The following guide has been created to help you complete the below assignment a
ID: 357453 • Letter: T
Question
The following guide has been created to help you complete the below assignment as listed on page 3 of the class syllabus: Individual Entrepreneurship Paper Assignment The individual paper will consist of a maximum (double-spaced, Times New Roman 12-pt font) four pages (excluding title page, appendix and references if any). Please make a convincing case in the paper about a product, or a group of products, that you would like to launch on Amazon. The four sections (approximately 1 page per section) that need to be included in the paper are: 1. Rationale for the product (or the group of products) to be sold through Amazon Please include your key rationale in choosing this product, and the need this product satisfies for the consumer Please include your product cost and your profit margins a. b. Details about how the product(s) will be differentiated from competing products Pricing and marketing strategy that will be used for the product(s) Plan for future growth of your Amazon business 2. 3. 4.Explanation / Answer
Introduction:
The product selected for this particular assignment is a hair dye shampoo. Since this is a entrepreneurship paper assignment, a unique product has been selected. This will be easy for the students to understand as simple and basic terminologies have been used in the case assignment.
Need for the product.
The need for the product is people can hide their grey hair, especially early greyness. As hair is the most important part in any person’s body(both male & female), people can use them to make them look young and beautiful irrespective of their age.
The cost of the product seems to be very affordable for all sections of the society. As it is a new product, the introductory price would be $5 for 200 Gms for limited time. The profit margin would definitely be higher as high as 70 to 80%. As the product is at affordable cost, it would definitely attract large number of people.
This product would definitely be different from other products. The product is a hair dye shampoo. In this case the customers need not spend time separately for dying their hair by preparing the dye, and some people don’t even know to dye their hair on their own and seek the help of others. Since this product includes shampoo in it, they can apply it when washing their weekly which will save the time and also fulfils the purpose of the product.
So this type of product can definitely attract large number of customers in the market because of its unique features and uses.
As this is a new product for Amazon, the competition would either be less or there would be nil competition for the product.
Here the pricing strategy adopted for this particular product is penetration pricing. Penetration pricing is nothing but setting a lower price for the product at the entry stage to attract more customers to a new brand and it will increase the market share which is the first main objective rather than profit share. Following are the reasons:
Marketing strategy:
The basis of a good marketing strategy would be benchmarking the competitors and social listening. Selecting a good marketing strategy seems to be sole responsibility for the company to be successful in its new launch.
Social listening is though the product is marketed through Amazon, the product can also be made available through some social networks like face book, twitter etc. This can even more increase the customers for the product. There are also chance that you tend to get feedback from the customers, which helps in improving the product which in turn helps in retaining the existing customers, attracting new customers and retaining or increasing the market share respectively.
Benchmarking the competitors is the next important strategy that the company should adopt. It is always necessary to keep an eye on what the competitors are doing. In case of sudden reduce in the market share, the company must know how the competitors are gaining attraction for their product, reasons for the attraction and how we can react. So it is always necessary for the company to be alert and ready with the next plan and course of action.
Since this is a new product, there are chances that the customers would be attracted by another new product. This is not an existing product as the existing product would at least have brand loyalty. Hence the company should always be on high alert and must be aware of whats happening in the market.
The company has introduced a new product through Amazon. Once it is successful on its launch, it can plan for its future course of action for business growth.
Conclusion:
The above document shows how a new product has been introduced, its pricing, marketing strategy and the future plan for the growth of the business which answers all the sub parts in the question.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.