New Product Marketing Plan:
University of Phoenix
November 3, 2014
In the continuation of the product marketing plan for Tress Express, the completion of the market segmentation will allow for further development of the necessary elements to introduce the product line into today’s market. As such, the detailing of the business’ target market profile key buying behaviors and organizational target markets will shed light on the potential customers and the methods behind their reasoning for seeking out such products. Along with the management of the Product Life Cycle (PLC), as well as the product mix and positioning statement for Tress Express, this second part of the product marketing plan will expand upon elements of marketing. Target Market Profiles
Millions of people worldwide are affected by hair loss or thinning. According to Statisticbrian.com (2014), approximately 56 million men and women experience hair loss. Estimates indicate that by the age of 60, 65% of men and 80% of women will experience noticeable hair loss or thinning. Statistics indicate that as men and women age, the likelihood of hair loss increases. For those not affected by thinning or loss will usually experience graying hair over time. Tress Express Products line of emergency cosmetic hair care solutions targets aging adults affected by hair thinning, loss, and graying. Tress Express Products customers are concerned with health, energy, and wellness. They look for quick fixes that provide instant improvement. They are open to new products that save them time, make life easier, and are cost effective. Tress Express Products customers are motivated by their current life stage rather than their age. Service and low-price items are valued by them. They are less sensitive to prestige. If they feel they are purchasing a superior product at a good value they are less price conscious.
Product Life Cycle
Four stages exist in the product life cycle: introduction, growth, mature, and declining stage (What is Your Product Life Cycle, 2014). Each of the stages consists of action the businesses take to introduce, manufactures, and market the product to consumers. The first stages starts with product development into the consumer market. During the introduction stage, the business launches the product into the market while providing special consideration to pricing, market segmentation, branding, and promotional requirements (What is Your Product Life Cycle, 2014). Growth follows introduction as the second stage to product life cycle. During the growth stage, the company attempts to increase market share by expanding the target audience, increase product awareness, and enter additional markets (What is Your Product Life Cycle, 2014). The third stage consists of maturity. Rick Suttle characterizes maturity as the saturated stage in the product life cycle process. During the maturity stage, the competition for market share becomes fierce. Businesses adopt alternative business strategies such as lowering product prices, adding additional products into the market, or add new features into the existing product (Suttle, 2014). The decline stage completes the product life cycle process. During the decline stage, the product becomes obsolete and irrelevant. The company can either add new features to the product to entice customer to return or discontinue production. The demand for hair loss treatment products has increased over the years. The increasing demand presents an opportunity for a company to introduce a new product into the market. However, introducing a new product into the market presents various challenges for a business especially if the industry has a leading product provider such as Rogaine. The company needs to plan and monitor the life cycle process to ensure product longevity. Following the four stages of product life cycle with special consideration to product, place, price,...
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