For this assignment, you will create an outline of a marketing proposal to launc

Question

For this assignment, you will create an outline of a marketing proposal to launch a new product. The outline must consist of a brief introduction and conclusion, and must provide an explanation of each of the 4 P’s, as well as considerations for the variables of which you have no control, yet have an awareness of with regards to your product. The Outline should run between 1 to 2 pages and length and follow a general outline format.

I. Introduction

II. Considerations for the things you can control (Marketing Mix, 4 P's). You will need to provide an explanation for each of the 4 P's:
• Product
• Place
• Promotion
• Price

III. Identify the things you cannot control. Provide an explanation for each of the following:
• Social or Cultural Environment
• Legal, Political, and Regulatory Environment
• Economic Environment
• Technological Environment
• Competitive Environment

Explanation / Answer

Introduction to a new product

Why do so many new products fail? Usually for many reasons. Companies often are so enamored of their new product ideas that they fail to do their research, or they ignore what the research tells them. Sometimes the pricing or the distribution channels are wrong. Sometimes the advertising doesn't communicate. Successful product launches result from an integrated process that relies heavily on research and solving up-front issues. Let's review several of the critical issues that affect product introductions.

Market research a major role in Introduction of the new product

Market research is the key. Without the necessary information, you're simply flying blind in a storm, headed for a crash landing. Market research does more than confirm your "gut feeling," it provides critical information and direction. It identifies market needs and wants, product features, pricing, decision makers, distribution channels, motivation to buy. They're all critical to the decision process.

Take the example of a company several years ago that introduced a new product to the electronics manufacturing market. The research identified the pricing, the distribution channels, product features, everything but the product decision maker. Despite the fact that the new product complemented an existing one, performed a complementary function in manufacturing, and was used in close physical proximity to the existing product, the decision makers were different. The sales force couldn't efficiently call on the new decision makers, and the product failed.

Launching a new product or service isn’t what is used to be. In the "good old days," you could hire a PR agency to craft a press release and set up a press tour. Before the big launch date, you would hit the road and meet with reporters from all the important press outlets. Then on launch day, you could sit back and watch the articles roll in. In those days, reporters might even spend a few days fact-checking and talking to customers before filing their stories.

For good or bad, those days are gone. Today, the pace of news is limited only by the speed of light. The new media landscape incorporates far fewer major outlets; rather, it is made up of a smaller number of slimmed-down publications and an inordinate number of specialist bloggers. Getting "ink" might be easier, but paradoxically, getting attention has become extremely difficult. And the attention you do get is forgotten within minutes as the unceasing flow of even "newer news" pushes your announcement out of the collective mind share.

So you are about to launch a new product or service, or are thinking about it. Congratulations. Unfortunately, having the best idea (or product or service) in the world may not get you buzz, or sales, if the right people don’t know about it. Here are nine steps you can take to increase the odds of your rollout being successful.

Tips for a new launch

1. Make sure the product or service works – before you start selling it. Whether your product or service is digital in nature, or you plan on selling it online, first “make sure the app or website is bug-free,

2. But don’t worry if your product isn’t absolutely perfect at the get-go. “Don’t wait until everything is perfect to launch,

3. Create a dedicated landing page with an email opt-in. “When launching a new product, use crowdfunding tools .

4. Build and/or join a community. “Tap into the power of community, This is especially valuable in the tech world. There are a multitude of meet-ups for all kinds of tech, so engaging these communities in person is very doable

5. Cultivate influencers in your industry or niche. “Reach out to people who influence your target audience,”

6. Ask people to spread the word – and give them free product or pay them to talk about it, if necessary. “Just because you have the next big idea, this doesn't mean people will find it and use it,

7. Notify top customers and followers in advance of your release. “Build a list of individuals who you know absolutely adore your company.

8. Use social media to get the word out. Use your “social media accounts [Facebook, Twitter, YouTube, Pinterest and Instagram] to get the word out about your new product or service,

9. Advertise on Facebook. “My biggest tip to generate lots of traffic on Facebook advertising campaign,

Steps for a successful launch :

Product

A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.

Major questions for Product

Place

Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

Major questions about Place

Price

Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.

Major questions about Price

Promotion

We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.

Major questions about Promotion.

About Social and Cultural Environment

A business must utilize and adapt to its external social environment, or it will not survive. A business must be keenly aware of the society's social preferences regarding its needs and wants. These preferences and needs and wants will be influenced by a population's values, beliefs and practices.

Let's look at some examples. A change in beliefs and values towards energy conservation and global climate change may create a change in consumer preference away from gas guzzling SUVs to hybrid sedans. Some cultures treat the meal as a long social event, and fast food just won't cut it. Social preferences relating to fashion are constantly changing. Skirt lengths go up and down depending upon the years, as do the preference for single-breasted and double-breasted suits.

If a business refuses to adapt to changing social preferences, its sales will drop, and it will fail. Of course, sometimes the change in social preferences may be so large that a business simply can't adapt. For example, a social movement led to the outlawing of alcohol in the early 20th century, which was known as Prohibition. During Prohibition, it was illegal to sell alcohol. Distilleries were put out of business until Prohibition was repealed.

While there are risks with social change, there are also opportunities. Businesses often try to influence social values through the use of marketing, advertising and targeted public relations strategies. Marketing campaigns are used in an attempt to create trends. The fashion industry is a prime example. Public relation campaigns are often used to build up or repair a business' image.

For example, BP launched a massive public relations campaign to improve its image after a massive oil leak in the Gulf of Mexico caused by offshore drilling. Fast food restaurants may include healthier choices on their menus and sponsor health-related activities.

Broader social values will also affect the success of a business. A society that values higher education will provide a better workforce that will lead to more productivity and innovation. Likewise, a society that supports investment in public infrastructure will have access to good transportation and communication systems. And if the social values of a community include a hard work ethic, a business will have access to productive workers and a population that has money to spend on goods and services.

About Legal, Political and regulatory Environment

The Political / Legal / Regulatory environment is often a direct consequence of the political parties in power, which represents the popular opinion of the citizens of the region. If the citizens are, for example, pro-Big Business then probably taxation will be modest and there will not be a lot of stringent rules about environmental considerations.If the citizens are very concerned about safety issues, for example, then there will be a lot of rules and regulations governing things such as transportation safety, which will make it more expensive for some companies that have big shipping costs.

The rules and regulations created by the politicians, have significant influence on the cost of running a business and the way it can market products and services - for example in Canada there are severe regulations about advertising for alcohol and tobacco.

Changes in the political and legal environment can restrict or even end certain marketing activities. The tobacco industry is a case in point. The U.S. government first mandated cigarette warning labels in 1965, and, as evidence of cigarettes' harmful health effects grew, it battled the tobacco industry more and more vigorously. These battles culminated in the passage of a 2009 law that gave the federal government the authority to regulate tobacco, which also includes its marketing and labeling. Before offering a product, you should consider whether it is a candidate for legal or regulatory trouble.

About Economical Environment

Your budget plainly has a role in your marketing decisions. It dictates how much advertising you buy and where you can afford to place it. The overall economy also has a massive influence on your marketing decisions. If you're marketing in a down economy, your consumers won't be willing to pay a premium for your product, and your advertising should probably point out that the product saves your customers money, costs less than your competitor's product, or lasts a long time and is therefore a good value. In a strong economy, your strategy probably will change. You'll be able to charge more, and your ad message may stress the pleasure or convenience your product offers your customers.

About Technical Environment

New products and services are possible because of new technologies. These help to increase revenues and profits of companies. At different times in history, technologies have created new businesses like automobiles, railways, telephones, computers, etc. Currently we are seeing new products and services being developed by emerging technologies like internet, mobile connectivity, nanotechnology, genetic engineering, etc. These technologies are likely to fuel growth in the near future.

About Competetive Environment

Prudent marketing decisions must factor in competitors -- how many you have and how good they are at what they do will affect your marketing plans. If, for example, your competitors are able to offer their product for a much lower price than yours, your marketing strategy must stress the fact that your product is of a higher quality, that your warranty is better, or that your product lasts longer. If you have few or no local competitors, you're free to expand into new markets. You may choose to broadcast your ad on a Spanish-language television station, for example.

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