Product development involves designing, creating and marketing of new products. This involves developing methods that are systematic and that guide the processes of developing new products. This paper seeks to describe the introduction of a vacuum cleaner called clean machine and its marketing strategies.
Product Description
Clean machine is a vacuum cleaning machine that seeks to ensure homes are clean and is friendly to user. The product is specifically designed to meet standards of homes and offices. Clean machine vacuum cleaner uses a voice command system and also a sensor that allows it to cope with the terrain making the product very user friendly. Clean machine is lightweight, comfortable and quiet allowing user to freely move around
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Clean Machine is designed to target individuals of the middle class and therefore it can be important to identify features that resonate with them. Political and legal forces also can be another force to watch. This can be because governments nowadays have put in place Laws that ensure environmentally friendly products are developed. Clean machine is an environmentally friendly machine that does not emit any dangerous gasses since its an electric machine and provides a safe disposal of the dirt and dust collected. Technology, another macroeconomic variable will have an impact on the product. Since the world is moving into a fully digitized environment clean machine has incorporated some of the cutting age technology like the use of voice commands and terrain sensors to ease the work of the user. This also ensures that the product is placed in a more competitive level as compared to other machines in the market (Silk 2006).
SWOT Analysis
This is a powerful marketing tool that allows individuals and businesses uncover opportunities available to be exploited. Looking at both this analysis and competitor strategies allows a business to create a well crafted strategy that ensures improved sales and profits in turn.
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Demographic market segmentation being the first having characteristics different occupation, sex and income level. Clean Machine will target this market since individuals in this market segment posses all the features that it was developed to serve. Psychographic segmentation is one of the market segmentation that Clean Machine targets since individuals of the middle social class will be interested in buying this product. This can be greatly attributed to the fact that Clean Machine is of high quality and affordable (Cohen,
Not much detail marketing will still need to do competitor research so it doesn't help much in that area
6 framework I and many others regularly use in analysis of marketing situations. We supplemented
There are a range of segmentations that allows a company to target potential customers effectively.
Development of new marketing tools, such as commission for referrals, discounted and free shipping, and promotional offers.
Many factors should be addressed when defining a target market. These factors include market segmentation, product life cycle, and the four "P's" that make the marketing mix. Market segmentation is the process of dividing a total market into market groups consisting of people who have relatively similar product wants and needs. There are four major segmentation variables: geographic, demographic, psychographic, and behavioral. Geographic segmentation includes world region, country region, city, density, or climate. Demographic segmentation can consist of age, gender, income, occupation, education, race, religion, or nationality. Social class, lifestyle, and personality fall into the psychographic segment. The behavioral segment divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product (Bethel, 2007). Once the market segment is identified, that market can be targeted.
Over the last decade, product marketing and ways through which communication takes place between manufacturers and consumers has changed tremendously (Belch & Belch 2004). Due to the technological revolutions and the rise of innovations such as the mobile phones and the internet, control over information has shifted apparently from the manufacturer's hands to the hands of consumers (Belch & Belch 2004). The market environment has also changed due to globalization of marketing strategies, loss of confidence in media advertising, increased reliance on targeted communication methods, and media fragmentation and so on (Belch & Belch 2004).
However, this vision generates an overlapping problem between the marketing department and the product development department. The marketing department, among other duties, is responsible for the identification of new opportunities and also to assure the development of new products. Unless these activities are extremely well coordinated with the product development department, there will be misalignment in the strategy of the EPD. Ultimately, this misalignment will affect a third department, i.e. the manufacturing department, since it is directly involved in the product development process.
It basically constitutes 4P’s of marketing mix such as price, place, product and promotion. All these 4P’s have similar repercussion for the promotion of products in various organizations. These justifiable elements of marketing mix can be utilized by a business organization to increase its marketing efficiency. With the marketing mix, a company can have access to marketing information so as to determine the outcomes of the marketing activities on its total sales. The company can evaluate the extent of efficiency of its marketing activities using the information gathered from the marketing mix.
Armstrong, G, Adam, S, Denize, S, Kotler, P, 2010, Principles of Marketing 5th Edition, Pearson Australia Group, Frenchs Forest
By following the strategy that I have given, we can monitor the sale of our product. Once we see an increase in revenue, we can increase our advertising campaign to directly penetrate household markets through TV and/or radio. All of these numbers and strategies seem to line up for a successful product.
emerging or new market. It can originate from new technology or new market opportunities (Eliashberg, J., Lilien, G. L., & Rao, V. R. 1997). Literature defines product development as exploiting an untapped market opportunity and turning it into a value product for customer satisfaction. Development and introduction of a new product requires extensive research on understanding customer needs, market structure, emerging trends and analysing the internal & external competitive market environments. To evaluate customer satisfaction previous researches provide strong relationship between customer satisfaction and product quality, product features and value for money. ***
Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.
There are a wide variety of products that have been created over the course of the last decade that have influenced the way that we live our day to day lives. Another product that could greatly revolutionize the world we live in would be a lawn mower that mowed your lawn by itself. This product will have a very distinctive strategy in forming its target market, product strategy, distribution strategy, pricing strategy, promotional strategy, and lastly its competitive analysis.
Grover, R & Vriens, M 2006, The handbook of marketing research: Uses, misuses, and future
Washing machines have become the most popular mechanical device throughout all modern times. “For thousands of years, one of the most tiresome household tasks was the washing of clothes and lines” (Field Enterprises Educational Corporation 45 ). Washing machines are greatly needed in everyday life. Much labor and has been relieved due to the wonderful invention of the washing machine. The washing machine is also a major time saver. Washing machines have developed proficiently throughout all the years and are still developing day by day. From the wash board to the electric washing machine, laundry has truly been transformed in America, as a result, cleaning laundry is nearly effortless.