Question

i need help finding new product and all the category

III. Marketing Strategy a. Decide on a S.M.A.R.T. marketing objective for your new product: b. Target Market consider the demographic factors we learned in chapter 2. Which one's) would be best to use when sememb the market for your new product? From that segmentation, who is your target market for your new product? d. What is the market position for your new product? (compared to competitors) pared to competitors) e. What is the strategic direction of your new product based on Ansoff's opportunity matrix? Market Penetration Product Development Market Development Diversification f. Determine the marketing mix for your new product -P1=Product -P2=Place: Where distributed - everywhere or exclusively? Direct to consumer or use intermediaries?

Answer 1

ANSWER a

A good way to construct an effective marketing plan is to use the SMART outline. SMART is an acronym for Specific, Measurable, Achievable, Realistic and Timely. If you develop your company's goals and objectives to meet these requirements, then your marketing plan will have a good chance for success

The product I would / have designed is called Pristine electrical eraser . It consists of two basic parts one is the body of the eraser made up of plastic consisting of a basic motor , AAA battery and the second part is an eraser tube that is a type of refill and would be available in separate packaging as well.It is an everyday usage product and prevents the labor of rubbing on the paper. It is a perfect simple device that exerts minimal pressure on paper to erase the work thus eliminating the chances of paper rupture or tear.

SPECIFIC Since the product is new it is specified that at least 25000 units must be sold to achieve break even point and the need in the customers must to be created for this new product.

MEASURABLE The product has measurable results and it is to measured that the sales is exceeding 25000 units

ACHIEVABLE The goal set must be achievable and for this product it is achievable by promoting the product via advertisement and sales promotion .

REALISTIC The goal is formed in the context of current economic conditions and realities of the business climate.There are resources and right people for the job

TIMELY The goal of selling 25000 units must be completed within 3 months of the production .Hence a dead line is set for achieving the goal.

ANSWER b

THE BEST DEMOGRAPHIC FACTORS WOULD BE AGE AND OCCUPATION

AGE -The target market is the people from the age 5 to 60 years of age as eraser is a common utility item and is used by all age groups

OCCUPATION - the target market would be students and artists

Answer d

The market position is branding as the product is new.

Answer e

The strategic direction is market penetration , product being new

Answer f

PRODUCT

The product is unique and very usable that is to cater the needs of young and old . It provides a sense of satisfaction and even accomplishment as it is newly launched and considered modern technology

PLACE

This electric eraser is made available to the customers through two mediums one is online in which the customers can buy directly from online stores and the second is local stationary stores .Thus the medium of distribution is direct as well as indirect.

PROMOTION

ADVERTISING

the product is advertised in newspapers and is also advertised on television

PR & SPONSORSHIP

the brand name pristine would sponsor certain sketching competitions to make artists aware of the eraser that cleans without leaving any marks on the paper

SALES PROMOTION

there would be sales promotion scheme of returning 10 used refills of eraser back to shopkeeper to

gain 2 new refills

PERSONAL SELLING

Few of the sales personnel would be assigned to directly sell the product

DIGITAL

the product would be advertised using Facebook and other social media sites

PRICE

The price would be kept exactlyas the competitors but the quality and values associated would be higher than competitors .