We will primarily focus on introducing the new product brands. We have a clear understanding of our target market's preferences, including their taste and texture preferences for the products, as well as the emotional benefits they seek, such as relaxation and indulgence. To meet and surpass our customers' expectations, we have decided to enhance our brands with additional features. This will involve creating different varieties of the products, including instant, add-milk, diet/light, and bedtime versions. The labeling and packaging of our products should not only provide information but also appeal to our customers based on their individual perceptions. An interesting new concept of green labeling could also be introduced.
Our pricing strategy for the new product is based on the pricing strategies of premier brands, specifically those considered as price followers. RLL is known for being a price leade
...r in leading brands, and our target market has a substantial income flow of 4,999. To maintain the image and standard of our brands, and taking into account our commitment to invest more in advertising, we will implement a rapid skimming pricing strategy. This approach aims to generate high levels of awareness and returns on investment.
PROMOTION
Decisions regarding the promotion of our products are influenced by our target market, which consists mainly of women and also includes men. Their attitude towards trying out our brands also plays a role in these decisions. Given that this is a low involvement situation, the information will be received passively. This will involve various sales promotions such as premiums and gifts, coupons, and packaging inserts. Additionally, exhibits and trade shows, personal selling through sales samples, direct marketing through catalogs, telemarketing, company magazines
and e-marketing will be utilized. Our financial directors have approved our advertising budget for investment.
Our goal is to connect with our customers in the most efficient way, while also considering distribution costs. Currently, we prefer to operate through the Supplier-Retailer-Consumer channel, but we also plan to utilize direct internet sales. We will evaluate various aspects of our distribution process, including customer order processing, warehouse arrangements, inventory levels, and transportation methods.
The pricing strategy of our products will be determined by examining inflation rates, overall price levels in the industry, and the impact of economic recovery and future increases in VAT. Additionally, we will assess the competition from larger players and growing suppliers in the market, with a specific focus on brands such as Cadbury that have high price levels. We will also analyze the reactions of competitors to pricing levels, as well as sales and distribution.
Our R&D team will conduct monthly marketing research to assess customer satisfaction with our products, using feedback and responses from customers who have tried our proposed new developments. The sales department will utilize this information to evaluate the performance of new products. Before investing significant resources, we will test the success of our new product range on a smaller scale with limited distribution. Based on sales volume and customer response in comparison to competitors, we will monitor and adjust our advertising strategy accordingly.
CONCLUSION
Based on the information and reports provided by our directors and their team, the new marketing plan has been developed. It outlines suitable strategies for building and launching our new product in the market. Given our available resources and strong financial position, River Links Ltd. sees this
new idea as a viable possibility.
REFERENCES
Coutler M. (2002), Strategic Management in Action, 2nd Edition, New Jersey: Prentice-hall.
The book "Principles and Practice of Marketing" was authored by Jobber D. in 2010 as the 6th edition. It was published in New York by McGraw Hill.
URL:http://www.rapidbi.co.uk [Assessed on 27/12/10].
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