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Creating and marketing a new product Essay Example

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Creating and marketing a new product

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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.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.The pricing strategy of a new product can be further considered as an essential factor, which can enable an organization to attain its desired financial goals in the competitive business market (Kotler, 2001). In this context, the handcrafted or handmade soft toys would be offered as per the present pricing structure of soft toys within the UK market. Therefore, the price of the product will be focused on value based pricing strategy at the initial stage and further it will aim for penetrating strategy in accordance with the demands of the consumers n.The handcrafted or handmade soft toys and stuffed animals would be marketed under the flagship of Toys R Us, which would facilitate the products to attract several UK based and global customers. In relation to the present business industry, Toys R Us has more than 88 toy retail outlets across diversified locations across the UK and gained superior competitive position in the global toy retail industry. Therefore, selling of handcrafted or handmade toys in association with the aforesaid leader can prove to be quiet beneficial in marketing the product effectively.The promotional strategy in marketing handmade soft toys will be implemented in accordance with the flow of products in the UK market. In relation to

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Goi, C. L., 2009. A Review of Marketing Mix: 4Ps or More? International Journal of Marketing Studies, Vol. 1, No. 1, pp. 2-15.

Karadeniz, M., 2009. Product Positioning Strategy in Marketing Management. Journal of Naval Science and Engineering, Vol. 5, No. 2, pp. 98-110.

Kotler, P., 2001. Marketing Management, Millennium Edition. Prentice Hall Inc.

Kotler, P. & Keller, K. L., 2006. Marketing Management, 12th Edition. Pearson Prentice Hall.

Ministry of Small Business and Economic Development, No Date. Business Planning and Financial Forecasting a Start-up Guide. The Business Plan. [Online] Available at: http://www.hispanicsmb.com/LinkClick.aspx?fileticket=qKNhPd3jGW0%3D&tabid=36&mid=496 [Accessed November 20, 2013].

Toys R Us, 2013. About Toys R Us. So Much More than Toys. [Online] Available at: http://www.toysrus.co.uk/info/general/about_us.jsf [Accessed November 20, 2013].

Toy Industry Association Inc, 2012. The European Toy Market in 2011. The NPD Group. [Online] Available at: http://www.toyassociation.org/App_Themes/tia/pdfs/facts/npd.pdf [Accessed November 20, 2013].

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preview essay on Creating and marketing a new product
  • Pages: 5 (1250 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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