Consider a product from your Marketplace firm - Essay Example

Target Market for Firetech FireTech, a product by “OnTech” is in its introduction stage of the market lifecycle. After conducting initial introductory sales of the product in the various international target markets, “OnTech” is confident that the product will successfully perform properly in the market against its rival competition. The great reception of “FireTech” portrayed by the target market gives the company increased hopes that the product will highly perform in the market amid the fierce competition that it faces from three of its competitors.

Targeting the international market, the company has realized that most of its potential customers prefer its products to those of its competitors as a result of the increased features and confidence in the product. Additionally, the pricing strategy of the company’s products has been seen to wage a stiff war against its bitter rivals (Pride and Ferrell 490). After a close scrutiny by the sales agents, the company ascertains that the biggest numbers of its customers are attracted to its products as a result of their reliable nature and quality of output.

The limited complains got from the customers’ side and their praise of the products gives the senior management of the company confidence that they are in a position of offering their customers with the value for their money. Although the company’s products have been found to receive varying demand, the company has a strong market share in comparison to its rival companies. Therefore, the management is deliberating on the best way of pushing the product to make it perform better against others in the market, owing to the huge market share “OnTech” enjoys.

Therefore, they feel compelled to conclude that they give customers the value for their money. Contemplating on offering promotional prices and discounts, the company seeks to capture more customers through these methods. Additionally, aggressive advertising by the company on the features and advantages of the products is another way “TifeTech” will close the gap between it and the best performing products. Works CitedPride, William M. and Ferrell. O C. Marketing: Concepts and Strategies.

Boston: Houghton Mifflin Co, 2006. Print.