Marketing Plan For A New Product
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Introduction
In this assignment, I am going to invent a product, examine all the environmental aspects surrounding it and relate them to the micro and macro environments. I will then carry out a SWOT analysis and an environmental analysis and then draw a number of conclusions and recommendations for my imaginary company.
My product
I have chosen to invent a product for which there seems to be a market, or at least, there is no similar existing product. It is a conventional swivel clothesline, but with an additional feature. It will have the ability to keep clothes dry when it starts to rain. This is achieved by the water sensors, which are integrated into the design. They then activate an umbrella like cover that shields the clothes from the rain. My product will include a leather jacket, pants, shirts, shoes and last but not lest an umbrellas.
Marketing Environmental Analysis
The marketing environment consists of a Microenvironment and a Macro environment. The microenvironment deals with internal factors. which could affect the companys ability to service its market, such as competitors, suppliers, distributors and consumers.
The macro environments are those factors, which are outside the control of the company. They include social, cultural, political, economic and technological changes. They vary constantly, often with no predictability. Primarily, it is these changes that can cause the most significant threats and opportunities to a business
The Micro- Environment
Competition
The No Worries clothesline is an original product, which people will inevitably copy over time, making competition something to worry about in the next 5 years. Competitors will cause a major threat to business. They can compete with prices, making it more attractive to the customer to shop at their outlet. They can make their version of the product more attractive, i.e., more features.
From what learned in my marketing class, I have discovered that consumers want quality value for money and will build a strong loyalty to those who provide they truly are loyal to their customers.
Customers
I understand my company will have to be customer focused, as we are a marketing orientated company. I will need to make a clear decision about the type of customer that I wish to target with my campaign. I will need to carry out some field research into what my market requires or likes and how I can meet those requirements or wants. Mainly though, I can predict that my target market will be middle aged women, possibly housewives and possibly those who work. I will wait to see what my research reveals. It is a known fact women shop a lot more than men. They go out and buy clothes for their entire family in most cases. It is in the best interest of my organization to win the heart and mind of these individuals mainly.
Distributors
It is critical to know where the customer is and is going to be in order to distribute effectively. My distribution channel must finish where the consumer is and present it in the best possible way. It is important to supply enough to meet demands. Using forecasts
I will make my target easy to identify with collective data of customers shopping analysis. (Online shopping or marketing is critical for collecting data.) As a small company starting out, I will need to recruit and independent distributor for financial reasons.
Suppliers
It is important that suppliers distribute on time. My company will be using the Just in Time method of production, to save on storage space. It must be a pre-requisite of the contract with the supplier that the deliveries must arrive on time. Supplies for the manufacturing of the clothesline must be carefully monitored to ensure we dont run out. Being a new product, it is important it is available all of the time in the first few months to try to capture a share of the market within that time
The Macro environment
Social Forces
Social influences which include populations, lifestyles, attitudes, values and beliefs and socio-economic class may affect my product because society is changing to become more rushed and people have less time for household chores. No Worries clothesline will mean that people can go out without worrying about whether or not it is going to rain and their fresh laundry will get wet again.
Legal Forces
My company could help the environment by employing more people. I first will have to go and get a legal representative for my new company so I make sure the company follows every legal process to be accepted in the legal system. The company will look at affirmative action, tax, and make available benefits for my employees, obey all State law where the company is based. Avoid unions and other factors that could disable my company by collaborating with my employees demand and by coming with understanding when problem occur. For example, laws to protect the consumer, employees, and Health and safety regulations, all must be obeyed. If they are not, there may be serious consequences to deal with.
Technological Forces
An organization must constantly be aware of technological advances in order to remain competitive and increase productivity. Technology is constantly changing, and to keep one step ahead of the market I must continually keep checks on the advances and use them to my benefit.
Cultural Forces
I think my clothesline will be successful, partly due to a gap in the market, but also due to the high amount of rainfall and snow in the US. For this reason, I have decided not to aim any further than the US, as Europe has less rainfall, making my product redundant.
Swot analysis for No Worries Clothes line
A SWOT analysis determines a companys position by examining 4 factors
* Strengths, * Weaknesses, * Opportunities, * Threats
Strengths and weaknesses are said to be internal, that is, controlled by the company. Opportunities and Threats are outside the companys control and are therefore said to be external influences.
Strengths * Most people are willing to try a new product. If they are impressed, they will trust the company and build a loyalty to it.