Total Marks : 0

Copied Link:

http://vuattach.ning.com/group/mkt501marketingmanagement/forum/t
opics/mkt501-marketing-management-287?
commentId=5159480%3AComment%3

A75922&groupId=5159480%3AGroup%3A2022

http://vustudents.ning.com/group/mkt501marketingmanagement/forum
/topics/mkt501-assignment02-solution-1?
commentId=3783342%3AComment%

3A583931&groupId=3783342%3AGroup%3A58820

Assignment # 02
BC070400732

“Case Study”
Star Electronics is established in 2009. It’s a newly established company for electronic
products. The company starts its business very well. The first two products they launch
are LCD TV and DVD PLAYER. These products are very successful. Company earns a
good profit from these two products. These products give tough time to the rivals. The
company focuses only these two products through out the year. Because of delivering
rapid design, production and distribution, the company going towards growth in a very
short span of time.The competition is increasing day by day and consumers are focusing
on better product which is less costly and has more features. The company is well
equipped with the latest machinery and technology. Combining technology and design to
achieve innovative solutions that offer maximum comfort and total satisfaction to the
customers. It also consists of good professional team. The company also takes a close eye
on research and development. Another aspect of their success is that they not only
validate and verify its products, but it develops them in harmony with the requirements to
fulfill a consistent and pervasive development strategy that plugs its main principles. The
top management of the company now thinks to make another product (Refrigerator).
There is already high competition for this product. Many companies produce this product
now days.

Question # 1:
As a marketing manager, what are the external factors you should consider in order to
make this product successful in the market? (10 Marks)

Solution:

Before launching a new product or a main new version of an existing product, the prime
factors determining success actually take profile way before the product gets launched.
There are a number of factors to consider in order to successfully launching a product.
Here are some discuss;
Do market research: to know how big the market potential of a product. If the
result showed quite positive results, then you should not hesitate anymore to
market the new product. However, if research shows a lack of interest from the
consumer should do the evaluation and give more value to your product. So the
product is readily accepted by the market.

Distinct Sales Channel: One of the important things that you should pay
attention to when you are launching your product are the types of things that your
prospects do to purchase your product. You have to be confident about the sales
funnel that you provide.

The product must be rock-solid, high-quality: Actually deliver the value

promised so customers actually get the benefits they re seeking (and that we re
selling to them). This is critical and must actually be verified with early customer
testing and validation (and the product doesn’t t ship until it s actually ready,
regardless of the schedule).

The pre-launch market conditioning: Must create enough awareness and buzz
with both prospective customers and sales channels that this new product is
coming to enable the product to gain enough early mindshare and traction that
leads to both actual proof and social proof that the product is ready for the market.
To grow beyond the initial launch, the product must be proven to meet
mainstream customer needs (mainstream customers are notoriously risk-averse, so
they want to see other companies like them have already taken the risk and proven
the product in their environment before using it).

Create an effective promotional activities: Promotional activities becomes very

important to introduce new products, at least consider supporting factors STP
(segmentation, targeting, positioning) and the marketing mix (product, price,
place and promotion). This is meant for promotional activities carried out in
accordance with the specified target market. Promotion strategy that can be done,
among others, maintain product quality, offer competitive prices, choosing a
strategic business location, giving bonuses or discounts at the time of launching
the product.

Next give the best service for consumers.: Due to good service, becoming one
of the supporting factors for creating a quality product. The better the service you
 provide, the more extensive your market well. Vice versa if you give bad service,
consumers would be so quick to leave your product. Marketing strategy for new
products, also has a big influence on product sales. Because the first impression
obtained by consumers from a new product, will determine their views on the
product image.

Question # 2:
As a marketing manager, explain the product decisions you should make in order to be
successful in the market? (10 Marks)

Solution:

1. Up-front homework pays off

2. Build in the voice of the customer
3. Seek differentiated, superior products
4. Demand sharp, stable and early product definition
5. Plan and resource the market launch
6. Build tough go/kill decision points into your process
7. Organize around true cross-functional projects teams
8. Build an international orientation into your new product process