Principles that Can be Applied to the Marketing of a New Product or Service - Case Study Example

TThe service conceived, is aimed at servicing the Private Life Insurers’ requirement for accurate medical reports of life insurance prospects, with medical checkups being offered in a customer service-oriented environment. The strategy for marketing this service adopts a two-sided marketing approach, whereby the service not only meets the needs of the private life insurer but also meets the need for higher volumes among small and mid-sized diagnostic centers. The service thus conceived has the potential to generate revenue from two channels- the insurer and the medical centers. This is explained in greater detail in the section titled “The Proposed Service”.

It goes without saying that in the marketing of any new product a foolproof strategy that can ensure the service’s sustainability and profitability is a must. It requires evaluation of :
- Competition, to ensure that a new service will stand up against whatever is already being offered in the market while also defining the ways in which the new service will excel
- Targeting the ideal customers is delineated as those who would need minimum financial outlay for the sale to close. These could be customers who are already buying from the company and would therefore be receptive to new ideas
- The service must encompass a unique value proposition by providing features and benefits that will be most valued by the customer

The review
The next section of this paper explains in detail the service being proposed and analyses its profitability and feasibility. It discusses in detail the marketing environment and gives background on the company that will launch this service. The section explores how marketing concepts discussed in the review of literature apply to this innovative service.

Review of Literature
Traditionally, marketing is explained as anything that creates a business or keeps a customer. Blanchard (2003) states that customers are the reason for a company to stay in business and thus customer input and customer preferences must shape almost all aspects of work.