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Report: designing a marketing strategy for a new product over time - Essay Example

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Designing a Marketing Strategy for a New Product over Time Word count 2035 Best Lady Company Profile Best Lady is a company focused at providing high quality women shoes by the name Aerosoft. Best lady market segment includes executive women, college female students and women working in their homes…
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Report: designing a marketing strategy for a new product over time

Our main value is to sell quality outfits that make every woman including celebrities and executives to feel special. In this way, we are focused at giving our customers a red carpet treatment that is only experienced by celebrities and women in the senior political positions. Market Segments Based on the increased demand for our new product, Aerosoft, our focus is to segment the market according to the region in order to easily identify the needs of our customers. In this regard, our market will be segmented demographically, geographically and according to consumer’s behaviors. Demographic Segmentation Based on the high number of women in the local, as well as urban centers, Best Lady Company aims at establishing a number of high-quality outlets with easy access and good location, thus, ensuring that our clients do not waste a lot of time as they travel looking for our products. Based on the extensive promotion and advertisement strategies, Best Lady main objective is to increase the number of female customers from 1,200 to 2,700 per square kilometer especially in urban areas where the customers are densely populated (Aaker, 2008). In the same way, the company is focused at opening retail outlets in rural areas where there is low population density. Such stores will be opened in district headquarters or major shopping centers. Geographic segmentation Geographic segmentation is another strategy that Best Lady will adopt. This is aimed at covering the African and Middle East markets. To cover the two markets, that are characterized by low customer awareness and reduced sales, the company will emulate extensive marketing strategies including advertisements through the use of banners, women magazines and local newspapers. Behavioural segmentation In its endeavour of ensuring that the needs of middle aged women, one of the major market targets are met, Best Lady will emulate behavioural segmentation. For example, the company is aimed at providing products with attractive design to the young female consumers who are in middle level colleges and in the universities. One of the major ways that the company will use to increase product awareness among its young customers is the use of social sites such as face book and twitter. New product development Idea generation To arrive at the idea of the production of Aerosoft, Best Lady undertaken a SWOT analysis that entailed studying the strengths, weaknesses, opportunities and threats that our products will face in the market. Strengths Through offering our products at a personalized level to all our clients, we have a competitive advantage over our competitors who only provide personalized services for celebrities who shop at large and high class outlets. As compared to our rivals in the women ware industry, our prices are lower thus attracting large number of customers. Through undertaking a follow up to identify the level of satisfaction by our customers, we are in a position to notice the marketing aspects that we need to emulate in order to be successful (Smith and Reinertsen, 1991). As compared to other companies, our focus is on women regardless of their career an aspect that is overlooked by other companies in the industry. Weaknesses Despite provision of a new product in the market, we are facing already established firms that have a lot of experiences in the industry. Additionally, we lack effective distribution channels thus making it hard to ... Read More
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