Marketing a New Product
In this assignment, I am going to invent a product, examine all the environmental aspects surrounding it and relate them to the micro and macro environments. I will then carry out a SWOT analysis and an environmental analysis and then draw a number of conclusions and recommendations for my imaginary company.I have chosen to invent a product for which there seems to be a market, or at least, there is no similar existing product. It is a conventional swivel clothesline, but with an additional feature. It will have the ability to keep clothes dry when it starts to rain. This is achieved by the water sensors, which are integrated into the design. They then activate an umbrella like cover that shields the clothes from the rain. Marketing Environmental Analysis The marketing environment consists of a Microenvironment and a Macroenvironment. The microenvironment deals with internal factors, which could affect the company's ability to service its market, such as competitors, suppliers, distributors and consumers. The macroenvironment are those factors, which are outside the control of the company. They include social, cultural, political, economic and technological change
· There is a gap in the market for this product. No one has invented this yet, therefore, it may have the opportunity to monopolise this segment of the market. My company would have to work within the legal regulations of the UK. For example, laws to protect the consumer, employees, health and safety regulations, all must be obeyed. If they are not, there may be serious consequences to deal with. Monitoring Environmental Forces The 'No Worries' clothesline is an original product, which people will inevitably copy over time, making competition something to worry about in the next 5 years. Competitors will cause a major threat to business. They can compete with prices making it more attractive to the customer to shop at their outlet. They can make their version of the product more attractive, i.e., more features. From research carried out from previous assignments, I have discovered that consumers want quality value for money and will build a strong loyalty to those who provide it.
Some common words found in the essay are:
Environmental Forces, Retailers Consumers, Environment Competition, , Opportunities Threats, Microenvironment Macroenvironment, Forces Social, Technological Forces, Worries' Clothes, Legal Forces, 'no worries', 'no worries' clothesline, forces company, environmental forces, swot analysis, opportunities ·, · recommend, worries' clothesline, weaknesses ·, strengths ·, product sells, monitoring environmental forces,
Approximate Word count = 1887
Approximate Pages = 8 (250 words per page double spaced)
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