Task 2
Product
Silk Soap Manufacturing Company will introduce a new shampoo brand which will be under their company. The product itself is classified as a tangible product, where people or buyers of this product can actually see and touch the product and use. In terms of level of a product the core product satisfy the needs of the buyers. To meet this needs buyers are looking for a shampoo which just doesn’t clean hair but also gives nourishment to satisfy someone’s need. Looking on the actual product, the product had a sophisticated packaging. It goes with clear label of the brand name with additional information regarding the benefits you can get in the shampoo e.g. if it is with vitamin e, anti-dandruff, hair fall solution and the likes. Furthermore, aside from the information you can see in the front there must be additional information that the customer could see on the back of the label e.g. company’s name, direction to use, warning, inactive ingredients, and place where it’s made. On the other hand, augmented product is a non-physical product e.g. phone number for inquiries. In addition the all the information above, the product comes in the shade of blue with a clear brand name, floral design on the sides and few lines to make the effects and be more attractive in the eyes of the customers, and it comes with 500ml for the smallest bottle 750ml and 1200ml.
Pricing Strategy
Setting a low price for a new product is important to penetrate a large numbers of buyers. This strategy will not attract more competition, therefore they will get a large market share.
Promotion
Silk Manufacturing Company will introduce a new line of product. To reach their target market they have to let them know that they will have this new product line. To achieve that, they have to promote this product through advertising and sale promotion. Advertising is a very useful and reliable method to promote a new product. Even it is an existing product for example, advertising never...