The New MM’s product is now ready with all promotional decisions, objectives, marketing, pricing, and distribution strategies among others having been completed. This paper is now a summary of the completed presentation plan for MM’s final product as specified under particular items.
Objectives of the plan
The purpose of this plan is to launch the new MM’s product which has been developed with the primary objective of fixing a competitive challenge that MM has been facing recently and currently. This new product is also objected towards addressing some customer requirements of pricing and quality hence winning back the consumer trust back to MM. Therefore, the objective of this new product plan is aimed at achieving the following:
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Realization of a new product that will definitely fix the competitive challenge in MM
Realization of a new product that will definitely address the customer’s need for cost and quality.
The new product is also aimed at making MM’s tasks easier by helping create a good market share.
Increasing customer’s satisfaction
Addicting customers to MM Inc. for the purpose of profits and fame building
Marketing research used to select target market
The target group being the actual customer group unto which MM will dispose of its new product, there is defined market research that has been used to identify this group driven by making the sales easier and effective (Leverick, 2015). This market research is comprised of six components as below:
Analysis of MM’s New product features and how they benefit customers.
Analysis of the customer niche, that is type of customers who are highly favored by the product.
The satisfaction of customer needs of quality, cost, and longevity.
Analysis of the competitor’s target market and how to fill the market void.
Synchronization of the current customer base and what benefits them
Integration of all research findings in order to realize value proposition
Product
MM is seeking to release a new product into a highly competitive market. This new product has therefore been fashioned in a way that it will sail through the turbulence of the market place in a number of ways (New-to-market product innovators, 2010). Our new product has a well-defined road map to sail through from the producer to the consumer with reinforced qualities.
Customer-centered product design.
Simplified use and optimizes ergonomics
The new product has been tested and proven through prototypes
In addition to the characteristics of the new MM product; there is also the need for an active product owner, who in this case is the MM with a reliable working team. Finally, the new MM product has a flexible and adaptable market depending on the current regime and competitive actions of the market.
Pricing
In order to gain ground and fit into the competitive market, MM has hereby adopted the penetration pricing strategy in order to let the new product gain relevance in the market. In Penetration pricing, the new product is aimed to be disposed at low prices for a defined period of time after which the prices. In doing so, MM is guaranteed to enjoy: Heightened diffusion and product adoption, dominance in the market place, heightened goodwill as well as good and turnover. In penetration pricing strategy, MM will be able to win its customers trust and build reasonable competition.
Distribution
The distribution of the New MM product has truncated the need of the wholesaler and the retailer in the chain in order to gain ground more quickly. The producer-to-consumer distribution channel has been adopted and reinforced for the delivery of the new product. This is done in consideration of how fast we need our product to get to the customer in order to realize our core objective of luring our customers back to the attention of MM Inc. This ensures a constant –consistent availability in online services of MM Inc.
Promotional Strategies
Promotional strategies are important in realizing an accelerated demand for the market plan for our new product (Tasso, 2017). Our promotional strategies revolve around our target group, plan of action and the budget of MM Inc. Our promotional strategies include:
Content marketing is aimed at creating more traffic attention
Social media and email marketing for more engagements
Referrals such as word of mouth, recommendation from a friend, etc aimed at trust-building
Use of free samples, sale coupons, and promotions
Fidelity programs and patronage rewards.
Measuring results
The effectiveness of marketing our New MM product is measurable through a number of steps below:
Tracking the effectiveness of each promotional and marketing strategies by getting to know how much traffic each is attracting.
Defining the channels to track such as direct, referrals, e-mails and social media marketing.
Giving a definition to the marketing metrics to be measured such as; how informative is web content, lead conversion, and individual visitors.
Additionally, some tools are also available and they can still be applied in measuring the effectiveness of marketing our new product such as Google analytics, rapidminer, and Marketo (Pimenta da Gama, 2011).
Contingency Plan
The marketing contingency plan is aimed at protecting the revenue of MM Inc., profitability as well as outdoing the sudden arrivals of MM’s powerful competitor’s (Waters, 2009). Below is a simplified contingency plan outline.
References
Leverick, F. (2015). Target Market. Wiley Encyclopedia of Management , 1-1. doi:10.1002/9781118785317.weom090680
New-to-market product innovators, 2004-06. (2010). doi:10.1787/9789264059474-graph4-en
Pimenta da Gama, A. (2011). A renewed approach to services marketing effectiveness. Measuring Business Excellence , 15 (2), 3-17. doi:10.1108/13683041111131583
Tasso, K. (2017). Tractical marketing (promotional strategies). Growing Your Property Partnership , 151-210. doi:10.4324/9781315040820-5
Waters, S. (2009). The Contingency Plan. The Contingency Plan . doi:10.5040/9781784601980.00000002
