Suppose you have registered a new company & now your company is going to introduce its first product in the market, Product has been developed after having all product related decisions the only pending decision is “fixing introductory product price”. While keeping in view your current company’s scenario, advice what type of pricing you will use at this introductory stage of your new product?
Jul 6th 2010, 03:38 AM
You need to research any similar products on the market and price within that range to be competitive.
Because you are the new kid on the block you need a reason for potential customers to buy your product over an existing one. Remember people don't like change so you need to a hook to get them thinking about your product. An opening 'once off' or 'once a year' discount sale. Sale price might need to be just above cost price to get people interested.
You should also consider doing some surveys. This could give you the information you need to market your product the right way and to the right people.
After you product is being used the best tool you have is word of mouth. You need to get people talking about it and what they like about it.