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Team 3 MHPractice

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by

Terra Forward

on 29 April 2013

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Transcript of Team 3 MHPractice

After the practice round, it became clear that the majority of our competitors would be competing for the lowest price. To avoid competing in a red ocean, we sought a target market that would allow for prestige pricing and little competition for our target segment. Target Segment Outdoor Enthusiasts Capacity & Waterproofing
5% growth rate
14,700 market size Backpack Design Turns 2-5, 7-8 Capacity and waterproofing
Large Rectangular
Wide and chest straps
Water bottle, Water Proofing, and Solar Device
Advanced Material
Green Backpack Design Turn 6 In turn 6 changed to advanced straps
Wanted to compete with team 4
Attempted to target more comfort followers in luxury segment
Went back to wide + chest straps in turn 7 Pricing Strategy Initial Low price strategy for market saturation
Increase price from $60 to $130
Out Door Enthusiast will pay top dollar for specified products
Huge profit margins Slight Changes Slight changes to pack forced us to raise price from $130 to $140

Make up the difference due to adding specs to the bag and deals with the distribution channels

Kept price at $140 for a while to show consistency with our product

Changes to the backpack once again forced us to raise the price to 149 to make up the difference

Cut costs and lowered price to $141 and stayed there for the duration of the game Distribution Channels Turn one: Direct sales only to see where we stood as a product

Turn two: Raise price and make a deal with High End Outdoor shop

Turn two: Run a distribution deal with online discount store to appeal to more of the market

Turns three and Four: Pretty much the last time we see any changes in our distribution channels.

Try fashion boutique deal but quickly end it because of lack of sales compared to amount of money being spent Promotional Strategy Promotional Messages Promotional Strategy Retailer
Direct, Online Discount, High End Outdoor, Luxury

Pricing Strategy
Start high, continue to lower costs$9,800 to $2,000

Market Share
Highest percentage Key Changes Marketing
High Marketing in the Beginning-Much Lower in the End

Price
Initial Price $60-Ending Price $141

Distribution Channels
Slight changes to distribution channels and price

Biggest Change-Marketing What We've Learned A good marketing strategy is important

Take some risks

Monitor competition, but don’t let it change your entire strategy

Stick with what works best Our Marketing Mix TEAM 3

Emily Cubera
Tiffany Dailey
Terra Forward
Jeremy Fudge
Full transcript