Epilator
The selected company for this infographic is Flequex Company which will be located at Texas City in the united states. The new product to be launched in the market is an epilator. The designed company will mainly focus on the growth and development of the epilator product which is technologically oriented and user friendly. The location of the company was primarily driven by the high population of target customers in the city. Through a market survey done and analysis of the target customers, the product will ultimately survive in the market through the right choice of price and product differentiation. The company is aimed at product growth to achieve the desired return on investment. The nature of the company is a sole proprietorship with one director, two managers, three markers, two accountants, and 10 production technicians. The company will majorly focus on the modification of the product to meet new market demand and customer specifications.
Epilator product is an electronic device that is used to remove protruding hair on the skin surface. The functionality of the product is primarily designed to mechanically grasp multiple hairs on the skin and pulling them out simultaneously. The product’s functionality is similar to waxing however, modification is done in a manner in which the hair pulled out without interfering with the cells. The major advantage of the epilator product is that it does not require regular replacement of its parts. Another key advantage is that it comes with a rechargeable battery where the customer does not worry in case of a power shortage. Unlike painful waxing, this product is gentle on the skin and leaves no scars on the skin.
Company’s Pricing Objective
The company’s pricing objective is fundamentally based on competitor pricing comparison. Through market research, the company did a comparison of similar or close substitute products in the market and based its pricing objective on the competitors’ prices. On average an epilator with similar specifications was selling at $40, however, the company decided to make a cash discount of 10% to gather new customers in the market. As a marketing tool, the cash discount came along as a new entry to the market for the new product. Therefore, the standard price for the Flequex Epilator product is $36.