LES whisky is going to launch its new brand of whisky. This whisky is strong, and it has heritage quality, taste and texture. Each customer prefers a good brand, so this is the single name which has integrity, dominance and assertiveness. The aim of this company is to overwhelm new adopters for current complexity and extend the customer's lifetime value by enhancing the loyalty to the brand.
Competitive Strategy of LES Whiskey
One of the key competitive objectives of this company is the enhancement of perception for the inclusion of less change-vulnerable equity. This brand has hedge switching risk, and it has taste testing events at Hyatt bars. This brand is also available in h2O bars and lounges. The reason behind this competitive position of the brand is that this company has no confusion for guidelines for enjoyment into the television as commercial ads, linking to engagement with online elements, etc. This brand is well known about the information regarding the appreciation of different flavors, textures, etc. This brand has the competitive advantage in food pairing, various methods of enjoying LES whisky, etc. The brand can create exposure to the various LES whisky labels introducing product differentiation strategy.
Pricing Strategy of LES Whiskey
The five factors to decide the pricing strategies are costs of production of whisky (both fixed and variable); the existing competition in whisky market; company objectives (sales maximisation, profit maximisation, etc.); positioning strategies; and target customer (females).
One of the established pricing strategies for each product is to make the price more competitive as well as affordable. The price of this brand may be around $230 so that it can be readily available for the age group starting from 29 years. This brand is especially for working women with their household earning more than $1200 salary per month. The company should value the validation and happiness of the customers creating more reasons to buy to customers and connect with the customers lifestyle. If working women with household earn $1200 they can easily spend this whisky in $230, they can afford $700 for this brand of whisky for one month. The company should not set a high range to fix the position in the competitive market. Therefore, the earning of the target customers ($1200 in one month) could be the suitable parameter for pricing. The primary objective of the company should create a huge sales funnel and therefore, the market expansion is essential in this regard. Therefore, the penetration pricing is the key strategy for LES whisky.
This product of LES Whiskey is the introduction of new range of whisky brand in the market. The company has a particular target base of the customer for this product also. Therefore, the penetration pricing strategy is optimal for this new whisky brand.
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