Facebook Pixel Code
x
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Designing a marketing strategy for a new product over time Essay Example

Show related essays

Designing a marketing strategy for a new product over time

The appendix shows the new product development stages of the company. The new product development shows the steps that are involved in the new product development that is the steps that are involved in the development of the apple watch. The new product development that is the development of Apple watches follows the following stages. The stages of new product development are Idea generation, Screening and Evaluation, Business analysis, development, Market testing and commercialization.The first step is the generation of the new idea. The idea of an Apple watch has emerged from and can be said as the natural progression of an apple mobile phone. The idea to build an apple watch as it might be called emerges from the idea of bringing in more simplicity and convenience in the life of the customers and target market segment. The idea is going to be particularly liked by the youth segment and the business class people who do not have much time. The watch will be used to perform all the basic functions of a watch. In addition to it the watch will be used to connect with the mobile phone that is being marketed by the company. The watch will be in fact marketed along with the phone of Apple as an additional accessory for convenience. Through the watch the customer will be able to receive any incoming calls or end a call. The customers will also be able to turn on the music or control other functions of the mobile through the watch.The business analysis of the watch shows that the watch is likely to be acquired by the customers of iPhone and iPad. The total sale of the iPad and iPhone in the last year that is in 2015 has been 237196. After the introduction of the new watch by Apple it is going to be accepted by at least 5% of these customers in the initial year of launch and based on their feedback others will likely adopt the same.After the business analysis and probable identification of the target market the next step would be to provide some initial customers who are already using the iPhone and iPad some free samples of the new product that is going to be developed and marketed. The feedback they provide after using the watch will be used to further develop the product.The product will be initially tested in the American market and best on the test results the product will be commercialized for the launch in worldwide market and

References

Apple Inc, 2014. Form 10-K. [online] Available at: < http://investor.apple.com/secfiling.cfm?filingid=1193125-14-383437&cik > [Accessed 11 April 2015].

Apple Inc, 2015. Watch Sport. [online] Available at: < http://store.apple.com/us/buy-watch/apple-watch-sport > [Accessed 11 April 2015].

Brewis, M., 2015. Apple Watch release date, price, specs and features UK: When is the Apple Watch coming out? Pre-order Apple Watch now. [online] Available at: < http://www.pcadvisor.co.uk/new-product/apple/3443668/apple-iwatch-release-date-price-specs-uk-features-launch-preorder/ > [Accessed 11 April 2015].

Chuck, J., 2015. Apples iPhone Market Share Leveling Off In Some Countries. [online] Available at: < http://www.forbes.com/sites/chuckjones/2015/02/08/apples-iphone-market-share-leveling-off-in-some-countries/ > [Accessed 14 April 2015].

Etzel, M.J., Walker, B.J. and Stanton, W.J., 2004. Channel of distribution. Boston, Mass.: McGraw-Hill/Irwin.

Grieves, M., 2006. Product Lifecycle Management. New Delhi: Tata McGraw-Hill Education.

Kotler, P., and Keller, K., 2009. Marketing Management. London: Prentice Hall.

Kotler, P., Keller, K., Brady, M., Goodman, M. and Hansen, T., 2012. Marketing Management. London: Prentice Hall.

Mills, G., 2002. Retail Pricing Strategies and Market Power. Melbourne: Melbourne Univ. Publishing.

Peppers, D., and Rogers, M., 2004. Managing customer relations: A strategic framework. New Jersey: John Wiley & Sons.

Wreden, N., 2002. How to Think About Pricing Strategies in a Downturn - Your Best Downturn Strategy? Think Twice About Price Cuts. [online] Available at: < http://hbswk.hbs.edu/archive/2884.html > [Accessed 11 April 2015].

Appendices

Appendix 1

Figure 4 Product life cycle

Appendix 2

Figure 5 New product development stages

Appendix 3

96mm 75mm

126mm

Figure 6 Packet of an apple Watch

Figure 7 Apple watch with the box after removing from the cartoon

Figure 8 Apple watch

Appendix 4

Total target market

237196

 

 

 

 

 

1st year

2nd year

3rd year

4th year

5th year

Sales of Apple Watch

11860

16604

7116

4744

4744

Price

$349

$348

$340

$330

$300

Sales Revenue

$4,139,070

$5,778,095

$2,419,399

$1,565,494

$1,423,176

Close ✕
Tracy Smith Editor&Proofreader
Expert in: Marketing, E-Commerce, Macro & Microeconomics
Hire an Editor
Matt Hamilton Writer
Expert in: Marketing, Finance & Accounting, Human Resources
Hire a Writer
preview essay on Designing a marketing strategy for a new product over time
  • Pages: 9 (2250 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
WE CAN HELP TO FIND AN ESSAYDidn't find an essay?

Please type your essay title, choose your document type, enter your email and we send you essay samples