Product and Services Essay
Executive summary of this marketing plan is as outlined below. This is about the introduction of a new product to the market by the name bio-cell. It describes the microenvironment in a US market setting where it outlines; labor, capital, land resources and economic agents. It further describes the market analysis, and consumer analysis in depth as well as marketing segment and target market. Also, it details the key objectives of the firm, starting with the mission and vision statement. Finally, it outlines the swot analysis clearly the entire market position of the product.
This is about the introduction of a new product to the market by the name bio-cell. This is a voltage producing cell which is made up of organic matter as the only raw material. This cell is made using waste corn , a plastic container, metal rods and yeast. The waste corn may be the stem of the corn plant once the fruit has been extracted. This stem would otherwise have gone to waste. This stem is powdered and inserted in the plastic container. The metal rods are then inserted to act as the electrodes of the cell. Yeast is then introduced to provide bacteria which respire unaerobically once the plastic container is sealed to produce energy and electrons. The electrons are moved from within the cell to the electrodes by the bacteria. Once the bacteria reach the electrodes, the electrons easily attach themselves on the electrodes which have a higher affinity for them. These electrons are then made to flow through an external circuit and this constitutes an electric current.
Microenvironment is very basic in the operation of any business venture. The economy of US consists of very humble economic system which has high skilled man power, sufficient land resources and capital on top of having socially participating economic agents which includes:
Production, exchange, distribution and consumption of the Bio-cell (Baker, 2008). Our government offers very favorable operational environment by offering tax holidays, subsidies and a lot of protection to locally produced products. The bureaucracy of starting a fresh and new business is not very complicated in US so registration of the business may not cost heavily. We will earnest the state of art technology to develop the product as it is very new and fresh in the market. Again we will apply the very efficient machinery available in the market hence arriving at the product at very low cost and high quality and at very short period of time. The supply chain embraced should be very efficient where the system of organization of people, activities, technology, resources and information involved in moving the product from the premises to the consumers (Baker, 2008).
The market analysis is all expounded as discussed below. Given that this is a very fresh and new product to the market it will be of higher preference in the sense that the available substitutes are costly and not efficient. This product will enjoy a very wide and reliable market in the sense that it is very economical and new to the market. Market segmentation of this product will be definite. The aged will be in need of this product so that they may carry out their operations which need lighting due to their sight problems smoothly. The poor and middle income earners will have higher preference to this product due the fact that it will be relatively affordable as compared to the available substitutes. It will also meet the health friendly interest of many. This is because no harmful chemicals will be used in the entire making of the bio-cell. This way this cell meets several defined market segments. The competition to be faced by the product will not be stiff at all due to the fact that it will be relatively cheap and very efficient. In this respect, it is expected to dominate the market share. The competitors playing at the market presently may be enjoying benefits of popularity of their products, efficient supply chains and sophisticated research and development. However, the competitors again are faced by weaknesses as high pricing and poor quality products (Baker, 2008).
In consumer analysis the analogy is as follows. The nature of the buying decision will be in favor of our new product. This is due to the level of literacy in the US which is high. The participant of the buying is the consumers from all market segments. The demographic data available for the US represents human population which offers enough market in all sub-sets of the market. The virtue of the fact that this product will be sold at affordable cost and its quality is outstanding, the it follows that this has a direct impact in buyer motivation. The buyers’ expectation is to enjoy continuous supply of the product (Miles, 2003).
The firm currently is rich with resources. These may include the following; the financial base which is one of the driving force of the production. This can be achieved through sale of shares, borrowing, ploughing back of profits and donations. Secondly, the highly skilled manpower which is also central in the production process. Arriving at personnel with required expertise is not a problem at all in US, which will make the development process happen with a lot of ease. Lastly, time is the other corner stone factor. In the short-run, the production process will pick absolutely well. This is because of the introduction problems faced at the start, in meeting the marketing challenges as the product faces acceptance from the consumers. In the long-run, the product will be able to dominate the market. This is because of the fact that the perspective buyers will have familiarized themselves with the product (Baker, 2008).
There are so many objectives of a marketing plan which may include the following; firstly, the mission statement is to have a large share of the market , satisfying all the consumer needs such as; affordable prices, high quality standard, steady and continuous supply and the best terms of sale. The vision statement is dominating the entire market of US and the rest of the world in cell supply and enjoying price leadership. The corporate objective is to have the most competent board of governance and be the best firm in the industry ranking in terms of risk preparedness, consumer need satisfaction and worker welfare enhancement. The financial objective is to enjoy profit maximization and minimize all costs. The marketing objective is to have very high sales volumes of the product by covering very large market in US and the rest of the world. The long term objective includes the following; enjoying the longest lifespan in the market, offering the best quality of the product and ensuring the best satisfaction of consumer needs. Generally the corporate culture is to offer the best prices and quality (Miles, 2003).
In the SWOT analysis; the strengths of the company are; firstly, there is the originality setting. The bio-cell is one of the type in the world of dry cells and secondary cells. This gives it a upper hand in fetching a better market than all the existing others. Secondly is the up to-date technology usage in conjunction with the state of the art technology. This will make the production process to be done in very short period of time and also at very low cost but of high quality. In addition, there are locally available raw material (Baker, 2008). This is in comparison with other firms which produces close substitute products. The cheap organic raw material reduces the cost of production of the product. Considering weaknesses, it is expected that the product may face some resistance from the consumers. This is because the making of the product is unique and original. However the resistance is expected to be short-lived. There also some opportunities in these venture such as; making use of some simple organic matter is an opportunity. This is because it will lead to making of a lot of money on which people had not capitalized on. Another opportunity is to provide some transport facilities down the line in the supply chain (Miles, 2003).
The market position of the product is on the competitive edge. This is because the product is quite different from the available close substitutes in the entire market. This market plan once implemented will yield the firm a lot of proceeds. The implementation process should follow the stages as outlined for maximum results.