Introduction
In this era no company can afford to isolate itself from the emerging global trends. There are many opportunities for growth, which is encased through prudent investment strategies backed by suitable action plans to support company's growth rate in the competitive market. In today's industrial scenario, only the fittest and the most competitive firms survive. A company must take prompt actions and adapt itself to the changing environment. These measures must be forward- looking and carefully worked out. In this paper, we analyzing the marketing activities related to an innovative product
Body
New product details
We are introducing a product - DEWS - a portable water purifier. Concept and idea behind this are to reduce the issues relating to the availability of fresh water when and where required. A product called "DEWZ"- is a portable water purifier and the tagline of the product is" purity is always with you" and the product details include customization option available. It has the capacity of 2 liters and is totally eco-friendly because 100% of the parts used in the manufacturing can be recycled. It can also be called as the eco-friendly product that has been available in different colors and designs. DEWZ, portable water purifier will be a sleek, stylish and light weighted product that will be available in two different models, 60/3 cm, and 120/3 cm. This product can purify water in its full capacity in just 3 minutes. 60/3 cm size model provides the benefit of portability to the customers like travelers, households, etc. 120/3 size model offers benefit to the companies for large-scale operations.
New Product Development Process
Idea generation
Nearly 97%of earth's surface water is salt water and oceans. Close to 2% of ground water is frozen in polar ice sheets and glaciers. Only 1% is available for drinking, irrigation and industrial use (UN report, 2010). According to the report of United Nations, by 2025, 75% people will not get the fresh water. Among the environmental problems confronting humanity in the 21st century, the shortage of clean water is important especially in developing countries
Idea screening
It is to note that though population increases at a rapid pace, the amount of fresh water is not on the increase. ‘DEWZ' is the solution for this problem
Idea Development and Test
Advanced reverse osmosis with nanotechnology method will be used in DEWZ. It is the most economical way that removes 99% of bacteria and other impurities. Reverse osmosis technology requires minimal maintenance as, and the use of nanotechnology helped to reduce the size along with efficiency.
Business analysis
The strength of DEWZ is its portability along with other added features that no other product can boast. DEWZ is utilizing the advanced nanotechnology in its working process. This is the very reason for its high quality and less cost per unit in the market (Kahn 2013, p.56). One of the major strength of the product is eco-friendly nature. All the parts and raw materials used in this is 100% recyclable.
Commercialization
DEWZ is a portable water purifier that will be available in different colors and designs, and branding of the product represents a symbol or design helpful to differentiates it from other products. The brand name of the product is necessary to capture the minds of customers. DEWZ will be following the manufactured type of names. The packaging of DEWZ will show the physical appearance. To attract customers, DEWZ will be protected with a wrapping in individual blue containers that will also provide high security to the product
Implementation
Then we will implement the product in the market by analyzing the different internal and external factors.
New product launches strategy
We are launching the product on June 5, 2016 (world environment day), and we are arranging an attractive event for people to understand the product in a detailed way. In this case, DEWZ will be using PUSH & PULL strategy. To create an effective marketing environment, DEWZ advertisements will be provided in all visual as well as print Medias. Sales promotion also is done along with other marketing promotional activities (Calantone 2014, p.690). It helps to stimulate the sales and helpful to create a demand for the DEWZ (Tong 2012, p.99). The marketing professionals of DEWZ will directly approach all segments of customers with the very aim to generate sales and create familiarity with the product. DEWZ ads will also be available on Facebook, Twitter-like social networking websites.
Pricing strategy
DEWZ will-will cost 10 dollars per unit for the primary and portable one, and other will be around 25 dollars. The cost of production is an important factor in deciding the price of DEWZ. It is required to keep the cost per unit minimum, as penetration strategy will be used to attract customers and tap the market. In penetration pricing strategy low price will be setting first to penetrate the market as much as possible. The advantage of penetration strategies is that it discourages competition and gives a substantial market share to the DEWZ.
Conclusion
Once you try sustaining in the market by introducing new techniques or tactics. Most of the companies are not born for a short period they are for the long run benefit, so they have to be maintaining the balance every time by making some alteration or additions to the existing business activities. In the case of DEWZ, the company has to go for venture takeovers or mergers with other companies globally. This is a very helpful strategy in establishing a market presence in a short period. They can also concentrate on social service activities to retain the existing customers.
References
Bruiyan, Nadia (2011). "A framework for successful new product development". Journal of industrial engineering and management 4 (4): 746-770
Kenneth, Kahn (2013). The PDMA handbook of new product development (Third ed.). Hoboken, New Jersey: John Wiley & Sons Inc. p. 34. ISBN 978-0-470-64820-9.
Wong, S.K.S.; Tong, C. (2012). "The influence of market orientation on new product success". European Journal of Innovation Management 15 (1): 99-121
Cui, A. S., Chan, K., & Calantone, R. (2014). The Learning Zone in New Product Development. Engineering Management, IEEE Transactions on, 61(4), 690-701.