The company currently operates in Singapore, but it is planning to extend its operations in the UK. The UK offers a vital market for the company bracelet due to the high rate of economic growth and high consumer disposable incomes of the population. More than 40 million people in the UK would be willing to buy the product and contribute towards charitable work due to the caring attitudes of the population and feminine culture that is replicated in the bracelet design. The number of wealthy and aged individuals is more than 10 percent of the total UK population (Oxford Business Group 222). The macro-environment is favorable since UK economy is currently experiencing a recovery after the recent financial crisis. UK also enjoys stable political environment and is a member of the EU thus making it easier for the organisation to expand to neighboring European countries. The UK population is highly educated and most of the citizens have access to the internet in their homes. UK citizens have caring attitudes towards the environment and life thus it will be easy for the product to penetrate the market. The existing legal environment enables the citizens to contribute donations towards charitable organisations and adequate e-commerce laws have been enacted in order to facilitate online donations (Oxford Business Group 137). In addition, the level of technology is high thus the organisation can rely on the existing modern communication technologies and high internet penetration in order to reach the potential buyers in the remote villages and smaller towns (Oxford Business Group 189). SWOT Analysis Strengths Midomo bracelet enjoys several strengths that are essential in penetrating the targeted market and sustaining relationships with buyers. The product is made of high quality and wearable jewellery thus appealing to the purchasing behaviour of UK citizens. The product will enjoy high brand recognition and awareness in the market since it has been designed by an award winning designer who has a high reputation of quality and stylish designs. In addition, the bracelet is light in weight thus can be worn by the buyers when travelling thus spreading the word of the mouth on the existence of the charitable product in the market. Accordingly, the bracelet symbolizes abundance and water thus will resonate well with the attitudes of UK citizens towards combating environmental degradation. The product is also lowly priced compared to similar jewellery products in the market. Weaknesses Midomo bracelet suffers from several weaknesses since the designer has not offered a variety in terms of color or raw material. Not all potential buyers would be attracted towards silver products or products that depict a feminine style. Some of the potential donors may not be willing to wear the bracelet due to the stereotypes that associate certain health issues like stiff arms with wearing of bracelets around arms (Yeshin 316). Another challenge that will be involved include employment of additional staff to monitor the online transactions and answer to customer complaints (Yeshin 337). Opportunities There are numerous opportunities that Midomo Initiative can exploit in order to attain its mission and objectives in the UK market. The company should provide for a variety in terms of bracelet designs and color in order to appeal to the wider market in the UK. The
Name: University: Course: Tutor: Date: Launching a new product 1.0 Background and problem Midomo Initiative is a non-profit organization that aims at providing clean water to developing countries. The organisation has commissioned Alex Monroe, an award winning jewellery designer to design the Midomo bracelet product that will be sold in the UK market…
When introducing a new product into the market, it is advisable that you identify the needs of the people and ensure that the product meets these needs. The marketing mix, which is also referred to as the 7ps, refers to the choices that a business or organization requires making to ensure that a new product is received positively on being introduced into the market.
The most essential areas of financing in a commercialization plan include advertising, sales promotion and marketing of the product. According to Rafinejad (2007), the main aim of commercialization is pushing the product in the international market to ensure that it competes successfully against other products already in the market.
This is a very critical process and preparation is a not an option if the business goals have to be met. Therefore, the management of any company have role carry out a thorough analysis of the target. More so, the international market is never homogeneous and hence varying strategies have to be developed in order to cater for the varying market niches.
Commercialization is the new method or product introduction process whereby the company introduces new brands and production strategies in the market; the practical new product launch is the last stage of the development of new product and the stage where many resources are used for product sales, promotion, advertisement and marketing of products.
These vegetables and meat form an important calories and fat contents. Sandwiches form important recipe for fast foods as it provides good wholesome food with a quick bite. Globalization associated with busy working hours increased the significance of fast foods.
Clarify Positioning: Where do you want to be positioned in the minds of your prospects Develop a short statement that conveys the unique benefits of your new product or service. Use your "positioning line" on all your literature, press kits, ads, etc.
If people outside the business would not be likely to view the product as new and important, stick with press releases to editors.
The research suggests that regardless of the fact that the expenses involved in marketing of assets frequently and to a significant extent, overshadow the analogous lay out of the tangible assets. The organizations are far less meticulous in undertaking financial assessments of their long term advertising or promotional investments than they are for related levels of overheads concerning other new ventures.
This change is aimed on a single target i.e. increase the bottom line, which can be increased by either decreasing cost or increasing revenues. Companies decrease cost by making their operations and value chains much more efficient. While on
The laundry industry plays a very crucial role in the lives of people. Therefore, the launching a new in the laundry industry requires a comprehensive marketing strategy. Coming up with a product marketing strategy is one of the most challenging aspects of marketing and launching a new product. The strategy will involve marketing mix and 4ps.
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