Bring it to Market

Marketing Goods
Name of product - Xtra
Summative 3
By - Mike

Review
After checking back on the topics explained for
Marketing Mix/Cycle 3 I was able to grasp an
understanding of how to meet the demands of
the consumer, in the attempt to create a
successful business.

● Determining the Price

● Pricing Strategies
● Pricing Policy
● Placement
● Promotion & Advertising

These are all major requirements to make a successful business with potential,
determining the price of the product is the first step in make a good business decision, if
the price of product is something that is in the budget of many then it can help give
access to buyers, meanwhile pricing strategies are things a majority of buyers do that
many people are not familiar with, when the price of a product is 20.00$ some put its for
19.99$ considering the fact buyers would think its 19 instead of 20. Pricing Policy
seems to be another strategy to bargain with buyers without letting them actually
bargain with the seller, when it comes to online sellers selling their products price
depending on their interest and history of items bought by them. Placements are mainly
useful if you can distribute your product in an area that has interest towards it, last of all
promoting and advertising your product is crucial, due to the fact that it can help expand
your business all around the world if you make the right moves.
Planning my companies marketing mix

Product
The product that i will be selling is called Xtra, known as a new generation of gadgets, a
phone with the ability to Fold or bend without any damage to the product, although this
is not something that is needed but it is something that the audience wanted, this
product will be popular among the younger generations, with the potential to become a
worldwide trend.

Level of the Product/Services

Capture attention
Acquire customers
satisfy a need or want

Product classification

1. Convenience goods
The business I am creating is going to have items that are cheaper to the public like
airpods, chargers and other stuff. All these items are mainly for the customers that
purchase frequently, immediately, and with minimum effort.

2. Shopping goods
For the type of people to compare price, quality and style in more than one store, my
business would be ok considering the fact the concept of a bendable phone is
something no one has currently in stock, so there wouldn't be much of a competition.

3. Specialty goods
Due to the fact that the product is a newly unseen product, it will definitely be trending
upon release, for example when airpods were newly introduced to the public it was not
just trending but other earbud businesses followed on with the trend and now it's a
common thing in today’s world. The bendable phone I am selling will definitely be up
there with specialty goods, it would show a sense of luxury.

4. Unsought goods
Unfortunately buyers will not be looking out for my product if they are looking for
unsought goods since it is something that is loved by the youths, unlike a funeral
service, fire extinguisher and other items.

Price
This being a new product on the market i believe that when it comes to pricing strategy,
i will be selling the “Xtra Phone” for $1436, 6`7 which is a fair price compared to other
phone product makers, knowing fully well that this product is of better quality and is new
to the public its expected to put at such a high price with there being many buyers
willing to pay for such prices at the time of its release.

Type of adjustment pricing strategies

The type I will focus on is psychological pricing because buyers have the mindset to
buy trending popular new products, so this exact method of pricing is a helpful way to
increase business success.

Distribution
My main channel of distribution would be the internet, considering its easy access and
popularity, as well as the fact that what I am selling is a technological product, this is the
most appropriate way to execute my business because while buying phones from
online, it will be visible to a lot of people, and will end up becoming a top seller.

Personally I find that using the offline retail strategy is best due to the fact that it allows
users to interact with the seller, get to know the device directly, and make the final
purchase decision immediately.

Xtra is focused on strengthening the overall sales strategy by promoting deeper

penetration of offline channels. Many of these initiatives have been implemented in
relatively smaller locations where there is no other mobile brand.

Even other businesses like Nokia have consolidated its position of leader and brand in
the Indian mobile devices market. The company has built a diverse product portfolio to
meet the needs of different consumer segments, which is why it offers devices in five
categories. Today, Nokia has one of the largest sales networks present in 1.30,000
branches.
Promotion

1. Promotional mix strategy

The type of promotional mix strategy I will use to spread awareness to my business
would be web pages advertising the product.

2. Advertising strategy
Methods I would use to advertise my product would be social media, influencer
marketing & discounts.

3. Media types

● Broadcast Media (TV, Radio)

● Digital media
● Internet

4. Media vehicle
The internet seems to be the best way to approach distributing my product. I feel
confident with these options because I am selling a technology based product that is
easier to manage on the internet than in real life.

5. Sales promotional tools

● Discounts
● Personality promotions