MKT 421 Strategy and Positioning Analysis Part 2 - STRATEGY AND POSITIONING ANALYSIS PART 2 1 Strategy and Positioning Analysis Part 2 Tiffany Toro

MKT 421 Strategy and Positioning Analysis Part 2 - STRATEGY...

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STRATEGY AND POSITIONING ANALYSIS PART 2 1 Strategy and Positioning Analysis Part 2 Tiffany Toro, Stacey Fincher, John Goins, Victoria Burton, Pam Balliet MKT/421 April 25, 2016 Fritz Beiermeister
STRATEGY AND POSITIONING ANALYSIS 2 Strategy and Positioning Analysis Part 2 In this paper One Shy of “A” Printers, Inc. will identify various marketing concepts involving the release of the 3D Homebot. It will provide a description on how marketing efforts change at different phases within the product's life cycle, how packaging will add value to the product, and how the company will determine pricing strategies. Last but not least, this paper will identify various channels of distribution to sell its products and how each partner can add value to the brand. Product Life Cycle Any new product on the market goes through a cycle which determines a company’s marketing efforts. Kerin, Hartley, & Rudelius (2015) states, “The concept of the product life cycle describes the stages a new product goes through the marketplace: introduction, growth, maturity, and decline” (p. 272). Throughout the product's life cycle, it has different needs; each stage addresses these various needs and allows for a variety of marketing tactics to be used in each stage. According to Lorette (2015), “Understanding the product life cycle can help business owners and marketing managers plan a marketing mix to address each stage fully” (para. 1). Business needs to do ample research before the release of any new product for success throughout all stages. Introduction Stage In the introduction stage, One Shy of “A” Printers, Inc. will introduce the 3D Homebot to the market. Typically, during this time, the sales grow slowly, and the profit is minimal due to the high production costs, investments, and all the initial outlays associated with developing the product. “In this phase, the marketing strategy is to create consumer awareness and stimulate the
STRATEGY AND POSITIONING ANALYSIS 3 initial purchase of a product” (Kerin et al., 2015). As a result, companies typically allocate large budgets towards various advertising and marketing techniques to gain consumer awareness. Another advantage our company has at this stage is that most 3D printers currently used are industrial; there is competition but not necessarily competition in our intended market of low- income stay at home families. Growth Stage A company enters the growth stage once customers become aware of the product and sales start to increase. The increase in sales is partly due to new consumers trying the product, in addition, to repeating purchasers. At this phase, more competitors are established, and aggressive pricing strategies are involved. Therefore, profit is at its peak for companies. For One Shy of “A” Printers, Inc., the growth stage is vital for product differentiation and building a brand preference for its target market. Since more competitors are interested, our company must set itself apart by diversifying its product and services. Lorette states, “Marketing the product involves showing

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