Suppose you want to start a business of ready-made garments by opening a factory in Faisalabad. Your product will be T-Shirts. There are already three garments manufacturing companies (having the same product) in that area. These companies are doing their business with big foreign buyers like Nike, Puma, D& G, JC Penny, Brands& Fashions, Sports Essentials, and Marks & Spencer etc.
1) How you will differentiate your product from your competitors? (5 Marks)
Answer: First step that should be taken is to make the customer aware of the type or quality of T-shirts which fulfill customer requirements and then to settle up to reasonable prices to differentiate product from competitors (your shirts from other T-shirts in market) by gaining competitive advantage.
2) What pricing strategy you will adopt to grab the market share from your competitors? (5 Marks)
Answer: In the market place, to grab the market share from competitors we can set lower prices or adopt psychological strategy to have a psychological price impact of T-shirts on customers which will attract more customers so if the per unit price of T-shirt is Rs.85 then we can change figures up to level 84.95 or 85.99 rupees.
3) Which channel of distribution you will adopt to deliver your product to foreign customers? (5 Marks)
Answer: The channel adopted would be considered as product distribution or place channel with the ease to supply our T-shirts to the end customers while the direct or indirect channels used in process to deliver T-shirts accordance to requirements of our foreign customers at right time.
What will be your promotion method to attract the foreign customers toward your products? (5 Marks
Answer: The methodology adopted to attract the foreign customers towards our T-shirts is to use latest technology, enhance brand image a thirst to innovation, budget line while keeping in mind about the legal issues arising are allowed to promote our T-shirts or not and considering target audience to which business want to reach.
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