Question

NanoSkin e Capive Lebanese Fouad Maksoud, 25 years old, recently won the prestigious regionar šcientific hi "Stars of Science", in its 9th season, for his groundbreaking machine invention: NanoSkin. His journey on the program grabbed the attention of hundreds of thousands across the Middle East, and allowed him to become the public's and jury's favorite. Maksoud graduated from the Maroun Semaan Faculty of Engineering and Architecture (MSFEA) with a master's in chemical engineering in 2016. He started researching and expe gy as a student and later, in "Stars of Science", he prototyped a nano technology machine that trans- forms ordinary clothes, in just six minutes, into waterproof drug delivery systems for wound healing third degree burns, diabetic ulcers, and muscle strain relief bandages rimenting with nanotechnolo- When it comes to healing wounds and burns, Nanoskin guarantees zero risk of infection, and prevents killing the regenerated cells while changing a wound bandage for example. Maksoud indicated that globally, competitors offer each of these features separately, but none provide them all combined at the nanoscale, which gives his invention a competitive advantage in terms of performance and readability. Maksoud received the highest grades in the history of the program. He was able to win the popular vote, which allowed him the first spot in the final episode of the program. Questions: 1- Knowing that NanoSkin is a new invention, which pricing strategy would you recommend for Fouad Maksoud and why? (10 points) 2- What would you recommend as promotional mix strategy for NanoSkin? Elaborate. (10 points) 3- In your opinion, who would be the target market for such a product? (5 points) omer vele hwe pr s strate

Answer 1

Answer

1) I would recommend Fouad maksoud for using "skimming pricing strategy", because, his invention is unique and provide multi purpose functioning. The machine nano skin has a great recognition, and many people and organisations are aware about it so, it will gain lot of reputation in quick time. Skimming pricing will help him to get good pick up in the market and bring him greater profitability, and then he can try to reduce the price later to get largest customers base.

2) for promotional mix strategies, I would recommend Fouad maksoud to use social media platforms, advertising on newspaper and magazines. Social media tools will surely help him to get many customers and he can reach millions of people and institution who need the machine. He can have his own website and application for the product, and can use advertisements for creating more awareness. If possible he can provide the machine to the healthcare units for trial and then take their orders.

3) for nanoskin, the market would be healthcare units, and people who gets injured by unfortunate and uncertain conditions. Other target group could be pharmaceutical companies, who need waterproof packaging for the drugs.