Market Plan as a Serious Necessity for Market Expansion of New Irelands Wool Free Essay Example, 2500 words

Along with the product, the price is the other most important factor for capturing global markets. Expansion in global markets leads to certain complicated procedures because of exports and foreign exchange that comes to play. Thus, pricing can be considered as the most effective deciding factor while entering global markets. There are a lot of considerations to be kept in mind while fixing the price of the product. Not only the organization has to think of its cost of production and its profits but also the prices of the competitors in the existing market scenario. Even the foreign exchange rates have to be taken into account. If the delivery is on credit then there can be losses because of transactional exposures. So, while fixing the price a conscious effort is to be made to have a competitive pricing strategy so it can compete in the world market. But again the organization has to check if the prices have enough margins to have a potential interest in the world market. Analyzing the above factors, the pricing strategy which the organization can follow is that of penetrating pricing. We will write a custom essay sample on Market Plan as a Serious Necessity for Market Expansion of New Irelands Wool or any topic specifically for you Only $17.96 $11.86/page