The paper "A New Cafe Which Incorporates Ethical Policies into Their Marketing" is a good example of a case study on marketing. Many marketers use this technique in combination with the more traditional approach, especially in the case of packaged goods or food items. It is, partially, because the traditional test marketing is viewed as very expensive, time-consuming and open to spying by competitors. The cost difference can be amazing: less than one-tenth. A time period of three months is considered good enough in the simulated technique. Still, it is yet to win wide acceptance for the experts opine that simulations are able to identify potential product failures more than predicting the upside potential of products. Executive summary NEW PRODUCT LAUNCH-THE MARKETING PLAN When the test marketing results are positive, the new product is ready to enter the final batter ground - the market.
In this part of the unit, we shall look at the factors and steps involved in developing a marketing plan for the launch of a new product. The marketing plan for launch is simply a statement of the course of action to be followed for the products introduced into the market.
It should clearly specify the marketing objectives, strategies, and programmer. Though this section is placed towards the end of the product development process, it is not to imply that marketing planning for launch can be left until the end to commence just prior to the launch. Marketing planning is a continuous activity in the new product development process and informally may start at the time of idea development itself. Formally, it should commence as soon as the product development stage begins.
Like all important plans, marketing planning for launch is an iterative process. Setting objectives for new products: The statement of marketing objectives for new products represents a decision criterion-a goal that the team strives to achieve. A statement of clearly defined, measurable, time-bound objectives is critical, especially if the new product team is large and diverse. Marketing objectives clearly are written down and communicated can have a synergizing effect on the activities of the new product team. Typical marketing objectives for the new product should contain: Unit value sales of the product by the year Market share by the year Product profitability in terms of percentage margins and payback, In the early stages of the new product development process, the information at the disposal of the marketer may permit only rough estimates.
As more information starts coming in as a result of market studies and test marketing feedback, as well as internal cost data, the objectives can be refined and made more realistic. Here the objectives are, 1. To set up café as in retail units. 2. To give away excellent quality coffee to the public. 3.
To offer delicious Coffee and Tea to the target customers. 4. Give them quality products like pizza, hotdog, KFC etc. especially to the teenagers