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Description of the product Lockitron on the basis of 4 P’s

Description of the product Lockitron on the basis of 4 P’s

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Description of the product Lockitron on the basis of 4 P’s

  1. 1. Description of the product on the basis of 4 P’s Lockitron by AFAZ Group Limited: Product: People want security and safety for their assets. People use locks for protection of their goods. Keys are used to open manual locks. In case, someone loses keys and doesn’t have a duplicate then he/she has to break locks or you have to make new keys. All this is a manual process. Lockitron is a technology that allows our customers to open their locks even if they miss their keys. It is an equipment that is applied on the doors with locks which will then be connected with android app. If you miss your keys, you can use android app to open lock. Following are the features of Lockitron:  Device having micro-controller will be connected with the lock  Android app will be installed on your smart phone  Password/Security question will be set on micro-controller side  User will set the password of micro-controller device on his/her phone too  Both passwords when matched, you can open the lock even if you miss keys  Bluetooth connectivity is required on both sides for the functionality of this system  Another feature is that besides unlock, you can lock your door too using Lockitron Customer can use it anywhere where he/she wants the physical protection of assets! It will look like an ordinary lock with small micro-controller device installed with it. Lockitron will come in three sizes:  Small  Medium  Large Lockitron is manufactured and supplied by AFAZ Group Limited that is becoming popular rapidly by providing their most renowned products, one of which is Lockitron. Lockitron differs from other such products in such a way that it is easily affordable and can be used easily by an ordinary man using a smart phone supporting Bluetooth and besides, it is available in different sizes. Price:
  2. 2.  The value of product lockitron will be Rs. 7550/= which included profit of Rs. 4950/=  Price of micro controller is Rs. 550/= which contains profit of Rs. 150/=  Pay of programmers include Rs. 4000/= it gives profit of Rs. 4000/=  Lock price is 1500 including 500 as profit  Marketing price is Rs. 5000/=  This is in customer’s range and affordable price for everyone  Mark up value will be increased by 12% for retailor who meet the target of selling 1000 products in month Place:  For our buyers to reach us easily and conveniently we need to choose a place which is famous, well known and easily accessible. As in FSD we’ll choose D Ground because it is famous, well known and easily accessible place in FSD. So our buyers can look for our product at D Ground.  If a store like lock store can have our product then there the customer can look for the mobile phone operating locks (lockitron) category.  All businesses need to find a way to serve their customers, wherever they are located. That's why selecting a distribution channel is an important aspect of building a competitive advantage for businesses of every size. The right distribution channel ensures that customers in different locations around the country, or around the world, can buy our products and get the right level of service from our company. So in order to access/attract more customers we’ll advertise our product over the internet and in the weekly newspapers & magazines because these days almost everyone uses internet. People do use internet for selling and purchasing purpose also.  As we want to a sell high-value, a little bit complex product to business customers, we need sales people with good product knowledge and the ability to build relationship with customers.  We need to understand what our target customers do, what products they need and why, what key benefits they require and when, where and how they buy. We’ll keep an eye on key trends in our market, such as changes in buying patterns and the activities of competitors. So we’ll select the place where we can get more customers by considering their needs and demands. As we are starting business in D Ground FSD, the famous and easily accessible place. So at this place we can easily understand how much people demand for it and what the buying pattern is. As this product is new and innovative so we’ll keep an eye on the activities of our competitors also. We can differentiate our product from our competitors by introducing a Lock that will operate with your smart phone/mobile phone. Promotion: We promote our product through:
  3. 3.  Billboards  Online ads via Google  Through newspaper  Weekly ads through newspaper and online.  It is the only day of the week without a workday Sunday so best option to promote our product.

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