New Product Marketing Plan Assignment

New Product Marketing Plan Assignment Words: 4005

SYNERGY 3-in-1 Laundry System Marketing Plan Laundry is no longer a chore with DIVA! Synergy TABLE OF CONTENTS 1. 0 2. 0 EXECUTIVE SUMMARY ……………………………………………………… Pg 3 SITUATION ANALYSIS ………………………………………………………… Pg 3 2. 1 3. 0 4. 0 Target Market ………………………………………………………………Pg 4 NEW PRODUCT INTRODUCTION ……………………………………………Pg 5 SWOT ANALYSIS ………………………………………………………………… Pg 6 4. 1 4. 2 4. 3 4. 4 Strengths ………………………………………………………………….. Pg 6 Weaknesses ……………………………………………………………….. Pg 7 Opportunities ……………………………………………………………… Pg 7 Threats …………………………………………………………………….. Pg 8 5. 0 6. 0 MARKETING OBJECTIVE …………………………………………………….

Pg 8 FOUR P’s …………………………………………………………………………. Pg 9 6. 1 6. 2 6. 3 6. 4 Place ………………………………………………………………………. Pg 9 Promotion ………………………………………………………………… Pg 10 Price ………………………………………………………………………. Pg 13 Product ……………………………………………………………………. Pg 13 7. 0 8. 0 PRODUCT LAUNCH ……………………………………………. ………………Pg 14 DEFERRING INTEGRATED MARKETING MIX OVER PRODUCT LIFE CYCLE …………………………………………………………………………… Pg 16 CONCLUSION …………………………………………………………………… Pg 18 REFERENCES …………………………………………………………………… Pg 25 DIVA @HOME………………………………………………………… Pg 19 NEW PRODUCT IDEAS AND DEVELOPMENT PHASE: COMBINATION OF CLOTHES WASHING, DRYING AND IRONING PROCESS …………………………………………………………….. Pg 20 LOGO FOR DIVA! SYNERGY 3-IN-1 LAUNDRY SYSTEM…….. Pg 24 9. 0 10. 0 APPENDIX A APPENDIX B APPENDIX C 2 1. 0 EXECUTIVE SUMMARY This marketing plan forms the basis for the introduction of an innovative new product called DIVA! Synergy (DS). This new product is an integration of washing, drying and ironing into one laundry system, leading the front end of technology. The goal of DS is to harmonize technology and human needs, striving to make life easier and more enjoyable by integrating DS into consumers’ busy lifestyle and home decoration so that consumers can be DIVA and DIVO themselves with fewer chores.

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DS provides consumers with high end quality wash, dry and iron that they want. Laundry is no longer a chore with DIVA! Synergy. 2. 0 SITUATION ANALYSIS With newer, busier and faster-paced lifestyles, hand washing clothes have become such impracticality. The demand for better, faster, more convenient and can do more than just washing clothes laundry machines have become very important these days. Choosing an efficient washing machine has become a necessity. Statistic shows that 94. 7% of Singapore households own a washing machine. The closest substitute for DS will be the steam washer and dryer combination only from: a.

LG ??? Steam Washer Dryer $2,999 b. Whirlpool ??? Duet Steam Washer $1,066 c. Samsung ??? Airwash Washer Dryer $2,699 3 2. 1 TARGET MARKET The primary target market for DS is single professionals living away from parents and the secondary target market is working mothers with no domestic helpers. Both aged between 25 years old and 40 years old. Target Audience Profile Primary Single Professionals ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? ??? Age: 25 to 40 Both male and female Living away from parents Degree holder 10. 6% of Singapore population (512,800) Active lifestyle ??? Enjoy life Trend setter Stylish Savvy Confident Annual income of $52,000 p. . Believe in product quality and conveniences Hold quality in higher esteem than price ??? ??? ??? ??? ??? ??? ??? ??? Secondary Working Mothers Age: 25 to 40 No domestic helper 1 child Tertiary education Come from small family nucleus Active lifestyle Combine annual household income of $70,000 p. a. Confident 216,455 working mothers in the workforce 4 3. 0 NEW PRODUCT INTRODUCTION DIVA! Synergy will bring forth an entirely unique laundry experience to consumers packed with superior functionality, style and advance technology in a laundry system. Consumer is able to experience Eco wash, a perfect result with less energy consumption.

An integrated washer dryer ironer is a huge space saver. DS combines washer, dryer and ironer into one machine, which removes the amount of clunky appliances needed in the house. This allows more creative in home design and to free up more space for more aesthetically pleasing objects. Refer to Appendix A for DIVA @Home. Conventional dryer discharges hot air leaving the surrounding hot. DS relies on condensation based drying methods which gives a cooler surrounding and environment. This will also reduce the risk of clothes dryer fire due to over heating.

DS can cleverly sense the variety of different textiles and materials and stains during the wash for optimal fabric care and cleaning. DS has also taken care of the health aspect of our consumers. DS is equipped with this technology called the Allergen buster that reduces particles (dust mites, domestic animal dander, bacteria) that promote allergies such that it enhances health benefits. Sanitizing silver ions are released into water to remove 99% of odour causing bacteria. DS is environmentally friendly with water and energy saving that will give savings to our consumer’s utility bill.

DS is pact with many more benefits and values consumers would want and love to have. Detailed functions, benefits and washing process are clearly stated in Appendix B. We have selected a techno-maid in our logo to represents DS. Having DS at home is like having a maid to do the most tedious chores; washing, drying and ironing the laundry. Refer to Appendix C for logo. 5 4. 0 4. 1 SWOT ANALYSIS STRENGTHS Time saving compared to conventional washer-dryer system. Innovation with quality and creative design: ??? ??? front end of technology one product with functionality of 3 different products

Environmentally friendly and efficient: ??? ??? ??? ??? energy saving recycle water bio-degradable packaging condenses hot air before discharging to the environment during drying process – Laundry and ironing no longer a chore. Stain detective sensor to provide comprehensive stain remover. Adaptive cool down. Quiet performance. Product demonstration at household by technical engineer. Strong after-sales service: ??? ??? 24 hour helpdesk service calls will be attended by technical engineers by the next working day – Dedicated account manager to manage the distribution channel partner i. e. Best Denki, Harvey Norman. –

Online portal for order. No financial constraint with investor willing to invest R and marketing efforts. – Recovering economy with more spenders on new homes hence increased demand for electric appliances. 6 4. 2 WEAKNESSES Price above the average price for a washer and dryer, not for general consumers. Only target for executives with high pay and strong purchasing power. Advanced technology for early adopters thus might show slower growth. No proven track record on product performance and consumer feedback on efficiency. Its narrow range of product may not be a favourable sign of being technologically advanced. . 3 OPPORTUNITIES Rising affluences in society/family with higher purchasing power. With reference site established in Singapore, opportunities can expand towards densely populated and fast paced city with limited housing space: ??? ??? ??? ??? Japan Korea Hong Kong Taiwan with less space, fast paced society, Rising education increase adoption of new technology. Growing trend of single living away from their parents, young working couple and smaller nucleus family. – Government encouragement on married women into the workforce. Homes are getting smaller and people will want to look at more compact washing system. Although price is steep, it has reinforced the perception of quality, benefits and value of DS. – Latest innovation can be used to gain competitive advantage. Distribution network using mage store can improve market awareness and market share. 7 4. 4 THREATS Product Life Cycle is short; technological improvement can make DS technology outdated. Barrier of entry is low. New in market competing against LG, whirlpool, Bosch and Samsung who already have the technology of a steam washer. Difficult to change consumer behaviour to new technology (not receptive to 3-in1 product) i. e. ore people is still incline to using a washer, dryer and iron separately (more promotion is needed to change and educate consumer towards 3-in-1 product). Lack of product diversification. 5. 0 MARKETING OBJECTIVE Short ???term objective (3 years) Our short-term objective is to establish a positive brand and product image and awareness for Diva! Synergy. We should capture a 10% market share from our selected target audience. Conduct customer surveys and create customer product reviews in DS website. Long-term objective (5 years) Continue to build positive brand image and awareness for Diva!

Synergy and increase our market shares to minimum 15%. Establish DS as the leading 3-in-1 laundry system in Asia Pacific. Continue to work with developers to include DS into their developments. 8 6. 0 FOUR P’s 6. 1 Place Distributing Dealers Electrical mega stores, Best Denki and Harvey Norman, will be appointed as DS’s distributing dealers. Consumers will be able to feel and obtain product information easily as Best Denki and Harvey Norman outlets are strategically located island wide. Both stores also have in place interest free instalment program which is a buying trend now for consumers.

Online Purchase A website, Divasynergy. com, will be created which will quickly give DS an identity. It will also give consumers a place to find out more information. Consumers too will be able to place their orders online at our website. Distribution Flow Chart Consumers Best Denki Harvey Norman DS Website Online Purchase Order Processing Delivery Team Onsite Demonstrations Source: Author 9 6. 2 Promotion The motivation for target audience is DS is a prestigious brand or image leading to social approval and sensory gratification gaining new product acceptance. It will be a 1 year campaign encompassing the below recommendations.

Cinema advertising With its audio and visual capabilities, the cinema environment delivers and engages its audience with its powerful brand communication. Over 80% of cinema audience is aged 15-34. Advertisement will be screened in all cinemas under Golden Village. The screen time will be Friday, Saturday and Sunday, scheduled movies are Future X-Cops, Iron Man 2 and Transformers 3. Magazines advertising (Full Page) Magazine advertisement gets longer shelf life and greater circulation; pass-onreadership. Strong visuals with information about the product will be featured in magazines like: Home & Decor (12 insertions) Singapore’s No. interior magazine that features latest decor trends, furnishings, accessories, design industry tips as well as some of the most innovative home designs. Prestige (12 insertions) A lifestyle magazine for the affluent and influential. The magazine features local society, business titans, international news, entertainment, fashion, travel and high-end gadgets and diversions. 10 – HWM (12 insertions) HWM features technology developments and progress and its readers are mostly tech-savvy male, aged 25 to 49, well educated and affluent.

In a third party survey conducted in 2008, 84% of the respondents are avid HWM readers who don’t miss a single issue as they consider HWM to be the best source of information about latest gadgets and electronic devices. Internet advertising With the growth of information on the internet has growth the amount of time people spend on it. Almost 59% of adults go online in a daily basis. Internet advertisement opens the opportunities to our target audience. It also spread information around the world which would increase our opportunity in expanding DS to Japan, Korea, Hong Kong and Taiwan.

It enables the tracking of reach and effectiveness of the advertisements. Google Adwords Singapore It will have a link to Divasynergy. com to provide more in depth information on the product and to educate the consumers on the benefits the product has. This will build the reputation, quality and make the product known to target audience. In-store demonstration The goal of in-store demonstration is to introduce DS to consumers in providing a real-life product feel on its benefits and values the consumers would get when they use DS. Trained sales personnel will be onsite to answer enquires.

Signs and brochures in store Signs and brochures will mostly be pictorial with strong visuals and headlines. Simple and easy to understand text will be used as that will make the signs and brochures easily understood by readers. 11 TV advertising Television has in its ability to simultaneously appeal not only to sight and hearing, but to strengthen interest through the dimensions of movement and the realism of full color. The TV advertisements will show and tell consumers about DS, and demonstrate the benefits of ownership. Every time consumers see it, they will be sychologically reminded of their desire to have it. AXN Asia (time slot: 7pm ??? 10pm) Discovery Channel (Friday, Saturday and Sunday, time slot: 7pm to 10pm ESPN (time slot: 7. 30pm ??? 11pm) Celebrity Endorsements The impact of celebrity endorsements defines DS and gives an instant brand awareness and recall. It also gives instant credibility or aspiration PR coverage. Celebrity, Chen Hanwei, will be selected to endorse DS. He will be the star involved in the production of TV and Cinema advertisements. He will also be doing star appearance in the product launch road show at all 3 locations.

Direct Selling (Corporate) Account managers will be tasked to promote and introduce DS to developers and interior designers which will bring about product awareness. Developers: The goal is to include DS into every unit of a development. Interior designers: The goal is to include DS into space planning. 12 Direct Mailing (Quarterly) Direct Mailing is highly selective and has the ability to make one-to-one contact in reaching our prospects. There is no waste circulation. The print on the DM will mostly be pictorial with strong visuals and headlines.

Simple and easy to understand text will be used as that will make the DM easily understood by readers. OCBC, UOB, Citibank, DBS, HSBC, Standard Chartered Bank and American Express are selected to include our mailers in their mailings to their platinum card holders. 6. 3 Price DS will be priced above average compared to a washer dryer combination at $2,888 for a high profit margin as the early adopters buy the product and we seek to recoup development cost quickly. We would also practise price discrimination to gain market share of our secondary target audiences, working mothers, at $2,688. 6. Product Unique qualities Minimal work required from users Backed by dependable customer service Elegantly designed to fit and blend with any type of decoration It’s not just a washer dryer, it is complete with ironing; 3-in-1 laundry system. Water and energy efficiency. 13 7. 0 PRODUCT LAUNCH Our objective is to create a pull effect and create product awareness using the following media which will provide maximum reach of our target audience. All advertising program will start 2 weeks before the product launch road show at Ngee Ann City, Paragon and Great World City during weekends (Saturday and Sunday).

Consumers will be able to purchase DS at a special price of $2,688 during the 1 month product launch period. The road show will showcase 3 custom-made DS with transparent body at each location. It will be displaying 3 different wash cycles, wash-dry-iron. Radio Advertising ??? 1 month According to the 2009 Nielsen Radio Diary survey Wave 1, 95% of adults in Singapore tune in to listen to a radio station on a weekly basis. Class 95FM maintained its top spot among English stations with 23 percent audience reach. Class 95FM radio DJs from The Morning Express (6am to 10am), namely The Flying Dutchman, Glenn Ong and Vernetta Lopez, will be chosen as the spokesmen and spokeswoman for DS. Each will be presented with DS for their use. They will then transfer their experience of DS to listeners which would include: Usage Benefits/Advantages Values Functions Personal experience Direct Mailing We would tie-up with OCBC, UOB and American Express to send mailers to their platinum card holders, introducing DS and informing them of the up and coming events and prizes to be won at road show. 14

Newspaper advertising There will be a press release on Friday followed by the product launch road show during weekends. The press release would cover the features, benefits and values of DS. It will also inform consumers of the road show where they could have a feel of DS. The press release will also help to gain credibility. Road show (Saturday and Sunday, 11am ??? 6pm) 3 locations have been selected to hold DS product launch road show, namely: Paragon (main atrium) A choice destination of the discerning and well-heeled shoppers looking for highend luxury products and quality services.

Ngee Ann City (Civic Plaza) A place for the mass market from all walks of life and professions. Great World City A one-stop family mall catering to the mass market as well as a neighbourhood mall to the catchment districts 9, 10, 11, 20 and 21 which has approximately 1 million population within 4km radius with a monthly household income above $10,000. Spokesmen, The Flying Dutchman and Glen Ong, and spokeswoman, Vernetta Lopez, from Class 95FM will host the road show and Q&A game each at different locations.

Celebrity, Chen Hanwei, will do a star appearance at 3 locations, sharing his experience on DS with consumers. Flyers will be given out where consumers are able to make use of the product information in the flyer to win game prizes. 15 Telephone Interview A random sample from DS user will be chosen to conduct telephone interview. The content of the interview will be on the usage and user experience. A standard list openended questions and questions that help to draw them out during the conversation will be created. Feedback tabulated will be posted on DS website under customer product review.

This will increase credibility. Negative feedback will be channelled to relevant department for follow-up action. 8. 0 DEFERRING INTEGRATED MARKETING MIX OVER PRODUCT LIFE CYCLE As DS progresses through its life cycle, changes in the marketing mix are required to response and adjust to the evolving challenges and opportunities. Price ??? priced high for a high profit margin as the early adopters buy the product and we seek to recoup development cost quickly. We also practise price discrimination to gain market share of our Introduction stage secondary target audiences.

Distribution ??? distribution is selective Promotion ??? aimed to build product awareness. 16 Price ??? reduced to capture additional customers to gain market share as ‘me too’ product will be launched in the market by competitors. Distribution ??? trade discount will be given to entice our distributors Growth stage to promote our product as this discount will increase their profit margin. Promotion ??? aimed to build brand preferences and to constantly remind consumers that we are the market leader in terms of technology know how and quality services.

Product ??? conduct survey and look into consumer’s reviews for modification and enhancement to differentiate our product from competitors. Price ??? remain. Maturity stage Distribution ??? on top of trade discount, add trade incentive. New distribution channels are also required to avoid losing shelf space. Promotion ??? build brand differentiation and brand loyalty. Provide incentive for competitors’ customers to switch brand and incentive for existing DS users in recommend-a-friend program. Product ??? rejuvenate DS by giving it a new look. Price ??? further reduced. Decline Distribution ??? phased out channels that are no longer profitable.

Promotion ??? reduced the spending on advertising and promotion, and aimed at reinforcing brand image. 17 9. 0 CONCLUSION This module has provided me with deeper and broader knowledge and understanding of marketing from the management’s perspective. It has given me more confidence in applying the principles and techniques of marketing management and strategies across a wide range of product and services. It has also helped me to analyze situations that have appeared at my work place and thus, I am more effective in problem solving and have made better decisions. 18 APPENDIX A DIVA @HOME 19

APPENDIX B NEW PRODUCT IDEAS AND DEVELOPMENT PHASE: COMBINATION OF CLOTHES WASHING, DRYING AND IRONING PROCESS Product Name DIVA! Synergy Leading edge in technology, vitality and innovation Functions (benefits) – Clean clothes, no damage (Quality) – Alarm system for complete cycle – Control language: English, Chinese, French, Spanish, Japanese, Korean – Roller jet brush dispenses detergent and water that encourage the removal of soil as it cleans the clothes – Stain detective sensor fitted on roller jet brush for better cleaning job – Supreme quiet performance – Fabric intelligent system hat automatically detect fabric type (cotton, wool, satin, silk, linden) for fabric care and longer lasting clothing – Environmentally friendly: water from final rinse is saved in recycle tank for next wash, hot air passes through a condensing unit before releasing to the surrounding atmosphere during drying process – Energy saving: 50% reduction in time and energy used including ironing compared to a conventional washer/dryer system – Child safety: child safety lock and round edge design – Allergen buster helps to reduce particles (dust mites, domestic 20 nimal dander, bacteria) that promote allergies such that it enhances health benefits – Sanitizing silver ion released into water to remove 99% of odour causing bacteria Selling Points i) ii) iii) iv) Special feature which is not offered by competitors Quality, safe and reliability Easy to use Environmentally friendly Laundry and ironing is no longer a chore 1) Energy saving and environmentally friendly (Low consumption of electric and water:a. conventional washer/dryer system takes 2hrs to complete a cycle, while DIVA! Synergy only takes 1hr to complete a cycle with ironing b. ater from final rinse is saved in recycle tank for next wash 2) Not just a washer dryer, it is complete with ironing. 3 in 1 system 3) Touch screen LED display panel with flexible wash program Physical look and colour Built-in dryer rack with hanger clip for better drying process Black/Mirror surface/Pearl White Stainless steel interior Wash program Flexible Wash program Wash/Rinse Dry – Iron/Steam Allergen buster Sanitizer User is able to select a wash program according to his/her needs 21 Duration Detergent Packaging Size hour ??? Save electricity and time (Full wash cycle) Low suds liquid detergent Bio-degradable packaging 700mm(W) x 2000mm(H) x 800mm(D) Space saving, size of washer dryer stack together. Product of origin Singapore High product compliance Skilled workers 1 yr parts and labour 2 yrs LED control panel Lifetime stainless steel interior On site product demonstration by technical engineer 24 hrs helpdesk Service call will be attended by the next working day Attachment dryer rack with hanger clip for 5 or 7 clothing Warranty – After sales service – Accessories – Maximizing laundry capacity. 22 WASH PROCESS Select wash program Put clothes onto DIVA! angers at LED panel Wash/Rinse Water (from recycle tank) will release from top to wet clothes. DIVA will scan through clothing to determine fabric type with Fabric Intelligent System. Roller jet brush will spin dispensing detergent at the same time moving from top down. When Stain Detective Sensor picks up soiled area, it will stop at the area for extra scrubbing to remove soil. Silver ion will be released into water to remove 99% of odour causing bacteria during rinsing time. Dry Water from final rinse will be channelled to recycle tank. Air will be drawn from the atmosphere pashing through a heater to dry the clothes.

Hot air will then be cooled down passing through a condensing unit before releasing back to the atmosphere. Iron/Steam Clothing is dried to 80%. Steam will be generated and released from the steam vent for the straightening process. Allergen buster reduces particles like dust mites, domestic animal dander and bacteria during this steaming process. End Adaptive cool down system will ensure that DIVA! is completely cooled down before the door is allowed to be opened. Cycle completed. 23 APPENDIX C LOGO FOR DIVA SYNERGY 3-IN-1 LAUNDRY SYSTEM SYNERGY 24 10. 0 1 REFERENCE Singapore Statistic (2010). Available at: ttp://www. singstat. gov. sg/stats/latestdata. html#12 (Assessed on 15 April 2010) 2 Yearbook of Statistic (2009). Available at: http://www. singstat. gov. sg/pubn/reference/yos09/statsT-demography. pdf (Assessed on 15 April 2010) 3 4 Prestige. Available at: http://www. prestige-asia. com/ (Assessed on 16 April 2010) The Definitive Consumer Technology Guide for Tech Afficionados. Available at: http://www. sphmagazines. com. sg/files-corp/rates/HWM_SG_2009_ratecard. pdf (Assessed on 16 April 2010) 5 Google Adwords. Available at: https://www. google. com/adwords (Assessed on 18 April 2010) 6 Singapore’s No. interior magazine, Home & Decor, to be published overseas (2010). Available at: http://www. sph. com. sg/article. display. php? id=3200 (Assessed on 17 April 2010) 7 Best in Technology Honoured at The HWM+HardwareZone. com Tech Awards 2010 (2010). Available at: http://www. sph. com. sg/article. display. php? id=3180 (Assessed on 17 April 2010) 8 Nielsen (2009) “Mass Media Continues to Perform in Times of Downturn: Consumption of newspapers, television, cable, magazines, and radio have remained stable while the Internet saw considerable growth”. Available at: http://www. acnielsen. com. sg/site/20091022. tm (Assessed on 17 April 2010) 9 Singapore Tripartism Forum “Women-back-to-work”. Available at: http://www. tripartism. sg/index. aspx? id=41 (Assessed on 18 April 2010) 10 Allgreen Properties Limited, Great World City. Available at: http://www. allgreen. com. sg/project_details. cfm? project_uin=34 (Assessed on 21 April 2010) 25 11 JCDecaux, Cinema Advertising. Available at: http://www. jcdecaux. com. sg/content/cinema/index. htm (Assessed on 16 April 2010) 12 Standard of Living Indicators ??? Household Ownership of Selected Consumer Durables (2008). Available at: http://www. singstat. gov. sg/stats/visualiser/consumer/consumer. tml (Assessed on 16 April 2010) 13 Census of Population (2009), “Married Couples in Resident Households by Age Group of Husband and Wife, and Ethnic Group of Couple”. Available at: http://www. singstat. gov. sg/pubn/popn/c2000sr5/t60-67. pdf (Assessed on 20 April 2010) 14 Clothes Dryer Fire Prevention, Available at: http://www. laundry- alternative. com/clothes_dryer_fire. htm (Assessed on 1 May 2010) 15 Topical Fire Research Series (Vol. 7, Issue 1) Clothes Dryer Fires in Residential Buildings. Available at: http://www. usfa. dhs. gov/downloads/pdf/tfrs/v7i1. pdf (Assessed on 1 May 2010) 26

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