week 2 revised.docx - PRODUCT OFFERING 1 Product Offering...

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PRODUCT OFFERING 1 Product Offering Jimmy Nazario Pérez, Hilda Reynoso Rivera, José Monriog Michael Torres, Antonio J. Salgado University of Phoenix MKT/571 Marketing May 21, 2013 Prof. Maribel Ortiz Soto
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PRODUCT OFFERING 2 Product Offering “You are Lost & You are Found” is a new organization in the process of setting operations in Puerto Rico and is conducting a product launch of its new product. This company will market athletic footwear with a global positioning system (GPS) device that will send tracking and localization information about the user to a monitoring center. This information will be retransmitted to the authorized customers to their smart phones or Internet devices. Prior to launching a product or service an organization has to develop the correct marketing strategy for its product (Kolter and Lane, Marketing Management, 2006). This report will cover a brief product launch outline for the organization’s product which will include: The product market needs The product market growth SWOT analysis The product competition The product offering/definition Identification Product justification The Product Market Needs, Growth, and SWOT Analysis The Product Market Needs There are more than five million U.S. citizens (United States and its territories) that have Alzheimer’s disease (Alzheimer’s Association, 2013). In Puerto Rico it is estimated that 60 to 75 thousand suffers from this disease (Health for You Puerto Rico, 2010). It is also estimated that more than 300 of these patients will wander and/or will get lost each day. In Puerto Rico this estimation is reduced to four or five patients will wander and/or will get lost each day. These issues give reason for the need of this product. The athletic footwear that “You are Lost & You are Found” offers is a product that can monitor and alert the customer when the Alzheimer patient wanders or gets lost. The Alzheimer Association reports that the when an Alzheimer
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PRODUCT OFFERING 3 patient wanders or gets lost, if they are not found within the next 12 hours that 80% of the patients do not survive. The Product Market Growth There is currently no other product in the local Puerto Rico Market that will compete with the organization’s product. Because there no other product such as this the growth possibility are very real. More and more money is spent by spouses, siblings, of the Alzheimer sufferer trying to monitor the whereabouts of these patients. This product’s offer of the peace of mind and freedom from worrying of the patients’ location is what will provide the products market growth. SWOT Analysis Almost all organizations use the SWOT (Strengths, Weakness, Opportunities, & Threats) analysis as an effective tool to assess what an organization’s potential threats and opportunities as well as what they can or cannot do (INVESTOPEDIA, 2013). This analysis will take the available information of the product and its environmental analysis and separate them into internal and external issues. Once the SWOT analysis is completed, it will provide the 8 http://www.shoppingblog.com/blog/60709
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