Marketing Essay

1043 words - 5 pages

Product Development
In order to successfully introduce a new product into the marketplace, it is important to know what consumers want and need. Likewise, it is just as important to position a product offering in the minds of customers in their target market in a way that consumers understand why the product the company is offering meets their needs better than other competitive offerings (Grewal & Levy, 2014). A marketing plan must be put in place that identifies and evaluates opportunities by performing a marketing segmentation, targeting, and position evaluation.
Hands-Free Can Opener
Many people have difficulty opening cans due to multiple issues ranging from arthritis to hand ...view middle of the document...

Furthermore, stretching the market by marketing this brand of can opener that leads in its product category can profit from marketing by targeting their core segment so that those outside feel as if they are “one of the crowd” (Gelb, 2001). An example of this would be Nike. When someone is told to wear slacks and athletic shoes, someone may first think of Nike as athletic shoes even though that person may not be the sports or fitness inclined person.
Targeting. In order to determine whether or not introducing the hands-free can opener will be a successful product, the consumer must be identifiable (Grewal & Levy, 2014). The market must also be substantial enough to pursue. A market with few people may not warrant special marketing efforts. The market must also be reachable through effective communication and distribution. Lastly, it must also be responsive to the needs of consumer’s in their segment. Smarter targeting techniques can be applied to enhance marketing efforts, but too much can ruin it. The first step to smarter targeting is to make sure all of your targeting efforts reach all of your current customers (Romaniuk, 2012). The second step is to include as many people in your target market to increase market share, followed by making sure your targeting efforts focus on heavy buyers (Romaniuk, 2012). In the case of hands-free can openers, the segmentation market of focusing on young and older adults to target includes many age groups that make marketing the product attractive.
Positioning
Positioning is the act of designing a company’s offering and image to occupy a distinctive place in the mind of the target market (Andrei, Ecaterina, & Cristian, n.d.). Marketing the can opener should first be focused on value. In this case, the consumer is getting a lot for what the product costs because it is ergonomic, space saving, hands free, easy to operate, and safer compared to other can openers. These can be considered important attributes to consumers, so positioning should be based around that. Finally, to successfully market the hands-free can opener, a company must determine consumers’ perceptions and feedback of the product in relation to other competitors (Grewal & Levy, 2014). It is important to know other competitors’ positions and consumer preferences in...

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