Interaction between Oligopoly Firms

A brainstorming session led us to come with a unique name for our product. This gave us a competitive edge. While the market has been segmented, competition is always stronger. As such, our team has developed a marketing strategy focusing on competitive positioning, dual pricing, channel management, sales force management, and advertising plans. Marketing mix has also been considered although most companies offering VRD have opted for marketing mix as part of their strategy.
Market segmentation: to market our VRD, our team identified five segments – the students, professionals, corporate executives, home users, and the foreigners. Very often people are at a loss and unable to decide what to purchase. At such times, the marketing mix becomes very useful in reaching the target customers -. the product should be available at the right place at the right time.
The marketing mix of any product would include the right product at the right time in the right place with the right sales and promotion strategy and at the right price. To have competitive positioning, these are the four P’s (Product, Price, Place, and Promotion) very essential for marketing any product. To ensure good sales of our product and services, it is essential to understand the product, its need, and importance, the price should be reasonable, if necessary dual pricing, the product should be easily available hence distribution has to be right and finally the right awareness of the product. The promotional strategies have to be taken into account depending on competitive factors.
Three essential features of the product namely, protection against user errors, a variety of special commands and ease of learning coupled with effective customer service, helped us to give a unique name to the product. Having identified the advantages of our product, our team moved on with pricing. The pricing strategy is normally influenced by the net income required and the objectives for the long term marketing.