Step1 Select a product line that has a wide range of options and variety. Good e

Question

Step1 Select a product line that has a wide range of options and variety. Good examples include hair care products, automobiles, iPods and other MP3 players, mobile and smartphones laptops, and the like. Ideally you want to select a product line that offers basic products, intermediate products, and luxury or expert products at various price points Step 2 Describe the current product line and make adjustments. First, make a list that describes the current product line, including specific features and price for each product After making your list, put yourself in the role of a newly hired Chief Marketing Officer (CMO) of the company. Imagine that as a new hire one of your first tasks is to review your existing product lines. Do you think that the current pricing strategy for the product line is sound? Why or why not? What gaps or redundancies do you see in your product and pricing range? What are your ideas to fill or fix them? What might you gain or lose by adjusting your product and pricing line?

Explanation / Answer

The product that is to be used is Mobile and smartphones.

Mobile phones and smartphones have become an essential commodity today and has a huge market in the industry because people generally change their phones like they change clothes and the latest technology use and price drop due to high competition has made the product and the industry one of the largest. The smartphones have a large category of products based on price, features, operating system used, brand, etc. therefore the product line is vast and needs to be maintained at all levels in order to business effectively and understand the requirement of the customers.

As the new Chief Marketing Officer, it is my responsibility to understand each and every category of the product and understand the strategy it uses to do business. Each and every product line needs to have a different strategy, for example if the budget is quite low then there is no point marketing a high end latest smartphone which is priced very high, so the right marketing needs to be done for the right product line.

I believe that the current pricing strategy is sound to some extent because the business is doing good and that too through all the categories of the product, some minor changes needs to be incorporated which will make the business and pricing more appropriate based on demand and supply.

I believe that the products which are bit old based on their demand needs to be priced low so that we can remove the old stock and have space to incorporate more and more new stock. This will give us more opportunity to do business with the latest products and help us gain huge profits.

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