Marketing mix strategies

Topics: Marketing, Product life cycle management, New product development Pages: 6 (1125 words) Published: November 9, 2013
Please change all “P&S Printer” to print model number.

MARKETING MIX STRATEGIES
Product
Samsung has decided that it is time for a new shopping product to be released into the market. Hence, Samsung has come up with the Punch & Staple Printer (P&S Printer). The P&S Printer is a all-in-one printer that prints, punches holes and staples your work for you.

Goods-Services Continuum
It is important for Samsung to keep new and old consumers satisfied all the time. So, Samsung has to constantly do so by ensuring excellent service experience and reasonably attractive cost of product. Service delivered to the customer on the shop fronts and at the service centres are important for the brand and its products. Samsung will deliver the best service though providing the after sales services and care of the P&S Printer.

Extended Warranty and P&S Printer Enquiry Hotline
In addition to the usual one-year warranty, Samsung can offer an extended two-year warranty from the date of purchase. For any enquiries, services or technical matters pertaining to the P&S Printer, consumers can ring a free-toll phone number to speak with Samsung’s trained customer officers and professional technicians.

Customer Care
Upon purchase of the all-in-one printer, customer can log online and chat with online customer officers should they face any trouble during installation. Purchase of the P&S Printer comes with a manual in multi-languages to guide users and this manual will be available online as well. Illustrations in the manual will clearly indicate the different parts of the P&S Printer.

New Product Development Process
Stage 1: New Product Strategy Development
The new product’s role is to meet the marketing objectives of meeting 20% profit, 20% ROI and 8% market share. A SWOT analysis and then an environmental scanning are used to analyse the strengths and weaknesses relative to the trends it identifies as opportunities. Stage 2: Idea Generation

While identifying the needs of the target market and based on the data obtained in Stage 1, ideas are generated and pooling of concepts are carried out. The ideas developed come mainly from competitive products, small firms, academic inventors, existing consumers, suppliers, co-workers and the research and development laboratories. Stage 3: Screening & Evaluation

Ideas generated in Stage 2 are screened internally and externally. Then they are evaluated and subsequently eliminated. Internal and external approaches are used to eliminate ideas that are worth further effort on development. The internal approach evaluates if the new product idea will meet the marketing objectives. The external approach draws external evaluations from consumers through preliminary testing of the new product idea on existing products then with new, innovative products with which consumers are not familiar with. Stage 4: Business Analysis

Analyses are done to the new product, the marketing strategy required for launching as well as the financial projections. There is no need for new plant or machine investment as Samsung specializes in printer production. The mission and objections of the new product are clearly presented to the Board of Directors.

Stage 5: Development
Upon approval from the Board of Directors, a prototype is produced for laboratory tests and consumer tests to make sure it meets the established standards – safety, precision and power consumption. The prototype must be low cost with excellent build quality. The prototype will be refined until satisfactory.

Stage 6: Market Testing
This test allows Samsung to have an estimate of consumers who would buy the P&S Printer. The P&S Printer will be given to a selected group of prospective consumers for their usage and feedback. Based on the feedback, final modifications and improvements will be made in this stage. Stage 7: Commercialization

The P&S Printer will be launch on 1 January 2014. A detail marketing plan incorporating marketing...
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