The market segmented for this product primarily consists of women of age bracket 25 to 55, who are mostly house wives and devote most of the time in decorating their homes. They belong to upper middle and upper class, live in urban areas of Pakistan and have a great taste in fashion. These are the women who are creative and stylish and who love to play with colors and designs in decorating their homes. These women are very social and are party-lovers. They have a big social circle and love to arrange tea-parties for their neighbors and friends as a way to show off their beautifully decorated homes. They constantly redecorate their homes in order to stay up-to-date with the fast changing fashion. The women that are selected for the target market of this product are shopaholics. They can’t get enough things and spend most of their husband’s pay in shopping. Any latest thing comes in market and these women will run towards it in order to be the first to have it. THE FAMOUS FOUR P’S
The core product specifically designed for this target market is cushion covers and sofa covers. As it is directed towards high-income households, it has been taken into considerations all the expectations and demands of this market. The product is of superior value and is made of the best quality fabric. The process of making the product is fairly simple and efficient. First, the designer comes up with various designs of the product. From these alternatives, a final draft is chosen and the print, the dimensions, the colors, the fabrics, laces and other stuff are specified. Based on this information, the raw material for the product is purchased. The designs are first made in Photoshop and 3-D software. This helps the designer to virtually make the product to the best of his ability and skill. Another advantage of using this technology is that the designer can easily make changes in the product without incurring any cost or wasting any material. This gives him the room for error and mistakes which can easily be corrected. This also gives the designer a chance to experiment with different designs, colors, fabrics etc.
After this, the product goes through the production department. Here the tailors are given the details of the final draft of the chosen product. When the products are ready, they go through quality check and any defected product goes back into the production for alterations. Finally, the finished product is properly packaged and delivered to the retail outlets. Value Addition:
The main feature of this product is that we are going to take customized orders from our customers. Every customer wants sofa covers or cushion covers that will beautifully complement other decorations in the room. Catalogues will be given to customers to choose a design of their choice and then consult the designer to make any changes to the design they selected. They can share their own ideas with the designer and tell them exactly what they want. We will, to the best of our ability, replicate the design that our customers are expecting. This is the competitive advantage of our product that will differentiate it from other brands. PRICING:
The price attached to the product depends on a variety of factors. Value based pricing was used while considering the price of the product. As the value of the product perceived by the customers would be very high, we would be able to sell it at a high price. An important determinant in the price of our product would be the psychological effect the price would have on our customers. As we have created a very luxurious image for our brand, charging a low price for it would not go by the image created in the eyes of our customers. Charging a high price would assure them that it really is a high quality product with no substitutes available. This product is a premium product that was priced using premium pricing. It’s a high quality product...