INTRODUCING NEW PRODUCT INTO THE MARKET
Also, testing the new product on the market is important to be sure that the customers will pay the decided price and if they like the features of the product. In addition, (STP) is a common strategy in the modern marketing which is segmentation, targeting and positioning. This approach is useful in creating communications plans for marketing as it helps the marketer prioritizing offers. Then develop and transport messages attract different customers (Hanlon, 2017). Introducing a new product to the market requires research to determine whether it will get target market and be satisfactory to the consumer. It also aids in the overseeing the advertisements, public relations, distribution, and sales as well as customer service. The aim of every marketing manager is to attract all the potential customers using the best strategy to attract those consumers who are in most need of the new product.
This paper focuses on the strategies which can be used t market a new product which should be introduced into the market as well as evaluating the profitability and feasibility of the new product through evaluation and comparison with other products which are already in the market. The Keurig is the best option for the busy people who are always on the move because it is convenient. The buyers have the opportunity to buy the products at a cheaper price. Keurig brewer on produces only one cup of coffee or tea for both homes and offices in less than two minutes after the customer makes an order by pressing the ordering button. The coffee is then packed in a sealed cup which makes it easier the customers to carry around especially those customers who are always on the move and cannot sit and take the coffee in the restaurant.
The coffee packed in cups also have different flavors which give the customers an opportunity to choose according to their prevalence ("Firms with new-to-market product innovation," 2010, p. The Keurig brewer also saves time since the client can order online through emails or through direct ordering at various local retail stores. This makes the accessibility of the product much easier. They produce cups which are bigger in size and the temperatures of the cups are always high compared to other cups which are produced by the competing companies. This makes the company be the leading in the coffee business in North America and other parts of the world. The company has a marketing strategy which seeks to improve the market leadership by acquiring new category of users so as to stimulate demand for coffee.
The company also targets to acquire a global market which is favorable for their product through the selling of the Keurig machines using the segmentation technique, and promotions. In the process of identifying the potential buyers of the Keurig machines during market segmentation, the company is able to gain and identify consumers who have the same characteristics. These elements are very crucial since they greatly affect the success or failure of the business. The company, therefore, should come up with strategies on how to conform to these elements. The external environment consists of both micro-environment which are the basic factors which affect the company and the macro-environment which are the factors which affect a wide range of companies even those one which is the main competitors (Ratchford, n.
d. , p. It is, therefore, necessary to come up with an appropriate marketing plan so as to save money as it organizes the company’s marketing efforts. This is helpful because a suitable strategy will focus all the efforts on the potential customers instead of marketing the products to even those people who are not interested in the products. A strategic marketing plan will help in identifying the appropriate actions which need to be taken and the costs which are associated with them. Developing a good marketing plan will help to reach out to the potential coffee drinkers who will be willing and able to buy the Keurig brewing system which is the new product in the market. It is essential to create a primary demographic will help the company to target the exact customer demographic.
The level of Keurig’s marketing activities is very high and that gives the company an upper hand compared to other competitors and that makes it easier to market the new product of K-cup. Educating target customer is essential for any new product in the market. This will involve holding seminars at all regions to get existing and new customers and educate them on the benefit of having the new K-cup and this might also be done on social media and other communication networks. Trade association also offers information such as market statistics, lists of members, books and reference materials. A committee is to be selected where all report collected from the field is to be tabled, discussed and analyzed. , p.
From $10 to earn access
Only on Studyloop