Creating and Marketing a New Product - Essay Example

?Creating and Marketing a New Product Table of Contents Introduction and Purpose of the Study 3 2. Marketing Strategy 3 2 Market Entry Strategy 3 2.2. Target Market and Segmentation Strategy 4 2.3 Marketing Mix Strategy 5 2.3.1 Product 5 2.3.2 Price 5 2.3.3 Place 5 2.3.4 Promotion 6 3. Marketing Implementation and Control 6 3.1 Action Plan 7 4. Potential Challenges and Recommendation 7 5. Conclusion 9 References 10 1. Introduction and Purpose of the Study The demand for handmade soft toys has long been witnessed to attain significant growth in different global regions. In relation to the present trend of this respective business industry, it can be viewed that customers are highly inclined towards buying handmade soft toys including souvenir items and stuffed animals among others for different purposes (Toy Industry Association Inc, 2012). In this regard, the primary purpose of this essay is to create an effective marketing plan for new product i.e. handmade soft toys, which could be legally sold in the UK business market. 2. Marketing Strategy 2.1 Market Entry Strategy An effective market entry strategy typically involves various strategic decisions in relation to various influencing factors of host country. The organizations in the present competitive business world tend to incorporate adequate measures while seeking to expand their business units into different overseas business markets (Kotler, 2001). In order to attain a large consumer base in the growing handcrafted or handmade soft toy industry, the initial stage of the play will be focused on analysing the present trends along with the demands of the consumers towards the respective industry. In this regard, an effective consumer analysis will be conducted, which in turn can enable the organization in identifying the desired needs along with the preferences of the target customer group in the market. The product will be marketed under the flagship of Toys R Us, one of the leading toy retailers which currently operate more than 1500 retail toy stores across different business locations of the world (The Toys R Us, 2013). Marketing of handcrafted or handmade soft toys under the flagship of Toys R Us would enable to attract huge figure of customers across the growing UK market. Additionally, the admired brand image and enhanced customer reliability can be duly considered as effective strengths for the proposed product, which can grasp the attention of the consumers in the long-run. 2.2. Target Market and Segmentation Strategy Targeting along with segmenting appropriate group of customers can be regarded as an effective strategy, which can facilitate the marketers to attain superior competitive position in any business field. Moreover, the marketers in the present competitive business environment are highly focused on targeting a particular customer segment in order to build a strong brand image in any respective industry (Goi, 2009). In this regard, the target market and segmentation strategy relating to the product of handmade soft toys will be focused on differentiating consumers into two broad segments. First segment would be targeting the children within the age group of 2 to 6 years in the form of delivering handmade soft toys to them and second segment will be targeting young adults through presenting handmade showpieces. This can further enable the organisation to obtain more customers in the UK market. 2.3 Marketing Mix Strategy 2.3.1 Product Product can be regarded as one of the core attributes for an organization, which depicts the image of the company and also ensures to predict its future growth in any respective industry and/or market (Kotler, 2001). In relation to the proposed marketing plan for handcrafted or handmade soft toys, the product would be focused on collecting exceptional soft toys and stuffed animals that are made from quality based materials and textiles in a fully furnish process. 2.3.2 Price The pricing strategy of a new product can be further considered as an essential factor, which can enable an organization to attain its desired financial goals in the competitive business market (Kotler, 2001). In this context, the handcrafted or handmade soft toys would be offered as per the present pricing structure of soft toys within the UK market. Therefore, the price of the product will be focused on value based pricing strategy at the initial stage and further it will aim for penetrating strategy in accordance with the demands of the consumers (Ministry of Small Business and Economic Development, n.d.). 2.3.3 Place The handcrafted or handmade soft toys and stuffed animals would be marketed under the flagship of Toys R Us, which would facilitate the products to attract several UK based and global customers. In relation to the present business industry, Toys R Us has more than 88 toy retail outlets across diversified locations across the UK and gained superior competitive position in the global toy retail industry. Therefore, selling of handcrafted or handmade toys in association with the aforesaid leader can prove to be quiet beneficial in marketing the product effectively. 2.3.4 Promotion The promotional strategy in marketing handmade soft toys will be implemented in accordance with the flow of products in the UK market. In relation to attain greater customer loyalty and build sustainable customer satisfaction, the quality of the material used in the products will play a major role for the brand. 3. Marketing Implementation and Control The implementation and control process is also regarded as an imperative factor, which signifies the viability of the overall marketing plan. In this context, the implementation processes in the proposed marketing plan for delivering handcrafted or handmade soft toys and stuffed animals to the targeted customers will be focused on conducting certain adequate activities in order to successfully enter and build strong brand value in the UK market. Therefore, the following action plan would enable to demonstrate and identify the relevance and the viability of the overall marketing plan. 3.1 Action Plan 4. Potential Challenges and Recommendation With respect to the present business scenario, the organisations are often identified to face different challenges while marketing their products. In this regard, the influences from the external environmental factors can be the major concern for the marketers while conducting business in other locations. In this context, the factors including political, economic, social along with environmental and technological are the key driving factors that can significantly impact upon the overall performance of the organisations (Karadeniz, 2009). In order to successfully market handmade soft toys for the children and other group of customers, the marketing process can face different challenges, impacting significantly upon the organisation towards build strong value in the UK business market. The marketing of handcrafted soft toys in the UK business market can significantly involve the issues associated with the quality, as the product is mainly targeted to children within the age group of 2 to 6 years. Therefore, the marketing strategy in relation to the product of handmade soft toys would highly focus on selling products that are made from quality based materials and textiles by the suppliers across different UK locations. Moreover, regulatory process in the UK retail industry can also create certain difficulties while marketing soft toys and stuffed animals in the respective market. Therefore, the marketing of handcrafted soft toys and stuffed animals would be incorporated with certain adequate policies in accordance with commercial law along with each business provision prevailing in the respective industry of the UK. Additionally, it can be affirmed that the proposed plan may also face certain issues associated with maintaining the performance of the product in the UK business market. In this regard, it is quite important to incorporate adequate mechanism of controlling and monitoring the performance of the product in the respective business market. Therefore, an effective process of analysing the outcomes of the products would further enable the retail store to meet the actual needs along with the desires of the customers in purchasing handmade soft toys and stuffed animals (Kotler & Keller, 2006). 5. Conclusion With respect to the aforesaid plan for marketing the product of handmade soft toys in the UK business market, it can be affirmed that the proposed marketing strategy would enable in building a strong customer base in the respective business market. Moreover, the increasing demand and interests towards handmade toy products in the UK market can also be duly considered as a major opportunity for the proposed marketing plan. References Goi, C. L., 2009. A Review of Marketing Mix: 4Ps or More? International Journal of Marketing Studies, Vol. 1, No. 1, pp. 2-15. Karadeniz, M., 2009. Product Positioning Strategy in Marketing Management. Journal of Naval Science and Engineering, Vol. 5, No. 2, pp. 98-110. Kotler, P., 2001. Marketing Management, Millennium Edition. Prentice Hall Inc. Kotler, P. & Keller, K. L., 2006. Marketing Management, 12th Edition. Pearson Prentice Hall. Ministry of Small Business and Economic Development, No Date. Business Planning and Financial Forecasting a Start-up Guide. The Business Plan. [Online] Available at: http://www.hispanicsmb.com/LinkClick.aspx?fileticket=qKNhPd3jGW0%3D&tabid=36&mid=496 [Accessed November 20, 2013]. Toys R Us, 2013. About Toys R Us. So Much More than Toys. [Online] Available at: http://www.toysrus.co.uk/info/general/about_us.jsf [Accessed November 20, 2013]. Toy Industry Association Inc, 2012. The European Toy Market in 2011. The NPD Group. [Online] Available at: http://www.toyassociation.org/App_Themes/tia/pdfs/facts/npd.pdf [Accessed November 20, 2013]. Read More