SMART CLOTHING

Smart Clothing

Smart Clothing

Introduction

Pricing strategies take into account the forgotten "P," (Pricing), positioning. Speak Easy is a new product that will enter the market in the beginning position of the lifecycle, allowing flexibility in any selected pricing strategy. Pricing strategy is nothing more than taking into account research, production, and how setting the price will affect the market, customer, and return on investment. Taking into consideration positioning and recommended target segmentation markets, pricing objectives will focus on Quality Leadership, with a cost-plus pricing method. Speak Easy Speak Smart will be sold as a high quality product worth paying a high, not premium price. Price setting, while ensuring a profit on each product to a specific market segmentation that is not too concerned with price, is the best pricing strategy to use for Speak Easy, (NetMba, 2007).

Philip Kotler, (2004), identifies nine different pricing strategies and this is where Speak Easy will focus. Organizations present products to a market for the first time once, so taking advantage of unique opportunities is critical in establishing a pricing strategy. Research shows potential for high sales due to the unique product it is. Speak Easy high-tech advantage allows a high value demand with an outlook for a long life-cycle process. Speak Easy will focus initial pricing strategy on above average income. The market segmentation will allow further research testing to be conducted for determining if a change in pricing strategy should be considered and a target profit return, which addresses other competitors and the possibility of ethical and social concerns.

Promotion Approach

Speak Easy is a unique product that can be used around the globe and serve many diverse cultures. In order to introduce this technology to the world a precise marketing plan needs to be launched. Marketing is the wide range of activities involved in making sure that organizations continue to meet the needs of their customers and get value in return. Marketing is usually focused on one product or service. Thus, a marketing plan for one product might be very different than that for another product. The importance of promotion approach in development of marketing strategy and tactics will contribute to the success of the company and globalization of the product.

Aside from the government investment, which is the main support for this project, the marketing department has a prioritized and systematical tactics to approach specific consumer targets. Once the military removes the restrictions and permits the exposure of this product to the public, the Department of Justice, travel agencies, and the duty free shops will be targeted. Hospitals and all medical treatment centers will be the next main focus of Speak Easy products.

The performance of the Speak Easy in the field of politics enables the politicians to express themselves freely without a need for translators. The previous utilization of Speak Easy in the arm forces would be an enormous launching pad for promotion and advertisement of this unique technology. Picture of a special forces soldier or a marine speaking to an afghan or Iraqi boy in ...