Free Essay

Trader Joe's Body Oil

In: Business and Management

Submitted By mdasilva
Words 856
Pages 4
Marketing Plan Phase III
Body oil has been around for centuries. The Chinese may have been one of the first cultures to use aromatic plants for well-being. Their practice involved burning incense to help create harmony and balance. The Egyptians, Greeks and later on, the Roman Empire all used infused oils and herbal preparations for spiritual, medicinal, fragrant and cosmetic use. During the 20th century, the use of body oil was weakened due to the separating the elements of essential oil to create synthetic chemicals and drugs.
Toward the end of the of the 20th century and on into the 21st century, there is a resurgence to utilize more natural products including essential oils for therapeutic, cosmetic and aromatic benefit. The use of essential oils never stopped; the awareness regarding the use of synthetics and the increased amount of information on aromatherapy through the internet has refueled the use of essential oils for health, therapeutic, cosmetic, fragrant and spiritual use.
Trader Joe’s wants to reintroduce the body oil spray. Consumers can choose between a lavender or seaweed scent. The main ingredients for the oil include: safflower, seed oil, sweet almond oil, SD Alcohol 40, sesame oil, St, John Wort flower extract, avocado oil, and wheat germ oil. The oils are bottled in a 6oz rectangular spray bottle. The bottles include drawings of lavender flowers and seaweed to differentiate the two products.
The greatest attributes for the oil is the subtle, clean and fresh scent. The oil has all the quality of expensive body oil, and only cost $3.49 per bottle. The oil is a great moisturizer for those who spend a lot of time outdoor or live close to the beach. It sinks in well on slightly damp skin, has a soft feel after drying and does not leave a greasy or oily feeling. The oil does not leave a glistening or glowing sheen which is a positive point to most men. Lavender oil is a sweetly fragrant natural remedy for both emotional and physical ailments. Seaweed oil is a great way to moisturize dry skin while stimulating health, self-repair and revitalization. Another attribute lavender oil has is its ability to bring a soothing and calming effect and seaweed oil aids in blood circulation, increases skin moisture content, firms, regenerates, detoxifies and nourishes the skin.
Pricing Strategy Price is one of the four major components of marketing mix. Pricing decisions affect both the quantity of sales a company makes and how much profit it earns. Price is what a consumer is willing to pay for the product and it is directly connected to the value the consumer put on the product. The objective of pricing include making the most profit for the company through volumes and price, taking into consideration where the product is over its life cycle, how much value the consumers have on the product and how much competition there is in the market. There are many pricing strategies. Some of the most common strategies for the grocery industry are:
- Cost plus pricing – add a predetermined percentage of profit to the cost of producing the product to arrive at the selling price.
- Location specific pricing – the goal is to set the price based on the consumers’ price sensitivity based on the location and product types.
- Loss Leader – the price is intentionally set lower to stimulate other profitable sale in order for the company to gain significant market share.
- Market oriented pricing – setting the price based on analysis and research based on the target market.
- High-low pricing – a method where the products are regularly priced higher than the competitions, but through promotions, advertisements or coupons, lower prices are offered. Trader Joe’s uses the same pricing strategy as some of the major grocery stores which is the cost plus pricing method. In the grocery business, the margin is normally very low and Trader Joe’s usually add 1 to 2% to arrive at the selling price. This is the main reason why every product at Trader Joe’s must stand on its own. The company has excellent relationship with their suppliers, purchase high volumes and normally receive the best whole sale price possible. But with only 1 to 2 percent profit margin, it is critical that each product is able to produce the expected profit for the company. The lavender body oil was sold at $3.49 for an 8 fl oz bottle. To reintroduce the oil, the company chooses to stay at the same price but selling them in a 6 oz bottle instead. This practice has been very popular in the last few years in the grocery industry. Consumers still feel like the price has not increased but they don’t realize they are getting smaller volume or quantity for the same price. One of the problems the old body has was the slow sales. It takes the customers a much longer time to finish 8oz of oil. Trader Joe’s hopes customers will purchase the oil at a faster rate since there is 2 oz less in each bottle and the profit margin will be a little higher than the previous body oil

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