Marketing Mix Strategies

Marketing Mix (4Ps) Strategies

The four decisions which known as marketing mix will be taken before launching the study table. It may be said as 4P of marketing consist of product, price, place and promotion (Marketing Mix - The 4 p's of marketing, 2011).

Product

The most important and the selling point for our product is it is a round table and parents could have a more cozy-like feeling when they work together. Nowadays, parents are busy with their working and this will provide chances to increase parents-child relationship by teaching their kids closely. The parts of our table is build up with Lego where carry hands-on experience for the kids. A clearly instructions to install will be provide and it’s easy to install where the kids can install by themselves and treat as a Lego game. There are reports stated that kids will gain benefits from playing Lego. Lego can build kids’ creativity and confident and helps in problem solving (Outsidethebrick.com, 2013). Our study table is fully with plastic material and rounded on joints and corners to avoid injury for children. It will be light and easy to carry by children. It includes all the features which are designed with 3 sizes fully customizable and the height can be adjusted to fit the customers’ needs. The diameter of the round study table will be 35 inches, 45 inches and 55 inches with the height maximum to 21 inches. We also provide 3 attachable and detachable desk lamps with build in battery with long last for at least 5 years instead of cables. There will be drawers underneath the table for users to keep their things inside. In order to allow our customers to have more choices, we provide the study table with 3 colours – grey, blue and red to attract the children’s focus on study. One year warranty will be given for our product. It’s package inside a box to be easier for delivering.

Price

We will use the psychological pricing strategy for our product which is differentiating into 3 prices which are RM149, RM 159 and RM169 according to the different sizes. We set the price at RM149 rather than RM150 to attract customers and they will likely to spend as they feel it’s cheaper and under their budget. The certain prices have impact on buying power and this pricing strategy helps us to build an impression of our product without making significant changes to the product (Small Business - Chron.com, 2015). As a result of we are introducing a new product to the market so we will implement market penetration pricing strategy which will attract the large number of