Launching of a New Product within a New Market - Essay Example

? Business Market Assignment Overview The Toepener is one of the newly invented strong pieces of aluminum product that helps in reduction of the entry of the germs. It is an innovative design introduced by Max Arndt, a senior of University of Minnesota. Just after its invention, its sales increased from 50 units to 500 units as compared to other substitute products. Due to which, the market image and profitability of the product enhanced to a significant extent. Discussion Launching of a new product within a new market or by within a firm is fully associated with uncertainty and risks. This is because; varied types of discrepancies arise at the time of forecasted and actual launch. So, in order to reduce all those type of discrepancies, at the time of launching the product (Toepener) in the market of Canada, it is better to undertake the process of test marketing. It is one of the most renowned procedures of marketing used at the introductory stages of a product in a new market. By doing so, the actual performance of that specific product in those regions of the market might be analyzed and evaluated. Due to which, the target customers and the distribution system that might prove effective for Toepener may be evaluated. Side by side, the type of advertisement and promotional strategies required to increase the level of awareness of the target customers might also be analyzed. Thus, this process might present an entire list of activities and the duration of time and the strategy required (fat launch or narrow launch or dynamic launch) to introduce the new product (Toepener) in a new market (Canada). Then, it might be easier for the marketing managers to devise the launching plan of Toepener within the regions of Canada. And the plan might also present positive results for the product (Toepener) within the markets of Canada. Market segmentation Process Although the process of launching is extremely tricky, still it acts as one of the most essential phenomena of marketing. Due to which, varied types of marketing tactics such as test marketing or conceptual marketing is followed. Other than this, the segment of target customers of the product also needs to be analyzed. Only then, the product might be launched within the regions of Canada. Otherwise, it might not present effective results for the organization in long run (Rogers, 2001). The product (Toepener) might be positioned in the market of Canada as an extremely trendy and hygienic product at a competitive price. It is done to attract the health conscious individuals comprising of a premium life style. Along with this, the product is mainly useful for those segments (customers) desiring to maintain a high living standard, which is entirely free from germs and pollutants. Therefore, only a niche category of customers might get attracted towards this brand s compared to others (Ferrell & Hartline, 2010). Apart from this, if such a technique of automatic shut- down after completion of the work might be implemented within Toepener, then such a distinguished feature of Toepener might surely be preferred by the target customers. This feature might prove extremely beneficial for the brand to enhance its reputation and market share in the market of Canada among other existing rival players. Side by side, the competitive prices of the product of Toepener is also another vital strategy that enhanced its total sale and equity in the market of Canada among other rivals. Therefore, it might be portrayed that the strategy of presenting value-added products (Toepener) at a quite lower price may be effective for the market of Canada. This might help in enhancing the profit margin and brand loyalty of the products to a certain extent as compared to other contenders in the market of Canada. Along with this, it might also prove effective in positioning the product among many other substitute products in the market of Canada. Thus, to present the product (Toepener) in the market of Canada, the slogan might be, ‘live a healthy and germ less life’. It might surely attract large number of customers thereby enhancing its dominance and recognition in the regions of Canada. Along with this, the entrance of new substitutes might also get reduced significantly. As a result, the level of competitiveness in the regions of Canada might get reduced thereby enhancing the equity and distinctiveness of the existing products (Toepener). And the level of sustainability of the product (Toepener) might also get enhanced in the market of Canada as compared to other rival players operating in similar segment in the future days (Cheverton, 2005). Total product Offer At the initial stages of the product (Toepener) in the market of Canada, the customers might be presented with a stylish and slick handbag entirely free. It might be used to pack the material after usage to be kept at any safety place for reuse. The offer is valid for at-least six months till now. Along with this, the customers might be presented the product at $ 45.95 instead of $ 49. 95. So, introduction of such an offer with Toepener might prove effective in enhancing the range of customers along with its total revenue as well. Other than this, at the time of purchase of Toepener, an entirely free demonstration of the product would also be presented. By doing so, the customers might become aware of all the functions and operations of Toepener that might prove extremely effective for the product. It might enhance the level of loyalty and brand recognition of the product within the minds of the customers as compared to other substitute products. Side by side, the range of total sale and brand value of the product (Toepener) might also get enhanced in the market of Canada among others. Due to which, the market share might get enhanced along with its dominance in the market. Moreover, the threat of new entrants and new substitutes might also get reduced significantly from the minds of the entrepreneur (Cui & et. al. n. d.). Thus the strategy of discounted pricing along with free packaging bag for the product Toepener might help in gearing a substantial market recognition in the regions of Canada. References Cheverton, P. (2005). Key Marketing Skills: Strategies, Tools and Techniques for Marketing Success. New York : Cengage Learning. Cui, A, S. & et. al. ( No .Date). Market Uncertainty and Dynamic New Product Launch Strategies: An Systems Dynamics Model. Retrieved from: http://dspace.lib.uic.edu/bitstream/handle/10027/8576/NEW%20PRODUCT%20LAUNCH%20STRATEGIES%20-%20IEEE%20final%20pub.pdf?sequence=1. Ferrell, O, C. & Hartline, M, D. (2010). Marketing Strategy. London: Sage. Rogers, S, C. (2001). Marketing Strategies, Tactics, and Techniques: A Handbook for Practitioners. London: Sage. Read More