Marketing Plan Phase III Assignment

Marketing Plan Phase III Assignment Words: 1233

The selection of product from the Filter Factory Outlet Store came with much research as to the best plants to take out the most common pollutants in our indoor air. Some of the pollutants found inside your home are formaldehyde, benzene, toluene, trinitrotoluene, and Selene. Formaldehyde is found in common cleaning products, toilet paper, tissues and personal care items. It is also found in new carpets and car exhaust. Benzene is found in glue, paint, plastics and detergents. Toluene is found in paint thinner, silicone sealants, adhesives, lacquers, and disinfectants.

It can also be found in octane booster for gasoline. Trinitrotoluene is found in dry cleaning. Selene is found in solvents used in leather, rubber and printing industries. Peace Lilly’s are one of the most highly recommended from NASA. This plant takes out formaldehyde, benzene and trinitrotoluene. It can also combat toluene and Selene. Some other recommended plants are the Devil’s VIVO’, better known as the Money Tree, Variegated Snake Plant, or Mother-Len-LaWs Tongue, Red-Edged Draconian, and the Beaverton Daisy known also as the Gerbera Daisy.

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All of these plants take out all 5 pollutants as well and also commended by NASA. Product Life Cycle As listed by Perpetual, Cannon, and McCarthy (201 1), the product life cycle consists of 4 stages, introduction, growth, maturity, and decline (p. 257). The new product of air- cleaning plants for the Filter Factory Outlet Store has been introduced and sales have been made. Instead of advertising this new product through mass marketing, individual sales are being made on in the field as technicians are selling and installing filters.

This introduction makes much more sense as this is a secondary product that is widely available elsewhere but Just marketed for different reasons ND purposes such as ambiance or decoration. By introducing this product in the field, a customer is confronted with a wonderful addition to their clean air needs and giving the opportunity to buy right now with the promise of care and support of their Marketing Plan Phase Ill By informant investment. Growth This prevents them trot simply getting air-cleaning plants elsewhere.

The disadvantage of this approach is that it allows slow growth of the product. But slow growth allows for inventory and support of the product to grow at pace. This is an advantage because the sales of the product will help to grow the production and Essen to starting cost of the product. Currently the Filter Factory Outlet Store is the only air filter retailer offering air-cleaning house plants, so the product idea growth will be slow-going. The Filter Factory Outlet Store caters to loyal customers and recurring business and this is the best target for the new product.

Maturity The new product will reach maturity when a large portion of filter customers have air-cleaning houseplants. Before and during maturity, it will likely be necessary to make changes to the product, since plants are plants and you cannot change how hey work or what features they have, any changes will be to the support of the plants, or the way in which they are marketed. It could be that perhaps, most customers can take care of their plants well enough and don’t need any support or a competitor may offer the plants at a lower price. A big part of a maturing product is making adjustments to ensure success.

Decline Unlike much of today’s technology, the filters and plants provided by the Filter Factory Outlet store are very unlikely to be replaced by a new product idea. Though the newest smartened will be soon replaced by a better and more advanced marathoner, plants have a practical and on-going use that is not likely to be replaced by any other technology. There are potential circumstances in which the new product does not gain enough popularity, and the whole thing fails. Competition may find a better way to sell plants or at a better price.

Either way, when the product no longer makes a profit, all remaining plants will be sold at a loss and the product line will end. Positioning and Differentiation Strategies Key components of any companies marketing strategy are product positioning and differentiation. A company needs to continually examine products and services they offer in order to better serve their customers. To stay competitive in the fast passed business word a company should constantly evaluate its strategies because what worked and turned a profit in years past may not work as well in years to come (“Product Positioning and Differentiation Strategy”, 2014).

Product Differentiation Differentiation is the process of illustrating the differences between products by focus on unique qualities and contrasting those with other competing products. When differentiation is done successfully it creates a distinct advantage for the many by making their product or service more attractive and appearing unique or superior to potential customers. There are many methods that can be used in differentiation such as price or quality. A company may choose to package their product in a distinctive way or incorporate innovative new features others do not offer.

Another option would be to design a creative advertising campaign or sales promotion to draw attention to their product (“Product Differentiation”, 2014). The Filter Factory Outlet Store will determinate I TTS new product by tottering house plants hat specialize in removing harmful and hazardous chemicals from the air to promote a healthier living environment. They will be further competitive in this market by offering competitive pricing. As an additional measure, the Filter Factory will also offer services such as specialized care and maintenance to protect their customers’ investment.

Product Positioning The next step after product differentiation is product positioning. This is how a company identifies its product brand to prospective customers. This means identifying who you are in the eyes of your customers. By positioning you create an mage or identity for your product or company. The Filter Factory Outlet Store is known for providing quality furnace filters and outstanding service, standing behind their products and service as well as the service provided by other companies the Filter Factory refer, in order to create a healthier living environment.

The incorporation of house plants will not be the new focus but rather will be what is known as an add-on to further promote the overall vision of the company (“Product Positioning Strategy”, 2014). Price Strategy The Filter Factory Store price strategy is to compare the prices that these plants are old in regular gardening and supply stores and online stores in order to be comparable. Being able to purchase these plants at a huge wholesale discount makes the Filter Store able to sale these plants at a discount to our customers.

Most customers will pay a little more for a product that comes with education on how to care for it and how they will benefit from the plant. They also look for the service of helping them if the plants start to die in their care. Offering this service along with the new product has kept the prices of the plants to a compatible price with interiors but the making the product more appealing makes the customers want to purchase it from the Filter Store instead of any other competitors business.

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Marketing Plan Phase III Assignment. (2021, Nov 10). Retrieved September 26, 2022, from https://anyassignment.com/art/marketing-plan-phase-iii-assignment-34108/