The paper "Marketing Plan for the Nanoholder" is a perfect example of a case study on marketing. Madison Inc is a fictitious company involved in developing and marketing a number of utility products in the market. The firm has entered into agreements with other firms to distribute and market a number of gadgets among them game consoles from Microsoft and Sony, video games, board games, toys, among others. The company also manufactures and markets artificial leather and plastic sheaths for a range of mobile phones and other handheld devices.
The “ Nano holder” is the latest addition to the company’ s product portfolio. The Nanoholder is a modified watchstrap that is tied around the wrist and the iPod nano is attached. 2.0 Innovation Innovation is a key element in marketing for modern companies. The innovation introduces a new product in the company portfolio but also implies new ways of strategic marketing and thinking. Ferguson and Ferguson (1994) write that manufacturers of technologic gadgets can expect greater returns as they expect the new innovation and advancement on their existing products to foster their competitiveness.
Firms have therefore to safeguard their technology from falling in the hands of competitors and in the process enjoy abnormal profits for longer. Varey (2002) says that fundamental innovation is responsible for meeting latent demand. The author cites the first introduction of microcomputers by Apple Inc as a good example of fundamental innovation. However, in this case, the introduction of the watch strap as a holder for the iPod nano is just a functional innovation since it is a change of use rather than a new product that never existed before. Incremental innovation has seen the introduction of better versions of the original iPod.
The recent iPod nano has created an opportunity for fundamental innovation with the watchstrap for the nano. New products/innovations require intensive marketing for them to succeed. “ In a 1991 survey of new product development, Product Development and Management Association (PDMA) found that for every 11 serious ideas or concepts, three enter development, 1.3 are launched and one succeeds” (Davis, n.d. , p. 18). With these types of odds, marketing becomes about differentiating between items that succeed and those that do not.
To be successful, the nano holder must stand out amongst all the others. It must meet the needs and wants of the customer. The product should be available and easy to obtain. The price must be competitive and accurately priced. Finally, to be successful the product must be distinguishable from all the others that are available in the market. As a well-known brand in the market, the company must maintain existing customer relationships and remain devoted to creating a new one with improved features (Curtis 2008). The firm will need to continuously improve the product based on customer feedback.
These are all parts of the marketing strategy.