Evaluate the possible ways to market a new product.

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- Business Studies Coursework -

Evaluate the Possible Ways to Market a New Product

Introduction

During this assignment I shall explain different methods a business could use in order to successfully market a new product. I shall also give explanations of how to market a 'real life' product. The product I have chosen to market is a new stain removing product called 'Oxyclean'. It claims to beat the competition in its cleaning power. It also claims to be able to remove any grease stain. I shall present the coursework in four main sections:

* Consumer Analysis

* Competitor Analysis

* Distribution Analysis

* Marketing Mix

Consumer Analysis

I must begin my plan for marketing by looking at what the consumer requires, his or her needs. Everyone does not have similar desires so the point of my consumer analysis is to identify segments of the market with similar needs, I will then be able to target my marketing towards them. First I must identify this market.

Who needs the product and why?

The product I am marketing is a new multi-purpose stain removing product which claims to be more effective than current available products in removing stains from clothes. The people who are likely to need and use this product are people that take care of housekeeping duties. In most typical family cases this would be the mother of the household, there are of course other cases where people are living alone or with friends.

It is important that there is scope for a stain removing product so I conducted a questionnaire asking 50 women aged 25+ various questions in order to get a clearer picture of what the market wants.

The questions asked were

* Do you use specialist stain removing products?

* (If yes) What is the product you currently use?

* Do you find this product to be effective every time?

* How do you feel about the price of this product?

* Would you be prepared to change to a product which claimed to be better that the leading product in the field?

* Where do you shop?

* When do you watch the majority of your television?

The results I gained form my questionnaire were not that varied. Most of the

women said they used stain removing products. The most popular product was 'Vanish' with nearly 70% of the women using this product. Supermarket own brands featured a few times and many women gave bleach as their answer. Yet many of the women said they were not completely satisfied with the products' performance, finding some stains un removable. They also said they would be happy to switch products as long as the price was not too much. Supermarkets were the most popular places to buy these products. Also I discovered that many women watch television during the times of 7 and 10 pm.

What is the buying process?

For any product the process in which a consumer goes about purchasing a product can be reduced to four steps:

* Awareness of product being available

* Information search about the product

* Evaluation of alternative options

* Purchase

Awareness

Awareness of the need for my product might be due to someone realising the need for a stain remover either because, they have got a stain on their shirt, or they have run out of a previous product, or they have seen advertising for my product and it encouraged them to purchase it. They may become aware of the product at the point of purchase, where they see it on the shelves and decide to try it.
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Information Search

This may not be relevant to my product, however some people may require further information. This could be done by speaking to salespeople at the point of purchase, by looking on the internet, or by word of mouth.

Evaluate Alternatives

This would probably occur at the stage where the consumer may look at the different products lined up on the shelves and decide which would be the best for them. To ensure my product doesn't loose out the packaging for my product should be appealing and attention-grabbing.

Purchase

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