Market-Penetration Pricing

Because I’m introducing a new idea, I will set a low initial price in order to penetrate the market. According to Kotler, “Rather than setting a high initial price to skim off small but profitable market segments, some companies use market-penetration pricing. They set a low initial price in order to penetrate the market quickly and deeply-to attract a large number of buyers quickly and win a large market share.” At this point, my customers have tried everything to help maintain their weight and nothing seems to fit with their time-consuming lifestyle. I know that they will be hesitant to try my product so I feel setting a low price will be just enough to get them to try it. The benefits and service that come included are priceless.

Quote 18/ Chapter 9
Pg 271: Market-Penetration Pricing
(Philip Kotler, Marketing, An Introduction)

Factors to Consider When Setting Prices

“Good pricing begins with a complete understanding of the value that a product or service creates for customers.” After segmenting the marketing and choosing my target market, I’ve realized that my consumers will not mind paying more for a quality product. The problem I do face is whether they will understand that because they will be getting most of their information online, or through email or text, they will not understand the value of it. The biggest value does not come the many recipes we offer but in the service behind it. What my customers will be buying is not just a cookbook, but their own personal nutritionist.

Quote 17/ Chapter 9
Pg 259: Factors to Consider When Setting Prices
(Philip Kotler, Marketing, An Introduction)

Customer-Centered New-Product Development

"Above all else, new-product development must be customer centered." I will incorporate the very consumers targeted into my business. In the call centers, I want women who have once had image demanding jobs so they can relate to the caller. I will have the marketing team out mingling at the consumers jobs, asking questions and interviews our buyers.

Quote 16/ Chapter 8
Pg 242: Customer-Centered New-Product Development
(Philip Kotler, Marketing, An Introduction)

Test Marketing

"Test marketing, the stage at which the product and marketing program are introduced into realistic market settings." I'm going to test it among a small group of my target consumers. I will first sell my books online, hoping the gain the right target customer. I know that if they find it online they will into the millennial group who are comfortable using the Internet as a resource and will be more inclined to do other things on the web. They will hopefully spread the word through word of mouth, or other means of communication.

Quote 15/ Chapter 8
Pg 240: Test Marketing
(Philip Kotler, Marketing, An Introduction)

Brand Positioning

"A brand can be better positioned by associating its name with a desirable benefit." Seductive Girls Cookbook. Seductive, tending to the desire to be sexy and sensual. Girl, gives a feeling of youth which every woman desires. But behind the title is my promise to make feeling sexy as easy as it sounds.

Quote 14/ Chapter 7
Pg 212: Brand Positioning
(Philip Kotler, Marketing, An Introduction)

Levels of Products and Services

"The most basic level is the core customer value, which address the question 'What is the buyer really buying?'" When women buy my book they are buying freedom of yo-yo dieting. They are buying a new lifestyle that has healthy benefits as a bonus. The actual product is a cookbook in a more convenient form. The augmented product is the attention we offer, to their needs. We will be at their beckon call, only an email away. Should they want immediate help, our customer service hotline will be open 24/7.

Quote 13/ Chapter 7
Pg 200: Levels of Products and Services
(Philip Kotler, Marketing, An Introduction)