Ans to the que no 1

If I want to start a new water bottle brand then I have to start with setting the right product attributes.
To make the product stand out from the competition, branding needs to be done
properly. Packaging must be good to protect the product in shipping. Labeling should be done uniquely
in a way that provides all information about the product and attracts the customers. Product-support
services are required for generating better customer satisfaction and gain competitor. In positioning a
product, quality requires careful consideration. Quality is approached from two viewpoints – level and
consistent. To make decisions about product features, consumer opinion should be gathered through a
customer survey. This will provide the producer with the needed feature ideas. In practice, only those
features should be selected for which the consumers are ready to pay the extra cost involved. To be
successful, a product should have a distinctive design. It helps to attract customers’ attention, enhances
product performance, reduces the cost of production, and enables the product to cope with competition
in a better way. The second thing is branding. To the consumers, the brand is an important part of the
product. For example, most consumers perceive a packet of Benson & Hedges cigarettes as a high-
quality, expensive product. But the same cigarettes in an unmarked packet would likely be considered
lower in quality, even if the tobacco were identical. The brand symbolizes a specific set of features,
quality, benefits, services, and warranty. Branding is its own universe. In branding, marketers must
consider Brand Name Selection, Brand Equity, Branding Decisions, Brand Sponsor, Brand Strategy, Brand
Repositioning. Third thing is packaging. The package may include the product’s primary container (the
bottle holding water); a secondary package that is thrown away when the product is about to be used
(the cardboard box containing the bottle of water); and the shipping package necessary to store, identify
and ship the product (a corrugated box carrying six dozens bottles water). Next thing is labeling. The
label identifies the product or brand, grades the product, and also might describe several things about
the product, such as who made it, where it was made, when it was made, its contents, how it is to be
used, and how to use it safely. The label also helps in promoting the product through attractive graphics.
And the last thing is products support service of the water bottle. A product and its support services
should be designed to meet the needs of the target customers. Deciding which product-support services
to offer is to determine both the services valued by target consumers and the relative importance of this
services have advantage.The Product Attributes of the new bottle water brand will be reflected and
provided by product attributes such as quality, features, and design. Product attribute decisions greatly
influence consumer reactions to a product.

Ans to the ques no 2

I am planning to open a new online clothing store. Its name will be PANASH. There will be some pricing
strategy that I am going to follow .

The first strategy will be Price Maximization. A price maximization strategy aims to make pricing
decisions that generate the greatest revenue for the company. Calculating the fixed and variable costs a
business will incur, and then figuring out how to minimize these costs, aids in arriving at a profit-
maximizing output. The second strategy will be Market penetration. Pricing for market penetration is a
method used to attract a high volume of buyers by marketing products or services at a lower price than
competitors. While this strategy can be extremely useful in increasing market share, it is worth keeping
in mind that many new businesses who elect this strategy experience an initial income drop that can be
difficult to come back from. The third thing will be Price Skimming.
This strategy tends to work best during the introductory phase of products and services. It involves
introducing a product to the market at a premium price, then methodically lowering the price over time
to attract a larger customer base. Then next strategy will be Economy Pricing.
Economy pricing markets toward price-conscious buyers. This strategy intends to minimize business
costs for the sake of selling products and services at a price lower than the market average. And at last it
comes Psychological Pricing. Have you ever wondered why items are often priced at $9.99 instead of
the near equivalent of $10? Well, the answer is psychological. As humans, we tend to yield to emotion
rather than logic. This is why utilizing “9”s in your pricing creates the illusion of a less expensive product
without significantly affecting profitability. If I am going to start my business by online I will Post for sell
on Social Media, then will Hold a Giveaway as it attracts audience. Start Blogging, as nowadays this
become a famous trend. I can offer an Exclusive Preview. Moreover I can Promote Products on curated
shopping websites. Even I can launch an Affiliate Program or Post a live video.