Marketing Mix Price We will keep our prices as inexpensive to be afforded by all age groups. Price can be extremely affected by the economy of where the business is located. Product Sweet Memories will have an assortment of candies from every decade that will satisfy sweet cravings of all ages. With so many competitors selling candies, our products will be selected in such a way that they present a premium positioning for candies in the market. We will also have a variety of colors, packaging and taste to choose from. Place Our candy store will located in Wrentham Village Premium Outlet Mall which will attract people of all ages. Promotion We will promote our new store by featuring a magician weekly to make animal balloons for children.
We will offer samples of candy. We can also promote Sweet Memories as a perfect venue for birthday parties to attempt to increase the time children spend in the store. These techniques will help converting our customer relationship from transactional relationship to add value adding relationship. We will keep our website and social media updated with daily specials. Pricing objectives A premium pricing will be undertaken while pricing our candies, with a slight mark up over competitors to maximize profits. We will also implement pricing schemes to promote bulk purchases. Cost The cost of establishing the store and developing the initial marketing kits would be the cost experienced by the store.
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After the initial phase, the variable cost of the candies would be only the cost factor for the owners and we should still be able to cover it up well do to the premium pricing implemented. Competition Our direct competitor of candy sales in the outlet shopping mall would be Godiva Chocolates. Other competitors would be any store in the area having a point of sale candies. Demand The love for candy is not expected to go away. Irrespective of the hue and cry about their health issues, children and their parents would always be attracted towards candies. We can expect a steady and stable demand for a candy in the future. Our goal is to deliver superior customer service above our competitors. We will offer similar items of our competitors and will also offer unique hard to find nostalgic candies.
We will price our products slightly higher making the consumers feel as if the product with the higher price tag, is a superior product. The customer will choose our product because it creates higher value proposition and consumers like to buy these products. We will not be offering discounts to senior citizens or students. We will be offering an amazing loyalty program and daily specials. We will offer a local delivery service to companies that purchase products in large volume.