Marketing Plan for a New Product
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 company's 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
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 company's 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