CREATE A NEW PRODUCT AND PROVING THE DEMAND The product that we created is a newly designed toilet known as the ?Man?s Toilet?. At first thought, this product seems to be a useless testosterone filled product. However, this product offers many advantages and benefits that many might not have initially thought of. It has many product features that include physical, real, and extended features. The physical product is the tangible product, which the customer buys. These characteristics include that the consumer who buys the ?Man?s Toilet? can sit down and relax during an otherwise stressful situation. This product includes an automatic seat lifting device as well as an automatic flushing system. Along with these great features are options to suit anyone?s needs; a vibrating backrest, handle grips for easy in and out, and a cushioned seat for added comfort. The real product consists of the benefits that the customer receives from owning our product. The ?Man?s Toilet? includes many benefits that a customer would want. The main benefit would be that the hassle of lifting and putting the toilet seat back down would be eliminated along with the sanitary problems caused by touching the germ infested handle.
This means that consumers would be able to easily deal with the task at hand. There would be no more wife yelling at you to put the seat down, a common household argument. The backrest provides a relaxing environment in a place that is sometimes your only escape from the noisy household. The handle grips provide easy access to the toilet and also act as an armrest. The cushioned seat creates an even more relaxing bathroom experience. Once a consumer found out all the benefits associated with the ?Man?s Toilet?, he or she is sure to love it! The extended product features are the complete package of goods that includes all warranties, service policies, reputation, etc. The extended product features are; that after the introduction period, there will be several discounts available, along with innovative accessory options. Our reputation is good, but we are relatively new to the market. After much brainstorming and thought we, as product developers, followed a series of six steps to completely develop our product. We generated ideas and decided to focus on something that interested us. We came up with a few ideas, but then screened them to eliminate ideas and use the best one.
The Term Paper on Manufacturing Product: Toilet Tissue Paper
EXECUTIVE SUMMARY The urban and rural areas have seen an increase in number of modern buildings all over the world. The uptrend of rural people moving towards urban areas makes them aware of more hygienic pit toilets. Consumers are rapidly shifting away from known traditional methods of maintaining hygiene to more convenient and modern methods offered by tissue in all kind. Toilet tissue paper ...
At first, we wanted to create a completely new toilet for the new millenium, but decided that the product would be too costly to have new plumbing installed, so we decided on the modification of an existing toilet. During the screening process we eliminated many accessories and decided to concentrate on providing a relaxing environment. To develop the product we first had it created and tested in our laboratories. This is where we created a prototype and tested its effectiveness to satisfy its promised features. Few slight adjustments were made, but the basic product proved to be successful in its original design. When test marketed, the consumers? reactions were promising because of their positive response to the product. The product was distributed through home improvement stores and on QVC. We followed up on most sales in the test marked area by phone and had a positive response. The next step in product development was introducing the product because the test marketing was successful. This was expensive due to advertising costs. After introduction, we evaluated the customer acceptance. We did this through the study of sales information. After following these six steps, our product was created and fully developed.
After product development we had to take into consideration that our product would complete four stages of a product life cycle. The first stage is known as the introduction stage. This is where the product would be introduced to the market, and it would draw the customer?s attention. This would be one of the more costly stages. It is very important to advertise and create a demand for our new product. During this stage, we would make little profit. Once the product is established, it enters the growth stage where its success and profit increases. By this time the market should be well informed and aware of the new product. With the increased sales, new competition may arise and advertising may now focus on the satisfaction of the consumers to beat out new product ideas of other companies. Our product would next enter the maturity stage where the sales level off and slow down. The competition is fierce so more money would be invested to keep consumers loyal to our product. The last stage of the cycle that our product would enter is known as the decline stage. Sales would fall and profits would dramatically decrease. The only option we would have would be to drop the product or try to gain more sales.
The Essay on Dvd Video Product Stage Market
How does a firm's pricing policy relate to the product's life cycle? When a company launches a new product, it knows the product won't last forever. However, the company does expect to earn a satisfactory profit to cover all the effort and risk that went into launching it. A firm can never accurately predict the lifetime of a product, but the lifetime involves four distinct stages. These four ...
Strategies to increase sales includes selling or licensing, recommitting to the product line, discounting the price, regionalizing the product, or lastly, modernizing or altering the product?s composition. The brand name carefully chosen for our product was ?Man?s Toilet?. We chose this name because it is everything a ?typical? man would want in a toilet. The name implies what the product does but leaves the consumer curious as to what exactly the title means. The trademark identifies our product with a symbol that represents a king, because this is his ?throne?. Our product satisfies the needs and wants of its customer. These needs and wants are that customers would find it convenient and relaxing to use the facilities. One reason why consumers would find a need for our product is because toilet activities must be performed often to keep up health and composure. This is a hassle and an inconvenience. Consumers with the ?Man?s Toilet? eliminate stress and inconvenience. Once the consumer finds a desired set of accessories, they will full appreciate the enjoyable experience it provides.
To successfully market this product, a five-step process must be completed before going into business. The five steps are to define the problem, obtain data, analyze the data, recommend solutions to the problem, and apply results. First, the problem must be defined. The problem we identified was to create a product that would relax as well as appeal to consumers. To answer our question, we would obtain data from a personal interview. This involves face-to-face interaction where people would verbally answer the questionnaire. The questionnaire is designed to find out the average amount of time spent in the bathroom and how customers feel about frequent or long visits. This would allow us to design a product to solve their complaints. The interviews would be set up at malls and local shopping centers. This method was chosen because it is often easier to get cooperation from the target market when they talk rather than write. This would provide us with a sample of the target market, which we could assume represents the entire targeted population. The third step would be to analyze the collected data. We would use the answers of the questions to get a feel for a way to solve the identified problem in step one.
The Essay on Product, Price, Promotion & Placement
Product, Price, Promotion & Placement Now that we have analyzed our marketing research and we have identified our potential target markets as being in the young adult to middle age adults and from the lower middle class and upward income bracket it is time to develop our plans to reach into these markets and grow IPT. How we target these markets is a series of techniques known as product, ...
The next thing we would do is use the data to recommend a solution to the problem. A report must be made to draw conclusions from the research. We could conclude from the report that people did not enjoy the long visits to the bathroom and did not like the existing toilet design when offered a more luxurious alternative. That led us to the idea to create a way to enjoy time spent in the bathroom. For the last step of the process, we would apply the results. This is where we came up with the entire thought out concept of the ?Man?s Toilet?; a product where the consumer could eliminate stress from an otherwise frustrating and sometimes daunting task. This is an example of primary data. As an addition to this we would use secondary data also because we could get these results with little to no costs at all. We could use published studies that have already gathered important information. Secondary information that would help to market our product with the most success are sources that included information on the population of towns nationwide. With this information we would know where would be a smart place to heavily promote our product to find the best market with the most concentrated amount of targeted consumers.
The Review on Impact of Product Price and Brand Name on Quality Perception
In ordinary usage, price is the quantity of payment or compensation given by one party to another in return for goods or services. In modern economies, prices are generally expressed in units of some form of currency (For commodities, they are expressed as currency per unit weight of the commodity, e.g. Tshs per kilogram.) Although prices could be quoted as quantities of other goods or services ...
In order to successfully market the ?Man?s Toilet? we had to create a customer profile to target a specific market. We segmented the market by using geographic, demographic, and psychographic data. Using geographic data, we decided to market nationally because we feel that there could be a demand across the country, not in just one area alone. We focused mainly on demographics. It is mainly targeted towards teenagers to mid-aged men, although it can be used with anyone. The income of this market does not have to be great because the product is reasonably priced so we could reach most classes of society. Psychographics was taken into consideration because we reached the conclusion that people value luxury and most people share the same attitude when it comes to personal maintenance. We chose this target market because we feel that this is where our product would be most successful. Our product will be introduced to the public at a price of $179.95. We calculated this figure using basic markup calculations. The cost of this product is a mere $74.50 but the markup is high for many reasons. All consumers must keep in mind what you get for this price. The entire package includes a toilet; with the automatic flusher, seat lifter, padded seat, vibrating backrest and handle grips.
In the package there is an easy to follow step-by-step set of instructions to direct the consumer as to how to install the product, or professional installation can be provided for a small fee. The product is worth the price because when it is compared to other toilets of lesser ergonomical value it?s higher price seems minute. This price also plays an important role when taking into the thought of competition. Since there is no competition, we are able to sell our product for a higher price without anyone beating us out. Also, the markup is high enough so that if competition does market a product similar to ours we have the ability to offer promotions or even lower the price. When sales decrease we will offer coupons in magazine advertisements to discount the price and try to increase sales. Even without competition, discounts will be offered after the introductory period. We will mainly use premiums, incentives and promotional discounts. We will offer coupons to the consumer through magazine ads featuring a $20.00 discount with the mail-in rebate. We will also offer a 10% discount to the retailers if they agree to place a display in the front entrance of their store to get the consumer?s attention. This is one strategy of discount pricing. An example of psychological pricing that we used was odd-even pricing. This is the technique where we priced it based on odd numbers to convey an image of a bargain; $179.95. Using these techniques and pricing strategies a product price was reached and decided on easily. The channel of distribution that we chose for the ?Man?s Toilet? was indirect distribution. It would take intermediaries to get our product from the manufacturer to the final consumer. We will use what is known as Channel C distribution in the marketing book. This is where the manufacturer sells to the wholesaler who handles the sales, warehousing, and distribution of the goods to the retailers.
The Business plan on Augustine Medical Inc Product Price Market
Introduction (Background and Situation) Augustine Medical, Inc. was founded by Dr. Scott Augustine, an anesthesiologist from Minnesota, in 1987. The company was created to develop and market products for hospital operating rooms and postoperative recovery rooms. The company provides innovative solutions to combat postoperative conditions such as hypothermia. Medical research indicates that 60 to ...
The distribution that we intend to use is intensive distribution. This allows us to use all suitable outlets and cover all markets. We plan to sell our product in home improvement centers, and warehouse clubs. We plan to physically get our product there by means of trucking. We chose this method because it is convenient and can pick up products from a manufacturer, wholesaler, or retailer and deliver them to various geographic locations nationally. This use of trucking is not only convenient but also reduces the packing price we would have to pay for our product to be transported and shipped to the final destination. The promotional mix is a combination of different types of promotion. The four forms of promotion are known as advertising, personal selling, public relations, and sales promotion. Advertising would be used to inform, persuade, and remind the consumer about our product. We would use promotional advertising to create sales and interest in our specific product. We would use media to present our message to the public. This includes forms like print media (newspaper ads and magazine ads), broadcast media (radio or television commercials), or specialty media (pens, calendars, and household objects with the product name on it).
The Essay on Creative Product Promotion
Assignment title Assignment 1 of 3 – Interesting Promotional Campaigns The purpose of this assignment is to: Know the constituents of the promotional mix Understand the role of promotion within the marketing mix Scenario You are a researcher employed by a marketing magazine and have been asked to investigate two promotional campaigns that may form the basis of feature articles in future editions ...
The form we chose was a magazine advertisement. Personal selling would be a way for us to make an oral sales presentation to potential buyers. This is important because this allows a salesperson to address a customer?s unique concerns and problems. Public relations would allow us to make a good name for our company. This is where we would attempt to get publicity from participating in something like a grand reopening of a new store or sponsoring an event. The last form of promotion is sales promotion. This stimulates consumer purchasing and sales effectiveness. The types that we would use are visual merchandising and displays and premium incentives. Visual merchandising will be used because we will have displays set up in stores that carry our product. Premium incentives will be used to discount the price to customer though coupons mail-in rebates found in the advertisements. We have decided to promote our product through magazine ads and television commercials. The magazines that we will advertise in include women?s magazines such as FHM, Men?s Health and specialty magazines that feature men?s interests. We would also include our magazine ads in home improvement magazines, but not as heavily as in men?s magazines.
These magazines would include Better Homes and Garden and Homes. These advertisements can be year-round promotions because there would be no specific time that our product gains more popularity than the rest of the year. All magazine ads will have detachable rebates to discount the price. The television advertisement would be aired on stations like ESPN Sports Center, TNT and ABC. We would develop specialty commercials for the different stations; one for the men, and a combination for the news station that appeals to all ages and sexes. We would broadcast these commercials in the morning during the news, and in the afternoon before and after dinner. We would advertise more heavily during the weekend, in the evening and during sporting events because we feel that most of our target market would be home during those hours and most likely watching television.
