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2 pages/β‰ˆ550 words
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Style:
MLA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
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Topic:

Novo Fogo Marketing Strategy. Business & Marketing Essay

Essay Instructions:

The first half of this project is already finished (second attachment).
Please finish part C. Pricing Strategy & D. Integrated Marketing Communication (Promotion) Strategy of IV. Marketing Strategy.
P.S. The first attachment is the requirement of the overall project, which includes the following description of what I need to do.
The detailed requirement of this order:
C. Pricing Strategy
Overall pricing strategy and pricing objectives:
Price comparison to competition:
Connection to differentiation/positioning strategy:
Connection to value (monetary costs):
Profit margin and breakeven:
Specific pricing tactics (discounts, incentives, financing, etc.):
D. Integrated Marketing Communication (Promotion) Strategy
Overall IMC strategy, IMC objectives, and budget:
Consumer promotion elements
Advertising strategy:
Public relations/publicity strategy:
Personal selling strategy:
Consumer sales promotion (pull) strategy:

Essay Sample Content Preview:

Student Name
Course
Instructor
Date
Novo Fogo Marketing Strategy
* Pricing Strategy
Novo Fogo prides itself in the manufacture of different types of quality cachaca at reasonable and competitive prices. The average price of a 750ml bottle of Nova Fogo Cachaca is $32. This price is quite low compared to what is closest to rival Avua Cachaca charges $50 for a bottle of a similar size. There are several reasons why Novo Fogo has chosen the above pricing strategy. For one, through this pricing strategy, the company has ensured that its products remain affordable even to low-income consumers. Secondly, the pricing strategy also helps the company penetrate the market that is enriched with established competitors. Last but not least, it also aids in building and cementing its reputation in the industry.
Novo Fogo operates in a highly competitive industry. While there are some players that charge highly for their products, such as Avua Cachaca that charges $50 for a 750ml bottle, there are others that have maintained their prices quite low. One notable company is Cachaca 51 that charges $17 for a 1000ml bottle. It is essential to note that the pricing strategy chosen by Novo Fogo is primarily inclined to help the company position itself in the market with well-established players. The low but competitive price also assists in differentiating the company. Additionally, Novo Fogo ensures that consumers get value for the money they spend purchasing the different brands. Particularly, it also offers healthy drinks that are low in sugar, calories and lower alcohol by volume, suitable for people with different tastes.
Novo Fogo's pricing strategy has assisted the company in break-even and maintained satisfactory profit margins over the years. There are several pricing tactics that Novo Fogo employs in the market. For one, it offers regular discounts, particularly during holidays when the majority of people are in celebratory moods. The company also offers discounts during sporting periods to capture fanatics who prefer watching matches in groups either in local bars or in the comfort of their homes. Secondly, its eco-friendly incentives also make it popular among environmental-conscious consumers.
* Integrated Marketing Communication (Promotion) S...
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