Question

Step 1

Select a product line that has a wide range of options and variety.

Good examples include hair care products, automobiles, iPods and other MP3 players, mobile and smartphones, laptops, and the like.

Ideally you want to select a product line that offers basic products, intermediate products, and luxury or "expert" products at various price points.

Step 2

Describe the current product line and make adjustments.First, make a list that describes the current product line, including specific features and price for each product.After making your list, put yourself in the role of a newly hired Chief Marketing Officer (CMO) of the company. Imagine that as a new hire one of your first tasks is to review your existing product lines.Do you think that the current pricing strategy for the product line is sound? Why or why not?What gaps or redundancies do you see in your product and pricing range? What are your ideas to fill or fix them? What might you gain or lose by adjusting your product and pricing line?

Step 3

Prepare your research paper.

Be sure to include specific analysis for your selected product and pricing line based on Step 2. It is not sufficient to simply have a list of products and prices--you must show critical thinking and evaluation skills.

Answer 1

Developing a faithful and trustworthy consumer base is the most crucial element towards being flourishing and cost-effective in a hair care product business. Business customized marketing tools can indeed facilitate to satisfy your consumers thus if you are operating a salon then it’s important to bond personally with your consumers and also control your non-service product prices such as shampoos and conditioners and offer discounts with services such as haircuts and coloring treatments.

Furthermore offering consumer’s 15 to 20 percent discount on purchase of a particular shampoo, conditioner and haircut with shampoo combination can indeed facilitate to enhance your product and service sales as consumers would be excited by the desire of taking the salon experience along with discounted prices on product as they would sense they are getting a good deal.

Hair care boutique functions in a very highly competitive and saturated environment thus optimum utilization of marketing strategies are indeed considered as the most crucial and significant element towards their business success. Thus hair salon marketing strategies generally focuses on service differentiation, price promotions, attract new consumers and offer exceptional consumer service.

Thus differentiating your hair care products and services from competitors can indeed facilitate to attract consumers for instance hair salons offering prompt walk-in service with no frills at a cost-effective price. Thus it’s very crucial and significant to carefully assess and examine the existing competition in the market and accordingly frame effective and efficient business policies and strategies facilitating to develop a good business model for instance offering discount or best-value services which in fact can facilitate to gain a competitive advantage among your competitors and help grow your business.

Business promotion strategies for hair care products and services vary according to the target market they serve for instance establishments offering extensive variety of hair care products and services with best-value and discount service model can indeed plan to advertise about their outlets in local newspapers and radio stations. Furthermore good public relation activities can indeed facilitate to go that extra mile to build goodwill and establish a positive reputation in the society.