COMPANY DESCRIPTION :-( INTRODUCTION)
Lenovo has a good name and frame in the market. Lenovo group limited is today the third largest personal computer manufacturer in the world especially in Asia. But i m going to introduce a new product which is "Photostat machine". As Lenovo is a good brand so i will not find any kind of difficulty to introduce a new product. The process must address all the steps to necessary to start volume production, develop need documentation, and support the product. Improved product launch results in faster time profit activities are better planned and coordinate and more tightly integrated. System data are better understood and system may be better integrated. System data are requirement are better integrated .The result in better production ramp-up ,more efficiently marketing, a sale force better integrated selling the new product and a service and support group better able to service and support the new product .leading to greater customer acceptance. After Hewlett Packard, dell. Lenovo creates a most innovative products and service. Lenovo offers a heavy price line and they already launched a wide range of products such as laptops, desktops and so many products.
I am adjusting my product portfolio to a global player. It will help in coming future time . i introduce a new product . i create this product for the creation of global platforms and evolution of local platforms to suit country specific requirements . focused on cost, increasing product complexity, creating a multi location product .
In our rapidly changing and highly competitive markets successful new product launch is thought by many but the problem is that the shortage of ideas and expense in production and marketing new products without any guarantee of success. No one know that the produst u r going to launch is going on top or it fails .
Thoroughly my career i have seen many new products and talked thousand of invitors who could have saved themselves thousand of dollers and increase the likelihood of success if he had framework for developing ideas and prepare it for market .
By seeing all this i take experience and my experience leads us the following six step process after launching a Photostat machine.
1) Firstly i see that who is the target customer.
2) How do i want to go to market i.e produce the product,sell the idea or licence the product to someone else to produce the market.
3) Explore the product.
4) What are the market research phase.
5) Analysis and development of market plan.
6) Execute the plan and launch the product
By taking all this things in my mind i starts work
Our business mission is launch our product in such a way that it will supply all our the worls and gain more and more profit.
Marketing objectives of my product is to catch the attention of the customers .
Objectives can be set in two levels:-
1. CORPORATE LEVEL:-These are those objectives which are concern in business as a whole or a organisation. I am taking this two type of objectives in launching Photostat machine.
2. FUNCTIONAL LEVEL:-these are special kind of marketing activities.
By these two I m also take into consideration on smart criteria which is as under:
Specific- The objective should state precisely come again? Is to be achieve.
Measurable- An objective should be knowledgeable of measurement - so that it is possible to decide whether (or how far) it has been achieved.
Achievable- Ahe objective should be pragmatic given the state of affairs in which it is set and the capital available to the business.
Relevant- Objectives should be applicable to the people responsible for achieving them.
Time Bound- Objectives have to be set with a time-frame in mind. These time limit also need to be realistic.
I m going to launch a new product of Lenovo . my product is the photostate machine and i introduce this product in the market it has a to kept customer profile also. Customer profile means what are the customer needs and what they except .
They also see that what are the stratergies they use
4 P'S OF THE LENOVO'S PHOTOSTAT MACHINE:-
Name- Lenovo's Photostat machine is the name of my product.
Product variety- it is new , different , usual ,designed to fill an identified need. It is launched various colours.
List price- The list price of the Photostat machine is starts from 65000/. It is less expensive Photostat machine than that of its competitors.
After the new Photostat machine is being developed the next step is to set the price .Firstly I will undoubtedly look to market competitors for indications of how price should be set. I will set competition based pricing .Like I can see going rate price to set price.
Advertising- Advertising is done by using various methods like media advertising, news paper advertising, magazines, etc.
Sales promotion- Sales promotion of Photostat machine is done by offering gifts and other items to attract the distributors.
Locations- The Photostat machine provides a good service to its customers.
Coverage- Photostat machine covers all local areas very effectively. This is the most important factor, and then takes action; make sure they can reach every area so that it helps in school and business purposes.
Ø Manufacturer to dealer
Ø Manufacturer to customer
Ø It has good productProducts
Ø Good service quality
Ø Global coverage
Ø Strong and effective usage
Ø keep up to date on what competiton is doing
Ø Total asset turnover is one of the weakness of my photostatmachine.
Ø Lack of innovation
Ø My product has the opportunity to grab the market share.
Ø People are becoming more conceious towards technical skills i.e computer knowledge. So i develop a multifunction Photostat machine should target these peoples by offering unique products.
Ø The main threats is its competitor. There are lot of competitors who lower down the sale of product.
Plan that details a company's marketing effort; also called action program .marketing strategy. The marketing plan may be laid out for an individual product or for the entire company and all its products. In either case, the plan specifies the marketing goals and objectives to be achieved over a specific time period and then lays out the various strategies to be followed in achieving them. It will also delineate the responsibilities for carrying out the plan. Well I am looking to introduce a new Photostat machine of lenovo in the market .To full fill this purpose firstly I should have to prepare a market plan through which I may find out the market situations . I am following seven steps as marketing plan to develop my Photostat machine in the market. These points are as follow-
1) MARKETING ENVIRONMENT
2) NEW PRODUCT DEVELOPMENT
3) PRICING OF THE PRODUCT
4) LAUNCHING CAMPAIGN
5) ADVERTISING AND PROMOTION
6) LOGISTIC AND SUPPLY CHAIN
The marketing environment in India is undergoing a rapid transformation, and this is particularly significant for Indian companies. Changes in government regulations and economic policies, forces of globalisation and competition, and the evolving nature of consumption behaviour are providing significant opportunities. Many companies have started utilizing the opportunities that are emerging in the changing marketing environment. As the market of consumers are getting educated they are giving more stress on quality than price. Marketing environment is made up of external factor which is further made up of micro and macro factors. I am taking in to consideration all these factors while launching a Photostat machine and bringing it into the market.
A large number of forces shape the marketing environment. To help organize your thinking, it's useful to classify the various forces as falling into either the
(1.) Direct market environment.
(2) The external market environment.
The direct environment of any generic market or product-market includes customers, the company, and competitors. The external market environment is broader. The variables of the external market environment fall into four major areas:
1. Economic environment.
2. Technological environment.
3. Political and legal environment.
4. Cultural and social environment.
In the short run, the marketing manager doesn't control the variables of the marketing environment. That's why it's sometimes useful to think of them as uncontrollable variables. On the other hand, the marketing manager can and should carefully consider the environmental variables when making decisions that can be controlled. For example, a manager may not be able to do anything to offset the strengths of a specific competitor, but the manager can select strategies that lead the firm into product-markets where that firm does not compete, or where competition in general is not as strong. We'll see how they shape opportunities limiting some possibilities and making others more attractive. A company must decide where it's going, or it may fall into the trap expressed so well by the quotation: "Having lost sight of our objective, we redoubled our efforts." Company objectives should shape the direction and operation of the whole business. It is difficult to set objectives that really guide the present and future development of a company. The marketing manager should be heard when the company is setting objectives. But setting whole-company objectives within resource limits is ultimately the responsibility of top management. In this sense, whole-company objectives are usually outside the marketing manager's "control." It would be convenient if a company could set one objective such as making a profit and let that serve as the guide. Actually, however, setting objectives is much more complicated, which helps explain why it's often done poorly or not done at all. The following three objectives provide a useful starting point for setting a firm's objectives. They should be sought together because in the long run a failure in even one of the three areas can lead to total failure of the business. A business should:
1. Engage in specific activities that will perform a socially and economically useful function.
2. Develop an organization to carry on the business and implement its strategies.
3. Earn enough profit to survive.
The first objective says that the company should do something useful for society. This isn't just a "do-gooder" objective. Businesses can't exist without the approval of consumers. If a firm's activities appear to be contrary to the consumer "good.
New product development-
GENERATING THE IDEAS
The new product development process starts with the search for ideas. New product development requires gathering ideas to be evaluated as potential product options. For many companies idea generation is an ongoing process with contributions from inside and outside the organization. Many market research techniques are used to encourage ideas including: running focus groups with consumers, channel members, and the company's sales force; encouraging customer comments etc. Customer needs and wants are the logical place to start the search. Employees throughout the company can be source of ideas for any product.
The ideas generated in idea generation are critically evaluated by company personnel to isolate the most attractive options. Depending on the number of ideas, screening may be done in rounds with the first round involving company executives judging the feasibility of ideas while successive rounds may utilize more advanced research techniques. Acceptable ideas move on to the next step.
Market Research and Analysis
• Situational Analysis
• Product/Service Analysis
Our strengths are:
- Low prices
- High quality products
- Experienced Staff
Our weaknesses are:
- Limited distribution channels
TARGET MARKET STRATEGY
• Students of the university
• Staff of the university
• Corporate world
Now in business analysis the process becomes very dependent on market research as efforts are made to analyze the viability of the product ideas. Much effort is directed at both internal research, such as discussions with production and purchasing personnel, and external marketing research, such as customer and distributor surveys, secondary research, and competitor analysis. By business analysis we come to know about estimating total sales, costs and profit.
PRODUCT AND MARKETING MIX DEVELOPMENT
Ideas passing through business analysis are given serious consideration for development. Companies direct their research and development teams to construct an initial design or prototype of the idea. I will also begin to construct a marketing plan for the product. Once the prototype is ready the marketer seeks customer input. In addition to gaining customer feedback, this step is used to gauge the feasibility of large-scale, cost effective production for manufactured products. Mainly at this stage the company will determine weather the product idea can be translated in to a technically product.
After management is satisfied the product is ready to dressed up with a brand name and put in to a market test. In some cases the marketer accepts what was learned from concept testing and skips over market testing to launch the idea as a fully marketed product. But other companies may seek more input from a larger group before moving to commercialization. The most common type of market testing makes the product available to a selective small segment of the target market (e.g., one city), which is exposed to the full marketing effort as they would be to any product they could purchase.
If market testing displays promising results the product is ready to be introduced to a wider market. Some firms introduce or roll-out the product in waves with parts of the market receiving the product on different schedules. This allows the company to ramp up production in a more controlled way and to fine tune the marketing mix as the product is distributed to new areas.In commercializing a new product, market entry timing is critical like if I have completed my development work and know that my competitor is nearing the end of its development work then I will face three choices-First entry, Parallel entry, Late entry. This decision involves additional consideration. It depends how we want to enter in market.
Analysis of competition will include pricing by direct competitors, related products and primary products
* Direct Competitor Pricing - Almost all marketing decisions, including pricing, will include an evaluation of competitors' offerings. The impact of this information on the actual setting of price will depend on the competitive nature of the market. we must not only research competitive prices but must also pay close attention to how these companies will respond to the our pricing decisions.
* Related Product Pricing - Products that offer new ways for solving customer needs may look to pricing of products that customers are currently using even though these other products may not appear to be direct competitors.
We must be aware of regulations that impact how price is set in the markets in which their products are sold. These regulations are primarily government enacted meaning that there may be legal ramifications if the rules are not followed. Price regulations can come from any level of government and vary widely in their requirements.
Finally, when selling beyond their home market, we must recognize that local regulations may make pricing decisions different for each market. This is particularly a concern when selling to international markets where failure to consider regulations can lead to severe penalties. Consequently marketers must have a clear understanding of regulations in each market they serve. There are also additional legal concerns when it comes to price.
STP for the product
After having the product development and selecting the prices i will go for launching the product. In the launch campaign i will be showing or introducing the various features of the product . The main idea behind this is to make people familiar about the product and here I will be inviting all the major distributors of different cities who are keeping the Photostat machines of different companies also so that they come to know about my new brand and can have stock with them. I can make place for my product in existing market by deep market study, keeping the price less than other existing price of the photostat machines. Positioning is to express the process. Any company, individual, product and service could use this method to "occupy" a position in the minds of consumers The positioning can be done by using various mediums like giving advertisements on television, newspapers etc. Positioning of the photostat machine is being done very effectively in the minds of customers. It is depth study of the target audience from the perspective of the audience themselves in order to choose information to distribute effectively and guarantee a way to provide consistent communication. This will create a method which results in consumers memorizing the company or the product in a certain way. The principle of positioning created a new era. With this concept widely known and accepted by the people, marketing experts also tried to connect this principle with the existing marketing theory systems
Promotion and Advertisement:
Promotion is a form of corporate communication that uses various methods to reach a targeted audience with a certain message in order to achieve specific organizational objectives. Nearly all organizations, must engage in some form of promotion. Such efforts may range from multinational firms spending large sums on securing high-profile celebrities to serve as corporate spokespersons to the owner of a one-person enterprise passing out business cards at a local businessperson's meeting.
For promotion, apart from continuing the existing strategy of concentrating on T.V. channels. I would also concentrate on promoting through radio. Our promotion strategy is based mainly on making the right information available to the right target customer. In this we have to check that what mode of advertisement we have to use to the advertisement of the Lenovo's Photostat machine.
To launch any new product like Photostat machine in the market it is very customary to launch the product as per a specific marketing plan of that product. To know the current position of the companies that is producing the same products and what consumers demand from them. To maximize their profit and capturing more market share proper analysis of each and every stage involved in marketing plan is very important. If the company not making marketing plan before launching any new product then there are maximum chances of getting loss. A marketing plan may be part of an overall business plan. Solid marketing statergy is the foundation of a well-written marketing plan. While a marketing plan contains a list of actions, a marketing plan without a sound strategic foundation is of little use. Behind the corporate objectives, which in themselves offer the main context for the marketing plan, will lay the 'corporate mission'; which in turn provides the context for these corporate objectives. At the last I can conclude that marketing plan is essential to make before launching any new product in the market.