Business report Essay

Submitted By maxthetax97
Words: 4559
Pages: 19

The purpose of this report is to develop a marketing plan for a new product of my teams’ choice which caters to the needs and wants of the customer within our target market. Business marketing is the practice of individuals or organizations, such as commercial businesses, governments and institutions, facilitating the sale of their products or services to other companies or organizations that either resell them, use them as components in products or services they offer, or use them to support their operations. In this report, I cover many aspects of product marketing such as target market & market segmentation factors, 4 marketing research areas, marketing mix factors and much more. There will be in depth analysis on each topic in this report explaining our marketing techniques for the newly marketed product called the “YOUfridge.” Product Description
A fridge that allows you to organise/ write information in the form of virtual sticky notes and lists that you can drag across the screen. Displays time, weather and stream to a nutrition website. This website has suggestions to healthy snack options and dinner according to what is in your fridge. There is a function which makes the door transparent to see what is in your fridge.
The following SWOT analysis outlines the factors needing to be considered when launching our newly marketed product. STRENGTHS
Developed a new, unique prototype of the product
Reputation for innovation
Brand recognition
Different to any other types of fridges that are sold in the market
Additional features – encourages customers to healthy eating and weather forecast
High demand/interest – new product (biological necessity)
Quality customer service
Projected profitable cash flow
Reputation for innovation
Offshore low-cost manufacturing
Established marketing strategy
Partnership with health food website (increased customer base)
Market research to persuade investors
Manufacturing warehouse

Higher price of product
Lack of suppliers and manufacturers
Cost of materials
Limited financial resources
Limited energy efficiency
Lack of knowledge of how the product will perform in the market place
New market entrant
Low credit rating
Debt burden
Develop new software
Customer demand
Business partnerships (resellers)
Room for innovative design
Expansion to other appliances
Technological breakthrough
New customers
New channels to markets
Improve to higher quality compressors
Achieve awards and certifications
Export to different countries
Increase in sales to implement economies of scale
Lower price
Establish board of directors with knowledge in business
Increase market share
Capitalize on growing economies
Expand to online stores
Enhance energy efficiency
Enter the market with penetration pricing

Uncertain economic outlook
Interest rate rise
Global financial crisis
Competitors to match YOUfridge features
Problem with supply chain
New taxes
Demand can fluctuate at different times of the year
Regulations implemented by governments
Labour costs increase
Creating more innovative products leading to cannibalization

Target Market and Market segmentation
4.1 Target Market
Target Marketing involves breaking a market into segments and then concentrating your marketing efforts on one or a few key segments. The focus of this marketing plan is to address strategies to market the “YOUfridge.”
4.1.1 Geographic
Physical location of business
This product will manufactured offshore in a low cost location of Xiamen, Fujian province of China in order to save money and resources. It has been designed in office in the city of Brisbane.
Below is a table consisting of key information regarding the physical location of business: