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For this assignment, I choose a detergent product brand, such as Gain Detergent. What do you want to happen to the demand for this brand as a marketer?
As a marketer, I want the product's demand to rise. In a market filled with so many detergents, including handmade soaps and detergents, sales stay constant or even decrease slightly, so it's critical for the product's demand to exceed that of its near competitors in the market.
What do you like to happen to this brand's price elasticity of demand? The price elasticity of demand is a measure of a product's responsiveness to changes in the price of the product. As a marketer, I want the price elasticity of demand for this product to be elastic which means that a small change in price for the product will cause large changes in the quantity demanded of the product. In a market saturated with multiple substitutes, there’s need for the product demand to respond to any changes in price whether small or big.
How do you want to affect consumers’ perception of the available substitutes for your brand?
The perception of the consumers in a market full of close substitutes for a product will be the sales driver for any marketer. I want to impact the consumers' perception in such a way that even though there is a lot of other detergents on the market in their mind, there will only be one Gain Detergent. I want my product to be the first thing that comes to their mind whenever they think of laundry.
How would you accomplish your goals?
There are so many arguments that I can use as a marketer to position my product to the consumers, but not all of them are effective. The best argument, however, would be pricing strategy. I would raise the price of the product above the competitors' range. Typically in a market with close substitutes businesses and consumers would charge and expect low prices respectively. Charging higher prices would create the perception of there being something unique about my product which will attract customers to the product thereby increasing the demand for my product.
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