Wednesday, 17 April 2013

Pricing - Market Strategy SWEET SWEETs

Customers: We predict that the customers will want to pay less or the same for locally found sweets but will probably pay higher for the sweets imported from overseas this is because people are more receptive to paying stuff which comes from overseas especially places like America as they feel the quality of them is better and thus we will leverage on that to raise the pricing while not compromising on the amount of people buying.

Cost: The main cost is the start up and the loans we will need for rent in the area we choose to sell our products at. However the most draining of all, will be the continuous spending to import candy not sold in Singapore as well as the candy sold in Singapore which will be a continuous leech on our returns.

Competition: For all locally sold sweets, we will source the pricing of normal sweets sold from our competitors like Candy Empire and Cocoa Trees and keep the pricing of the sweets already found in Singapore the same. We will charge higher as people are more likely to pay more if they feel the quality is higher which is what we do by importing sweets from overseas to make people think that the quality is indeed higher.

Corporate Objectives: 
We are trying to gain a certain monopoly in the business as we will be one of the first to bring in candy not sold in Singapore thus making us the only suppliers. The pricing will also help as it gives the products a sense of quality being from overseas so we will be able to increase the prices.

By Marcus, Eunice, Gavin, Ethan, Wai Yan, Ian

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