Assignment 3: Part C: Branding, Pricing, Distribution Strategy

Part C: Marketing Plan
Student’s Name
Institution
Part C: Marketing Plan
Branding, Pricing, and Distribution Strategy
Branding will determine to a great extent whether or not the new product will be successful in the market. As informed by Douglas, Craig, & Nijssen (2001), branding plays a vital role in establishing a firm’s position and visibility in the market. Therefore, for the success of Vico-jet, it is essential that an effective branding strategy is created.
Having a purpose is important for the product’s brand success. Vico-jet is created to meet the customer’s need for a dependable bike in terms of technology, speed, and reliability. These are the aspects of the product that will connect customers to the company. To ensure consistency, the marketing of the product will focus on its specific features that deliver satisfaction to the customers. In this case, the features that Vico-jet will be founded on are the use of latest technology and speed. Every promotional strategy of the firm will focus on demonstrating the ability of the bikes to meet these features. These features will be promoted in such a way that they appeal to the emotions of the customer. This will play a role in bringing the customers closer to the firm. With the consistency of the promotion of these features of Vico-jet, repeated communication will be achieved. The branding strategy of the product will not be complete without its logo. Every promotion will carry with itself the logo of the product as well as that of the firm. This will ensure the product remains in the minds of its target market.
In regards to pricing strategy, Vico-jet will be priced higher than the market average for bicycles. Therefore, premium pricing strategy will be applied. The company expects that it will be able to capture the attention of customers while selling the product at @$250. This price is justified given the investment the company will make in regards to integrating latest technology to ensure satisfaction by customers. In addition, it creates the perception of a high value of the product. The promotional efforts of the firm are expected to create a high-value impression in order to capture the market.
Distribution is a crucial element of the marketing strategy as determines how the product will reach the final consumer. In this case, the distribution strategy of Vico-jet will focus on using the traditional channels of the firm. With Techno-Bikes Inc. dealing with other products, it will be easy and less costly for the firm to use its traditional channels for distribution. The production center in the U.S will primarily be used for distribution the product in Texas during the beginning of the operations for Vico-jet. However, as the product grows in the international market, the product will be shipped from the manufacturing center in Shanghai to various specific markets around the world.
Competitors
The major competitors for Vico-jet will be the products of the major industry players; Hyundai and Suzuki. With Techno Bikes dealing with other bicycle products, the firm will be dealing with both intra- and inter-competitors. The other bicycle products of the firm will be providing intra-competition, while products of othe...