Marketing A New Product
CheapTees, Inc. is a small manufacturing concern committed to the production of quality t-shirts at reasonable prices. Part of the marketing strategy is to enter the Christmas giveaways segment of the market by offering products to firms needing quality items, which are to be given away to treasured customers and colleagues or partners.
As the recipients of the gifts are considered very important from the firm’s viewpoint, it is essential that the product offered be of superior quality but at an affordable price. According to website of BigStitches.com, the prospects for the garment industry seem very bright, as in 2002, when there was a registered increase of 16% in nationwide apparel sales over the previous year.
Marketing A New Product Essay Example
Statement of Need The company is aware that many firms need to give Christmas gifts to its precious clients and colleagues during this most joyful season, and as such, it is the goal of this company to focus on its new product, a t-shirt called CheepTees. On the average, a medium-sized firm spends around USD10, 000 in Christmas gifts alone. The company hopes to service this need to save firms from the usual headache and discomfort in terms of shopping for these gifts and going to the process of wrapping them before giving them away.
Demographics Demographics are the characteristics of work group, organization, specific market or national populations, such as individuals between the ages of 18 and 25. For this particular product, demographics play an important role in marketing and advertising (McConnon, 2006). Statistics related to lifestyle habits, education and health are important in marketing this product and just as important in trying to market this product to a specific generation, like for instance, the youth.
Thus, it is important that the specific target group be spelled out clearly as well as the geographic marketing area to which they belong. There is a need to get the best data, so the latest and most recent ones must be consulted in order to make a proper marketing strategy (Social/Economic/Demographic Statistics for Marketing).
Marketing people can work their way through these websites and get a good glimpse of competitors. Since there is a proliferation of T-shirts in the market, this product must have a unique quality all its own. For instance, the designs will be handmade and made according to the client’s specifications.
The company shall also look into some marketing upgrade. The company will focus strictly on messages that tell customers clearly about the products and services and how customers can benefit from using them. The company shall concentrate its advertising on specific feature/benefit premise. The company shall take the unique feature that it is handpainted with the customers’ personal taste in design.
Selling Methods and Channels As the customers change, so have the ways companies get their attention. Customers are unique individuals and the company knows how to target and spend only on media that will reach potential prospects. The company will use smart advertising where it shall carefully craft marketing messages for individual customer types, speaking of the features and benefits in terms that each customer profile would appreciate.
Direct mail works, but so do other focused methods like telemarketing. Customers demand convenience, price, access and selection. That is why, the company will also venture into Internet marketing in the future.