Developing A Marketing Plan for a New Product - Essay Example

In order to market a new product, it is always important to lay out a plan. Using the given guidelines, I have created a very accessible lay out and plan for marketing a new type of Hershey bar over seas. First off, we have to know the markets. The overseas market is very different from our own in both size and taste. When looking at size we are of course talking a much larger population than our own, so we would need to prepare for a much larger number of stock. Growth trends are also a little different, as the health kick is not quite as strong over seas in all areas as it is here, but it is still there and work capitalizing on.

Overseas we also not only have the same competitors we have here, but other local competitors, such as the great candy makers in Switzerland for example. All of these factors have to be taken into consideration. Especially important is the local ideals of a region when running advertisement, as we need to be sure to not run an ad that could be considered offensive in another country. Of course our produce is very tangible, and we hope to be short lived. We are not intending people to buy our product and hold on to them, we want them to eat them so they in turn come back to buy more.

We would hope for an as much as possibly purchase, similar to the candy isle you see here. Then people would buy them whenever they caught their eye, and would be instantly attracted to them. We also need to totally market our product as different and more healthy than other alternatives. This is key to success in the important demographics that we need in order to clench success for our company. Once we factor in cost and demand, we will hopefully be able to find a stable price. We do not want price to high or to low, or we may find demand fluctuating to much for our needs.

Our objective is to be as successful as possible, but we may need to take initial losses to do that. However, if we run promotions and use our company prestige, I think we could easily sell all of the candy bars for profit and still make out ok in these new markets. Of course, I think the easiest way to do this is to break up the larger demographic of overseas, and appoint teams in charge of smaller chunks of the markets to try to get a better hold on each individual consumer. We need to know what makes people buy which products, and what the hot things are currently in each country.

We would need almost a team on every country to try to achieve that, however I think it is key to our overall success. We also need to have our sales team behind us full force, working on sending out catalogs, flyers, and running promotions. This is the key part of making our product sell, and it is integral to our success as a company. We need to tie this in with our pricing strategy, and make sure that they all work together to form one concave unit. We also need to make sure the customer knows how this helps them, and how they can enjoy candy and yet still have low fat food as well.

This is very important, as how the customer views our product is of utmost importance. If they do no know they need it or want it, they will never buy it. Thus, it is important to play up the healthy living style this food can work with in order to get the success we want and need as a company. And lastly, sales and promotion must be big, huge, and eye catching. We will need to run teams to advertise every little placed we sell this candy. From running television ads, billboards, ads in magazines, you name it.

We need to run it all in order to be successful. We need a whole team simply devoted to advertising, and they need to get the word out. With this plan in place, we can hope and bank on the success of breaking the Hershey bar into the new market.