Alrighty, in my marketing class we are marketing a made up product. It is going to be a bath soap that is the consistency of shaving cream and is colored so that kids can paint with it....But it is going to be soap so they will actually get clean using it....
How many of you would like to have a product like this? We are marketing it using the character Spongebob as the image.
who hoo...people are voting. Anyways, I need more help. I have to come up with a pricing strategy for the product and sitting here at work am drawing a HUGE blank. Is there anyone in here who knows much about marketing
Hey, Shelly - I don't have any formal training in marketing, but I'm a darn experienced consumer. I'd say price the product competetively with Aveno's baby wash and Johnson's. Then consider that many of today's young mothers are concerned with natural, non-scented baby products, too. My instinct would be to go with somebody cuter than Sponge Bob, like say Elmo, but that's just me, lol.
Well, I would start with comparing the price to something like Kandoo's foarming hand wash since it's kind of similar. Then compare to the prices of the other character shampoos, bubble baths, and soaps. I would also try researching to see how much these items are priced in popular markets like NY, LA and Chicago, then point out the prices in small towns. You could always use a lower price as a selling point. Since we spend so much money on everything from gas to electicity (damn you Ameren) it'd be good to have a product of high quality with low price, or offer more than the competitors for the same price. If they have Barbie bubble bath for 3.49 and it has 20 oz, up them by offering 28 oz for 3.49.
oy, well it says i need to have a new product pricing choice and price position (relative to competition). Cite image factors, positioning and competitive factors.
The second thing on the outline says to have fixed and variable costs and we can make it all up. We have to estimate costs and revenues for the first year based on planned pricing strategy, etc. Including sales forecast based on price as well as costs, supply and demand factors.
I actually dont mind most of it, I think I just picked an icky section. Promotion is much funner. My last marketing class was good because my teacher was the marketing director for a marriot. And as a hotel manager major that was interesting to me....this, its interesting but not as much.
I voted yes that I would buy it, becuase I actually own something quite similar, or just like it. Jackson has some bath soap (I posted a pic of him with it on his head in the family pics thread.) It's soap and fun foam.
