There are more unique food and restaurants information for young people and office worker. It is also a communication media for all of the readers. 4. 2 Pricing When we deciding the price of new food magazine, the total cost is hard to work, so we choose two approaches “value-based pricing” (as same as buyer-based pricing) and “competition-based pricing”. These two approaches depend on the average same type of product cost and customers’ opinion. We have done a quick survey before working out the retail price. The result shows that, 75% of the potential customers refer to spend 6 dollars to buy a 120 colonized pages magazine.
Comparing with other food magazines, the common price Is around 5 dollars. Finally. We decide that the retail price of Happy Food Time is $5. 95. We assume that the retail markup is 80%, so the selling price is $3. 3 to retail stores. 4. 3 Promotion Happy Food Time Is a new magazine form Magazine Medal (Pity) Ltd Into Australia market, so we have not done some promotion actively before launching. In the promotion plan, all of the promotion actions must depend on the sales results. There re four main parts in our promotion strategy: advertising, public relations, directs marketing and sales promotion. . 3. 1 Advertising According the marketing situation and limited launching budget, we choose three ways to do the advertising for the new magazine. The first choice is newspaper because newspaper has a wide range of reader. We select a local newspaper to place our advertisements, so maybe the newspaper readers can become our customers. Magazine is also a good choice for advertising. A magazine advertising should have some appealing photos with a particular concept and well-know copy relating to our advertising is effective and relatively cheap.
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We can select to play more advertisements during the specific periods. As the magazine selling, we will get more budgets from the sales revenue, and then we can expand a larger range of newspaper and magazine advertisements. We can also increase the times of radio advertisement. 4. 3. 2 Public Relations For a company, the main aim of public relations is to enhance the company’s reputation. Happy Food Time is a new magazine, so in the first few months, we will not arrange any public relations activities until the magazine has a stable customer roof.
For establishing a good relationship between the magazine and the readers, the magazine can open a blob on Internet, found a club or a free cooking class. In the future few years, the magazine will pay more attention on public relations gradually. The magazine will also create a foundation charity, hold a cooking competition and organize some employee dinner meetings. These actions can improve the company’s reputation, and then more potential customers can know the magazine. 4. 3. 3 Direct Marketing Here are various media helped us to sell the new magazine by using direct marketing treated.
We can make coupons for customers to get a better look of our magazine in a cheaper way. We do use TV and radio that adverts with free phone numbers or low per-minute-charging; and also, we sell magazine to customer online or customers can see our products by using other new media, such as mobile phones or Pad’s. All these concepts help consumers getting more familiar with our magazine in a relatively convenient, and then expand the market. 4. 3. 4 Sales Promotion All sales promotions are tools used to encourage purchase of a product of service in a short term. (Seasons, 2010).
For our new magazine, the sales promotion objective is to entice customers to know and buy our magazine. We choose Patronage rewards and Event marketing as our promotion tools. We try to attract more attention by these discounts and activities. 4. 4 Customer Service The goal of our customer service is the product can be met customers’ expectation. We will have a survey form in the magazine at the end of each season, if the customer have any problems and suggests, they can complete the form and send to our office. There are some rewards for the customer when the advices are undistributed to our magazine.