Promotion of Technological Marvel - Essay Example

Download file to see previous pages The prevailing companies are now aiming to counter their key competitors by implementing a set of effective strategic plans. In this process, the essence of a new and innovative product is the most important criterion. Many creative entrepreneurs develop innovative products that create value for customers.

In order to cater to the underlying opportunities, companies are trying to observe the necessities through the perils of the current market scenario and the proper identification of consumer behavior. On the other hand, consumer behaviors are also affected by a number of internal and external factors. A company is not able to influence external factors like economic condition but they can attempt to influence the consumers’ internal factors i.e. perception by adjusting the marketing stimulus like the product, price, etc. In a marketing plan, the product is the most important factor based on which the other factors and activities are determined. Sometimes, a product is also considered to be a solution for a company as well as for the consumers.

When entrepreneurs identify the underlying opportunities in the given markets, they try to capture those opportunities by innovating new ideas and concepts, and finally, they commercialize their ideas. In the case of business, innovative ideas and concepts are nothing but new products or services which are able to offer solutions to the consumers. The process of commercializing a product or service involves a number of activities. The marketers need to consider critical factors for planning these activities. Sometimes, marketers also try to find potential markets for their existing products, and even in this process, they need to develop a comprehensive marketing plan.

This paper will attempt to present an extensive marketing plan for a new innovative product. This marketing plan will involve a launch of new product in new market. The company is a fictitious organization named, Krijen Games Pvt. Ltd engaged in the electronic game manufacturing business. This organization is a South Korean-based company and it focuses on new product development using the latest technologies. The new product offered by the company is known as Andromeda® 99-XD, which is a high-tech console video game. Orijen Games is trying to expand its market in international countries, and hence, the company is aiming to enter the Indian gaming industry. The primary aim of this paper in to offer a comprehensive marketing plan for launching Krijen Games’ new product, Andromeda® 99-XD. In this course of marketing plan, external analysis of the Indian gaming market as well as Indian consumers is very necessary to identify the underlying opportunities and threat. ...Download file to see next pages Read More