Marketing mix strategies - Essay Example

Service delivered to the customer on the shop fronts and at the service centers are important for the brand and its products. Samsung will deliver the best service though providing the after sales services and care of the P&S Printer. Extended Warranty and P&S Printer Enquiry Hotlist In addition to the usual one-year warranty, Samsung can offer an extended two-year warranty from the date of purchase. For any enquiries, services or technical matters pertaining to the P&S Printer, consumers can ring a free-toll phone number to speak with Samsung trained customer officers and professional technicians.

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Customer Care upon purchase of the all-in-one printer, customer can log online and chat with online customer officers should they face any trouble during installation. Purchase of the P&S Printer comes with a manual in multi-languages to guide users and this manual will be available online as well. Illustrations in the manual will clearly indicate the different parts of the P&S Printer. New Product Development Process Stage 1: New Product Strategy Development The new product’s role is to meet the marketing objectives of meeting 20% profit, 20% ROI and 8% market share.

A SOOT analysis and then an environmental scanning are used to analyses the strengths and weaknesses relative to the trends It Identifies as opportunities. Stage 2: Idea Generation While identifying the needs of the target market and based on the data obtained in Stage 1, ideas are generated and pooling of concepts are carried out. The ideas developed come mainly from competitive products, small firms, academic inventors, existing consumers, suppliers, co-workers and the research and development laboratories. Stage 3: Screening & Evaluation evaluated and subsequently eliminated.

Internal and external approaches are used to eliminate ideas that are worth further effort on development. The internal approach evaluates if the new product idea will meet the marketing objectives. The external approach draws external evaluations from consumers through preliminary testing of the new product idea on existing products then with new, innovative products with which consumers are not familiar with. Stage 4: Business Analysis Analyses are done to the new product, the marketing strategy required for launching as well as the financial projections.

There is no need for new plant or machine investment as Samsung specializes in printer production. The mission and objections of the new product are clearly presented to the Board of Directors. Stage 5: Development Upon approval from the Board of Directors, a prototype is produced for laboratory tests and consumer tests to make sure it meets the established standards – safety, precision and power consumption. The prototype must be low cost with excellent build quality. The prototype will be refined until satisfactory.

Stage 6: Market Testing This test allows Samsung to have an estimate of consumers who would buy the P Printer. The P Printer will be given to a selected group of prospective consumers for their usage and feedback. Based on the feedback, final modifications and improvements will be made in this stage. Stage 7: Centralization The P Printer will be launch on 1 January 2014. A detail marketing plan incorporating marketing strategy, budgeting and analysis will give sufficient exposure to the P Printer in Singapore.

With proper planning, the launch will generate interest and achieve the target. Product Life Cycles of the P Printer P Printer, a new product will go through the 4-stage product life cycle which is now as the Introduction Stage, Growth Stage, Maturity Stage and Decline Stage. Introduction Growth Par’14- Feb.’15 Maturity Decline – Jan’16 Introduction Stage (3 months -January 2014 to March 2014) The P&S Printer is the P&S Printer being new in the market as well as competition from other printers of various competitors.

Growth Stage (11 months – April 2014 to February 2015) Consumers start to accept the product in the growth stage. Sales and profit start to rise fast and are at their peak. At the same time, competitors start releasing products aggressively. To stop competitors from taking the share of our market, the marketing treated would need to be strengthened for the P&S Printer to stay ahead of the competition. Changes to the original will also be introduced at this time as well. Maturity Stage (7 months – March 201 5 to October 201 5) At the beginning of the maturity stage, the market demand is saturated.

Towards the end of the stage, competitors will start fierce price wars or leave the market altogether. Sales growth starts to slow down and profit will start to drop. Decline Stage (3 months – November 201 5 to January 2016) Sales and profit drop and the harvesting strategy will be applied on the P & S Printer. The costs for marketing will be reduced and little effort will be used to market and sell the product. Pricing Demand-oriented Pricing Approach: The P&S Printer will use Skimming Pricing.

It will be set at the highest initial price and at each different stage, the price will be reduced. When the demand for the printer falls, the demand of customers will increase with the lower price. This is affective strategy in the section of the market. Skimming Pricing Conditions: To make the sales profitable, there must be enough customers who are willing to buy the product. The initial price will only attract competitors. Lowering the price has little effect. Customers see the high price as excellent quality.