A great brand is usually backed up by a great product. A product as defined by Sandhusen is goods or services offered to potential customers to meet their needs. For the development of Novelty products, the target market and the pricing of the product must ensure that it is affordable and easy to use. The company will focus on collectibles which include handbags, toys, bangles, toys and other items that could be used as memorials. The major area of focus of the company is toys. The company intends to manufacture expensive toys for the clients of the Canal River Trust.
The aim of the product is to improve the performance of Canal Trust by increasing sales or generation of revenues. The product of focus is the mass manufacture of toys focusing on children. The toys will be made from recycled plastics reducing the cost of manufacture and increase productivity. The Toys will be for children of below twelve years who visit the Trust. The product will encourage parents to engage in Canal Trust thus increase the success of the company. Novelty should approach pricing using geographical segmentation.
With a variety of toy companies around the world, the production cost should be reduced, and the company should offer several prices based on location. The geographical segmentation ensures that the products are sold at affordable pricing. The other strategy to be developed by the company especially in areas with the competitor's presence is competitive pricing (Crawford, 2000, p. 123). The strategy developed in such areas is competitive pricing, which includes comparing prices with the competitors and using relatively the same price.
The company should ensure global presence making its products cheaper. For a new institute, the price level needs to be somewhere in between the highs and lows because those charging high are already established brands and those charging low might be perceived as low quality or not recognized on a bigger scale. Novelty Company can engage the use of social media marketing.
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