Scenario You are the global marketing vice president at Dyson. You have been ask

Question

Scenario You are the global marketing vice president at Dyson. You have been asked to attend a meeting with James Dyson, the company's founder. Dyson's CEO and the head of Dyson's New Product Innovation department will also be in attendance. "Thanks for meeting with me today," James says. "Market intelligence has shown that our major competitors—Hoover, Shark, and Bissell—are all developing new cordless vacuum cleaners with a longer battery life than what's currently available." James Dyson looks to you: "I need you to participate in a new cross-functional product development team that will research the feasibility of creating a cordless vacuum cleaner that works for one hour on a single charge. We also need to know if there's even a market for this type of vacuum," he says. "We envision that this new vacuum will be used primarily in the home, but keep in mind, we want to be able to adapt it easily and cheaply for light commercial use. One way of doing this is by using swappable battery packs." "Have an actionable marketing plan ready for me in three weeks," James says. You know that to give the CEO the most thorough report, you'll need to conduct an internal analysis of Dyson and an environmental scan for the new vacuum cleaner. You'll need to have a detailed plan for identifying marketing opportunities, and you'll need to research the home and commercial vacuum cleaner industry, market trends, and Dyson's major global competition.

Milestone 5: Submit a four-page report outlining how you would develop your marketing mix strategy. Be sure to support your work with the required readings, scholarly sources, and reliable nonscholarly sources (such as Bloomberg, Yahoo! Finance, Money, Forbes, Fortune, and Harvard Business Review) using UMUC's library search engine. You will combine the work you have completed in this milestone with the other milestones and submit all work together in the final step.

Explanation / Answer

To develop marketing mix strategy we need to know the marketing mix concept.

Marketing mix is a set of marketing tool that the firm uses to pursue its marketing objectives in the target. Thus the marketing mix refers to four broad levels of marketing decision, namely: product, price, place and promotion.

Product refers to the item to be sold. What product is going to be sold? What features differentiate the product from competitor products? Are there associated products that can be marketed with the initial product?

Price refers to the sale price of the product. Consider factors such as the cost price of the product, marketing expenses and distribution costs. Determine if these costs are likely to be fixed or variable when calculating an appropriate price. Price can also be used to position the product in respect to perceived quality.

Place or distribution refers to where the product is going to be sold. Consideration needs to be given to the type of product being sold when determining where it is to be distributed, as it impacts the positioning of the product. Basic consumer products are often made readily available. Premium consumer products are typically only made available in select stores. Is the product better suited to be sold at a brick-and-mortar store or online?

Promotion refers to the collective marketing communications campaign used to sell the product, often called the promotional mix. Promotional activity includes advertising, sales promotion, personal selling and public relations. Promotions are typically reliant on product and price and place. Key consideration needs to be given to the budget assigned to the marketing mix, the stage of the product's life cycle and how the promotion can be utilized to position the product.

In the given case above Mr dyson wants to develop a new product development team which will work out the feasibility of new cordless vacuum cleaner which can work for an hour on a single charge. The following steps they must take to build the project:-

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