Essay Pricing Strategy

Submitted By hallidr1
Words: 1192
Pages: 5

Promotion is key to the continued success of any good; without promotion consumers would have little to no knowledge of available products. Promotion is the communication by marketers that tries to elicit a certain response from potential buyers. There are many different goals of promotion that will take focus during the different stages of the product-life-cycle. Considering the complexity associated with constant evolution of Evinrude engines; an informative promotion would be ideal during the introductory stage of a new engine. A consumer must feel well informed in order to be comfortable buying a product, especially one this complicated. Persuasive promotion is designed to to encourage a purchase or action and is more effective in the growth-cycle; after consumers have been informed of the product. A well-informed consumer does not need any informative material, instead they need that extra-push. Focusing on the best-in-class technology that sets Evinrude apart from the competition is what gives consumers that extra-push. Considering it was the first feasible outboard engine; Evinrude must keep their brand relevant by reminding its consumer of the reliability of the Evinrude name. Companies reach a target market, through the use of tools, known as the promotional mix(Lamb, Hair & McDaniel, 2014). The promotional mix is comprised of five tools but the two that Evinrude should focus on are the advertisement and promotion of sales. By focusing on the advertisement aspect Evinrude can reach a wide population of consumers at once, increasing efficiency. (BOOOOK) Logically Evinrude would also use sales promotion in conjunction with advertising; thus increasing speed of sales response(Lamb, Hair & McDaniel, 2014). A company must keep the promotional objectives in mind when determining what type of advertising they will use. Evinrude's promotional objectives focus on how its product is better than that of the competition. Given these sets of goals the type of advertising most suitable for Evinrude is competitive advertising. Participating in comparative advertisement allows Evinrude to compare its' technology with that of its' competition, in-turn enhancing the perceived quality of product. Comparative advertisement is the direct comparison of a product to that of its competitors equivalent; by showing how a product is superior to that of its' competition is the most effective type of advertisement given this market. After choosing what type of advertising, a company must plan which medium they will use to convey these advertisements. There are six major medium used in media planning; newspapers, magazines, radio, television internet and outdoor media. The most effective medium for reaching this target market would be through the use of magazines. Magazines may have their down sides in some regards, but considering this niche market, and its' narrow parameters magazine advertisement is ideal. Magazines target a certain demographic, or market, which is in line with what Evinrude is trying to accomplish. Magazines target the specific demographic but in-order to get a wider variety of consumers using advertisements on certain channels such as the hunting network, may drastically increase how informed the target market is.
Television will aid in the increase of familiarity of the product. Sales promotion is an effective way in influencing the buying behavior of a consumer by offering incentives for purchasing immediately. Evinrude offers premiums such as free installation or extended warranties with purchase of a new engine. “Promotions like these are appealing to consumers considering the installation can be expensive rigging of a new motor can cost twenty-five-hundred on top of the motor itself, we're talking upwards of twenty thousands dollars” (Briggs, 2013). The success of any good is dependent on the success of its' promotion. A majority of the factors associated with promotion have been mentioned, but one