Marketing Strategy Formulation Assignment Essay Example | Topics and Well Written Essays - 750 words

Marketing Strategy Formulation Assignment - Essay Example It is intended to help the disable people to perform their daily activities, similar to any other normal person. These robotic legs have been invented in a manner that permits effective and comfortable bending and moving of limbs to desirable directions. Apparently, targeted to a noble cause, the degree of influence created by social responsibilities of Parker Hannifin increases substantially also affecting its marketing strategies to a certain extent (Tita, 2014). Correspondingly, this essay intends to assess the marketing strategies adopted by Parker Hannifin when launching its robotic legs, with due consideration to its basic price strategies and overall promotional strategies. Pricing strategies is the most crucial factor to boost sales volume of any marketable devices, which is no exclusion in the case of Parker Hannifin. In the words of the head of its Human Motion and Control Unit. Mr. Achilleas Dorotheou, â€Å"There’s a graveyard of great technologies out there. You need to prove to the payers in dollars and cents that the device saves MONEY†, which apparently signifies the importance of pricing strategies for the device. Accordingly, its pricing strategies have been based on the value of the product addressing the target customers’ basic needs. When introduced, Parker Hannifin’s Indego was marketed through the price skimming method, whereby the price of the device was fixed at between $69,000 to $100,000. Hence, the price of the product was fixed at a higher rate but along with insurance facilities to cover damages and other risks to be borne by its users. This further sufficed the conditions of cost plus pricing strategi es by the company (Kotler, 2002). Besides, the company also considered that offering different kinds of discounts and innovative schemes will help to attract a larger volume of consumer towards the product, further helping the company to penetrate its markets by lowering its prices in the near future to