New Product Launch By Blacksocks
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 2591 words||✅ Published: 1st Jan 2015|
BlackSocks provides the highest quality of black socks directly from Europe to the customers doorstep Customer satisfaction is of essence in making of our socks, therefore for each new shipment of yarn, three pair of test socks are produced and tested for chafing, color-fastness fastness being part strategic procedures of yarn quality assessment before authenticating the cotton into production inventory. Our customer segment will range between the ages of 16 and 68. Our main consumers will be young executives. Our strategy is to transform BlackSocks into the leading brand in the manufacture and distribution of black socks in the world. We plan to do this by ensuring that the subscriptions for BlackSocks reach 1 million by 2011.
Key words: Customer satisfaction, marketing, brand strategy
According to Kim & Mauborgne (2000), identifying which business ideas have real commercial life line is one of the most difficult challenges that confront entrepreneurs when launching new products into the market. However, three tools determination of the utility, price, and business model may be instrumental in making enterprising decisions. Kim & Mauborgne (2000), also advance the observation that a customers product experience passes through six basic stages namely: purchase, delivery, use of supplements, maintenance and disposal.
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Purchase considered in the customers perspective includes the prospects on time taken to find needed and how rapid one can make a purchase. Delivery incorporates business factors like how long it takes to deliver products. The aspect of use in product development caters for issues like professional advice on consumption and maintenance is of essence in the sense that investors must underline facelift product requirements. Finally, the manufacturing business today must be sensitive of after use disposal methods to ensure environmentally friendly production.
To reach the product consumers, a market analysis must be conducted to provide for feasible fragmentation and strategic planning. Market in this context implies the consumers and the appertaining distributor link for our products. Generally, market concepts underpin the methods of availing products to the market and these include such activities like selling advertising, wholesaling, transporting and other market functions and operations (Brown, 2008, p. 3).
Segmentation is also critical as it impacts return on investment in marketing. Segmentation allows better consumer planning by getting the right message, to the right economic class at the right time and location. It also allows informed pricing, differentiation of product to be offered various market groups and customer care sensitivity. Further, we value market segmentation as it will facilitate sustainable response to customers with right information package thus reducing the cost and time of acquiring new customers. Providing the product or service that each segment requires, rather than a generic solution will be of essence as this will power market penetration and enlarged market share owing to valued customer satisfaction.
Porter (2008) observes that the nature and degree of competition is underscored by five interrelated forces namely: the threat of new entrants, the bargaining power of customers, suppliers and the threat of substitute products or services. All these factor and more are factored throughout this work to explore entrance of BlackSocks into the business world.
BlackSocks is the new foot wear brand manufactured using high quality yarns, which founds the unparalleled marketability of the socks. Customer satisfaction is of essence in making of our socks, therefore for each new shipment of yarn, three pair of ¿½test¿½ socks are produced and tested for chafing, color-fastness being part strategic procedures of yarn quality assessment before authenticating the cotton into production inventory. To ensure the promised customer sensitive socks, a sample test pair is washed and worn for estimated 20 times with positive results serving to not only in promotion but building solid customer faith. The new product will absolutely be created from superb yarns with faulty products reverting back to the mills.
Our esteemed production experience has founded a strong sense of textile quality; the new socks waiting launching are made with durability vested on the length of the processed yarns. The products are weaved from longest cotton fibers sourced from Peruvian Pima cotton, cultivated in the foothills of the Andes (Towle, 2007, p.64). In essence, the raw material are highly valued in that the Andes cotton matures naturally and climatic conditions there allows the cotton to grow longer before being harvested. The treasure vested in our new socks lies on the fact Peruvian cotton may be strengthened by spinning with other fibers making a compact yarn, and this explains the characteristic strength and intactness of the BlackSocks.
Having been produced from naturally beige cotton, we will be launching a product that meets customer needs as BlackSocks is neither bleached nor dyed. The new BlackSocks is a brand expected to take the market afoot as high quality colors that do not bleed have been incorporated in the production. Additionally, to avoid skin irritation BlackSocks will bear a due Oekotex certified dyes which make them absolutely harmless.
Brown (2008) argues that market research is the scientific study of markets or marketing methods in a broad way. Market analysis on the other hand is the scientific study of markets or marketing methods for a specific product or service, the results of which are to be used as the basis for the policies, plans and operations of an individual firm. Market research and market analysis apply scientific methods in the solution of problems relating to both the markets and the means of reaching markets used by business organizations. The essential distinction between market analysis and market research is that market research is concerned with broader and more general studies of markets and marketing methods. Market analysis on the other hand is restricted to the study of the market, or means of reaching the market, for commodities or services of an individual business firm.
Types of market analysis
Seven fundamental market analyses have been developed and applied to meet expected wide range of requirements for different kinds of problems. Analyses considered and which concern themselves with breaking down the market may be divided into the following groups: qualitative analysis, quantitative analysis, product analysis, trend analysis and analyses of the means of reaching the market included: sales analysis, dealer analysis and, advertising and sales promotion analysis
For purposes of the product we are launching, the priority method used was the qualitative analysis which addresses with the nature of the market or marketing methods. Key analysis parameters included identification of target consumers and buyers of BlackSocks. Frequently the difference between these two types is fundamental. Mothers are traditionally the purchasing agents for families but they are not necessarily the people who use the product. Therefore, directing direct activities towards the buyers as well as end users must is an increasingly crucial trend. This perspective borrowed from the prosperous automobile industry which discovered through market research that though cars are purchased by the head of the family, members like wives, children and friends impart influences affecting the buying decision (Brown 2008). Therefore qualitative methods were considered as measures of relative importance of these influences.
As result of the analysis implications, although our product is going to be used by men we will direct most of our marketing towards their wives and girlfriends because they might have an influence on whether the men will buy our products. Moreover, when doing qualitative analysis it is also important to know why a consumer buys the product. Studies of consumer buying motives are very common forms of qualitative analysis. This observation remains instrumental as we look forward to manufacturer BlackSocks guided by information on whether consumers buy the products chiefly because of quality, style, service, or other motive
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The analysis also includes a prudent characterization of price on consumption since the prices may fluctuate constantly, therefore posing a risk of distorting our market niche by charging exorbitant prices. In this context therefore, the qualitative analysis helped and will continue to be deployed to study price trends and customary prices as they influence the sale of the commodity. According to Brown (2008), the importance of market research and analysis as a basis for determining pricing policies cannot be underestimated. It is universally recognized that, with given production facilities, the most important factor in determining prices in a competitive economy is the demand for the product.
In doing a qualitative analysis, the solution rests largely on the choice of the sound basis for analysis (Brown, 2008, p.23). We therefore consulted the various approaches of analysis with a view of staging right environment for our launched product. Age was of paramount implication right from the drawing board. People of different ages respond differently to most products implying its significance the use of products that most qualitative analysis studies feature as being age dependent like socks. Therefore, we are inclined to dividing our market into different age groups so that we can cater to each market¿½s needs.
Other important feature that popped up and worthy noting includes geographical location, as differences regional culture imparts unqualified influence in consumer patterns. Additionally, economic status was a crucial factor as differences between income groups reflect hidden needs to be cultivated for market segmentation and product designs. In order that marketing activities may be properly planned it is important the market for a product in terms of income classes.
Before launching a product, it is important for a company to do market segmentation. Finding the right clientele for our brand is highly integrative bringing together the strengths of analysis features discussed in this text. However, being able to manufacture high quality and distribute products at customer¿½s pocket friendly prices cannot be underestimated. This aspect however is confounded by increased competition in the textile industry.
According to Porter (2008), the nature and degree of competition in an industry rests on five forces crucial market features namely: the threat of new entrants, the bargaining power of customers, and the bargaining power of suppliers. To establish a strategic agenda for dealing with these contending currents and to grow despite them, the company through understanding of niche requirements will operate contingently in a progressive competitor counter mechanisms to sustain competitiveness of BlackSocks. Any strategy deployed will be based on market information on other socks brands in the world market.
Brand essence vested on the wider array of consumer goals. Laddering up is based on the notion that in developing a product point of difference, two types of characteristics are considered namely: attributes band integrity and image and benefits as well. These characteristics interlink in a logical way such that inherent benefits can be used to infer more abstract gains. By analogy, these inferences are like rungs of a ladder, which become more abstract and general as you ascend the rungs (Porter 2008).
For BlackSocks, initial campaign will emphasize some fiber strength, color fastness and readily cheap availability as the core promoting attributes. The second case might move up a rung on the ladder by stressing the benefit of that attribute. The foundational marketing principles are based on a ladder like sequence whereby subsequent generations address inferences implied by the benefit as a means of moving up the ladder until a point is reached where the benefit defines the essence of the brand (Lacobucci, 2001, p.40).
The explanation of the product essence concept underscores the path set for our advertising campaign that is designed to follow this laddering up approach. The focus of the initial advertising will be on the quality of BlackSocks. In the second generation, our advertising will concentrate on the reliability of our product. Following this approach, the next generation of advertising will focus on the implications of not having to go around shopping for socks. Similarly, the next generation of advertising will characteristically focus on the market gains vested in free flow of information that has been facilitated by mobile telephones.
Laddering from attribute to benefit to more abstract benefit will provide a basis for informing consumers of our brand¿½s essence. A question that arises at some point is how the brand¿½s essence should be represented in advertising. Examining how consumers think about the BlackSocks in compared to other brands will be followed keenly to provide insights into competitiveness. It is based on these premises that a robust advertising exploring the analytical brand essence appears feasible centered on vital customer information hinted by their categorization of products in a common manner as per satisfaction.
In the BlackSocks launching strategic plan, possible anthropomorphizing of the brand was acknowledged as association with other related products may proliferate within the market segments. This precaution founds on the realization that gender, age and economic strata impart varying influences that pose unprecedented effects on the brand marketability. In a recent study he market study, Capon (2008) enlisted sincerity, excitement, competence, sophistication and ruggedness among the personal dimensions that can be related to brand¿½s market niche. In the context of BlackSocks, market analysis will be profiled carefully to highlight crucial demographic features and associated attributes of the socks to understand its essence.
In conclusion, before launching a product, one must first of all carry out a market analysis. This market analysis will break down the market into easily manageable portions. The best type of analysis when it comes to product launch is qualitative analysis. Qualitative analysis deals with the nature of the market or marketing methods. The market analysis tools were developed with main focus centered in the product consumer relationships. Frequently the difference between these two types is fundamental. Mothers are traditionally the purchasing agents for families but they are not necessarily the people who use the product. Sometimes it is better to direct activities towards the buyers and sometimes the user. In addition to analyzing the market, one must also analyze his competition. The nature and degree of competition in an industry can be associated with five fundamental features namely: the threat of new entrants, the bargaining power of customers, the bargaining power of suppliers, and the threat of substitute products.
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