•From the case study, analyze Coleman’s business to formulate the 4Ps of her marketing strategy. Specify the salient information that you used to identify the 4P’s of Coleman’s business. Next, debate the fundamental virtues inherent in Coleman’s marketing decisions surrounding the 4P’s of her business. Justify your responses. •From the scenario, specify the main ways in which the 4P’s of marketing can help the marketing intern offer suggestions to her manager for the new product launch. Provide specific examples that illustrate the relationship between of the 4Ps and the new product launch. Coleman could not make any marketing decisions and launch a product without considering the 5Cs (customers, company, context, collaborators, competitors), the STP (segmentation, targeting & positioning); and of course the 4Ps (product, price, promotion, and place) (Iacobucci, 2014).
For this case study we will concentrate more on the 4Ps and how it relates to Coleman’s business strategy. According to the textbook, the 4P’s are product, price, promotion, and place (Iacobucci, 2014).
In the “Damn Heels” article, I identified Hailey Coleman’s product as foldable flats with a pouch. The price was set at $20.00 including applicable taxes.
Coleman’s was interested in her product being promoted in several different places, mainly through social media, but also restaurants, spas, salons, bars, clubs, and lounges. She chose Toronto, Ontario as the place to sell her product, because that was where she lived, attends school, and worked. Coleman was also interested in online distribution through a business website, but that would be after she generated enough revenue to hire a public relations agency. . As an avid traveler, Coleman believed that she and all women desired to go out on the town wearing heels, because it of course adds sex appeal. However, after we’ve parade around in those “Damn Heels” for hours (I always say trying to be cute. lol), it would be nice to slip into something more comfortable. This is where the idea of the “foldable flats” came from. The added pouch that unfurls into a larger bag to carry the heels is an added bonus. After research she discovered the going price was around US$25. So, she decided to sell them for less at $20, which made it more affordable for consumers and easier purchase transaction for retailers.
The Business plan on New Product Launch Marketing Plan 3
New Product Launch Marketing Plan, Part I New Product Launch Marketing Plan, Part I International: Fiat Market Needs and Market Growth “Vehicle shipments in NAFTA totaled 2,238,000 units for FY 2013, representing a 6% increase over FY 2012. In the U. S. , vehicle shipments were 1,876,000 (up 7% from FY 2012), in Canada 269,000 (up 5%) and 93,000 for Mexico and other. ” (Fiat 2013 Full Year Q4 ...
Marketing and promoting the product in a restaurant, downtown Toronto, and in the city was a great idea, because those are high traffic area where consumers travelled. According to the text, the entire key or strategy of any Marketer (including Coleman’s) is to identify their customer needs and wants then try to formulate attractive solutions. It also states that in promotion, Coleman would have to find out “what she could tell her customers or do for them to entice them to purchase” (Iacobucci, 2014).
The results of her marketing survey helped her determine what consumers wanted, how much they were willing to pay for what they wanted, how convenient should it be, how important was style and other things like reusability. Marketing her product in Toronto was also a great idea, because there were no other competitors there.
As the case study stated, throughout Coleman’s entrepreneurial venture, she learned a great deal. Not only about marketing, but also design, manufacturing overseas, analyzing cost, and evaluating her target market. All of these things are very important was which the 4Ps of marketing are important to launch a product, but I think the marketing survey Coleman design was the biggest hit. As the text stated, she will always be a step ahead of her competition if she simply think about her customers and put them first (Iacobucci, 2014).
The Business plan on Marketing Plan New Product
Titles Page No 1) Executive Summary 4 2) Current Marketing Situation 5-6 3) Threats and Opportunities 6-9 4) Objectives and issues 9-13 5) Marketing Strategy 13-19 6) Action Programs 19-21 7) Budgets and Controls 21-23 8) References 24 Executive Summary on Apogee Apogee is a shoe which is completely made from old, unused soccer balls. After using a soccer ball for quite sometimes it becomes ...
Reference:
Iacobucci, D. (2014) MM4: Marketing Management, 4ed, Cengage Learning, Mason, HO: South-Western Cengage Learning http://x2.xanedu.com/course_packs/453396/article/a9navpoint-1/htmlid/null
