Analysis Of Touch 'N' Go Door Lock

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Introduction
You have just got home from a long day at work, and the door is wide open but no-one inside and everything is gone. This is the situation that over 200,000 people are faced with yearly in just Australia ("The State of Home Burglaries in Australia - Simply Smarter Blog", 2015). Welcome ladies and gentlemen today you will find out about the Touch ‘n’ Go door lock which will protect your home from incidents like this. The product that is being presented to you today is a finger print door lock, with many new and ground breaking adaptations like being linked to an app. During this presentation you will learn more about what we are intending to do with the product including - target market, market research, product, price, promotion,
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This is a strategy where the suppliers aim to sell to the top end of the market when introducing the product then gradually reduce the price overtime (Mylonas, Harvey, & Hodges, 2007). By doing this it will not only establish us as a brand by attracting customers to the product, but will also create a perceived quality as customers seek quality whilst shopping and products using this strategy are often perceived as high quality products (Brookins, 2016). The starting price of the Touch ‘n’ Go door lock is $425, although it will decrease as after the release, more competitors will join the market, and our price will have to drop …show more content…
Advertising is, “the activity or profession of producing information for promoting the sale of commercial products or services” ("What is social media? definition and meaning", 2016). Due to the majority of my potential customers having smart phones, this would be the most effective as it is cheap and efficient have advertisements posted on various places for example on the internet. The other two techniques, social media and word of mouth, will work hand in hand to promote my product and will be a detrimental promotional strategy. The social media involves any aspect of an interactive presence which allows individuals the ability to engage with each other. This will assist in promoting my product as with a Facebook or Instagram page customers can leave feedback and like or share the page to spread the word of my product. This will allow more people to find out about my

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