Introduction of a New Product - Essay Example

May 3, Introducing New _Product Introduction The smart watch helps generate vital sign data. The paper delves on the vital sign device. The paper focuses on the marketing factors affecting customer demand for the product. Several factors affect the smart watch customer demand. Smart_Watch The new product, Balance smart watch, serves the current and future business customers’ vital sign needs. The vital signs include the person’s temperature, pulse rate, blood pressure and respiration rate. In addition to the vital signs, the same technology device indicates the body’s needs some nutrient products. The device further indicates whether the patient’s body is properly performing its enzyme production process (Pride 307). Created for whom The new product, Balance, was initially researched as well as developed for the technology as well health care conscious patients. The device is technological breakthrough that fills the current and future business customers’ need for repetitive vital signs information. The device is worn like a regular watch. The device is a smart watch technology developed device. The smart watch records the vital sign information of the patients after recording, the smart watch delivers the vital signs information to the patients’ respective medical healthcare professionals, medical doctors. The medical doctors use the medical information to determine the patients’ next medical procedures, including operations or medicine intake (Pride 307). Need for creation The product was created to fill a prevailing need. The product was timely introduced into the market in order to help the customers gain more healthcare knowledge and control. The customers are taught how the basics of vital signs. Next, the patients are taught the relationship between certain acts and the vital signs. For example, eating fatty pork meat will lead to the increase in high blood pressure (Turban 291). Next, the customers related the patients’ medical doctors regularly use the patient’s vital signs for every medical procedure. One such medical procedure is instructing the patients on when take the next prescribed medicine pill. Another medical procedure is conducting medical operations. The device removes the need for hiring nurses and other healthcare professionals to take the vital signs of the patients (McNickle 1). Competitor Apple health sells a competing smart_watch device. The same device similarly generates the report of the clients’ vital signs (Albinus & Friedman 1). The competitor’s device targets the healthcare needs of the runners. The competitor’s device can also generate a report on whether the client’s respiration vital indicates the patient is currently hyperventilating. The same device determines whether the client’s blood pressure output shows the patient is suffering from hypertension. External_environment The external environment appears to be very interested in the new technology-based healthcare device. One survey Market & Market research indicated the smart watch will research $2,600 million revenues during 2012 alone. The revenues will for the vital signs smart watch technological device will rise to a skyrocketing $ 8,000 million during 2018 (Lee 1). Market_research insight The market research showed some insight types. One of the types is age. Those from different age groups accept the benefits of using the technologically advanced smart watch to get the important vital signs of the current and future business patients. The research indicated both male and female genders admit the smart watch will greatly benefit the patients’ need for immediately vital sign outputs. The ABI research affirmed beyond reasonable doubt that the demand for the smart watch which generates the customer’s vital sign information will climb to an estimated 80 million units during 2016 alone. The research there is an increasing customers’ need to monitor their vital signs as a guide for enhancing their health condition (McNickle 1). Buyer_behavior Research indicates that the buyers favorably accept the new idea of a technology-based healthcare care device. With the research respondents’ need for vital sign information, the respondents feel the selling price of the smart watch is insignificant in terms of the amount saved hiring a nurse to take the vital signs and time needed to take the patient’s vital signs (McNickle 1). Wide_sector_markets The new smart watch can be sold in a wide market segment sector. The sector is composed of several market segments. One market segment is the elderly market sector. Another market sector is the middle age market sector. A third market sector is the employee market sector. One search states that the smart device clients from different market segments will reach as much as $ 2,500 million sales during 2012 alone. The sale for the same healthcare technology device will rise further during the 2013 and future years (McNickle 1). Long & healthy life_cycle strategy The smart watch idea created will help the patients manage a long a healthy life cycle. By looking at the smart watch, the average person can determine if he needs to visit the medical doctor for medical help. For example, the patient whose normal blood pressure is 120 /90 (normal) suddenly notice the smart watch monitor indicating his new blood pressure is 180/100 is immediately prompted to seek a medical doctor for immediate intervention (Turban 291). Push_product The product is more of a pull marketing product. By advertising the countless benefits of the smart watch, the current and future business customers are persuaded to troop to the nearest smart watch store to buy the smart watch vital signs product. With powerful television and newspaper advertising, the current and future business customers will be enticed to immediately acquire the vital signs device. By advertising the cost savings from eliminating the need for nurse’s taking the vital signs, the demand for the smart watch will clearly rise (Bidgoli 21) Non-elastic pricing There is no price elasticity in the product, if grounded on the competition’s smart watch pricing. If the competitor’s price is higher than our smart watch alternative, the current and future business customers will definitely prefer my marketing lower priced smart watch alternative (Schindler 69). It is imperative that my smart watch is lower than the price of the competitor to ensure higher current and future business customers’ buying preferences. Pricing Pricing is customer-grounded. Customers pay for the products. Consequently, customers prefer to save on their purchasing costs. Consequently, customers prefer lower priced products, especially when the competing products offer the same quality services or benefits (Schindler 69) Product_industry My industry type is high_technology as well as healthcare_type. The smart watch uses high digital technology. Likewise, the device helps patients within the healthcare market segment determine their vital sign information using less costly activities like hiring nurses to take the patient’s vital signs (Dibb 7). Different functional_business departments Among the various business units of the company, some can help increase the current and future business customers’ demand for the smart watch product. The research_and development_department will pioneer the innovating creation of the smart watch device. The software_programmers will work on the software aspect of the digital smart watch device. The medical researchers will determine whether the smart watch device is realistic (accurate). The sales department will increase the current and future business customers’ demand for the smart watch device. The accounting department will monitor the inventory, sales, and profit areas of the smart watch device (Moskowitz 8). Proposition_value The value proposition of my product is quality at less cost (Murray 5). The product will ensure correct vital sign information is generated. The device will save the current and future business customers money needed to pay the nurses who will personally take the patients’ vital signs. Communicating proposition By advertising the benefits of the smart watch in the newspaper, radio, television, and internet, the message is vividly communicated to the current and future business customers. Seeking the medical doctor’s recommendations, the medical doctors will recommend to its patients the benefits of purchasing my company’s smart watch healthcare device (Green 18). Mutiple_customer segments There are many consumer market segment of my smart watch product. One of the market segments is the 18 to 35 year old younger age market segment. Another segment is the 50 to 70 year old older market segment. Both segments will greatly benefit from the use of the smart watch device (Dibb 7). Product distribution The product will be sold online. Online sales will ensure current and future business customers from different part of our United States will be able to easily purchase the smart watch device. With just a click of the mouse, the current and future business customers can order one or more pieces of the healthcare unit. The device will be sold in the company website (Green 18). Product low_learning The smart watch device is a low learning offering. The current and future business customers can easily understand the benefits of the product. The company does not have to use extra efforts to hard sell the product (Green 18). Social_Media advertising Social_Media is a very good marketing tool. Social media is composed of friends regularly communicating. Consequently, friends can communicate the benefits of the smart watch device (Green 18). External_advertising There is a need for the beneficial external_advertising entity. The entity will help spread the benefits of the product. Many agencies are experts in persuading the public to acquire the product. The entity some chosen television stations, some newspaper companies, and some radio stations (Green 18). Product_sales function The company beneficially needs the company’s hired employed sales_function to best present the smart watch device. The sales associates will persuade medical doctors to recommend the use of the smart watch device. Consequently, the patients will eagerly obey the doctor’s advice to immediately purchase the smart watch device (Dibb 7). Strong_brand building Several steps will help build our smart watch product’s strong brand image. The steps include creating a quality durable product and generating positive reviews from users of the device including articles indicating the benefits of the device in health journals and technology journals (Dibb 7). Selling The company’s consumers include the government & reseller_market. The product will be vigorously sold to two market segment, business_to business markets and business_to consumers market. With both markets, the total revenue will be higher than when selling to only market sector (Dibb 7). Demographic, etc. With the beneficial use of the smart watch, the company will vigorously sell the product to the current and future business customers within all demographic, income, psychographic, PRIZM, or Vals framework sectors (Burkard 11). Financial_success measures Several measures of success indicate the product is financially successful. The financial report will indicate the company generated net profit figures. Next, the company’s annual sales amount continues to increase (Thukaram 89). Breakeven_point In order to achieve the breakeven point, the company should sell enough units to recover the cost of the product and the expenses needed to produce and sell the product (Thukaram 89). Environmental_use risks There are no environmental risks in the smart watch creation or use. The product does not contain toxic materials. The product does not emit any polluting smoke (Raven 21). Socio-cultural_challenges There are no socio-cultural challenges in the process of selling the smart watch. Everyone will greatly benefit from the vital sign benefits of the smart watch from different cultures and societies (Raven 21). Regulatory, legal, & Political_constraints There are no legal, political, or regulatory constraints the will prevent the mass marketing of the product. The government laws, policies, or statutes will not prevent people from freely acquiring the beneficial vital sign device. Political leaders will eagerly help the residents acquire the beneficial smart watch units (Raven 21). SWOT analysis The strengths of the product include introducing a cost-effective high quality vita design unit. The weaknesses include possible damage from abusive use, including breakage and cracking. The opportunities include helping the patients move to a health-conscious lifestyle, avoiding foods that trigger hypertension and other ailments. The threats include entry of other smart watch devices from different new and current competitors (Dibb 48). Conclusion Summarizing, the Balance smart watch device generates vital sign information. The device helps monitor the patients’ BP, respiration, pulse, and temperature data. Marketing strategies, especially advertising, ensures an increasingly high demand for the same healthcare device. Evidently, some of the marketing-related factors contribute to the increasing current and future business customers’ preference for the Balance vital sign smart watch. Works Cited Albinus, Stig, Friedman, Scott. "CNBC." 9 March 2015. 3 Web. May 2015 . Bidgoli, Hosein. The Handbook of Technology Management. New York: J. Wiley & Sons Press, 2010. Print. Burkard, Nora. Market Segmentation. Berlin: Grin Press, 2011. Print. Dibb, Sally. Market Segmentation Success. New York: Routledge Press, 2013. Print. Green, Jen. Advertising. Rosen: Roseb Press, 2011. Print. Lee, Stephanie. "SF Gate." 28 May 2014. 3 Web. May 2015 . McNickle, Michelle. "Information Week." 31 October 2012. 3 Web. May 2015 . Moskowitz, Howard. Sensory and Consumer Research. New York: J Wiley & Sons , 2012 Print.. Murray, Kyle. The Retail Value Proposition. Toronto: University of Toronto Press, 2013. Print. Pride, William. Marketing Express. New York: Cengage Learning, 2010. Print. Raven, Peter. Environment. New York: J. Wiley & Sons, 2012. Print. Schindler, Robert. Pricing Strategies. New York: Sage Press, 2011. Print. Thukaram, Rao. Management Accounting. New York: New International Press, 2007. Print. Turban, Efraim. Electronic Commerce. New York: Springer Press, 2015. Print. Read More