Introduction
The Universal charger has been a solution to the majority of people who own mobile devices like cell phones, cameras, players, and some portable computers. The Universal charger is currently in the growth stage of the Product Life Cycle. Since the introduction of the universal chargers into the market, the customer’s response has been good. However, there is need to reinvent the product so that maximum revenue can be realized from the product. For the chargers to attain full maturity in the current market, a number of aspects of the market must be looked into. These include how the Chargers will be changed, the pricing, promotions, reaching new customers, exploiting the new market and analyzing the channels of distribution. This paper seeks to analyze how pricing and promotional activities will reinvent the sale of universal chargers.
Promotion Changes
Promotion is aimed at reaching a greater market and customers. (Jac & Otto, 273) this may be through corporate communication through the use of various methods to reach the market. The existing promotion activities cannot sustain the product in the market since the market for the universal chargers have steadily increased. The promotion strategies must fit with the distribution channel, pricing and the targeted market.
Our new promotional activities shall go beyond the paper promotions such as brochures and newsletters. We shall depend on online sources such as websites to create a large awareness to our customers. Through the websites, we shall use email messages to the clients who have subscribed with us. Updates shall be circulated widely so that the market is reached through the internet sources.
We shall use the online discussion groups by inviting our customers to the discussions through email messages. In the discussion groups, a wide number of customers will post their comments on the products and share with the other members on the quality of our products. We shall also use the online yellow pages where the contacts and our products will be available to those who want the kind of chargers we offer.
We shall also use the media for marketing and running our promotional activities. Radio and television will be the most appropriate since they attract a good number of populations. We shall offer products for competition so that people can compete through calling the stations and earning some points. The lucky winners will be given money and other products. This will help us reach a wider range of the market.
Pricing Changes
Pricing strategy will be implemented in a number of ways so that the prices of the Universal chargers relates to the positioning of the product in the market. Due to the fact that the product has drawn a large percentage of customers worldwide, the pricing will not be the same but will be based on other factors. The role of pricing of this product will have a direct impact on the product features, the decisions made on the product and the promotional activities discussed above. In order to reinvent the prices of the products, a market analysis will be studied and the market will be segmented. The target population will then be used to determine the prices.
We shall then estimate the cost after analyzing how the chargers will be priced depending on different economies and countries. This is because other issue like taxing differs from one country to another. Due to the fact that the product will reach a wider market, we shall also consider the differences in economies and analyze the different competitors on every market. We shall then study the legal constraints that may affect our products in every country so that the prices will attract the market in that country.
After this, we shall set new price objectives that can aim at profit maximization. This attempt is aimed at stabilizing the prices so that we do not lose our customers to the competitors. From all the ideas we shall obtain, we will set a price, develop the price structure and then determine how we will offer discounts.
We are also going to change our pricing strategy by making use of the “Skim Pricing”. In this case, we shall set a high price to customers who are less sensitive to price. This will help us gain a maximum profit using the same product. Our target will be the rich people. We shall use this strategy when the demand becomes inelastic. We shall also use the penetration pricing where low prices are set so that high quantities of the product can be sold per day. This will be used when the demand is expected to be inelastic. Large quantities will be sold to the customers at cheaper rates. This strategy will outdo all our competitors since the customers who are price sensitive will go for the cheap products.
We shall also use the price discounts which will be lower than the quoted price. The discounts will be given to both channel members and individuals. Initially the products had a very little discount. We shall now use quantity discounts for those who buy in bulk and seasonal discounts depending on the season and time. Cash discounts will also be available but on a minimal level. During our promotions, discounts will be offered to customers to stimulate sales and create awareness.
Conclusion
The rate at which universal chargers attract the information world has been on the increase. Reinventing marketing of Universal chargers calls for proper changes in pricing and promotional activities to be carried out at this stage of the product life cycle. With the adoption of these new strategies of pricing and promotion, increase in sales will be realized.
Works Cited
Jac, Goldstucker & Otto, Echemendia. Marketing Information: a Professional Reference Guide. Georgia State University: Business Publishing Division, 1987.