Marketing Plan for a New Product Essay

Words: 1826
Pages: 8

Introduction In this assignment, I am going to invent a product, examine all the environmental aspects surrounding it and relate them to the micro and macro environments. I will then carry out a SWOT analysis and an environmental analysis and then draw a number of conclusions and recommendations for my imaginary company.
My product I have chosen to invent a product for which there seems to be a market, or at least, there is no similar existing product. It is a conventional swivel clothesline, but with an additional feature. It will have the ability to keep clothes dry when it starts to rain. This is achieved by the water sensors, which are integrated into the design. They then activate an umbrella like cover that shields the clothes
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Swot analysis for 'No Worries' Clothes line A SWOT analysis determines a company's position by examining 4 factors • Strengths, • Weaknesses, • Opportunities, • Threats Strengths and weaknesses are said to be internal, that is, controlled by the company. Opportunities and Threats are outside the company's control and are therefore said to be external influences.
Strengths • Most people are willing to try a new product. If they are impressed, they will trust the company and build a loyalty to it. • It is the only product of its kind; therefore, it would have a large target audience • As my company is new, it has no reputation. This could be seen as a weakness, but I prefer to see it as strength, because although it has no goodwill, it also has no bad will against it. Goodwill can be built over time. • Decisions can be made quickly as there will be a small management team. This means increased efficiency within the firm.
Weaknesses • my product is untried and untested, so I have no idea how successful my product will be or if there will be any real demand for it. • I will have to employ a distributor as I am a small firm and cannot afford to supply my own distribution. This will still cost a lot of money • I won't be able to take advantage of any economies of scale, as my company won't be big enough • I thought of the positive side of my product and how people would like it; however, I don't know if people really would pay what ever amount I