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If the company overprices the product or enterprises the product, it could cause this item to fail. (Andean & Salesman, 2008) Detailed Attributes of Mongo Google X took a step up when they designed Mongo. Mongo was developed for consumers on the go. Mongo is an innovative product that has the technology to charge a small battery within 60 seconds when wearing the accessories. This product was created for busy working professionals, students, children, and individuals with a busy life style. With society depending on technology, technology an now depend on Mongo for that last minute charge.
The Mongo accessories are fashionable products with multiple colors and durable. Google X wanted to make sure that no one was left out so they designed fun color accessories for children and made the accessories easy and with a comfortable fit. The advantages of wearing Mongo is people do not have to stress about their cell phone, watch, laptop, tablet, pod, and pad or any other small electronic with a battery dying in the middle of conversation or project. Google X is making Mongo affordable, multiple styles, many colors, and available in most major stores.
The Mongo product will be a set price that captures a value not Just to the company but for the consumer as well; price is a key attribute that consumers consider before making a purchase (Mohammed, R. 2010). Product Life Cycle for Mongo The product will have a Life cycle which will include a 45 days peak period and then a 60 day point of valuation that will show us where the product is at each step so we can then move forward with the strategy of price reductions with a 90 day evaluation of watching the product movement. Life cycle period one will be 30 days after official launch of the product Mongo.
After the 30 days we will evaluate a 90 day period of upgrading the product of Mongo II. After a 120 day period if the product sales at 75% levels of success we will continue on the pace of a successful product to move forward. Once the product is at one million units sold we will have a stage 2 of life cycle in effect which will be top notch customer experience for Mongo customers. With a CLC “Customer Lifetime Value” not yet calculated, this is a mathematical equation that will need to be added as soon as possible. Monitoring Social media wires is the 3rd stage to product elite cycle.
This stage is paramount because we will see a 10% bump in product sales Just after raving fans rave about the product. This bump is caused by non – users that will have product new and want the product Just because their friends have it. After the intention of the 120-day product period, there will be a stage 4 of product upgrade upscale. This will be for the second stage of buyers that are waiting for the review of the first product and seeing if there friends really like the product and then they are going to make up their mind on the product wanting to move forward on purchasing the product.
Product Differentiation Quality of Mongo pricing is a middle to high-end product that has a unique value of “recharging the world “, we can deliver on time every time. Our unique advantage against other competitors has been there is no one else with a similar product. The likelihood of us cornering, and then quickly dominating the market, is extremely high. Similar to what Apple did with the pad. It is important that we deliver on time and make our product superior to other products that are like our product. By making our product superior, this will make the customer experience superior.
Product Positioning Positioning of Mongo will be “Invention for You” this will be a brand that will have a high luxury feel and customer experience related to. For example Mongo is free of flaws and theatrically change the way we live. Mongo is positioned against competitors on high and timely delivery and excellence of manufacturing. Mongo as a product is relieving and leveraging the position in the marketplace as a product that can better lives in the world. It is important to make sure that the product is positioned correctly.
If it is not positioned correctly, it could cause a big dip in the refit margin Positioning Statement Mongo positioning statement: “Invitation for a brighter tomorrow. ” This is a positioning statement in a short, to the point sentence explaining the purpose and reason for the product. The statement is used in various marketing campaign foreign and domestic. Having a statement of how this product will be different from other products showing the benefit and not tearing the other products, but to show the difference and the invention of showing a product of the future compared to other that our not of the distance future.
This statement is very important because it ill show that the Mongo is different than any other product on the market. Relationships among the Three Product positioning, positioning statement and differentiation work together as one. Once together we can better. Come up with a positioning proposal Mongo and have a strategy for Maximum profitability with less Bad Customer Experience. It is very important to keep the bad customer experience as low as possible. The lower the bad customer experience, the higher the profit.
The Importance of Imagination Mongo is a high performance item that will benefit the world and with the importance f imagination of revolution of the future of mankind of an energy free society. Mongo is a product for all mankind to benefit, made from the mankind, and designs by mankind to the benefit all mankind! Price Strategy Mongo will be competing with small and large corporations. Not necessarily on the product line itself, but on the charging abilities TN, lower and higher prices can have several effects when a company attempts to compete in the present fast pace technology market.
The wireless charging market has not been saturated and therefore Mongo will have many potential buyers along with the established name interiors. Because Mongo is new and now known, pricing will be the most important phase of the wireless charger phase. Mongo will have a marketing plan in which quantity and quality will be key factors. By making our product limited to certain styles, it is believed that limited items can be sold for a few more dollars. Mongo will introduce several styles in which no other competitor will have. It will save customers the inconvenience, time and effort of researching for cheaper ones.
When creating a tier pricing for Mongo products, management must evaluate several key actors before setting a final price. Mongo will take a skimming pricing strategy when the product is first released. Basic Marketing: A Marketing Strategy Planning Approach, Puerperal, Cannon, McCarthy (2011) state, “A high initial price may be used as part of a skimming strategy to help the company recover the costs of development as well as capitalize on the price insensitivity of early buyers. ” Mongo will take advantage of the fashion side of production and set a high price in order to recover as mush of initial startup cost as possible.
Although a high risk factor is involved in eating a high price, no other competitor will be in the market with a technological fashion product. As Mongo product line becomes a familiar name, Mongo will release newer pieces and lower prices on the overall product line. With other competitors like Sony, Western Digital, and Zen releasing similar lines, Mongo products will have set a trend for excellent customer service, quality, and quantity available. Mongo is a product that will be similar to other wireless charging products, but still be in a realm of its own. Mongo is a wireless charger that looks like fashionable Jewelry.
The rodents life cycle will affect the marketing of this item because marketing the item has to be timed perfectly to build the hype about the new product. Positioning and differentiation is also an important factor. The fact that Mongo is similar but not the same as any other product puts it in a good position for marketing it before anything like it surfaces. The pricing strategy will be the final piece to the phase of the plan. After all aspects are considered a price will be finalized. The price is always subject to change depending on the market and how they receive the Mongo product.