The paper "Strategies for Marketing of a New Product" is a good example of coursework on marketing. Marketing of a new product is always a challenge and a demanding task that requires every effort and strategy. The aim of this analysis is to demonstrate how a new product will be introduced into the market, the challenges and the marketing strategies that will be employed in order to ensure that the product is successful. The selected product The product is gravity lights uniquely designed to generate energy by lifting a small weight hence converting the mechanical energy to electrical energy for productive usage, especially lighting in an area with limited commercial power connections such as camping sites. Relevance of mission The rationale for this product is mainly its usability, cost, and convenience.
The product is a cheap alternative source of power and it is convenient as it does not demand additional resources for it to function effectively. SMART objectives Specific- The product is unique and specifically made as an alternative source of light to clients in remote places or in camping sites that have limited connection to commercial power.
Gravity lights are also resourceful to energy-saving sensitive clients. Measurable- The product will be measured in terms of its progress in the market; this will be completed by ensuring that there is a mechanism that measures the performance of the product in the market. Performance measures will include the demand for the product, the intensity of the demand which can be measured by the number of products sold in the market. Attainable- Gravity lights goals are attainable and realistic; this is because the product is unique and likely to attract a large customer base. Relevant- The chosen product is relevant in this case because it is unique and there is an available market for it. Time-bound- The time for the marketing of the new products is expected to be one month after the start of the business. Business industry The business industry is energy.
The five of porter’ s forces are discussed below. Bargaining power of consumers In the energy sector, the power of consumers is always an important factor, this is mainly because of the impact that the customers have on the energy key stakeholders. Some of the recent issues include the need for green energy considering the health issues as a result of coal energy.
This has been the reason behind the development of cleaner energy sources which have minimal impact on the atmosphere. In this case, gravity lights will be a better option for consumers hoping to help in energy conservation and production of cleaner energy. The bargaining power of consumers in the energy sector has been the main motivational factor behind the invention of new and cleaner sources of energy such as nuclear energy and even the proposed gravity lights (Randall, Karl, & Jonathan, 2003, p. 13).