Plans For Introducing The Laptop Bags In UK Marketing Essay

Plans For Introducing The Laptop grasps In UK selling Essay opening commercializeing is delineate as, A co-ordinated process which makes the best use of useful resources to present a crossroad proposition to a target food food merchandiseplaceplace in ensnargon to achieve objectives, and then evaluating how successfully this has been done.Peter Verwey, TMA merchandising manualPhilip Kotler defines Marketing as the art of identifying and intelligence client ask and creating solutions that deliver satisfaction to the customers, profits to the producers and benefits for the stakeholders.Marketing is the performance of those activities which seek to acquire an arrangings objectives by anticipating customer or client compulsions and estimateing a f crushed of need-satisfying unafraids and services from producer to customer or client, says E. Jerome McCarthy of Michigan democracy University.http//www.audiencesni.com/library/lb-downloads/reports/Strategic%20Marketing%20 Planning.pdfAs the mission statement of king analogouse family isTo transcend in customers araVisionMaking a difference with bully contract and value for the point of intersectionsValuesQuality, value, advanced, service and integrity. royal comp some(prenominal) does take in and strive to get their vision of excelling customers world be measured in depth to the modality they run their worry and the focus they serve well their customer be it home or abroad. over-embellished company mission and witness atomic number 18 similarly met by ensuring that they meet customers expectation with appealing, superior note increases at value for money.Marketing Environments of the UK imperial company has decided to frame a fashioncapable and convenient alkali designed for laptop computer cognise as L startAs per the removeing take apart it is express that people want their laptops and phones to be functional and fashionable and on that point is a real crossover in ingathering at the current mart.UK trade wants product to associate them with a brand im long sentence.People make choices in what technology they buy based on the feel good agent in and what it says about image or personality over what it fuck in truth do.Which is why Royal company has decided to design in distinguishable colours, for the sophisticated, the understated and the loud.As tech gets little, portable, part of fashionable image and requisite and hence fashion industry in by and large is waking up to technology.http// novels.bbc.co.uk/1/hi/technology/3224441.stmthither was a real inlet in the trade for a lightweight stylish bag that had the technology in it to hold a laptop, but also the technology in it so that if you dropped the bag, the laptop wouldnt break.As young contemporaries in UK be finding it natural and easier to carry the laptop with them close to as it is acquiring slimmer and lighter.With wi-fi hotspots, allowing high speed net access withou t wires, popping up around the country in bars and cafes staying connected on the move is worthy an central part of it.Laptops are becoming a fashion accouterment in UK where people do not carry an ugly bag with a well fashioned dress.All the design that went into laptops bags was focused on the travelling businessman but no thought that directly a day laptop is used by jr. generation as well which would be a easy target for brisk product L bag.http//news.bbc.co.uk/1/hi/technology/3224441.stmMarketing StrategyWhereas merchandise strategy is a systematic approach to a major and increasingly beta responsibility of administerment to position and relate the firm to its milieu in a government agency which assures its success and makes it secure from surprises Ansoff and McDonnell (1990).E genuinely organization needs to know the market very well in order to do succeed in the business and Royal go with is no exception to this.The main features of market orientation are as foll ows guest Focus Royal club strives towards delivering the best products as per the needs and urgency of the customers.Competitors Orientation In retail business Royal connection has survived and served customers for galore(postnominal) years.Inter Functional Coordination It needs to cause excellent inter functional coordination to provide smooth service to customers. It means working together as a team.Marketing Plan for introducing the Laptop bags in UK marketIn order to formulate the merchandise plans as the UK market is very agonistic, Royal Company must use their financial resources to create and sustain a high write with multi level market campaign to raise their profile in UK and establish the idea of quality bags for laptop.Need to be advanced(a) in the market are as followsBusiness survivalFor advance returnsTo take advantage of opportunityFor profitabilityCompetitive Advantagemacroeconomic summary is divided into internal environment and external environment.In ternal environment consist of Firms own management structure, the strategies and objectives, the disparate departmentation at heart organization. The ability to serve the customer is in the first place affected by the internal factors.The external factors mainly consisted of suppliers, distributors, customer, competitors and publics and also the group of shareholder.On the other tool that go away be used in these areas is ostiariuss five forces. Just as SWOT and Porter five forces is used to identify new product, services and how a business tush be profitable in the market.A PEST Analysis of the industry examines the, social, economic, local, technological, national, political, and global influences to understand opportunities and terrors well.Retail industry had an assumption that to what invariably(prenominal) extent these factors (political, economic, social, legal and environmental) result be applicable.Political It influences organizations in some(prenominal) slipw ay. This factors cornerstone create advantage and opportunity for any new organization. They can pose restriction on duties and obligation on organizations. Royal Company has to know the political environment in UK very well much(prenominal) as market regulations, legislation such as the minimum enlist and anti discrimination laws, trade agreements and restrictions.Economic Retail industry is very sensitive to interest rate and also fairly recession proof. Because of folk 11 events, stocks were plummeting and prices are low all time due to this the world economy have suffered heavily. However after the September 11th round off the world economy is up and the retail industry are boosting once again and consumers are becoming more(prenominal) optimistic.An economy undergoing recession leave have high unemployment, low spending antecedent and low stakeholder confidence against a booming economy.Social There are changes in consumer taste and life-style present both opportun ities and threats for the retail industry. People are know more thinking about the fashion and brands image which they can easily generate and have them as well.Population changes also have a direct impact on organizations. Changes in the structure of a cosmos testament affect the supply and demand of goods and service within the economy.Technical the way a business would operate has changed greatly due to Technology. Royal Company needs to use this available technology such as the lucre and other information exchange system, incorporating a multitude of software which helps to manage the business.In retail industry the world of online shopping via internet is now a common place for shopping. IT system undertakes the companys administration, management, and paperless operations which are monitored by the secured sever, it provides a flexible base for running the business. UK is at the forefront of technologically developed. Hence Royal Company gets an advantage of developed log istics and diffusion channel already in place. unitary other tool that will be used in these areas is Porter Five Forces. This model can be used to good analytic effect alongside other models such as the SWOT and PEST analysis tools.Five Forces analyses five important in the determination of competitive former and these are emptors powerSuppliers powerRivalry among competitorsThreat of new entrantsThreat of substitute productsBelow is the draw which describes the Porter Five Force ModelDiagram1 http//colette3010.files.wordpress.com/2009/10/5forces.jpgThe Problems which Royal Company will be facing and threats of substitute supermarkets, supplier power, buyer power and the power of customer can be explained by Porters five forces.Buyer power also decides the prices in the market. If products are expensive than other products will be bargain ford. This mean market is condition which make the pricing disciplined as well and stops them to destroy the market in a profit war.Supplie r power is an essential part of this model. Suppliers demand that retailers should succumb them certain price for their service and goods supplied.Threat of substitution is of all time been touching any organizations, however they try to ensure brand image and quality by having the best value for the products.Competitors and new entrants is also another threat for Royal Company as they ac friendship these seriously, and on that pointfore the company al slipway plan to improve upon developing its stores.Royal Company can determine its strength, weakness, opportunity and threats to its business by using SWOT analysisSTRENGTHS discordant range of productsAvailable 24 hours a dayCash escape Position is strongIncrease turnover and trading profits vestibular sense Sheet is strongLeading Supermarket ChainAwareness of Brand man resourcesOnline Shoppingcapability to turn assets into advantagesOPPORTUNITIESGlobally Developing brand on the qui viveForming New MarketsGlobalizing the MarketA lliances InnovationGrowth in Low speak to brandDiversificationOffering available new markets with advanced marginsWEAKNESSESrequires local awareness of customers and cultureoverseas brandTHREATSexisting New oppositionRaw materials prices are instabledownturn in EconomicGlobalising the shifting marketTakeover bidsLow cost brands from Far-EastExtremely high competition for resources and customers ingathering Sales CycleDiagram2 http//dpl.kaist.ac.kr/DM_wiki/images/d/d5/ production_Lifecycle.gifIntroduction StageIn the introduction stage, Royal Company seeks to build product awareness and develop a market for the product which is described asAs Royal Company wants to enter the UK market, it has to make sure that the product it wants to despatch should be tally the needs and style of the UK people. Royal Company has made a market seek and aspires to hurl Laptop Bag in the market.http//www.quickmba.com/ merchandise/product/lifecycle/The impact of Marketing Mix is as followsAccord ing to kotler, el al (1996), marketing mix is a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with other.It is an important tool in marketing that helps a company to identify a number of variables that stimulate purchasing decisions for any product. There are 4 Ps in marketing mix notably Product, Price, Place and Promotion. Royal company has used this tool to enter UK market with launch of new product line to target people from all walks of life to puruse them to purchase the product known as L bag.Development of Product with definitionL Baghttp//www.purseblog.com/images/Burberry_Denim_Messenger_Diaper_Bag.jpgTraditionally it is believed that a good product will sell itself. It become easy to lauch a product which is wanted by customer to make go along with the market and fashion trend. basic features of L bag is thatIt has a main compartment with a padded subdivision which can carry 17 inches laptop so others like 14, 15, 12.1 inche and dwarfisher could fit in it easy.A second compartment which carries neccessary power adapters and other accessories of the laptop.It also has to be strong that it could hold the weight of laptop plus some other neccessary things.Side compressions strapA third small compartment with small sections to hold mobile, pens, credit cards, coins. Basically like an organiser.Benefits of L bagIt has redundant disk jackets inside where one can carry various discs.USB reminiscence sticks holding has small pockets for it.Dimensions is 17 x 12 x 6 inches, 43 x 30 x 15 cm which can be used by commuters cause it will be smaller than the minimum dimensions allowed in flight cabin sizing which acoording to the new command passed on 7th January 2008 is 56cm x 25cm x 45cm(www.bbcnews.co.uk) then even traveler could use them.Mp4 and Mp3 music Holder with ad barelyable strap to adjust with contrary sizes.Shoulder strap on the bottom has Mp4 and Mp3 controller.Contents of the bags is felt with riveted on sensitive parts of the bags.Carry a 17 inch laptop with its accessories.It is in fashion and matching the latest clothing trendsIt serve more than one purpose.Benefits of the L bag over traditional backpack areLess straps hanging on the outside, which thus means less hazard of getting stuckThe plain shape make them smaller when emptyIt is speedy to get things in and out of the bag thanks to the big palpebraIt doesnt have to be carried on the back making it easier to protect the limit from pickpocketsIt does not have to be taken off when reaching for its content, just swing it round.Pricing StrategiesPrice is one factor in marketing mix which triggers the purchasing power for any customer. It has always been an attraction to consumers and a challenge to the product manufacturer. If prices are high then it wont sell which can be fixed by reducing the prices.http//freepresentationslides.blogspot.com/2008/09/introduction-p hase-of-product-life.html Developing Marketing Strategies and Plans from Khawaja Naveed A rapid penetration strategy consists of launching the product at a low price and spending heavy level on promotion. Royal company has used strategy that promises to bring about the prompt market penetration and the largest market share. This strategy makes sense when the market is large, the market is unaware about of the product, and most buyers are price sensitive there is strong potential competition.The introduction phase starts when the new product is launched. In this introduction phase, profits are negative or low because of the low sales and heavy distribution and promotion expense. The promotion expenditures are at the highest ratio sales, which conducted toNew and unknown product should be passed to customers.Induce psychometric test of the product.Secure distribution in retail outlets.L bag is launched for younger generation in UK. As the price is very sensitive factor in marketin g , it is hence important to price the product right.http//freepresentationslides.blogspot.com/2008/09/introduction-phase-of-product-life.htmlIt is hard to know the market value of new product hence a soft opening is recommended where u faces a small group of customers kinda than the big crowd which one might not be able to handle on the first day of business.Promotional StrategiesFor a marketing position to be sustained it should be linked with a promotional strategy and these are basically cardinal promotional strategies that could be selected and these two are Push and Pull strategies.The Push promotional strategy relies on the companys sales force and its promotional activities to be able to create a consumer demand for a particular product and it aims to sell directly to the consumer without any distribution channels.The Push strategy tends to rely on high advertize and consumer promotion to be built a consumer demand for a product.Product requires innovative, creating mark eting solutions in order to successfully oppose them from competing product in the market place. One of the best ways to introduce the product in the new market with new product is through product publicity.One of the methods that Royal Company can use is through Editorial insurance coverage which can be achieved to the maximum through newspaper and magazines.Place / diffusion StrategiesPutting the right product in the right location at the right time is a daunting challenge that involves a diffused balance of demand.Strategic distribution is a competitive advantage that accrues generally from the configuration of a distribution network ( who, what, where, when ) and more specifically, from the selection of partners ( inter-group communication ) who intermediate amid the company and the customer by performing required fulfillment and service activities.Royal companys distribution strategy is largely be by its decisions on the number and type of customer interfaces. There are two fundamental fulfillment such asDirect distributionIndirect distributionIn general, both direct and indirect distributions are becoming integral to most companies retail distribution strategy. At this level, there are two types of distribution which Royal Company can select fromExclusive distribution (retailer carries only one brand)Shared distribution (all major brands are carried)As L bag is entering UK market with new image, Royal Company has opted for Shared distribution along with other brands. presume denim so widely accepted and United Kingdom has 73% of the population n using denim as suggested my Global life style Monitor.http//faculty.msb.edu/homak/HomaHelpSite/webhelp/Distribution_Strategy.htmBrandingThe American Marketing Association (AMA) defines a brand as a name, term, sign, symbol or design, or a combination of them mean to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.Royal Company sees branding not as a measure to target market over the competition, but as a solution to the customer problem.Royal Company has worked towards branding to ensure that a good brand has been achieved whichdelivers the message distinctlyConfirms credibilityConnects with the target prospectsMotivates the buyerConcretes user loyaltyProduct success comes only with deep understanding of market conditions, real customer unavoidablenesss, and competition as well as translation of that business intelligence into high quality product within the window of opportunity. Successful products are ones that meet customer needs, are innovative and that offer value. The characteristics of a new product launch strategy were piece to have a significant impact on the intensity of competitive reactions. Competitive reaction is diagnosed in terms of changes in the marketing instruments of the competitors. The selective information show that competitors react primarily by means of price changes, product chan ges and promotion changes. For a sales person it just is not that easy. A few ways one can begin is to command the think of of customers so that they will see salesperson as an authority on the products he/she sell.Gaining trust Building relationship with customers is more important than the products sold. It is essential to know the customer, listen to them carefully and explain about the product. The messenger bag functions and advantages, and let them go at their own pace without pushing.Product knowledge Knowing the product, study inside and out, makes a sales person on the watch to answer to any questions asked regarding the products by customers.Be accessible It is necessary for customer to know that the sales staffs are available to answer any questions they whitethorn have or to discuss any concerns they may have. Or evidently making them aware of the product and promotion if any going on.Market PositioningAccording to Mercer, D. (2000) is defined as the location of a pro duct (or service) relative to others in the kindred marketplace and then promoting it in such a way as to reinforce or change its position.The factors that are considered for market positioning areProduct should be compared with other competing productsProducts position- the way the product is been defined by the consumers on their important attributesApplying a unreserved purchase process which should help the consumers to categories the products jibe to their needs naval divisionBlythe, J. (2005), states the sectionalisation is to identify a group of people who have a need or needs that can be met by a hit product, in order to concentrate the marketing firms efforts most in effect(p)ly and economically. description provided by business dictionary.com, market segmentation is defined as operate of defining and sub dividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics.In segmentating the market Royal Compa ny must have taken these four factorsGeographic Segmentation will take into consideration such dividing people or market into different geographical locations. The country, climate, size of a place segmented into size of its age wise population.Behavioural segementation is based on the customers need and consequent reaction to those needs or toward the purchase of intended products. It is important for Royal Company to understand the behaviour of the buyer, as they are targeting younger generation it becomes important to have right pricing to attract customer in the market.Phychographic Segmentation Royal Company will be segmentating people according to their lifestyles and values. Target customers interest, opinions, values, attitude and the activities they perform.Demographic Segmentation It is refers to a wide study of the potential customers. While marketing a product many variables like age, gender, education, income, size of the family, occupation, culture and religion, langu age and nationality are taken into account. This segmentation can help and has worked profitably. It play an important and vital role in find out whether a product can be mass marketed or designed for specific group.In UK Number of Males under 16 in 2007 was 5,895,000 and between 16 24 in 2007 was 3, 788,000.In UK Number of Females under 16 in 2007 was 5,615,000 and between 16 24 in 2007 was 3,580,000.In 2007, the legal age of people in many non white ethnic groups living in Great Britain described thier identity as British, English, Scottish or Welsh. This include almost nine in ten (87%) people from Mixed group, 85% of people from Black Caribbean group and eight in ten from Pakistani and Bangladeshi groups ( 80% and 78% respectively).Royal Company has decided to launch it new product in LONDON as the total population of LondonMales 3,738,000 in 2007Females 3,819,000 in 2007http//www.statistics.gov.uk/downloads/theme_social/Social_Trends39/Social_Trends_39.pdfhttp//www.buzzle .com/articles/market-segmentation-strategy.htmlMarket PositioningAccording to Mercer, D. (2000) is defined as the location of a product (or service) relative to others in the same marketplace and then promoting it in such a way as to reinforce or change its position.The factors that should be considered for market positioning areLaunch product should be compared with other competing products.Product position is the way the product is been defined by the consumers on their attributes.Applying a simple buying process which should help the consumers to categories the products according to their needs.Implementation of Marketing StrategyThere are different marketing strategies that may differ depending on the different situation of the business. Benefits and costs of Marketing strategyIt depends on the kind of research conducted, targeted market, goals and aims of an organization methods and tools used for market research. A marketing startegy helps compile marketing goals and actions i nto a cohesive whole. In the same way different ways of strategy such as advertising, channel marketing, promotion can be elaborated.Marketing startegies are interative and dynamic in itself. Royal company would be focusing its energies and resources on course of action which can lead to increase sales and target market niche.Royal Companys marketing strategy has profoundly constructed and combined product development, promotion, distribution, pricing and other elements, identified its marketing goals. It hasexplained how they will achieve and had determined the choice of target market between age group of 16-24 mainly which are younger generation.Basic implementation of marketing strategies includesTarget audienceKey elementImplementating ( Launching the product )http//www.bnet.com/cp/implementing-a-marketing-strategy/66491 testimony for Royal Company for new product launch of L Bag for laptopThe ability to bring superior and unique product to market in a cost effective manner is the secret for good business performance and growth.Growth is pressurized by high levels of competition, shorter product lifecycles and ever changing market conditions.Company needs to have new ways to deliver value to their customers.It is important to be innovative to existing market once the company has managed to survive the market.Royal company should shorten time to market while reducing developing costs it should adopt holistic view of the development process.One of the most critical strategic initiatives in new product introduction is acquiring an explicit definition of customers requirement with customer and not RD vaccum.ConclusionIt is clear that perfect product launch can support business growth initiatives, superior product and effective cost management through integration of product lifecycle activities with customers.http//www-935.ibm.com/services/ch/bcs/pdf/scm-perfect-prod-launch.pdf