing will start low and become dynamic over time based on demand in different areas. Customization options and discounts are also discussed.

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    Pricing objectives of mktng

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    The document discusses the pricing objectives and strategies for a new personal safety product called I-spy. It aims to price the product affordably for middle-class Indians between Rs. 1500-3000. It also aims to maximize long term profits, acquire initial customers, increase sales and market share. The pricing will start low and become dynamic over time based on demand in different areas. Customization options and discounts are also discussed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    30 views3 pages

    Pricing Objectives of MKTNG

    Uploaded by

    gunjan
    The document discusses the pricing objectives and strategies for a new personal safety product called I-spy. It aims to price the product affordably for middle-class Indians between Rs. 1500-3000. It also aims to maximize long term profits, acquire initial customers, increase sales and market share. The pricing will start low and become dynamic over time based on demand in different areas. Customization options and discounts are also discussed.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    PRICING OBJECTIVES

    Pricing objectives of our product I-spy have been priced in such a way that it is affordable to a
    middle-class Indian. According to survey conducted regarding the product we found out that, the
    people are ready to spend around 1500-2000 rupees on our product.
    Taking the women safety into consideration we have tried to kept the prices as low as possible so
    that everyone could buy the product for themselves and for their loved once.
    Keeping the above points in mind we have kept our basic price starting from 1500 rupees and
    going up to 3000 rupees for high end range. And in future prices might be reduced depending on
    the demand of the product.
    Various customization options are available for customers like choices in camera and video
    quality, voice recording option, size of the product, different storage capacity like 32gb,
    64gb,128gb. and finally, the Bluetooth capacity which is helpful in sharing the files to mobiles
    and laptops.
    Following are the other objectives of pricing of our product:
     Maximizing profits in the long run
     Acquiring customer in the starting stage
     Increase sales volume
     Increase monetary sales
     Increase market share
     Obtain a target rate of return on investment
     Obtain a target rate of return on sales
     Stabilize market or stabilize market price
     Increase sales volume
     Increase monetary sales
     Increase market share
     Obtain a target rate of return on investment
     Obtain a target rate of return on sales
     Stabilize market or stabilize market price
     Increase sales volume
     Increase monetary sales
     Increase market share
     Obtain a target rate of return on investment
     Obtain a target rate of return on sales
     Stabilize market or stabilize market price
    PRICING METHODS
    Dynamic Pricing Strategy
    As our Product is new in the market, it is our aim to acquire new customers first so the prices
    will be kept low in the beginning and later depending upon the demand for the product the prices
    will be changed accordingly over a period of time, so we will follow the Dynamic pricing
    strategy.
    We will also segment our product in different markets and charge different prices depending on
    the area served and demand for the product, for eg: a city where the rape cases and harassment
    cases are high our product will have extreme demand in that area, so the prices will be quite
    high. We are considering 20% profit margin in the beginning stage and we will revise the pricing
    after the equilibrium is achieved easily.
    After a few years we will be tying up with Government institutions to provide subsidy on this
    product and help backward people and those who cannot afford the product.
    Penetration Pricing Strategy
    We will enter the market with a low price, effectively drawing attention and revenue away from
    higher-priced competitors. Penetration pricing isn’t sustainable in the long run but however we
    will typically apply for short time.
    Customization
    we will also price our product depending on customer requirement and additional facility
    required. Customer can add or less the new features and accordingly the prices will be charged.
    Discount and Concession
    We will be providing discount of around 5% on bulk orders i.e. purchase of 2 pieces together.
    Price skimming and penetration: we will follow the penetration pricing
    PRICING CHART
    The product is divided into three categories, customer can choose according to their requirement.
    i-spy basic 1499/-
    i-spy advance 2499/-
    i-spy premium 2999/-

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