The paper "Successful Going to Market" is a perfect example of a Marketing Case Study. Swave is a new product formed by the integration of the functions of a laptop computer and a scanner. Its conceptualization, design and final development follow years of research into new trends in the market, changing tastes and preferences of consumers and effective technologies that are available for the development of new products. In this report, a detailed marketing plan for the product is presented. The plan covers issues to do with how the product will be packaged, branded and priced before being launched into the market.
Information on how the product will be launched in the international market and a detailed analysis of the target market in the US is also presented. Finally, the plan contains information about the future scope of the product in the market 5 to 10 years after its launch. Building on the product idea. Branding, packaging, pricing, and placement are important components that make up the marketing mix of a product. In theory, the use of the marketing mix entails identifying specific segments of the market and providing the most appropriate products using the right pricing and promotional strategies (Karakaya, Badur & Aytekin 2011, p.
3). This is the approach that will be used in the case of Swave. The details are presented as follows. Product utility. Theoretically, economic utility in the form of time, place, possession and form is an important attribute for the success of a product (Ciletti 2010, p. 37). As a new product in the market, Swave will be built to achieve these different types of economic utility.
However, the most important one will be form utility. By virtue of its design, Swave will be a new product that integrates a traditional laptop and a scanner. Therefore, by acquiring it, consumers will not only have access to the functions of the present-day laptop computer but also own an effective scanner in a highly portable form. The second type of economic utility that consumers will enjoy after buying Swave will be in terms of place. The primary market for the product will be business executives who travel most of the time.
One way in which the product will be distributed in the market will be through wholesalers and retailers. Another way will be in the form of direct sales to customers whereby the clients will be allowed to make orders to the company directly through the company website. These two major forms of distribution will ensure that consumers are able to enjoy the economic utility of the product in the form of place. Branding An effective branding strategy covers how all the tangible and intangible attributes of a product are combined to develop an offering that meets the most important needs of clients (Ferrell & Hartline 2010, p.
201). For the case of Swave, the branding of the product takes into consideration different aspects. The brand name (Swave) is chosen since it rhymes with the English word, ‘ suave’ that connotes a sense of style and prestige. Therefore, since Swave will be developed primarily for young professionals, the connection with style and prestige is made in the naming of this new product for strategic purposes. Also, the branding of the product will make use of brand marks.
The brand name, Swave, will be written in a unique and specially designed font. Specially developed brand marks will be made to make it easy for the brand to be visually identified in the market.