Retail Pricing and Volume

Retail pricing and volume

Egginton manufactures and distribute high quality Sheffield made sharpening steels and knives. Eggington Group is known to be global famous historic Sheffield brands. Penetrating the USA markets would require critical understanding of the pricing of similar kinds of products, and development of high quality products that would meet the rational consumer demands.

We used secondly research to find retail approaches which is appropriate for Egginton Bros.

  1. E-tailor (it can sell online and delivery to the customers in the USA directly and customers can choose and buy anything they are interested in from the e-shop. For example, the size, the color and personalization changes). We compared the e-shop of Egginton Bros with other competitive companies’, its e-shop is very diversified but not internationalized. It needs to be improved, such as international transportation (Bigne, Ruiz and Sanz, 2005). Also, we need more time to study about it.
  2. At the moment, Eggington online store does not provide an ecommerce ways to buy from the internet. The USA consumers are used to buying from reputable commerce software like Woo Commerce. It would be very important to include an ecommerce platform in Eggington to allow customers to make purchases directly from their website.
  3. Specialty stores or boutiques: According to the price and market positioning, most of the products in the Egginton Bros are luxuries. Therefore, specialty stores or boutiques are suitable for Egginton Bros to find more accurate customers in the USA. And in the future, we need more primary research about its locations (Jialingo, 2014).
  4. Supermarkets: By using secondly research, we found Worldwide Top 3 Retailers are in the USA and two of them are supermarkets (Wal-Mart and The Kroger) (National Retail Federation, 2016). So, Egginton Bros can use this advantage of USA market to cooperate with the USA supermarkets to add more new customers.

When it comes to retail pricing, Egginton Bros needs to learn from pricing volume. We encourage a large order instead of a series of small ones. Sheffield brands are already reputable products across the globe. We want to keep this perceived value by giving even a better product at a relatively high price. Bundled products will ensure they go in large volumes, instead of individually selling the products at low prices.

Competitive Pricing: Marketing mix such as higher quality products and better store setting can be used for Egginton Bros to create higher value and the customers will pay more (BBC, 2014). Customer service is a great strategic tool in creating value in the USA markets. Eggington must be ready to invest in top-notch customer service to go along with its pricing above competition and high value product to bring in more sales and profitability. Full Price Pricing. Egginton Bros could use additional value added such as expensive locations, more attractive design and good services to justify higher retail prices (accounting tools, 2016).

The company must also take advantage of the ready established distribution channels like Straight razor Company, and Magged razor company. This way, the company will not spend more resources and time in creating these channels; instead it will go directly to invest in increasing the value of the product and create value around it. Eggington will also have to consider established retailers such as Mister Share Company, and Menseential company

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