Question

1. Who will buy the product?
2. What is the size of the potential market?
3. What price should be charged?
4. What is the most appropriate distribution channel?
5. What is the more effective promotion strategy to inform and reach potential customers?

briefly answer of these questions.

Answer 1

1. Consumer is the one buys products. He is one who pays for it.

2. Potential market size is the value equal to the product of number of target customers and rate of penetration. Size of potential market helps to identify correct market planning. It helps to take appropriate decisions on investments in business.

3. For a business the price to charge for a product of service is calculated by summing all total costs and to take product with desired profit margin percentage for the same. And the result should be summed with the costs. The charge made for a product determines thee sustainability off business. failure of business can be both due to excess charge or too less charge. It should be satisfied one for buyer and seller.

4. In consider with complexity of product or service, type , Middlemen, benefits and costs, growth plan, need of thee product, direct competitors place and the required position of thee brand one can decide the distribution channels. Intermediately, reverse, direct and dual distribution selling are various distribution channels. E Commerce is the most preferred and effective channel for distribution of products. In marketing mix of business the preferred channel has great role. Product , company and consumer preferences should be analyzed before the choice.

5.In a market plan promotion strategy is the methods, techniques used to enhance thee product demand. For promotion Exposure is an effective strategy. Business firm should find the appropriate social media platform for the product. The brand should focus on all advantages that available in the selected one. Social media is the connection exists within buyer and brand so it should be used effectively.