Corporate Finance Economics Application Goodwill Term Paper

Pages: 3 (950 words)  ·  Bibliography Sources: 3  ·  File: .docx  ·  Level: Master's  ·  Topic: Business - Advertising

SAMPLE EXCERPT . . .

Product positioning has much to do with making a product fit into the market place and putting the product first in line in the minds of potential customers. Through positioning a product creates an image for itself. Alka-Seltzer is competitively priced because it is a medication that offers remedies to medical conditions that its competitors in the market like the Vicks NyQuil does not (Bhasin, 2011). The product is well produced and adheres to controls that have been instituted to ensure consistency. It quality claims are backed by customer friendly guarantees and this can be attested to by the fact that other than providing relief for cough, body aches, runny nose, sneezing and fever, something that Vicks NyQuil also does, it can fight congestion. Alka-Seltzer Plus does not contain a compound known as phenylpropanolamine which medical research shoes to be dangerous if consumed by human beings. Another strategy that Alka-Seltzer has strategically used to position itself in the market is the drug facts labeling information (Bhasin, 2011). The labeling information is the most up-to-date and differs from other product labeling including Vicks NyQuil that is its major competitor in the market. It would be imprudent to engage Proctor and Gamble in price wars bearing in mind that Alka-Seltzer is a new product in the market where Vicks Nyquil has been operating in. however, bearing in mind that Bayer has introduced a product that provides remedy to a condition that Vicks NyQuil hardly offers a relief for penetration pricing strategy would be the way to go to win clients who previously used NyQuil but got no relief from congestion. Penetration pricing strategy should be used over some period of time to ensure that the product gains foothold into the market. After the brand has had acceptance it would be prudent to discard the penetration pricing strategy and embrace quality positioning (Bhasin, 2011). Bearing in mind that NyQuil unfortunately makes people drowsy during daytime, Alka-Seltzer Plus strategically offers daytime and night time cold and flu relief remedies. This ultimately makes Alka-Seltzer a big fish in the small pond something that can lead to increasing the size of the pond. Finally, Proctor and Gamble are more likely to be irked by the Bayer's advertisement and revert into a powerful positioning strategy by making Vicks NyQuil a nigh time, coughing, sniffling, and sneezing medicine (Bhasin, 2011). This would make them own the night time cold remedy market.

References List

Adpharm (2011). USA: Alka-Seltzer Plus TV Commercial. Retrieved July 30, 2013 from https://adpharm.net/blog/2011/11/usa-alka-seltzer-plus-tv-commercial/

Bhasin, H. (2011). Price Quality Approach of Positioning. Retrieved July 30, 2013 from http://www.marketing91.com/price-quality-approach-positioning/

Lohfeld, B. (June 4, 2012). Will Low Price Contracting Make Us all Losers.

Washingtontechnology. July 30, 2013 http://washingtontechnology.com/articles/2012/06/04/lohfeld-low-price-technically-acceptable.aspx

OECD (n.d.). Guidelines for Fighting Bid Rigging in Public Procurement: Helping Governments

to Obtain Best Value for Money. Retrieved July 30,… [END OF PREVIEW] . . . READ MORE

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