New Product Launch Marketing Plan, Part II
September 16, 2013
New Product Launch Marketing Plan, Part II
The following is the second part to the iNKtopia product launch plan. The second part of the marketing plan consists of a detailed target market profile, including buying behaviors, decision motivators, and organizational target markets. The plan also includes steps to manage each stage of the product life cycle and tactical plans for the Four P’s. Finally, the second part of the marketing plan expands on the product offering expressed in part one and a new position statement to drive iNKtopia’s positioning strategy. Market Profile
The defined target market profile of the consumer group that the company needs to market to is easily defined in the region but covers many different business groups. The target market for iNKtopia’s will be concentrated at first in the region centrally located geographically to the main facility of iNKtopia. This will allow easy access by potential customers to iNKtopia for convenience of use. Being located in the business district also allows iNKtopia to offer pickup and delivery of larger orders directly to the customer. The availability of an established customer base already using the product that iNKtopia has to offer has advantages and disadvantages. Most small businesses in the area use printers in everything from cash registers to small desk computers in the business work place. Most ink purchases are acquired by making a trip to the local office supply where house taking away valuable time from work that could be used for other more important tasks than driving to the store and purchasing ink. The availability of iNKtopia’s on sire delivery can be used an appealing time and cost saver when presented to the business owners. Larger businesses usually have a local contract with a local supply where house that delivers directly to the business. Selling the local angle at lower rates with a personal touch would help make inroads into larger businesses (gunter, 2013). Product Life Cycle
The first phase of iNKtopia’s product life cycle is the introduction phase. The introduction phase “…is a period of slow sales growth as the product is introduced in the market. Profits are nonexistent because of the heavy expenses of product introduction” (Kotler & Keller, 2012, p. 310). iNKtopia will provide ink refilling services to consumers at a more reasonable price and providing quality service with a degree of options to meet customer needs. In this phase iNKtopia will focus on providing a quality product that is cheap to manufacture to help offset startup cost. During this phase, iNKtopia will go with a pricing strategy that will keep the product price low to attract many new customers to the products and services. This is contrary to a pricing strategy that will price the products higher to help recoup start-up cost. INKtopia is focused on providing high quality low cost products and services to its customers. This phase will be critical to the success of iNKtopia because the ink refilling service is a brick and mortar establishment that enables customers to walk-in and refill ink cartridges of all different types at a reasonable price. The products and services that iNKtopia will provide will only be available in iNKtopia stores which will create a greater need to use great promotions, print ads, and television ads to spread the word about the next big thing in ink. Growth Phase
The growth phase is “a period of rapid market acceptance and substantial profit improvement” (Kotler & Keller, 2012, p. 310). In the growth phase the sales and profits of iNKtopia products will start to rise. During this phase iNKtopia will keep the product price the same to capitalize on earnings made from the new product while ensuring product quality preserved. During this Phase iNKtopia must expand the products distribution during the growth stage. To achieve product distribution the...
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