Marketing Plan for a New Product (Essay Sample)

MARKETING PLAN FOR A NEW PRODUCT
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Marketing Plan for a New Product
A marketing plan is a type of document which is blueprint in nature and contains the marketing efforts put forward or intended to be used by the organization to promote its sales thus increasing its profits. This paper, the focus will be on an entirely new product known as FactBite. Fact bite is a snack that is highly nutritious as it contains Vitamin A, D, E, protein and carbohydrates thus this component means that a person consuming the snack eats a balanced diet. The product under review is new in the market and is a product of FactBite Company Limited, a small scale based company in the United States. Thus, the product requires an effective marketing plan so that it can be successful in the highly competitive market.
The marketing plan for this product will involve aspects such as product development, cost effective marketing, pricing and target market. Product development is the process of creating and designing new products to suit customer needs. In this case, the product is the first of its kind as it contains all the nutrients that constitute a balanced diet. In this case, the firm involved is small thus has few resources thus, cannot be able to invest in innovation. However, the firm can specialize in the differentiation of the product so as to tap into the market which will be growing at a large rate. The cost of differentiation is lower compared to the cost of innovation thus economical (Skarra, 2006).
The second aspect is the cost effective marketing. The FactBite company lacks vast resources thus should use marketing methods that are cheap such as the social media advertising through sites such as EBay and Twitter. The company can also use flyers, posters, referral networks and value additions which are a cheaper way of marketing of snacks. Additionally, the capital can advertise through the use of radio and television commercials as well as free samples though may be slightly expensive compared to the cost-effective marketing methods(Jocumsen, 2002).
The third aspect that will be included in the marketing plan is the target market. The target market for this market is universal as every person despite the age prefers to eat healthy and balanced diet snacks as compared to unhealthy and sugary snacks. The target market thus involves the children, youth and the old people both male and female. The fourth aspect that will be discussed in this marketing plan is the distributor channels. Since the company is small, it is preferred that the company uses exclusive distribution selling as well as personal selling from the company premises. Exclusive distribution selling will see to that that the products of the company are solely distributed by one retailer which is this case is the Walmart supermarket (Goodman, 2001).
The fifth concept that will be included in the marketing plan is the pricing. In this case, the product is new in the market thus the best pricing strategy is the discount pricing strategies. This situation will enable the company to seize market share thus discouraging competitors from entering the market. This strategy will also help increase advance bookings thus increase in sales as well as in the sale of snacks that are almost nearing the expiry date (Chan, Shen, Simchi &Sw...