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Taking a New Product to Market - Essay Example

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This work "Taking a New Product to Market" describes Company G that presents a superior quality of electronics to the customers. From this work, it is clear about all the phases of the marketing plan. The author outlines that the organization needs to carefully review all the details so that the launch of the new product can prove to be successful for the firm…
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Taking a New Product to Market
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Download file to see previous pages There is a huge demand for mobile phone and smartphone charger that is available in small size like a credit card that can be carried around easily. As the mission of the company is to provide its customers with innovative electronics solutions so that the lives of people can be enhanced and made convenient, this product will definitely be a valuable addition in the consumers’ lives.
Since the customers are looking for various options in each product category, this small charger will be available in three ranges i.e. standard USB jack, Micro USB jack, and mini USB jack. The competitive edge that this product will have over others in the market is that it will be water-resistant; such kind of option is still unavailable for the mobile phone and Smartphone users. The key features of the phone charger will be that it will only take thirty minutes to charge the phone completely and ensure that the battery life is extended twice the existing life. 
According to the three-way product classification system, the products are either classified as convenience goods, shopping goods, and specialty goods (Kurtz & Boone, 2009). Since the phone charger is among the less frequently purchased items and adequate attention is given to the factors such as price, quality, durability, and convenient access to the place, the small charger is adequately placed in the shopping goods category. This product will be a one-time buy as the chargers are purchased once and the consumers want to be ensured that they are highly durable along with proper functional capabilities.
Every product is developed with the aim of meeting the requirements of a particular target market. For this small phone charger, the target market will comprise of both males and females, young students, and professionals who are always in a rush and people looking for quick rechargeable solutions for their phones. The price will be reasonable so that everyone in the region can conveniently purchase ChargeOn without getting worried about the price constraints. ...Download file to see next pagesRead More
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