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When one surfs through the trolly in a supermarket, he is offered a range of options to chose from different products at the five-rupee price point in an attractive package and adequate quantity which is neither too much nor too less.
There are many factors, which support this attractive price point, which also gives an opportunity to the company to expand its consumer base. Needless to mention the way different companies joined the bandwagon to have their share of pie. In spite of this, a lot of factors remain untapped to date, which can be further explored to cash on the real benefits of this attractive proposition before it is too late and some other price point takes over as Rs.5 has taken full control over Rs.1 and Rs.2 products.
But before that is done, it is necessary to know the real threats to the five-rupee strategy, which should be dealt with carefully. It is also important to note the loopholes, if any, currently existing or may arise in near future, which could take away the charm of the above said factor.
But will the strategy stay in for a longer period or is it just a momentary fillip? And if it is so, what steps should be taken by the companies to make the best out of the scenario. These are some of the questions, which have been tried to answer. Needless to say, there lies an immense scope for improvement in the strategy, which has been not touched so far. If worked out properly, it can fetch higher returns.
What one can easily say is that companies generally target the following customers for Rs.5 products: -
Children - Most of the products are the chocolates priced at Rs.5. The company targets them to spend their pocket money in buying these affordable chocolates.
Teenagers and Youth - There's a growing tendency among the youth and teenagers to use take-away products rather than standing at the shops and having it. Many a times, a youth in hurry would like to have a substitute for breakfast or snacks in general. The quantity offered in a Rs.5 product offers the right amount - neither too much, nor too less.
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* Contributed by -
Mayur Mayank,
PGP-II (2004-2006),
Bharathidasan Institute of Management, Trichy.
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