marketing-strategy-for-a-new-consumer-product-graduate-level-coursework-marketing-concentration

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You will need to develop a marketing plan, which is a written document that outlines the marketing program for the new Dyson vacuum cleaner. As part of your marketing plan, include the promotional budget allocation for the entire planning period. In other words, your marketing plan details what is needed to implement your marketing program and achieve its goals. Read about vision and mission statements, and then find Dyson’s vision and mission statements online.

It is important to note that a marketing plan is not the same as a business plan. While the marketing plan is part of the business plan, business plans typically also include additional information on financial strategies, operations, risk management, and human resources.

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To standardize this process, you will use this marketing plan template.

Research the vacuum cleaner industry (home and commercial, domestic and international). Include the following items in your analysis: market trends, market opportunities, threats, and Dyson’s major global competition.

Go to the UMUC Library>Research Guides and select the following two research guides: Business and Management and Marketing. Read these research guides. Find and print the articles that will help you complete your assignments. It is easier if you conduct a separate search for each section of your marketing plan. Also, use industry or company databases, such as ABI/INFORM Complete, Business Insights: Essentials, Business Source Complete, Factiva, Hoover’s, and Mergent Online, to research the vacuum cleaner industry. Make sure that you have a solid mix of scholarly (peer-reviewed articles) and reliable nonscholarly sources (e.g., Reuters, Bloomberg, Money, Fortune, Forbes, or practitioner sources such as Harvard Business Review).

Milestone 1: Conduct the following three analyses for Dyson: PESTEL analysis, SWOT analysis, and Porter’s five forces analysis. Present your results in a four-page report (excluding cover page, reference list, tables, graphs, and/or exhibits). Be sure to support your work with the required readings, scholarly sources, and reliable nonscholarly sources 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.

Now that the environmental scan has been completed, the new product development group needs to conduct an analysis of consumer buying behavior in this industry. Outline how the team would conduct this analysis, while considering both current and potential product users. Your analysis should address how you would determine the following:

  • What needs are being met by the product purchase? What are the benefits to the consumers? Make sure that you differentiate between features and benefits; go beyond manifest motives and consider latent motives.
  • Who is involved in the purchase process? Who are influencers, buyers, and users?
  • Where are the products sold (distribution channel)?
  • How often are the products purchased? Is there seasonality to sales?

Milestone 2: Present your results in a three-page report (net, excluding cover page, reference list, tables, graphs, and/or exhibits). 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.

The first step in developing a marketing strategy involves segmenting, targeting and positioning (STP).

Segmentation is breaking down the market into homogenous groups; targeting is selecting the consumer groups on which you will focus your marketing efforts. The appropriate segmentation variable is dependent on the needs and wants of the consumers. These decisions require extensive marketing research on the consumers and are directly tied to your value proposition. Once the segmentation variables are determined and the target markets selected, you need to develop a positioning strategy. Positioning refers to the image of the product that you want the consumer to have relative to the competition.

Describe the market research you would conduct to analyze and segment the market for the new vacuum cleaner. Explain how you would select a target market or markets for the product offering. These can be domestic markets, international markets, or both. In addition, explain the process of positioning the new Dyson vacuum cleaner relative to the competition.

Milestone 3: Your research results should be presented in a three-page paper (excluding cover page, reference list, tables, graphs, and/or exhibits). 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.

Dyson’s new product innovation process involves both incremental and radical innovation. Radicalness is the combination of the degree of differentness and newness. This includes innovations that are new to the world, the industry, or to Dyson. Most radical innovations are new to the world (e.g., digital photography), and are very different from existing processes and products. On the other hand, incremental innovations lie at the other end of the spectrum; they are not exceptional or particularly new, they may currently exist in the industry, and may involve minor tweaks, adjustments, or changes from existing products. A radical innovation may become an incremental innovation over time as its underlying technology becomes more common (Schilling, 2013).

Once your idea is developed, write a value proposition for your new product.

Milestone 4: Present the results of your activities in a two-page report identifying your new product idea, explaining the procedure you used to develop the process, and state your value proposition. 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.

In the 1960s, the 4Ps of marketing (product, price, promotion, and place or distribution) were developed. The 4Ps are also referred to as the marketing mix. Any change to one of these components was thought to have a profound effect on the other three components. The concept of marketing mix still exists, but today we think about it in a more sophisticated way. The product is now defined in the context of the company’s overall offering, which may include a bundle of products and/or services under strong branding. Marketers today are “more focused on solutions than products” (Marshall & Johnston, 2011, p. 12). Place has shifted to include the notion that sophisticated integrated supply chains are crucial to a business’ success. Today, price is widely regarded in terms of value. Finally, the Internet and high-tech advanced digital promotional tools have totally changed the concept, scope, and the outreach of promotion (Marshall & Johnston, 2011).

Describe how you would develop the marketing strategy for the new Dyson vacuum cleaner. Given your target market (or markets) and positioning strategy, what factors would you consider when deciding on the marketing strategy for the initial introduction of the new vacuum cleaner? Creating a marketing strategy involves a series of interrelated decisions. See the marketing plan template for a sequence that is used by many organizations.

First, you’ll need to consider product or brand strategy. Keep in mind the needs/wants of your target and how you’ve decided to position your product relative to the competition. Make a plan to develop a detailed product description, that includes all attributes and features of the product. The description should also include the product’s brand name, intended packaging, logo, and supplemental products. As you make these branding strategy decisions, it is imperative that you stay focused on the consumer. Remember that Dyson’s consumers do not buy features; they buy benefits, both tangible and intangible. It is also critical to understand the consumer: Who makes the purchase? Who influences that decision?

Next, you’ll want to think about pricing strategy. Pricing is very strategic as it is the only marketing mix variable that generates income for Dyson. As vice president of marketing, you need to decide on your price objectives and strategies; consider pricing tactics like discounts, bundling, and incentives. When developing a new product, you need to decide whether your initial pricing strategy should be one of skimming, premium, or market penetration. Take into consideration the nature of the vacuum cleaner industry, your competition, and your product. Profit margins and a breakeven analysis will also need to be considered; as well as the perceived value of the product as you determine your final price point. Describe how you would go about making these decisions, and the major issues involved.

Then you’ll need to consider distribution and supply chain strategy. These strategic decisions all deal with how consumers acquire your product. Will you market directly to consumers, or have a number of intermediaries? What channels and intermediaries will you use? Will you use exclusive, selective, or intensive distribution? Are you going to promote and sell the vacuum cleaners online? Distribution decisions focus on marketing channels as well as the physical distribution of the vacuum cleaner. Explain the criteria you would use to make these distribution and supply chain strategy decisions.

Finally, you should consider your integrated marketing communications and promotion strategy. The marketing communications and promotion strategy is often the most visible element of a marketing strategy. Dyson’s communication strategy involves developing an integrative mix of a number of different tools at your disposal, while keeping in mind the needs and characteristics of the target market(s). The Internet and social media play a crucial role in many product categories and with many consumers. But, you should not fail to consider traditional communication elements such as advertising, personal selling, sales promotion, and publicity/public relations. It is essential that your promotion objectives are clearly defined, and that a holistic and integrated marketing communication approach is used.

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.

Your financial analysis should include average unit cost, average unit price, number of units per batch, any outsourcing costs, a breakeven analysis, a sales forecast, and an expense forecast (including marketing and sales expenses). In addition, explain your schedule for implementation, the controls you intend to put in place, and how you intend to proceed (i.e., contingency plans) when your benchmarks are not met.

Milestone 6: Submit a one-page report explaining your financial analysis and implementation. 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.

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