Product Launch Serves as a Significant Part of a Business Life - Research Proposal Example

Launcingh a New Product Launch a New Product Introduction In management, product launch serves as a significant part of a business life as it provides an avenue for building sales momentum that is likely to influence the growth of a company in a new market. The critical aspect in a new product launch is ensuring that the product would meet the needs of the targeted market as per the market research findings. According to emerging research, at least 16% of the Qatar adult population have high sugar levels, hence influencing the need of coming with solutions aimed at controlling these levels and helping those with diabetes. With this, a gluco-watch can be an effective way of monitoring sugar levels among this population, hence making Qatar to be a lucrative market for the launch of this product because its use is not widespread in this region. In essence, agluco-watch or wrist- watch blood glucose meter is a gadget that tests, glucose in the blood through the fluid that is under the skin by the use of electrodes as compared to the predominant test of blood for ascertaining sugar levels. As compared to other tests of drawing blood, this new technology is painless as it makes use of a skin pad that measures blood through electric current. With this essay will delve into the introduction and launch of the wristwatch for monitoring glucose levels in the Qatar Market by identifying the broad market, the market segments then developing profiles for each segment. 1. Developing the new product The new product name set for launching in the Qatar market shall be Gluco-Check wrist watch. The product shall target the middle class because this product is relatively expensive and its use has been predominantly by the rich in the society. The needs and wants that Gluco-Check wrist watch will seek to address within the Qatar market would be that the monitoring of glucose will be easier as it will be done conveniently by the gadget. The other need would be that it will be effective for monitoring sugar levels when a diabetic individual is asleep at night as an alarm goes off when the levels are high or low and can allow an individual to administer insulin injections. 2. Mission statement The company seeks to sell glucose monitoring wrist watches through an affordable distribution strategy by providing high quality products through innovative technology. 3. SWOT Analysis for the product Strengths Low prices Providing an online store Providing physical stores Offering value for products Selling products with a warranty attachment Weaknesses Intense marketing so as to out do competitors The sale of the new product at a loss during the entry stages so as to attract customers Opportunities Early adopters of products Media interest in new products through public campaigns Threats Competitors The uncertainities of a new market The reactions by competitors to the entry of a new product 4. Applying the STP (Segmentation, targeting and positioning) process In the study of marketing, the STP model is an important concept as it seeks to illustrate the links that exist between a market and the company that chooses to compete in that particular market (Strydom, 2005). The segmentation criteria of breaking the broad market into smaller groups would include grouping the target market as per age, occupation, gender, education levels, marital status or social status among a list of others under demography. Psychographic segmentation may be in terms of their brand preferences, lifestyle choices, conservative or liberal among a list of several other factors. The last segmentation criteria would be in terms of the behavioural attributes of the market such as purchase history, benefits sought in buying the product, and whether their buying draws influence from trends. In the targeting aspect, the business will engage in selecting a suitable market segment with the core focus being on the activities aimed at attracting the chosen market segment. The target audience will be pregnant and married women that have diabetes or fluctuating sugar levels that seek to counter low or blood sugar levesl in time because they are likely to be out shopping for new products that have hit the market and can meet their needs. Women within this bracket can be viable clients because their health is their priority and are willing to spend any amount in order for them to stay healthy despite them having any type of diabtes.The target is worth pursuing because it is a small market, but highly profitable meaning that there are high indicators for the growth of this new venture and also if the market has low competition it becomes more attractive. Positioning statement For pregnant and married women who make their health to be a priority, Gluco-Check wrist watch that provides bloodless and p[ain less monitoring of blood sugar levels. Unlike the conventional glucose monitoring tools, Gluco- Check Wrist Watch is easy to use, effective to its purpose and is not messy. Marketing mix strategy Product A product within the marketing mix is a good or service that seeks to meet the demands or needs of consumers. In this case, the type of product is the shopping product because it is likely to be unaffordable to a wider market segment and would require that shoppers conduct preliminary research before they can buy them (Lamb, Hair & McDaniel, 2009). The products life cycle will last as long as the battery in it has power meaning that the user of the watch can use it for a long time as long as it has a powered source of energy. The life cycle of the product affects marketing because it will require that the issuing of more information so as to grasp the attention of the targeted market, which can be expensive. The brand name of the product shall be Gluco-Check wrist watch, which gives the purpose of the gadget without consumers having to conduct product research. Pricing Pricing refers to the compensation received in exchange for a product (Lamb, Hair & McDaniel, 2009). The pricing shall be in line with the financial capabilities of the targeted market because they will be able to afford the product in line with its use. The price range will be between $100-200 depending on the quality of the product so as to avoid the occurrence of losses at the launch of the product and capture the middle class with ease. Setting the price to be high would be an advantage to the company because there no competitors in the Qatar market as those involved in selling products that monitor sugar levels darw blood unlike the Gluco-Check Wrist Watch. Place In a marketing mix, place refers to means of delivering the product being launched in the market to the target market (Lamb, Hair & McDaniel, 2009). Essentially, the distribution channel will not involve many middlemen as these people tend to increase the price making the product to be unaffordable especially in new markets. The distribution chain shall include the manufacturer then the retail store and the last will be the customer. The distribution outlets shall be located in urban areas in shopping malls and other strategic places such as gas stations at the entry stage, but in future the distribution will include chemists, hospitals, and other facilities that engage in the sale of health products. Promotion The last element of the marketing mix, promotion refers to communication means between a buyer and the seller of the product in order to influence an increase in sales (Lamb, Hair & McDaniel, 2009). The most appropriate promotitional strategies for the product will be the direct selling method this is a more convincing way of influencing the target market to buy the new product. Advertising can also be an applicable way iof introducing the product to the market as this will help create product awareness and give locations on where consumers can find the same. The likely obstacles here would be the time in which the product will begin to harness returns meaning that the promotion strategy has to have a strict timeline so as to avoid the incurrence of losses. Since Gluco-Check wrist watch is a new product, it may take time before the information reaches the target market meaning that it may be disappointing at first. Ethical Implication of the project The moral dilemma that this project may attract can include the pricing criteria, which the business may have to apply in order for the business to stay afloat. Essentially, the problem will be in fixing a price that will not be too high for the customers and also not too low for the business meaning that striking a compromise will be critical. The stakeholders that are likely to be involved in the decision making process of the business can include the board of directors or the suppliers in order to ascertain the level of damage that this can cause to the business. The alternative for dealing with this dilemma will be to apply promotional strategies or make use of hidden charges in order to curb the likelihood of incurring losses. Market research The most principle aspects in market research are the collection of data that can be used to analyse the market. The data collection method appropriate in this market research is conducting surveys, but focus groups or acquiring information from databases and empirical sources can also be effective in this process. The research outcomes tend to reflect the lifestyle and purchasing trends of the market, which can be essential in determining the most appropriate market entry strategy. Further, the research has to be up to date as only current information can lead to the successful establishment of a new business venture in a foreign market. The information needs presented in the research is that the market seeks to have a technology based product that will be able to make glucose monitoring to be easy as compared to the conventional drawing of blood regularly to do the same. References Lamb, C. W., Hair, J. F., & McDaniel, C. D. (2009). Marketing. Mason, Ohio: South-Western Cengage Learning. Strydom, J. (2005). Introduction to marketing. Cape Town, South Africa: Juta. Read More