640 wk5 homework help

640 wk5 homework help

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The Alka-Seltzer Plus has ensured its product is having better quality and can price-position the product in the existing market. This is because the product does offer great value to its customers. Therefore, the brand is expected to give good competition to Vicks NyQuil, which is a market leader. The product advertisement has very clearly highlighted why Alka-Seltzer Plus is a better product when compared to Vicks NyQuil.

I think Bayer has positioned its new product very well in the market for cold and flu symptoms relief. They have done their research and identified the gap which Vicks NyQuil had, and Bayer has capitalised on it. The product will find a place in the market once the customers become more aware of their offering.

I am of the view that Bayer must look at using the penetration pricing strategy as it will help the business to capture the market with quicker sales and gain market position (Lowe, & Alpert, 2010). The brand will also be able to build on to its brand image by creating mass demand for its product by selling it at an attractive lower price. Achieve economies of scale faster than it usually can as the product demand will increase. Quickly gain market share in the competitive market. As it is a new product, by keeping the pricing low, the company will attract new customers who look to buy the product at lower pricing, and over some time, the company can increase its pricing.

The commercial out rightly makes a comparison and tarnishes the brand image of Proctor and Gamble by portraying it as an ineffective brand, and it can invite lawsuits (McGeveran, 2010). I am personally against such direct competitions, and the advertisement shouldn’t show the competitor’s brand name while making the comparisons.

The company can increase the profits of its new products by initially increasing its spent on marketing and by introducing a penetration pricing strategy. The sales will pick up once the customers try the latest offering, and it will also help in generating more sales for the rest of the company’s products, which are already priced at good margins.

Reference

Lowe, B., & Alpert, F. (2010). Pricing strategy and the formation and evolution of reference price perceptions in new product categories. Psychology & Marketing, 27(9), 846-873.

McGeveran, W. (2010). The Trademark Fair Use Reform Act. BUL Rev., 90, 2267.

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I think that Alka-Seltzer Plus (Bayer) did an excellent job in the ad advertising what they are sending into the market now.  Before, you think of Alka-Seltzer for upset stomach, indigestion, etc. I would never think of that name as a cold and flu medication.  However, the ad pretty much sums it up for you and they did a great job showing how they are overcoming or improving their product to surpass their competitors.  When you are launching a new product in a company, it is important to show what makes you stand out over the competition or why people should buy your products and they were able to position their product perfectly.  In fact, just watching that ad, I would be willing to give it a try and switch over from NyQuil.  I almost always take DayQuil and NyQuil when I have a cold/flu.  However, there’s is reaching out to more symptoms than NyQuil, which is a great step because people want something that is going to help with ALL symptoms.

Bayer is definitely a new to the market brand that is reaching out to a new market by using its brand name (Douglas, 2012).I know as a consumer I think that penetration pricing would be ideal for a product that has to compete with such a well known brand (Nyquil).  People are only going to try a new product if the price is right and it works.  But you have to get them to buy the product before they will know if it works or not.  Price penetration allows them to secure that market share by discouraging other competitors to come in and to gain consumers. If they choose price skimming and start their price high, it may scare people off and by the time they try to drop the price, it may be too late and they may not have enough time to excel in the market (Mack, 2019).

.I think that Proctor and Gamble are going to do one of two thing.  One, they are going to come after them in a lawsuit for portraying their brand in the way that they did in this ad. Two, they are going to recreate their brand by adding in additional symptoms and come out with an even better product.  if it was me, I would just re-brand and try to “beat” the competition but its hard to say how they will react or what route they will choose!

Overall, I think that Bayer can market their products more to gain more profit. I know that I really don’t hear much about Alka-Seltzer. I dont really see ads for it anymore and I dont EVER think to buy it for any type of reason. I usually just grab some tums.  I think more of the 40 year olds+ think about using it as they were marketed to. I think that advertisements on their other products and somehow incorporating those products with their marketing of their new product could benefit them tremendously. For example, they could have posters with all these products on them and explaining what each of these are best used for.

References:

Douglas, E. (2012). Managerial Economics (1st ed.) [Electronic version]. Retrieved from https://content.ashford.edu/

Mack, S. (2019, February 5). Penetration Vs. Skimming Marketing Strategies. Retrieved from https://yourbusiness.azcentral.com/penetration-vs-skimming-marketing-strategies-8080.html (Links to an external site.).

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