MARKETING PLANNING IN PRACTICE

Marketing Planning In Practice

Marketing Planning In Practice

Introduction

Everything has it's place, therefore also our product, we ofcourse want that our product perfectly blends into the market so our product will be accepted fast and will be purchased quicker. Therefore a we are going to use the 4 P's and will adjust them for our purpose. This report is concerning the marketing of a new innovative product that is the Facial Massage Brush.

Product Innovation

"New-product innovation is a critical activity for the marketer. As new and better products are developed, they are launched in the marketplace and their fate is determined by votes of consumers through their purchase or rejection of the products. New-product introductions are becoming more expensive, and the chances of product success are less than in previous years. Thus it is important to understand the nature of an innovation and how individuals and groups of consumers adopt them. The term "innovation" can be defined in several ways. One view based on consumer perceptions defines it as "any idea, practise, or material artefact perceived to be new by the relevant adopting unit." Another view establishes a continuum or range of newness based on the product's effect on established consumption patterns. Under this conception three categories of innovation are classified as described below:

Continuous innovations have the least disrupting influence on established consumption patterns. Product alteration is involved, rather than the establishment of a totally new product. Examples of products that are representative of this situation are fluoride toothpaste, new-model automobile changeovers, and menthol cigarettes.

Dynamically continuous innovations have more disrupting effects than do continuous innovations, although they do not generally alter established patterns. These may involve the creation of new products or the alteration of existing items. Examples of this world include electric toothbrushes, electric autos, wall-sized television screens, and video telephones.

Discontinuous innovations involve the establishment of new products with new behaviour patterns. Examples of these situations would include television, computers and automobiles."

Overall innovation can be divided in to 4 different groups:

Firm Oriented Innovation.

Product Oriented Innovation.

Market Oriented Innovation.

Consumer Oriented Innovation.

Of these four, product oriented innovation is the most important, since it all comes down to the consumer being satisfied by the product he or she is buying. The base invention was the telephone but through innovation and with time the marketers and inventors added more characteristics to the base invention and created the pager. This was the first invention to come out of the base. It had added features while the base line of the invention remained communication. The second invention is the fax machine. Yet again keeping the base line the same the inventors have added, changed certain features of the base product to create off-shoots.

4Ps

Price

Price is what consumers pay to get the product . According to Kotler, there are several pricing strategies. Our company is launching a new product but we are also aware that our position in the market is rather weak. We are a so-called starting company and the only protection in terms of competition is ...