Introducing Promotions to Increase Awareness of New L&T Travel Bags - Essay Sample

Introduction

Since it is the first time the business is entering the market, it is crucial to introduce promotions. Usually, advertising is a critical activity that may assist in communicating to customers about L&T travel bags. Through promotion, the business will be in a position to influence potential buyers to change their attitude and behaviors toward L&T travel bags. As such, the company will manage to tell potential clients about the importance and where they can find the product. The approach may assist in informing customers about L&T travel bags and their characteristics. Usually, market awareness is a crucial aspect that influences the behaviors of clients (Kienzler & Kowalkowski, 2017). As such, engaging promotion may assist the company in developing a positive approach that will attract clients toward the products. The technique may increase the chances of customers accepting to purchase the products.

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Technology development has become crucial materials that are highly deployed in various fields of marketing. Therefore, the business will highly rely on the application of digital marketing to enhance promotion (Kienzler & Kowalkowski, 2017). As such, the industry will post L&T travel bags on its website and other social media platforms such as Twitter, Facebook, and Instagram. Due to a large number of individuals who are using social media, the platforms have become an essential marketing area (Liu & Wang, 2017). Posting the picture of L&T travel bags will allow potential clients to review their difference and enjoy high-quality products. All social media platforms will be linked with the business contact address to ensure potential clients can effectively reach out in case of an order or any form of inquiry.

Additionally, the business will engage radio and television ads as another form of promotion. Most individuals in the target group live in town, where they have access to television and radio. Through the approach, the business will manage to create awareness, which will help attract potential customers (Liu & Wang, 2017). Furthermore, a discount is another promotion strategy that the business will deploy. The business will offer a percentage discount based on the number of bags an individual purchase. Through the action, the market will attract clients who buy goods in wholesale.

Pricing of L&T Travel Bags

Pricing is a crucial aspect that determines the market performance of a product. The price of L&T travel bags will be based on their quality. In this case, the price will be determined according to the value-based pricing strategy (Liu & Wang, 2017). The business will expect to sell at $75 per L&T travel bag. However, all the customers who purchase more than ten bags at once will be given a discount of 5 percent of the total cost. Based on the current market, most of the competitors are selling the product at $ 50. However, due to the ideal conditions of L&T travel bags, the company will be forced to increase the price.

Customers who purchase the product will enjoy high-quality bags that are above the price value. Additionally, the price will assist the company in creating a competitive advantage that will use to enhance its market performance (Kienzler & Kowalkowski, 2017). As such, engaging some activities such as promotion are expensive. Hence, the business must sell the bags at a high price to manage costs and remain a profit.

References

Kienzler, M., & Kowalkowski, C. (2017). Pricing strategy: A review of 22 years of marketing research. Journal of Business Research, 78, 101-110. http://www.diva-portal.org/smash/record.jsf?pid=diva2%3A1095413&dswid=1606.

Liu, H., & Wang, Z. (2017, October). Pricing strategy of dual-channel retailers under offline channel promotion effort. In Proceedings of the 9th International Conference on Information Management and Engineering (pp. 162-166). https://dl.acm.org/doi/pdf/10.1145/3149572.3149587.