Marketing Plan for Product Essay Example | Topics and Well Written Essays - 1500 words

Marketing Plan for Product - Essay Example highly rated industries for stability and success, the company offers mobile phones with special features to everyone who wants an excellent product. (Kotler and Armstrong 87). Marketing Strategies In general, marketing strategy deals with pricing, selling, and distributing a product. Using a market development strategy for a special mobile phone for aged people, the company will capture a larger share of an existing market for current products through market saturation and market penetration or develop new markets for current products. It is "the combination of choices you make about which tactics you use" ((Kotler and Armstrong 76). Product differentiation will be the main strategy followed by the company. Differentiation will be achieved by unique product image and features, low price and support services proposed fro all customers. The company will follow penetration pricing strategy. Penetration pricing refers to the establishment of price levels low enough to penetrate markets deeply, and to discourage potential competitors from entry. Although prices are set relatively low, expanding markets arc recognized. Pursuit of this policy slows down the recouping of investments and expenses. Which policy to use depends on the total marketing plan and an assessment of cost-revenue market factors (Boone and Kurtz 132). Segmentation Segmentation for a special mobile phone for aged people will be used to understand individual customers in the sports market place and to group them together to form distinct segments which are identifiable, accessible and substantial. In markets, segmentation is often used to make selling more cost effective by prioritizing the companies that require regular face-to-face salespeople and that can be served better by telesales and direct... The researcher states that new product management is one of the most complex and complicated tasks for an entrepreneur today. The proposed product is a special mobile phone for aged people with poor eyesight and deafness. The idea is to create a mobile phone device with big screen and special signals which help old people with poor eyesight and deafness to communicate with relatives and use mobile phone in emergency situations. The main goal of the new business is to get and keep a customer. Also, the product is aimed to achieve competitive advantage and sustainable competitive creating value for consumers, select markets where they can excel and present a moving target to their competitors by continually improving their position. Three of the most important factors are innovation, quality and inventory reduction. Using a market development strategy for a special mobile phone for aged people, the company will capture a larger share of an existing market for current products through m arket saturation and market penetration or develop new markets for current products. Marketing mix will involve telemarketing and direct sales, promotion through medical institutions and mobile stores outside the country. In conclusion, the researcher analyzes differentways of promoting the mobile phone for aged people and discusses the strategies adopted and implemented by the firm including product, price, promotion and distribution issues, that are aimed when advertising features and products to older people.