Marketing Objectives for the Launch of Vitro and Nitron - Research Paper Example

Introduction The project outlines the marketing strategies and financial and marketing objectives for the launch of Vitro and Nitron. These strategies are based on the situation analysis and marketing plan laid out in the earlier chapters. In this fictional scenario the new vitro and nitron is the newest product in Apple’s line of computer technologies. The chapter outlines one step further for the successful launch and marketing of our product. Marketing opportunity and analysis The key success factor in the current technology industry is acquiring the customers and providing them high end service with a chance of generating more income from the savings of the customer. As discussed earlier, the main objective of the marketing plan for Vitro and nitron is the acquisition of new customers for this innovative product and generating more revenues from the existing customers. The acquisition of new customers can be done mainly by Advertising and sales promotion strategies whereas generating more revenues from existing customers is possible through generating more returns on investments for its retail customers, implementing proper strategies, reaching out the customers in a way that all the latest news about the new product should reach them at the earliest so that they can gain maximum by buying the product. Apple should maintain its focus on operational efficiency and customer intimacy. Target Markets As discussed earlier, the target markets for the company would be all the organizations that currently use vitro or some other technology for holding meetings and presentations. As per the demographics, the product will be launched firstly all over the US as a test market to see it response. Based on the response the company can also adjust the price and features of the product suiting to the needs of various demographics. If the product launch becomes a success on US, its next target market would be Asia, specifically countries like India and China as these have high growth potential. Another industry that would be targeted for the promotion of the product apart from the companies is small and big educational organizations. Over the years, the tools and methodologies in the educational industry have transformed and no more manual system of education is followed. Every class has a projector for teaching the students through presentations and live seminar. This would also act as another target market for the launch of the product as popularity in the education sector could act as a further gateway to service industry. Positioning The company will position its product as a high end product of a superior brand which would cater to the needs of industrial customers. This positioning will help Apple take the early mover advantage and can also help the company in targeting the right customers along with achieving operational efficiency. In the institutional format, the company will position itself as a brand that provides customized solutions to different Technological needs. Pricing Seeing the quality of the product and as the product as an innovation in the market, it will be priced at a higher end for the first version. This price may not be suitable for all the demographics but it will act as a benchmark for the quality of the product. Product differentiation strategy would be used for the pricing of the product as this is a high end product with an innovative technology to be launched in the market. Advertising Advertising is the most successful way of reaching the customers. With the increasing demand of technology products, the number of options for the consumers is increasing day by day. In the current scenario the supply of these products is increasing day by day thereby creating competition among the companies. So in this scenario, the best way to promote a product is through Advertising. Moreover, for an innovative product like vitro and nitron aggressive advertising should be done before the launch of the product. Hoardings and T.V ads explaining certain features of the fictional product while not disclosing the name and keeping viewers in guess for some time will create some curiosity regarding the product. This type of ads should be done before launching while after the launch advertisements explaining the advantages of the product and the market that it would be targeting would be done. Sales Promotion This is the second most important tool to be used to promote vitro and nitron in this increasingly competitive market. The primary focus of sales promotion in this market would be consumer oriented. The Sales Promotion would be done soon after the launch of the product seeing the initial demand for the product. This would be dome through offering coupons and samples, introducing rebates, bonus packs and loyalty programs into the sales of vitros. By the integration of both the above mentioned market communication tools, companies can successfully promote their products in the markets. Marketing Research Marketing research is key to the success of any new product. The data collected during this process will allow Apple to determine the need or desire for the new Vitro and nitron. The tools used for this research should include both quantitative and qualitative data. Combining the use of both data sources will allow Company to identify the target demographic and begin to build a marketing strategy. Qualitative research is a systematic approach to gathering non-numerical data to support the acceptance or rejection of a hypothesis (Smith & Stewart, 2001). This research method uses sampling from the target market to collect the wanted data. Some tools used to gather this type of data include structured depth interviews, focus groups, case studies, and observation (Healey, 2009). These tools will allow Company’s market research team to obtain more detailed input from the potential consumer. Quantitative research concentrates on the quantity of data rather than the quality. This secondary research tool is not used to gather numerical data which can be easily categorized. Some qualitative research strategies that would be used to determine the best marketing strategy for the new Company Vitro and nitron include online surveys using scales (e.g. On a scale from 1 to 5 with 5 being the most how interested would you be in this product), e-mail interviews, telephone surveys, and intercept studies. Each of these tools will allow Company to collect concrete data on the interest for the new Projection Vitro, and combined with the qualitative data will aid in the development of a strong marketing strategy. Marketing and Financial Objectives The marketing objective for launching the product consists successfully integrating the product in the market. It includes marketing research and analysis of the product prior to its launch, deciding upon the marketing opportunity and analysis as well as situation analysis of the product. It also includes the decision upon all the variables revolving around the marketing of the product like 4Ps, positioning, SWOT, demographics, pricing etc. After realizing the underlying marketing objectives of the vitro and nitron, the company would be in a position to decide upon all the variables surrounding successful launch of the product. The Financial objectives for launching the product include generating a healthy return on investment. Before deciding on whether to go for a project the company decided upon it costs and advantages over the years. Companies typically calculate Net Present Value of the project or the product for a moderate period and then decide on the launch. The financial objective includes generating more revenues along with covering the initial investment cost over the years. Part B: Estimated Numbers 1. Price of the product: The recommended price for the product would be $425 as this is an upscale premium product in the market. 2. Production level: The recommended production level for the product will be 300,064. 3. Advertising Numbers: The recommended budget for the advertising media is 1,500,000 and the recommended budget for advertising research would be 200,000. 4. Sales Force: The sales force that would be dedicated to different departments is: In specialty store, sales force to be added is 4. In Department store, sales force to be added is 4. In Mass Merchandise, sales force to be added is 2. References Decision Making. 2009. 26 Nov 2010 . Marketing Communication. 2010. 8 Nov 2010 . SWOT analyis. n.d. 16 Nov 2010 . Taybout, Alice M. "Persuasive Advertising: Consumer Psychology." School of business , economics and management (n.d.). West, Douglas C. "Role portrayal in advertising and editorial content and eating disorders." (2006). References Macworld.com. (2010). Analysis: the many of faces of Company advertising. Retrieved July 15th, 2010, from http://www.macworld.com/article/131075/2007/12/appleads.html Marketingminds.com. (2010). Apple’s branding strategy. Retrieved July 14th, 2010, from http://www.marketingminds.com.au/branding/apple_branding_strategy.html Microsoft’s and Apple’s Product Lines Compared: This Is Why Apple Wins. Dan Nosowitz May 26, 2010. Retrieved July 15, 2010 from, http://www.fastcompany.com/1652843/microsoft-vs-apple-product-line-market-cap-wall-street-valuation-steve-jobs Pragmaticmarketing.com. (2010). You can’t innovate like Apple. Retrieved July 15th, 2010, from http://www.pragmaticmarketing.com/publications/magazine/6/4/you_cant_innova te_like_apple Smith, A., & Stewart, B. (2001, June 2). "Beyond Number Crunching:" Applying Qualitative Techniques in Sport Marketing Research. Retrieved from http://www.nova.edu/ssss/QR/QR6-2/smith.html TAM The Apple Museum. Retrieved July 15, 2010 from http://www.theapplemuseum.com/index.php?id=53 Read More