Marketing is an essential tool in business that helps in profit maximization. Through marketing, a business can operate on a going concern basis thus increased production and expansive operations. Thus, for effective marketing techniques, there are procedures that needs scrutiny to ensure the viability of the product in a given market. Through the perpetual mapping in marketing, the appropriate technique for the business venture is discriminant analysis. Through the linear analysis, statistical patterns help in defining the features that makes the product more unique in the market to enhance their competitive advantage. Therefore, the uniqueness of a product makes it more outstanding in the market thus increased sales maximizing profitability.
The primary focus for the business is the smartphone and tablet users in the country. With new advanced screen, guards to enhance the protection of their gadgets. The business will provide a solution to their existing challenges and risk of using their smartphones and tablets. While deciding on the pricing for the various guard sizes, the mapping technique will be appropriate to define the appropriate cost. As the products dominate the market, they will help in reducing customer disappointment from the usual products that does not serve their expectations. Therefore, the product is meant to fill the gap between customer satisfaction and the prevailing products.
Additionally, the new products will be sold at an affordable price thus being cost effective to the customers. Being a perfect alternative for the market, the product will help the users in saving from what they had been using to my lots of screen guards for their gadgets. On determining the right price, through discriminant analysis, I will be able to define the key features to distinguish the product thus helping in pricing strategy. The uniqueness of a product makes it easier to market and set the viable price. Therefore, through the statistical study, I will able to define the suitability of the prices for the different sizes o screen guards.
Comparing the prices charged on the previous products, the customers will be willing to pay, or the new products based on their advanced designs and technology. Thus, comparing with the current products and their prices I will be able to define a price that will enhance both profitability and business sustainability. Therefore, using the current products will help in determining the new product prices.
Consequently, due to inadequate information on what customers are willing to pay for the products, conducting a market analysis is a number one strategy to define the desirable pricing for the products. Through the analysis, one is able to define the customer capabilities thus setting up a price that favours their financial abilities. When the prices are suitable for the customers, there is an increased customer gain thus increased profitability which is core goal for every business. therefore, the discriminant analysis technique will help in defining the customer willingness to pay for the various products. Concisely, market analysis is a number one process in ensuring market entry and dominance. With the right tactics, an entrepreneur can define the right prices thus enhancing customer retention. Right prices are crucial in maximizing profitability to the business.