Trader Joe's Body Oil Essay

877 words - 4 pages

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 ...view middle of the document...

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 –...

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