The assignment is based on creating a new product in the market while providing marketing strategies for the new brand. Besides, the discussion will also contain information concerning how the given new product is superior to competitors’ products. In this discussion, the product to consider is newly created electric designer watches that will be expected to gain popularity in the market with time. The electric designer watch has remarkable features, which include a variety of designs, shapes, and it is also electric. Besides, some designer watch designs are incorporated with phone features allowing one to make a call using them and send messages using them. Reviewing such a market situation of designing watches is based on the concept of the need for time management in various institutions. Perhaps this discussion incorporates different concepts needed to create and market a new brand in a market full of competitors.
Question One
This question covers the following concepts;
The strategic planning process
When creating a new product, a company must consider
various processes to familiarize customers with the new brand. The strategic
planning process refers to step by step criterion of establishing a direction
of one’s business by paying attention and prioritizing objectives and
determining the company’s strategic position. When building a new brand for
designer watches cultivating goals such as brand awareness and
establishing significant market shares is relevant for new entrants.
SWOT: Stands for Strengths,
Weaknesses, Opportunities, and Threats
Analysis of strengths, weaknesses, opportunities, and
threats must be considered when creating a new product in a market full of
competitors. In market evaluation, strengths and weaknesses are deemed to concern
with the business’s internal environment while opportunities and threats
concern the external environment of the organization. SWOT analysis is a
a necessary process that assists a company in evaluating its external and
internal environment by paying attention to strengths, weaknesses,
opportunities and threats. In most cases, the above process is vital in
testing new ideas in a marketing setting.
Market Segmentation
This may involve organizing business or customer base
along with a combination of geographic, behavioral, and demographic lines. Some
of the typical features of a market segment include lifestyle, gender, and
interests. For the designer watches, the best strategy for selection will
involve consideration of age and lifestyle. Our new product will be made for
customers aged between 20 and 40, both the middle and high class.
.
Target Marketing
The concept of target marketing involves the isolation of
a particular group of prospective customers to whom a given company will wish
to sell its products and services in the long run. Target marketing means all efforts are directed to a similar group of people who are deemed to purchases
the products increasing the possibility of existing in a competitive market.
The most targeted market for the newly created designer watches includes middle
and low-class individuals, mostly between twenty and forty years of age. The
best strategy for marketing a new brand encompasses extensive advertisement,
promotion, expandable distribution, and reasonable pricing in the bid of
gaining a large market share and huge sales. Moreover, to fully familiarize
customers with the new product, we must consider a marketing plan that involves
price, product, place, and promotion (4Ps).
Product positioning
The above concept refers to a type of marketing that
shows the advantages derived from using a product by a specific target
audience. The product can be positioned for best marketing results by considering methods of packaging, pricing, advertising and promotion
channels. A good example is when we choose to advertise our watches through
television, customers may end up being convinced to acquire the product due to
its positioning.
Offerings (Product, Price and Service)
Offerings refer to a collection or group of platform
features that operate together to ensure the acquisition of particular value
proposition for the end consumers of the given brand of product. Offerings can
be sold and serviced through penetration pricing for new brands as it is the
a case for new designer watches. In a marketing plan for a new product, an offering is
taken to be more than the product in that it entails elements that dictate
additional value to the prospective customers such as convenient delivery,
quality of service and availability.
Question Two
Product assessment is a crucial process that must be
undertaken when introducing a new product in a market. Perhaps, during
a marketing plan for a new product such as brand new designer watches, consideration
of the viability of the product is necessary to build a strong image beyond the
unforeseen future. Product assessment may also involve some of the concepts
highlighted in part one, such as product positioning, market segmentation and
offerings. Besides, for a company to remain effective, product assessment
opportunities should be able to answer questions such as value proposition,
target market, revenue strategy and competitive landscape. Nevertheless,
offerings and product positioning during product assessment tend to be
necessary since they highlight some of the benefits of the product to potential
customers.
Product Positioning
The electric designer watch will be positioned as a
modern affordable watch which high consideration of technology that caters to
needs of most people in the age of need for proper time management. Prospective
customers will be advised on how to use the product by considering some of its
hidden features. perhaps, to ensure perfection, the product comes with a manual that bears
step by step guideline for using the designer watch for a long time.
Offerings
Price
Offering can be presented in terms of penetration
pricing, for instance for the new designer watches we will consider setting
a price ranging from around $40 to $ 800 depending on the quality of each brand.
Besides above penetration pricing offer will be tailored to attaining high
market share bearing in mind that competitors have set their prices higher for
the similar product.
Product
In line with the concept of offering, our company will create
and launch more than twenty different designs of designer watches in the first
the fiscal year of operation, with a guarantee of varieties even in the future.
Besides, to acquire a competitive advantage, one-quarter of products will be
coated with silver, with other series being made of unusual shapes to cater to
young population market segment.
Services
In assessing our product, considering services that the
product will offer to customers is also crucial since it acts as a form of
offering in the market. Perhaps, in terms of services, our designer watches are
designed to ensure proper time management and can suit any market segment.
Question Three
This part analyzes security, privacy, ethical and legal
issues that relate to the digital information world and marketing.
Security issues
In the world of digital information and marketing,
security issues involve aspects of protection of customer’s information that
must be kept safely to reduce the effects of theft or unauthorized access.
Technology today has seen marketing in most multinational business being
undertaken through computerized programs which are vulnerable to theft of data
by third parties. Hacking of clients’ information in a business set up for
negative use is among the security issues that should be considered for the
best marketing and productivity. These security issues also encompass all forms
of attacks, such as viruses and malwares that can lead to data losses.
Privacy issues
The privacy issue is one of the crucial elements of managing huge
information, especially concerning customers’ details such as phone numbers,
direct emails and addresses that link their confidential information to the
company in question. Perhaps as far as the digital information world and marketing
is concerned, addressing privacy issues must involve technical personnel who
have the capacity of securing customers’ data from all forms of uncertainties
such as theft and unauthorized access. Personal data dictates privacy for
clients in large organizations hence the need for protection from all possible
negative consequences.
Ethical issues
In regard to the digital information world and marketing,
ethical issues highlight actions of taking responsibilities in the bid of
avoiding doing things in the wrong way.
Besides, this takes into consideration a state where
customers build trust within institutions or organizations for protecting their
personal information from any form of misuse. Any issue of an organization failing
to take responsibility for protecting customers’ data may be taken to be ethical
issues that can end up affecting the customers. Moreover, for such a scenario, the
company in question can be held ethically labile for exposing customers’
information to the wrong persons.
Legal issues
When looking at the digital information world and
marketing, legal issues related to aspects of the company sharing personalized data
of its clients without any permission. Such action by an organization may
affect individual customer for log time since sharing data of a client
increases the vulnerability of information hence higher possibility of theft.
In some related cases, the client can consider presenting the cases before a court of
law to seek compensation or legal advice which may see the organization in
the question of being fined or restricted from operating.