New Product Launch Marketing Plan, Part II Essay Example for Free

New Product Launch Marketing Plan, Part II EssayThe following is the second part to the iNKtopia overlap launch plan. The second part of the marketing plan consists of a detailed range market profile, including get behaviors, decision motivators, and organizational physical object markets. The plan also includes steps to control each stage of the product life calendar method of birth control and tactical plans for the Four Ps. Fin every last(predicate)y, the second part of the marketing plan expands on the product offer expressed in part one and a refreshed position statement to drive iNKtopias positioning strategy. Market ProfileThe defined target market profile of the consumer group that the retriever needs to market to is easily defined in the region but covers many different business groups. The target market for iNKtopias entrust be concentrated at first in the region centrally located geographically to the main facility of iNKtopia. This ordain allow easy acce ss by potential customers to iNKtopia for convenience of routine. Being located in the business district also allows iNKtopia to offer pickup and pitching of large orders directly to the customer.The availability of an established customer base already using the product that iNKtopia has to offer has advantages and disadvantages. Most small businesses in the argona use printers in everything from cash registers to small desk computers in the business work place. Most sign purchases are acquired by making a trip to the local federal agency supply where house taking away valuable time from work that could be used for other more important tasks than driving to the store and get ink. The availability of iNKtopias on sire delivery can be used an appealing time and cost saver when presented to the business owners.Larger businesses normally have a local contract with a local supply where house that delivers directly to the business. Selling the local angle at lower range with a pers onal touch would help make inroads into larger businesses (gunter, 2013). Product Life Cycle The first phase of iNKtopias product life cycle is the introduction phase. The introduction phase is a period of slow gross revenue growth as the product is introduced in the market. Profits are nonexistent because of the operose expenses of product introduction (Kotler Keller, 2012, p. 310).iNKtopia will provide ink fill againing expediency to consumers at a more reasonable price and providing tincture service with a degree of options to meet customer needs. In this phase iNKtopia will focus on on providing a quality product that is cheap to manufacture to help countervail startup cost. During this phase, iNKtopia will go with a pricing strategy that will keep the product price low to attract many new customers to the products and serve. This is adverse to a pricing strategy that will price the products higher to help recoup start-up cost.INKtopia is focused on providing high quali ty low cost products and services to its customers. This phase will be critical to the success of iNKtopia because the ink refilling service is a brick and mortar establishment that enables customers to walk-in and refill ink cartridges of all different types at a reasonable price. The products and services that iNKtopia will provide will only be available in iNKtopia stores which will create a greater need to use great promotions, print ads, and television ads to spread the word about the next big thing in ink.Growth kind The growth phase is a period of rapid market acceptance and substantial profit improvement (Kotler Keller, 2012, p. 310). In the growth phase the sales and mesh of iNKtopia products will start to rise. During this phase iNKtopia will keep the product price the same to capitalize on earnings made from the new product epoch ensuring product quality preserved. During this Phase iNKtopia must expand the products distribution during the growth stage. To achieve pro duct distribution the go with can start to deliver services to local business.This will create an option for consumers to avoid the hassle of going out to get ink by having iNKtopia bring the ink to the business. During this Phase iNKtopia will increase advertising on television, print ads, and provide brush offs and incentives to customers that want the ink delivered. The increase of advertising will continue to help the company grow, expand, and build a larger consumer base. Maturity Phase The maturity Phase will create a slowdown in sales growth because the product has achieved acceptance by most potential buyers (Kotler Keller, 2012, p. 310).As iNKtopias profits become stable or deteriorate because of an increase in competition the company must determine to diversify. If the company is successful up to this point the product will unavoidably lead to more competition. Competitors will eventually start introducing similar products, or larger ink companies may simply lower the price of their ink. Therefore iNKtopia will need to diversify or develop new products, services, or lower be to distinguish iNKtopias products from the competitors. Ideally, iNKtopia can enhance customer services and its image to become a leader in the ink industry.This could also be couple with a change in the pricing strategy by slightly lowering the cost of iNKtopia products. However, iNKtopia will strive to create superior customer service and innovation of the ink business to hopefully create additional sales and attract even more customers. Another promotional idea would be to focus on the environmental aspects of refilling cartages with iNKtopia ink instead of buying a new cartage each time a printer runs out of ink. The company can then focus advertisements on superior customer service and environmental benefits of buy product from the iNKtopia.Decline Phase The decline phase is when sales show a downward drift and profits erode (Kotler Keller, 2012, p. 310). Demand for iNKtopia products will in the long run diminish as newer technologies change how documents are viewed. From this time, iNKtopia is limited on options because ink may no longer be the primary source for document printing. INKtopia will have the choice to keep the product and sell it at greatly lower price or to terminate the product and transition to the new printing source.In this specific industry if ink is phased out there is really no way to continue increasing sales because finding a new use for ink is unlikely. It would be noble-minded to focus on the innovation that technology brings and ultimately move away from ink. The company can focus promotion on other products and services that the company may offer. Product amalgamate The iNKtopia product mix consists of several different products and services. radiation pattern 1 below shows the width and length of the iNKtopia poduct mix. Figure 1. Product Mix Width and Length for iNKtopia. Cartridge RefillsFeatures High quality i nk for the top 10 printer companies in the world. iNKtopia can refill the existing cartridge inside 24 hours of drop-off. In most cases, a replacement cartridge will be given as a complimentary service to customers. Benefits Fast and favourable service. The complimentary cartridge swap assists customers with minimal down-time. Recycled Cartridge Sales Features The sale of recycled and refilled ink cartridges for the top 10 printer companies. The cartridges will look brand new and perform at the same level as a new cartridge.Benefits By reselling recycled ink cartridges, iNKtopia is decreasing the footprint of wasted materials and lowering the cost of goods on to the customer. Customers will rest assured knowing they have a quality product that has saved waste and decreased cost. Contract Ink Service Features comfortable and on-time ink refilling services. iNKtopia will come to the business location, remove ink cartridges, refill them, and reinstall them in the printers. Quantity o f refills per month will depend on the contract service signed. Benefits This service takes the worry out of running out of ink.Once a cartridge is out of ink a simple phone call or email will dispatch an ink specialist within 4 business hours. The contract service enables companies to plan for ink costs and not worry about the hassle of ordering and replacing ink cartridges. This service is also cheaper than a traditional ink cartridge replacement and is divulge for the environment. Contract Printer Service Features Convenient and on-time printer maintenance and repair services. Every service plan includes preventative maintenance service to help tighten up future downtime for printing equipment.Depending on the contract service, a specified amount of time for repair will be available each month. Benefits By purchasing a printer service plan, companies can save money per hour of labor. These plans also take the worry from broken equipment because a printer technician will be onsi te within 4 business hours of a service call or email. Branding The branding of iNKtopia begins with the companys name. The name is a combination of the study service ink and topia which means place. It also reminds consumers of the concept of a utopia which many people associated as an ideal or perfect place.The name is catchy and identifies the business. The brand name is also used as a symbol on packaging for ink cartridges and shipped boxes. The company graphic is shown below in Figure 2. Figure 2. iNKtopia Logo. Differentiating Characteristics Unlike most ink refilling services, iNKtopia provides a one for one swap of cartridges to minimize customer downtime. Packaging and Labeling Every refilled cartridge will be shrink-wrapped to maintain cleanliness standards. The packaging will consist of iNKtopia graphics and information.Most refilling companies refill cartridges and give them back to the customer. This causes the business to miss a marketing opportunity. By shrink-wrappi ng the cartridge iNKtopia is able to label the product. The label can serve several purposes, including identifying, grading, describing, and promoting the product (Kotler Keller, 2011). Warranties and Guarantees iNKtopia provides a limited warranty on cartridge refills. Each refill also has an expressed guarantee written on the shrink-wrap around the cartridge. This guarantees a clean, refilled, and operable ink cartridge.If a customer has any concern over the quality or condition of the cartridge it can be returned for no additional charge. In the case of a return due to error, a hardship discount will be applied to the customers next purchase. Conclusion The second part of iNKtopias marketing plan described the target market, buying behaviors, decision motivators, and organizational target markets. Second, the plan examined methods for managing the stages of the product life cycle, including tactical plans for the Four Ps at each stage. Finally, the plan expanded on the product offering from part one and provided a new positioning statement.