New Product Service Idea & Marketing Plan Strategies of New Product (Essay Sample)

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Marketing and advertisement of products, especially new ones, is a tough affair but a necessary one. In coming up with a product an entrepreneur should be able to strategize on the various ways of marketing their products to make sure they target the right customers. It is therefore that when I was coming up with my lipstick product I had to think along this dimension.
In an effort to succeed with my product, I have to ensure that I get the marketing mix right. These marketing mix include product, price, place and promotion. The product is quite popular with women and hence has a ready market. The price should be such that it allows easy market penetration. Another important factor to consider is ensuring that the product is readily available to the customers. The last fact is carrying out proper promotion to create awareness of the products to new markets while still maintaining the currents customers.
Having a brand, and a strong one, is important in that it gives an edge over other competitors. I want to make my brand to be associated with elegance, giving class to my clients and improving their confidence when they wear my product. I want to make sure that when a lady things of lipstick, they think my product. This is the power of a strong brand.
Integrated marketing communication is necessary in the promotion of a product. It aims at altering the perception of the customers of the product. To ensure successful IMC, I will use advertising, public relations, personal selling, sales promotion and digital marketing. These methods will help in communicating, competing and convincing. To ensure the success of integrated marketing communication, it is important to focus on the target group who are women.
Introduction
Over the years, many organizations have been facing a major challenge concerning the marketing and advertisement of products. Therefore, it raised an alarm to the business analysts, and through the development of technology businesses have been able to adapt to the system of electronic marketing strategies in marketing and advertisement of products and services. This therefore, give rise to online marketing that uses the social media platforms such as Facebook, Instagram, websites, and twitter as a platform for advertising of products and services. In this present paper therefore, I will discuss the product service idea and discuss the marketing plan strategies of a new product to be introduced in the market.
Case Illustration
One of the product ideas I chose is the lipstick. The term lipstick is a cosmetic product that contains waxes, oils, emollients, and pigments that is applied to the lips to add colour, protection, and texture to the lips. Lipstick is a product that has many varieties with different colours, types, and texture. A lipstick can also be used to add hydration and colour for example lip balms. It is usually or mostly used by women, which is usually typically but not exclusively.
Many organizations have been facing a major challenge in relation to marketing plan for new products. Marketing plan is an essential tool for the success of any business, (Armstrong et at., 2015). In order therefore to increase profits and maximize opportunity I will need to strategies on how to market my lipstick product in this stiff competitive world. The products been sold also take up a great percentage when it comes to marketing the products. Therefore, the term marketing strategy refers to the planning which outlines the specific overall game plan, which aims at achieving the organization marketing plan through locating and attracting customers in buying of the company’s products.
The term market segmentation refers to the process of dividing of consumers of your products into sub-groups or segments in relation to the type of characteristics shared which usually consists of potential existing consumers. There are specific market segment types which include geographic, behavioural, psychographic and demographic segmentation. The term geographic segmentation refers to dividing a business market based on the geography of people you’re selling your products to, while demographic refers to diving of consumers based on variables (such as age, the size of the family, occupation, gender, and ethnic group).
As a seller of lipstick products to consumers there’re essential marketing mix that they should be considered when influencing consumers to buy this product. These marketing mixing include product, price, place, and promotion. According to the marketing segments geographic and demographic segmentations the products been sold such as vegetables, (Jindal, P., at al, 2018). The first marketing mix they should consider is the product mix, this is where you consider the product been sold is it having a high demand and purchasing power. In this stage or phase of development, the marketer is required to do an extensive research especially on the life cycle of the product in question which in this case is the lipstick. Marketers must also expand the product by increasing and diversifying the depth of the business product line.
Therefore, in developing and coming up with the right product, the manufacturer should consider certain questions in regards the two segmentation such as does the product has a brand, how will the consumer use it, how different are the product in relation to the competitors, and what characteristics should the product have in order to meet the client’s demand.
The second marketing mix is price, which refers to the amount of money tag for an item in purchase in order for a customer to enjoy it after paying. In this face we generally consider many things such as the fixed and variable cost, this is, the price of the commodity (lipstick) is determined by fixed costs such as the house were your selling the products, and the rent cost, while the variable cost such as labor and capital that increase at a relative rate. So, when pricing the product, the cost incurred should be the determining factor, how much did use in terms of the labor cost, should be calculated in the pricing of the commodity. In terms of pricing strategy market penetration strategy is the most appropriate when it comes to lipstick because this will help in gaining higher market share in the long run after selling the product in the existing market, (Goi, C. L. 2009).
The third marketing mix is place which is a very vital part in product mix. This is the products should be positioned in placed that is easily accessible especially to potential buyers. Through determining the place or location helps the manufacturer to get the distribution channels that directly with the market. The final marketing mix is promotion which is a vital component when it comes to boosting sales and brand recognition. I should promote the products through lowering of prices in holiday seasons. In promotion there are strategies and mediums used to effectively reach the target market segments such as advertising, through public relations, and sales promotions.
Through advertisement on the social platforms such as Facebook, Twitter and Instagram or any other platform like media will help reach out a mass number of people. Also, public relations are another medium which helps to reach out to the market segments in this sense I should go on one-on-one talked with the people of that town and convincing them in regards to your products and sales promotions give room for the products to be sold.
Marketing of Rossetto, lipstick brand, maybe one of the most interesting things if the right approach to the market is used. Having invented Rossetto as my product, then I would need to come up with a strategic planning on how to market the product and reach most parts of the market. It is essential to remember that effective marketing of my product would lead me to high profits. The mission of my product would be "making women empowered yet elegant". Furthermore, as a marketing strategy, I would have a vision of "improving the confidence, self- independence and morale of woman along with a touch of elegance.” I would ensure that my mission together with my vision is well indicated in the cartons containing my product as a way of encouraging the readers while making their choices in the market (Ferrell & Hartline 2014). A well-written mission and vision will definitely attract the eyes of many buyers and probably increase my sales.
My market target would mainly be ladies aged twenty-four years and above since they are most likely to use my product for beauty. Would be sure to apply SWOT analysis while marketing my product. My SWOT analysis would be designed as below
SWOT Analysis
Strengths

Name of the lipstick brand, pricing strategies, actual channels of distribution, the global technology

Weaknesses

Aggressiveness requirements in product promotion, service costs may be high

Opportunities

Future product diversification, new market caption, brand development

Threats

The resistance of price competition from consumers, profit margin may turn low

Table 1
Market Segmentation Strategy
Introducing the lipstick in the market, I would be targeting three main objects. that is Career for consumers, the Traditional user as well as the use of the product for Adventure (Ferrell & Hartline 2014). Under the career segment, it is where now I am going to factor in the idea of age bracket. The price, quality as well as quantities available in the market of ...