Marketing strategy assignment - Essay Example

? Marketing Strategy Assignment Marketing Strategy Introduction The Toeopener is the first product of its kind. It is a strong device made of aluminum that enables individuals to effectively open the door. Max Arndt, a University of Minnesota senior, invented the product. He worked with his classmates in the Entrepreneurship in Action and manufacturers in the Upper Midwest to created twenty prototypes. The inventor has been working on the design on this new product while working hard to boost the sales. The product currently retails for $49.95 and can be found in Minneapolis-St. Paul area in restaurants and bars. So far, fifty units have been sold and a shipment of five hundred units is in the pipeline. Our company is based in Canada and specializes in the identification and marketing on new products that have the prospect of immense sales in future. The company has contacted the inventor and signed a contract for the exclusive sale and marketing rights of the product in Canada. This is because the company believes that the product is very viable however, its inventor has not come up with the appropriate marketing strategies to take making the sales triumphant (Ferrell, 2012). The success of the launch will depend on the marketing strategy. Application of the Marketing Process for the New Product The company decided to come with a clear marketing process to ensure successful sales for the new product in the Canadian market. To begin with, there are various reasons why the introduction of a new product in the market. This is because companies are overly captivated by the idea of the new products that they fail to do comprehensive market research or fail to act according to the findings of the research. In other instances, the pricing and distribution channels of the product are not well structured (Ferrell, 2012). Sometimes the advertisement fails to communicate the intended message. The company would not take any chances and was willing to follow the following process for the successful sales and marketing of the new production. Over the years of working on the launch of new products, the company has learnt to rely mostly on research and solving issues as soon as they arise. Market Research Marketing research is the first step in the introduction of a new product. Without the accurate market information, introduction of a new product is likely to fail. This step ensures that the company confirms the actual state of the consumer market (Ferrell, 2012). It actualizes what the market really needs, the features desired, pricing, motivation to buy and distribution channels. These are important aspects in the decision making process. The research conducted on the market revealed that the market was eagerly waiting for the introduction of the new product mainly to be used in social places such as bars, restaurants and offices. Timing This is the second stage in the marketing process that ensures all elements in the marketing process are integrated. The production of the new product should be complete before it is a launched to avoid loss of sales and credibility in the product (Ferrell, 2012). There have been numerous cases in history where the marketing of a new product has failed owing to the fact that the product manufacturing lags behind the launch of the new product. This explains the reason why the company was not willing to take chances with the manufacture of the Toeopener that is why a number of units were produced before the product was launched. Capacity The company should ensure that it has the required resources in terms of inputs and personnel to keep up with the manufacturing process if the introduction of the Toeopener is successful. Testing The new product has to be tested in the market to ensure that its features are in line with the customers’ need (Ferrell, 2012). This is establishes whether the customers are willing and able to pay the set price. Additionally, it ensures that the distributors are comfortable to sell and market the product. Distribution The company should come up with the appropriate distribution channel and seeks to establish whether the country can use existing or new distribution channels (Ferrell, 2012). Promotion The company needs to come up with the appropriate methods of marketing and advertising the new product to the target market to ensure optimum sales. Segments of the Consumer Market As earlier stated, the new product in the market mainly targeted to be used in social places with frequent activity and a high number of visitors. The first segment that is targeted by the introduction of the product is homeowners who would like to have an easier time while opening doors in their homes (Ferrell, 2012). However, this may be the smallest segment, as most homeowners prefer opening and closing their doors normally. Bars are the second segment in the consumer market. This is because bars have high numbers of clients and the Toeopener makes opening the door efficient and easier for them. The third segment is the restaurant owners who find the device highly convenient since they also have a high number of clients. The Toeopener also minimizes the spread of germs across surfaces in the restaurants since no one gets to handle the doorknob or handle using their hands. The final segment of clients is offices that have a high number of visitors and a high level of activity. It is much easier for the workers to open the door while carrying a pile of files. A Total Product Offer with regard to the Toepener The company has come up with an attractive offer that aims at focussing a high number of customers (Ferrell, 2012). To begin with, the product comes with a one-year warrant and in case it damaged during this period, the company will offer free maintenance or replacement. Secondly, the company offers free installation and demonstrates to the client on how to use the Toeopener. Thirdly, the company offers discounts to repeat customers. In summary, the Toeopener is a viable idea that is bound to bring in high profits if it is coupled with the appropriate marketing process. The marketing process stipulated in the paper will ensure the successful launch and marketing of the product in the Canadian market. The company has come up with an appropriate strategy to introduce and products and boost its sales. Reference Ferrell, O. C. (2012). Marketing strategy: Text and cases. Cengage Learning. Read More