My products for HeLp SkAteS will be skateboard decks, clothing, and wheels. I have used Market Research into what my products should be and how I would make and design them so that the consumer will want to buy them. Price The prices that my products are to be sold at should be at a level which the customer will believe to be value for money and not just cheap, as this may sometimes be thought as a reflection of the quality of the product they will receive influencing their final decision on whether or not they will purchase it.
I could use one of the following pricing strategies to sell my product at depending on what my market is like: Penetration Pricing-is where a firm charges a very low price when the product is new, and is used to increase the interest from customers. Skimming-is when firms charge a high price to make the product seem desirable to customers who have a larger income Destroyer Pricing-this is when firms charge prices which they know are unprofitable for their competitors, driving them out of the market. However this is illegal. Price Discrimination- this is charging different prices to different customers for the same product e.g. Students, OAP’s. Competition Pricing- this is where firms charge very similar prices as other firms. Usually this happens where there is very little product differentiation e.g. Petrol.High visual impact for a long time and will be seen by a lot of different people.
Are only seen for a few seconds by drivers and are vulnerable to weather and graffiti Cinemas Very high visual and sound effect, captive audience Are relatively expensive Leaflets/Junk mail Cheap to produce and distribute Are easy to ignore Internet Sites High visual impact, interactive and can link directly to buying the product There is a lot of competition so getting peoples attention may be difficult Although, my products are quite specialist products so many of these channels of advertising would be a waste of money to me and of quite little use. I will need to advertise in place where my target audience is most likely to see the advert, such as in a skateboarding magazine or website.
Place If I locate in a place that is convenient for the market, more custom will be created because more customers will be buying the product. Also the location should be close to a form of public transport e.g. Bus station, Railway Station. The source of a labour force should also be near by although I will need relatively little labour but I would need to be close to a trade route so I can get my stock quickly and easily to my building and my products away quickly and easily.