Creating and marketing a new product Essay Example | Topics and Well Written Essays - 1250 words

Creating and marketing a new product - Essay Example In relation to the present trend of this respective business industry, it can be viewed that customers are highly inclined towards buying handmade soft toys including souvenir items and stuffed animals among others for different purposes (Toy Industry Association Inc, 2012). In this regard, the primary purpose of this essay is to create an effective marketing plan for new product i.e. handmade soft toys, which could be legally sold in the UK business market. 2. Marketing Strategy 2.1 Market Entry Strategy An effective market entry strategy typically involves various strategic decisions in relation to various influencing factors of host country. The organizations in the present competitive business world tend to incorporate adequate measures while seeking to expand their business units into different overseas business markets (Kotler, 2001). In order to attain a large consumer base in the growing handcrafted or handmade soft toy industry, the initial stage of the play will be focused on analysing the present trends along with the demands of the consumers towards the respective industry. In this regard, an effective consumer analysis will be conducted, which in turn can enable the organization in identifying the desired needs along with the preferences of the target customer group in the market. The product will be marketed under the flagship of Toys R Us, one of the leading toy retailers which currently operate more than 1500 retail toy stores across different business locations of the world (The Toys R Us, 2013). Marketing of handcrafted or handmade soft toys under the flagship of Toys R Us would enable to attract huge figure of customers across the growing UK market. Additionally, the admired brand image and enhanced customer reliability can be duly considered as effective strengths for the proposed product, which can grasp the attention of the consumers in the long-run. 2.2. Target Market and Segmentation Strategy Targeting along with segmenting appropriate g roup of customers can be regarded as an effective strategy, which can facilitate the marketers to attain superior competitive position in any business field. Moreover, the marketers in the present competitive business environment are highly focused on targeting a particular customer segment in order to build a strong brand image in any respective industry (Goi, 2009). In this regard, the target market and segmentation strategy relating to the product of handmade soft toys will be focused on differentiating consumers into two broad segments. First segment would be targeting the children within the age group of 2 to 6 years in the form of delivering handmade soft toys to them and second segment will be targeting young adults through presenting handmade showpieces. This can further enable the organisation to obtain more customers in the UK market. 2.3 Marketing Mix Strategy 2.3.1 Product Product can be regarded as one of the core attributes for an organization, which depicts the image of the company and also ensures to predict its future growth in any respective industry and/or market (Kotler, 2001). In relation to the proposed marketing plan for handcrafted or handmade soft toys, the product would be focused on collecting exceptional soft toys and stuffed animals that are made from quality based materials and textiles in a fully furnish process. 2.3.2 Price The pricing strategy of a new product can be further considered as an essential factor, which can enable an organization to