Ladies First Transportation- Channel and Pricing Strategies - Essay Example

LADIES FIRST TRANSPORTATION- CHANNEL AND PRICING STRATEGIES Introduction Organizations create new products due to multiple reasons but mostly because of mutual interests between the companies and consumers; moreover, among the core reasons is responding to an urge or desire in the corporate market area. New products act as a potential platform for development with the core challenge being marketing, whether it is locally or internationally (Gannon 2014). Concurrently, marketing of new products or services is among the most discussed topics in the corporate world, because very few companies succeed in making the best out of their ventures for the first time in a new market. Relatively, marketing strategies and campaigns put ample attention on product channel, customer satisfaction, market competition, advertising, pricing and profit. Essentially, implementing the best marketing strategies for a product gives a company the chance to endorse their merchandise inform of new products, to consumers with extensive needs. Depending on a field or market, the best marketing strategy should definitely assist a company in creating bonds with customers through various outlets, testing the appeal of the new product; selection of the right approaches for the targeted market and obviously, increasing the sales. Logically, most companies focus on these major factors. However, when dealing with new products in markets such as the transportation industry, it is essential that the marketing strategy incorporate ways that will give the consumers captivating info, which they will share with other potential customers, as a competitive advantage. Relatively, this paper focuses on the introduction of Ladies-First Transportation as a new product in the Great Britain and United States markets. Great Britain and United States The United Kingdom has one of the vast transport industries involved in the service provision to most of its population. Typically, the industry has a lot of work in meeting customer needs across the different areas but the market has multiple regulations. This makes the market convenient for Ladies First as a company advocating for security and comfort. In fact, among the main regulations in Great Britain include mechanical integrity and driver knowledge that contribute to consumer safety and satisfaction. Moreover, the market is strict in ensuring that anyone offering the services understands these regulations. Likewise, the United States has the most mature system when it comes to providing taxicab services; moreover, there are regulations limiting the number of taxicabs in the different areas hence an establishment of Ladies First could solve some of the shortage problems experienced by women. The licensing scheme in the United States controls part of the market but does not guarantee important elements such as security and comfort, which the Ladies First can counter. In addition, to the regulation and system advantages, the Great Britain and United States markets are wide given the total populations. Moreover, due to congestions in carpools, train station and other common modes of transport people find taxicabs more efficient. Decisively, nothing is more convenient than a taxicab company that guarantees security and comfort for women, who have a hard time getting cabs. Sustainability of the Market Definitely, many women around the globe opt for the use of taxicabs as convenient forms of transport hence the market should be sustainable in Great Britain and the United States. Sustainability is an important aspect for markets and organizations; however, establishing the significant depth of sustainability is always hectic as they are very limited and sometimes, no utter way for achieving this (Andrus, 2013). Essentially sustainability revolves around many factors of a market i.e. competition between companies, performance development and management. The transport industry has a large traffic of consumers but the most challenging element is the prevalence of competition for different corporations and with the wide variety of transportation modes. Nonetheless, Ladies First is at an advantageous because they are no competing companies that focus on serving women alone. Additionally, no recent trends acknowledge the idea of women feeling insecure at night or uncomfortable when using taxicabs. This proves that the market has vast potential and the company’s only challenge is utilizing and exploiting these advantages. Definitely, the market is accessible and Ladies First could emphasize on sustainability to ensure that they achieve other factors of development i.e. decision making, stakeholder involvement and calculated premonition. Moreover, the company can integrate marketing strategies to find solutions for its sustainability strategies creating a platform where it can evaluate corporate values and come up with new and advanced ways to improve it. This strategy gives a clear link between production and consumption hence providing a platform for the company to dominate the market with different developments each year; moreover, establishing and solving any product issues is very easy because of the time. The transport industry has very few innovations but a standard growth rate making it possible for Ladies First to predict future business opportunities and threats helping them to prepare in advance. Channel Strategy Channel strategies are significant aspects of business, especially for a company aiming to establish their product in new markets. Nonetheless, before making any important advancement in Great Britain and the United States, Ladies First should consider the formulation of strategy with a long-term as a survival measure in the competitive transport industry. Most transport companies apply multiple channels for their products to a limited number of consumers to increase the sales in their dissimilar markets hence better profits. Ladies First can apply multiple channels as part of the general strategy. However, this results to channel conflicts but the company is still at an advantage because Ladies First offers services to a certain target of consumers, which reduces the chances of switching to other companies (Gannon, 2014). Normally, channel conflict is hard to counter and becomes a big challenge for most companies; however, Ladies First can refrain from increasing the channels but instead evaluate each channel observing the merits and demerits to eliminate the probable cases of channel conflict. Through this, the company is sure that it has a strong link with its consumers and the services provided are the best they can offer. Evidently, this is a substantial channel strategy and even with sub-standard immunity from the minimal challenges, chances are that Ladies First could flourish in Great Britain and United States markets; given the nature of their business. Moreover, the company does not have to worry about challenges such as lack of conviction in the supply chain or consumers switching companies leaving Ladies First with fewer opportunities in the markets. Naturally, competitors take advantage of multiple channel companies by changing their prices, which affects the supply chain of the new products. However, Ladies First has minimal competition and a less complex supply chain making the markets in Great Britain and United States a good target (Andrus, 2013). Moreover, this particular channel strategy respects the economics, its supple and a longstanding strategy eliminating most of the challenges. Pricing Strategy Pricing, especially for a new service with limited competition such as Ladies First Transportation can be challenging; however, since the taxicabs business has been in place for a while, it is less complex. Ladies First can apply the normal prices for their consumers but their business marks developments with comfort and security, hence setting them would be a loss. All the same, the key element to pricing entails understanding the demand for customers especially for a vast market such as the transport industry (Gannon, 2014). As the service providers, Ladies First will definitely feel the pressure in the new markets because the prices also matter to the consumers; moreover, the company has potential customers in all parts of Great Britain and United States hence its proprietors should set the price with significant attention on all classes. As the service providers, Ladies First should work meticulously with the consumers, the selected sales representatives as the basis of the gathering and analysis of the necessary customer demand aspects i.e. price, quality and availability. Additionally, the marketing representative should insist on going an extra mile through the gathering significant information for every state to avoid biasness with constant prices for every area. This should be one of the secondary strategies relative to customer demand. Moreover, the can visiting online chat rooms consisting of different taxi service providers in Great Britain and the United States since they are the most efficient in defining the market. Pricing is important because it relates with the availability of a product and the service provider should focus on maintaining good relationships with the consumers and potential competition in a new market. Moreover, as part of the strategy, the pricing should be different depending on time because of consumers requiring the transportation services at odd times such as late at night or early in the morning (Andrus, 2013). Typically, such situations result to an increase in the prices for most service providers but Ladies First could set reasonable prices and have better response time to gain an upper hand and ahead of potential competition. Lastly, the executive in charge of marketing should work with associates because of their insight hence she attends meetings with managers and departmental heads every week just to gather their perspectives on the different business issues. Moreover, unlike other service providers, Ladies First Transportation could meet less frequently with the finance and marketing personnel putting aside more time to make utter evaluation and analysis of information on customer demand, relative to pricing. References Andrus, P (2013) Secrets of Successful Brands: Entrepreneur. Retrieved 11 April 2015 from http://www.entrepreneur.com/article/226094 Gannon, D. 2014. How to Market a Brand New Product: Inc. Retrieved 11 April 2015 from http://www.inc.com/guides/201106/marketing-a-brand-new-product.html Read More