Marketing a New Product

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Marketing 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.

Marketing Environmental Analysis

The marketing environment consists of a Microenvironment and a Macroenvironment. 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 macroenvironment 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 research carried out from previous assignments, I have discovered that consumers want quality value for money and will build a strong loyalty to those who provide it.

Customers

I understand my company will have to be customer focused, as we are a marketing orientated company. I will need to make a clear decision about the type of customer that I wish to target with my campaign. I will need to carry out some field research into what my market requires or likes and how I can meet those requirements or wants. Mainly though, I can predict that my target market will be middle aged women, possibly housewives and possibly those who work. I will wait to see what my research reveals.

Distributors

It is critical to know where the customer is and is going to be in order to distribute effectively. My distribution channel must finish where the consumer is and present it in the best possible way. It is important to supply enough to meet demands. Using forecasts will do this. As a small company starting out, I will need to recruit and independent distributor for financial reasons.

Suppliers

It is important that suppliers distribute on time. My company will be using the Just in Time method of production, to save on storage space. It must be a pre-requisite of the contract with the supplier that the deliveries must arrive on time. Supplies for the manufacturing of the clothesline must be carefully monitored to ensure we don't run out. Being a new product, it is important it is available all of the time in the first few months to try to capture a share of the market within that time

The Macroenvironment

Social Forces

Social influences which include populations, lifestyles, attitudes, values and beliefs and socio-economic class may affect my product because society is changing to become more rushed and people have less time for household chores. 'No Worries' clothesline will mean that people can go out without worrying about whether or not it is going to rain and their fresh laundry will get wet again. My company could affect the region, in that more people from that area are being employed.

Legal Forces

My company would have to work within the legal regulations of the UK. For example, laws to protect the consumer, employees, health and safety regulations, all must be obeyed. If they are not, there may be serious consequences to deal with.

Technological Forces

An organisation must constantly be aware of technological advances in order to remain competitive and increase productivity. Technology is constantly changing, and to keep one step ahead of the market I must continually keep checks on the advances and use them to my benefit.

Cultural Forces

I think my clothesline will be successful, partly due to a gap in the market, but also due to the high amount of rainfall in the UK. For this reason, I have decided not to aim any further than the UK, as Europe has less rainfall, making my product redundant.

Swot analysis for 'No Worries' Clothes line

A SWOT analysis determines a company's position by examining 4 factors

' Strengths

' Weaknesses

' Opportunities

' Threats

Strengths and weaknesses are said to be internal, that is, controlled by the company. Opportunities and Threats are outside the company's control and are therefore said to be external influences.

Strengths

' Most people are ...

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