Reassessment of Battery-Free Remote Control in the US - Research Paper Example

? Product Reassessment Product reassessment Product assessment refers to the process of verifying and validating the operational characteristics of a given product and if possible, its development cycle. The objectives of a product assessment are to establish the uniqueness, development potential and define the idea (Kahn, 2011). A product assessment helps to establish if an idea is right for implementation, profitability, production and performance. The product assessment assists an individual to come up with a description that outlines the main features of a product. Product reassessment refers to conducting another assessment on a product that had already become evaluated. Product reassessment gets conducted due to the product’s performance in the market. Market performance indicators may result to a product reassessment (Graham et al, 2008). This paper will discuss a reassessment of battery free remote control in the US market. The target markets for this product include retailers and consumers who are in search for battery free remote controls. Developing a marketing strategy involves the identification of a target market and coming up with a mix that will appeal to potential consumers. Developing an ideal market mix involves paying attention to factors such as price, product, and promotion. Target marketing involves selecting a viable target market by factoring in; the expected growth, size, cost to reach, competitive position and compatibility (Graham et al, 2008). Target marketing may undertake the single target market approach or multiple target market approach. In repositioning the target market for battery free remote control, branding is essential as 76% of American consumers base their decision to purchase a product on its brand name (Kahn, 2011). The product’s retail market is also growing massively as large retailers offer exceptional demand for the product. A few of this retail chains own over 4000 chains in the US and thus provide ample appetite for the product (Kahn, 2011). Marketing research is vital to ensure that the product gets repositioned towards its target market. Research is crucial in determining how market mix influences customer behavior. In order to reposition the product to its target market, it is necessary to conduct positioning research (Graham et al, 2008). This will help the manufacturing firm to determine the perceptions of the target market in regards to their brand. Positioning research identifies how the target markets view the brand in relation to other brands from competitors. It helps the firm to understand what their brands stand for from the customers’ views (Graham et al, 2008). Positioning research will also help the firm to differentiate its products from those of other competitors. It will help the firm to develop its own position in the market with the view of appealing to its target market through its own product attributes. It is necessary to also conduct a segmentation research for the product. This will help the firm to identify the behavioral patterns of potential buyers. Segmentation research allows the firm to determine the demographic characteristics of the target market. Determining the demographic and behavioral patterns of potential buyers is vital in repositioning the product in the market. Demographic and behavior pattern data assists firm management to understand their target market while in the design process of the product. The data derived from such research helps the manufacturing firm to redesign the product in accordance with the target market’s taste and preferences. This will help to reposition the product in the target market along competitor brands (Kahn, 2011). Adoption rates refer to speed with which new members of a society start to use new technology within a specified time (Kahn, 2011). To increase the adoption rate for the product, the firm should consider on the product pricing. The product should be offered at a competitive price by the firm. Competitive pricing will allow the target market population to purchase and get to use the product. The firm manufacturing the product should also consider designing a product that is easy to use for the target markets (Graham et al, 2008). An easy to use product allows for user satisfaction and thus helps the target market to get to easily use the product. The product should also get designed in a manner that offers a clear advantage to the users. If the users get to see the added advantage resulting from the use of the product, the more they will purchase the product. All these methods can get implemented by the firm in ensuring that the product generates a high adoption rate (Kahn, 2011). Addition of a feature on the battery free remote is likely to generate further interest in this product. The battery free remote gets well perceived in the market as consumers view it as a way of embracing green technology. The remotes get preferred since they do not impact negatively on the environment through problems arising from battery disposal. If the manufacturing firm gets to add an additional feature, consumers will get attracted to the product since technology is always changing (Graham et al, 2008). It is likely that the battery free technology can become applied on a variety of other products, therefore offers room for additional features. The firm can focus on establishing a line of products using the technology. It is possible to generate further interest through innovation and invention (Kahn, 2011). An efficient distribution channel for the product helps to extend the product’s reach to the target market (Kahn, 2011). This is vital if the firm seeks to expand its revenue and product profitability. A likely problem that the product may get to encounter is a lack of inadequate product knowledge by the distributing team. This may result to a loss of potential customers and sales. This problem can be overcome by training the distribution team and equipping them with the necessary product knowledge. The second problem likely to be encountered while distributing the product is dilution of the brand name (Graham et al, 2008). If the distribution channel partners fail to use the firm’s identity standards while delivering the products, then the product’s brand name gets diluted. The products customers will in turn get confused on messages regarding the firm’s product. The firm can overcome this problem by providing brand guidelines along the distribution channel. The firm can also review message about their product before releasing it (Kahn, 2011). References Graham J. Hooley, N. F. (2008). Marketing Strategy and Competitive Positioning. New York: Prentice Hall. Kahn, K. B. (2011). Product Planning Essentials. New York: M.E. Sharpe. Read More