Four P's Project
Have you ever misplaced your keys, phone, or wallet? It is safe to say everyone has, however what is not accurate to say is that everyone finds what they misplaced. That's where "Finder, a Household Necessity" comes in. Finder is a state of the art technology microchip that is the size of a flat pea and sticks to virtually any surface. Finder sends signals to a satellite, that in turns sends signals to you identifying the object's exact location using the Finder App. With Finder you will be able to know where an object is even if it is in another country. No more lost suitcases, keys, credit cards, or important objects because with the help of Finder you always find! Product:
The company has the mission to provide a product that will bring peace of mind, that is affordable, and is above all high quality. The strategy to achieve that mission is to have high enough sales volumes that is able to afford the company to produce quality products, present them a brand name recognition, and maintain their prices low. "Creating a brand idea requires a leap of faith to articulate something that captures the good about the present state of the brand, and, more importantly, a vision of it's future" (Bennett, 62).
The company's goal is to make Finder, a convenience product, an "in every household necessity". The segmentation method used will be the benefits method. We want to target everyone that can possibly benefit from the use of Finder. We will have a undifferentiated targeting strategy, focusing only in the similarities in needs of the customer and disregarding age, gender, financial position, etc. The targeted market is everyone, from kids with their favorite dolls, to adults with their keys, to grandparents and their remotes. The product will be affordable to all economic classes and easy to use. the companies main utilized strategy is their value proposition strategy. The company believes that by making consumers aware of the value they receive from their product it will be enough for them to want to purchase the product.
Finder fulfills the safety aspect in Maslow's Hierarchy of Needs: to protect. Finder's main purpose is to give the customers peace of mind and it is able to do that by protecting goods, sentimental items, and personal information items such as passport social security cards, and keys. Finder protects the customer from possible physical and emotional harm that may arise from loosing these objects. Finder is easy to use and very affordable.
Another way to create value is how we present our product. "The package and the label may be important in increasing consumer satisfaction. In addition, they aid protecting and promoting the product. The packaging of many products has been the key to success for many companies" (Stevens, 181). The secondary packaging not only will it be 100% made out of recyclable materials but will also be bright red to catch the attention of consumers. Price:
The pricing strategy utilized by the company to set prices is sales orientation. The company believe that the number of sales is a greater benefit than the profit themselves in the long run. The high volumes of sell will help with making Finder a well known brand name, and product awareness to name a few benefits. The company will utilize the every day low price strategy for Finder to make it affordable to everyone.
Critical components of pricing are: competition, costs, company objectives, customers, and channel members. Since their is no other business in the market with the same product, and won't be for a while because of patents, there is no price competition. Company objective is to provide an affordable product. Costs will be kept low by having simple marketing strategies, using already available technology, and utilizing a very small amount of labor. By keeping costs low and providing customers with a product that has such value, there is no forecast indicating...
Cited: Bennett, Anthony G.. The big book of marketing: lessons and best practices from the world 's greatest companies. New York: McGraw-Hill, 2010. Print.
Hiebing, Roman G., Scott W. Cooper, and Steve Wehrenberg. The successful marketing plan: how to create dynamic, results-oriented marketing. 4th ed. New York: McGraw-Hill, 2012. Print.
Stevens, Robert E.. Marketing planning guide. 3rd ed. New York: Best Business Books, 2006. Print.
Westwood, John. How to write a marketing plan. Rev. 3rd ed. London: Kogan Page, 2011. Print.
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