Product Launch of a Company - Case Study Example

Your company is about to lunch an ipod-type of product with new dynamic features. Show how you would market this product to the target audience Outline The increase of competition around the world has led firms to continuously update their marketing policies in order to respond to the needs of the consumers and the market trends. Several criteria have then to be taken into consideration – we could indicatively refer to the position of the particular firm in the market, the funds available for the production and the promotion of the product involved as well as the support offered by the state towards the completion of the relevant plan. Through the years, new types of products have appeared in the market in accordance with the development of technology and the changes in the customers preferences. Current paper refers to the potential methods of promotion of a particular product – an ipod type of product – in the British market. The various aspects of the presentation of this product in the market are examined while suggestions are made for its effective promotion into the market taking into account the political and financial turbulences within the international market – at the level that this climate could affect all markets around the world. It should be noticed that various methodologies could be used in order to ensure the positive performance of the specific product in the British market. In accordance with a relevant report ‘in developing a market plan, your primary functions are to understand the needs and desires of your customer, select or develop a product or service that will meet customer needs, develop promotional material that will make the customer aware, and ensure product or service delivery’ (Canada-Ontario Business Service Centre, 2008, online article). These issues – among with others presented below – will be used in order to identify the most appropriate market plan for the promotion of an ipod-type product in the British market. 2. Market analysis UK market is characterized by strong competition in all industrial areas. In the area of technology, there are many firms that offer products that are based on advanced technology features; however the prices of these products cannot be characterized as approachable to the high percentage of consumers in the particular market. Regarding the product under examination – the ipod-type of product, market analysis should focus on the examination of the following issues: a) identification of potential customers, b) identification of product’s characteristics and their importance for the targeted market, c) identification of main competitors, d) identification of market’s characteristics and e) identification of distribution channels available for the specific product. The above issues – referring always to the particular product – could be analyzed as follows: a) an ipod-type of product would be appropriate for people aged 12+ (estimated age in which the involvement in technology becomes active) – the education or the social position of the customers would be of no importance for this product; in other words, an extended customer base would exist for this product; b) the specific product would be important for the British market as it has been proved to be particularly useful for the daily activities of people around the world – especially those that need this product for professional reasons but also those that need it as a tool for communication/ information; it should be noticed that the product will enter the market through a firm that will operate only online – an existed firm selling similar products will be chosen for the promotion of the product to the market ; the order for the product will be made online and the customer could then choose among the methods available for the delivery of the product to him; c) in British market ipod type products are sold not only by well known stores, like Currys, but also by a series of online shops (e.g. MacWorld, Reghardware, Informatics and so on); in this way, it is rather difficult to measure the performance of all the firms selling the specific products; however, the increase of the demand for this products cannot be denied; in a relevant article of 2006 – referring to the profits of Apple from the launch of ipod in the market – it is noticed that ‘more than 8 million iPods were shipped in its third fiscal quarter 92006), representing a rise of 32% from 2005’ (BBC News, 2006, online article); d) Britain market is a market characterized by high competition but also for many chances for success for entrepreneurs that seek to launch innovative products/ services; the existence of capital available to entrepreneurial activities and the active participation in this market of firms from all countries around the world makes the British market maybe the most appropriate for entrepreneurial activities – comparing to other markets in the international community; within this market, in order for a product to be effectively promoted it is necessary that all its innovative aspects are highlighted (innovation is critical for the success of any product/ service in modern market); regarding this issue it is noticed by Flint (2006, 349) that ‘innovation in its many forms, for example, product, process, and relationship, is critical to firm growth and profitability’ e) the most common distribution method of the product used by the firms operating in this market is the delivery through a delivery service (the order of the product in most cases is made online and the product has then to be sent to the customer); of course products of this type are also sold by stores (like Currys mentioned above) however this is method that it is not relevant with the specific product which will be sent to the customer through a delivery service. It should be noticed that the cost of the delivery of the product will be covered by the customer who will able to choose the desirable method of delivery - appropriate development of the order form will allow the provision of such a feature. 3. Objectives The marketing plan involved in the promotion of the particular product should focus on the following issues: a) limitation of the cost of advertising (at least for an initial period in order for the profits from the selling of the product to pay-back the expenses made for its acquisition and its promotion in the market), b) use of a well known online firm that operates in the specific area (selling of products of advanced technology), c) continuous control of the performance of the product (check of the relevant figures at least weekly), d) limitation of the cost related with the distribution of the product (choose of firms that offer the specific service in low cost) in order to avoid the cancellation of an order because of a potential high cost of delivery; e) continuous check of the customer support provided by the seller regarding the specific product – an independent customer support line specifically for this product could be possibly suggested. 4. Promotional plan The promotion of the product in the British market should follow the next steps: a) Use of media and press for the presentation of the product to consumers across Britain – the presentation of the product could be made not only through advertisements but also through specific programs (e.g. those referring specifically to technology) in all British channels b) Development of a website that will refer analytically to the product’s characteristics, its advantages and its availability (i.e. the online stores in which this product is available) c) Arrangement of official presentations of the product in organizations and institutions across Britain (including Universities) in which the specific product will be of interest because of its features available d) Presentations of the product could be also arranged through relevant seminars – i.e. during seminars related with technology especially the one used in the specific product It should be noticed that the presentation of the product in the market will be made through appropriately trained staff that will be able to respond to any potential concern of consumers in the events described above. The relevant cost (salaries and training cost) should be precisely estimated in advance in order to avoid any failure in completing the promotional plan described above. 5. Criteria for success and measurement of success The application of all the above strategies is expected to result to the successful entrance of the new product in the British market. Particular criteria for the evaluation of this success could be the following ones: a) The figures related with the sales of the product through the online seller(s) chosen for the selling of this product in Britain (but also worldwide) b) The response of the market as it would be evaluated through the demand of the product in general (i.e. whether consumers across UK will ask other sellers for the potential availability of the product) c) The comments made by the scientific community in Britain regarding the quality and the potentials of this product (such a criticism is expected to be made shortly after the entrance of the new product in the market) d) The interest of competitors – potential proposals for cooperation in promoting the product locally or worldwide would prove that the product is considered to be successful and it is thought to have significant prospects in the future. References BBC News (2006) Apple pulls in profits from iPods, online, available at http://news.bbc.co.uk/2/hi/business/5196978.stm Canada-Ontario Business Service Centre (2008) Guide to Market Research and Analysis, online, available at http://www.canadabusiness.ca/servlet/ContentServer?cid=1081945275683&lang=en&pagename=CBSC_ON%2Fdisplay&c=GuideFactSheet Flint, D. (2006) Innovation, symbolic interaction and customer valuing: thoughts stemming from a service-dominant logic of marketing. Marketing theory, 6(3): 349-362 Read More