The Role of Marketing in Launching New Products - Essay Example

? Marketing Products Product Discussion and Its Primary Characteristics Trendy Fashionista is a young and a fashion oriented company. It is primarily based in the United States. As the name suggests, the company favors fashion to a very large extent and strives to reflect the essence of fashion in almost every product that it manufactures. The company presently is looking forward to cater to the fast moving young individuals who are always in a hurry and ponder for special luggage bag that is light in weight, attractive yet comfortable to carry. The company intends for producing a luggage bags because it will be new concept for the company as the company will be producing it for the first time. The company will produce bags that will be different from other bags mostly sold in the market. It will add a fashion touch to it in order to give it a trendy look. The sponginess of the bag will add up to it and will strive to provide the consumer with a unique experience. And the fun element in this particular product would be its variance in colors. The consumers will get the opportunity to choose from a wide range of colors. Also, the product will be manufactured by the usage of the topnotch and high quality materials. All these combinations collectively will provide a low weight to the bag that can prove to be the USP (Unique Selling Point) of the product and will primarily meet the needs of the fast moving consumers (Baker, 2009). 2. Discussion of the Service Component of the Product and Its Role in Enhancing the Product The best part of the product would be its after-sales services. The company will provide 1 full year warranty to these bags. And the most important factors that could facilitate in maximum number of sales of this product would be: It will provide free repairs and maintenance of the bags for a full year. For adding up to the customization factor, the company is also planning to provide free repair services in the selected customer’s place. The customer will not have to visit the company for fixing his/her bag. The company is planning to provide such excellent after-sales-services at the initial stage as the company is planning to attract a new base of customers and is planning to re-establish itself as one of the leading manufacturers of fashionable bags worldwide. The company is hoping that it would get a positive leap as it is already recognized in the US and considered as a well known brand. The company is also planning to add more service features to the bags but for that the company will have to increase the price of the bags. So, in the initial stage, the company will provide the customers with the above mentioned service features and will sell the product at a nominal price for the sole purpose of attracting maximum number of customers (Baker, 2009). 3. The Product Expansion to a Product Line, and the Depth and Breadth of the Line For expanding the bags to a product line, the manufacturing and sales processes of these bags need to be expanded too. Also, the company will only be able to expand the product line of these bags when it will be liked by customers. The company can only expand its products when the sales volume and demand for the bags reveals the increasing trend. The expansion will be made depending upon the various processes that the company is going to follow. It can be clearly assumed that the product can become highly consumable as the company is well known and very fashionable. If the product introduced generates radical demand then the company can also introduce variance in the size and capacity of the bags. This way it will enable the company to cater to other sections of the society as well. The company will be able to gain the upper hand over its competitors as well. The depth and breadth of the product can also increase to a very large extent if the company can maintain the value and availability of its products. The company can also go for extending the features of the bags by way of collecting feedback from the customers. It can make necessary modifications in its present products by way of analyzing the level of requirements of the customers and can make innovations in the product accordingly. It will thus help the company to attract a considerable lot of potential customers as well (Wright, 1999). 4. Determination of Changes in the Core Business in Response to Industry or Market Changes Each business changes its strategies and practices in relation to the industrial and market changes. A company generally follows its business strategies and formulations as per the present market scenario and makes broad business decisions as per the interests of the customers and for making profits as well. Trendy Fashionista may also need to change its business strategies as per the change in the demands of the consumers along with the changes in industry and the overall market scenario. The company is planning to launch light weight bags as there is a huge scope for the particular product and also this is a complete new product that will be manufactured by the company. There are greater possibilities that the product will be able to attract large base of customers in the market but the company cannot totally rely on this aspect. Therefore, the company needs to make alternative plans in case if the product is unable to meet the expectation levels of the customer. The company can also make appropriate plans for launching new products as well in the near future. The overall fashion industry tends to change in a very fast pace therefore the company should always be ready to make favorable changes and innovations as per the demands of the consumers. At the same time, the overall market may also undergo radical changes. New competitors may arrive and provide Trendy Fashionista with increased level of competition. Therefore, the company should always be ready to adapt to the situational changes in the market (Hart, 2003). References Baker, P. (2009). The role of marketing in launching new products (Google ebook). India: Pearson education. Hart, S. (2003). Marketing changes. United Kingdom: Cengage learning EMEA. Wright, R. (1999). Marketing: origins, concepts, environment. United Kingdom: Cengage learning EMEA. Read More