Essays on Marketing Mix Essay
MARKETING MIX By Product Ink9 is a new innovative product that seeks to enter the market to satisfy the needsof the consumers more precisely. The product is developed using the latest technology, thus offering the best service to clients in the stationery sector. Ink9 just like other printer inks that are in the market, is used for all print jobs but it offers a distinctive functionality that is not available in the products that are in the market (Kaufmann and Panni, 2014). The ink is erasable given the fact that one can undo mistakes by just erasing what is undesired on the printed document. Ink9 is packaged in stylish biodegradable cans that come with ink fillers for easier utilization of the product. The package comes with multicolour graphics that depict the various colour options that we offer. It is a strategy since the stylish look of the product will attract clients who will be curious to try the products. Technology was incorporated in every step of production that is why Ink9 is the first erasable eco-friendly printer ink that is available in the market. Conversely, the ink cans used to pack Ink9 are strong enough to protect their contents thus preventing accidents in case they are handled by unauthorised persons i.e. children (Smith and Taylor, 2004).
Since Ink9 wants to make a penetration into the existing market with the market research conducted indicates that all the printer inks in the market are ranging between $87-102. To successfully penetrate the market that is characterized by intense competition Ink9 will opt for a subsidised pricing strategy to gain a market share then later increase the price once the market base has stabilized. For the first quarter of operation, the recommended retail price for half a litre of Ink9 will be going at $85 while wholesale purchases will attract 0.5% discount (Smith and Taylor, 2004). The printer ink business is seasonal in nature; thus the pricing strategy will change depending on the season. For instance during the low periods the price will be slightly lowered to boost sales while off-peak seasons will see the price of ink will be increased to cater for the uncertainties in low season. Flexible pricing strategies will be implemented to ensure the product successfully adapts to the market thus increasing its revenue returns (Kaufmann and Panni, 2014).
Ink9 products will assume a thin distribution channel to ensure the products reach the ultimate consumer promptly to avoid any form of logistical delay that may result in shortages in the market. The particular channel members in the chain of distribution will include; manufacturer, distributors (national and regional), retailers and finally consumers. To ensure the product readily picks up in the market, its roll out will be distributive in nature to cover the entire market landscape making it popular among the clients. Ink9 is a new product in the market since it is an innovative concept that comes along with value added functionalities it is likely that curious consumers will want to try it out to ascertain if it indeed it is a quality brand. The market lifecycle of the product will experience a boom in sale in the early stages resulting from curiosity thus implementing inventory management to ensure a constant supply of the products to tie the customers to the brand once they have tested its functionality (Kaufmann and Panni, 2014). Printing jobs are essential activities that are conducted in offices, schools or even at home across the country. Rollout of Ink9 will be done nationally to leverage from the benefits of promotion that will have been carried out in mainstream media outlets. The company will hire a number of warehouses in various regions once the product has been rolled out to the consumers to ensure a steady supply of Ink9 is maintained to avoid shortages that may force consumers to opt for substitute products (Smith and Taylor, 2004).
Competition in the printer ink market is high thus to penetrate the market it requires a great deal of efforts and promotional activities to sensitize the public on the existence of the product. Ink9 will assume a push promotional strategy since it is more aggressive thus ideal in such environment where competition is already high. Advertisements will be done extensively through a number of mediums to ensure the public get to know the existence of the product hence persuading them to purchase it. To begin with commercial advertisements will run in various television channels at prime hours when a large portion of the viewers are watching to ensure the advert appeals to a greater number of people. Billboard advertisement will also be made along major city highways to pass the same message to people who may have missed the advertisement on television (Smith and Taylor, 2004). Finally, flyers will also be produced bearing the products together with its use and advantages. Ink9 is a new product in the market thus it may be difficult to people who have little or no knowledge about it to take any interest in the advertisement. In that light, we will employ personal selling as yet another technique to push the product in the market. The individual sellers will walk into offices, school or any other place of interest and market the product, it may involve giving out free samples for the clients to test the functionality and if they are pleased with the outcome then they can purchase the product (Kaufmann and Panni, 2014).
People are an important element in any organization because this is the entity that interacts with the customers directly. The company will recruit the best group to represent it in the field in terms of sales people and workers who will be attending to clients at the points of sale. Selected personnel will have to possess distinguished skills and knowledge to be able to handle customers appropriately thus building the rapport of the brand.
The process of manufacture and delivery of Ink9 will be so exceptional that the duration between when a client places an order and product delivery is so negligible that it amazes them the kind of effort that the firm applies to get the service done. In so doing the overall image of the brand and the business, generally will improve among the customers.
The manner in which a product appears influences the way consumers will perceive it. Ink9 comes in eco-friendly packs with excellent graphics that are appealing to the clients. The outlook stands out from the rest of printer inks thus will get customers to be curious about Ink9 thus influencing them to buy it. Conversely, the distribution outlets that stock Ink9 products have been artistically furnished with Ink9 logos to make them more appealing and attract clients (Smith and Taylor, 2004).
Kaufmann, H. R., & Panni, M. F. A. K., 2014. Handbook of research on consumerism in business and marketing: concepts and practices. Available at: http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=752433. [Accessed 13 Feb. 15]
Smith, P. R., & Taylor, J., 2004. Marketing communications: an integrated approach. London, K. Page.