Core Strategy
Since the selection of a core marketing strategy is a function of alignment with stated marketing objectives, it can be either one core strategy or a hybrid combination of the above.
The hybrid core strategy for Lub-Tech, Inc. is as follows:
• Inform
• Enhance
• Focus
Product Strategy
Lub-Tech, Inc. will continue to provide diversified products including dry film lubricants and motors for the RV industry for governmental entities and industrial businesses in nationwide by maintaining their D.O.D. listing and engaging the afore-mentioned law firm in order to win government contracts.
On the commercial side, by positioning the firm as a minority-owned business, any products and services offered by Lub-Tech, Inc. become attractive to industrial consumers as these businesses attempt to meet quota requirements for vendor selection.
Pricing Strategy
The proper pricing strategy determines the velocity of initial market share and long-term profitability for a company. Below are some commonly used pricing strategies.
Skimming Strategy
If the offering has enough differentiation to justify a high price and the organization desires cash flow and has minimal desires for significant market penetration and control, then the prices are set at a premium for the market.
Market Penetration Strategy
If short-term income is not so critical and rapid market penetration for eventual market control is desired, then prices are set very low compared to the market.
Comparable Pricing Strategy
If the company is not perceived the market leader in the industry then the price offering will be comparably priced to that of the competition.
Core Pricing Strategy
Lub-Tech, Inc. will continue to pursue a comparable ...