(organizational) markets. Write a 750-1,000-word paper that describes your produ
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Question
(organizational) markets. Write a 750-1,000-word paper that describes your product, explains your strategy for entering the markets, and analyzes the potential barriers you may encounter. Explain how you plan to ensure your product will be successful, given your market strategy. I wanted to create a machine that automatically washes close when machine is filled, automatically dries clothes when the washer stops and folds the clothes at the end. I want it to benefit working class, bachelors, elderly and handicappedExplanation / Answer
Product Description: “MyZing”
A self-start washing machine:
Product Benefits:
The MyZing is perfect for the millennial and Gen X who are looking for more time in their fast-paced life. The laundry will no longer be a headache and the clothes will look spanking clean and neat all the time. It is a hassle-free option and takes always the pressure of doing laundry on the weekends.
The availability of 3 variants ensures you can buy as per your requirement. Ig families can opt for a 12 kg variant and use the machine twice a month. A bachelor, the couple can buy the 6 kg variant and run the machine once a week. Since it is fully atomized, no supervision is required. You can start the machine by voice command while going to work and come back to get your laundry lying freshly ironed and ready to wear.
Target customer segment:
Age: 14 years plus (anyone who can read the basic language)
Income: $ 18000 PA plus
Customer: Bachelors, young families, senior citizens
The customer will be upmarket, professionals, working couples, aged couples who are looking for an easy solution for their laundry.
Main Competitors: Laundry, Fully automatic machines
Go to Market strategy: “MyZing”
“MyZIng” will zing your life with time for leisure, family and generate joy in your life.
Promotions:
Product launch: In 6 main cities across the US by soccer and basketball player.
In-store promotions big electronic stores: In store, demonstrations will be organized for families to see its efficiency level. The demonstration will show how the machine will start by just loading the laundry. The detergent has to be loaded only once a month.
Online purchase possible and availability on all online stores.
You can request and schedule a home demonstration where a van will come to your home and demonstrate the product to you in the comfort of your home.
Advertising:
Online in all social media handles like facebook, twitter, Instagram with a 360-degree video showing how it saves you time calculated into a number of years of life you save by using “MyZing”.
Rope in a small family to participate in online chat shows after using the product for 1 month and how much time they save and how they use that time for leisure. The same time is utilized more productively and the comfort from using machine makes you work tension and stress-free increasing the quality of life and create a better family time.
Blogging can be used to upload a comparison between existing options and “MyZing”.
Offline advertising can be done on television, billboards, radio jingles and newspapers at the local levels.
Demonstration at local community centers on all weekends and monthly events will be done for the first 6 months of the product launch.
Pricing Strategy:
“MyZing is priced higher starting 10% more than a fully automatic washing machine. The price will be increased by 25 % after the innovators have used it and it moves to the growth stage.
Barriers to entry:
These will basically will be the segment of customer who will start using the product at a later stage once the word of mouth publicity starts and the product is already used in the market.
The product will be successful as once awareness and the cost befit analysis of money spent vs. time saved is equal to more productivity will leave a lasting impression on the consumers.
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