Swot Analysis Of Finder
Four P 's Project
Marketing 301
Finder Have you ever misplaced your keys, phone, or wallet? It is safe to say everyone has, however what is not accurate to say is that everyone finds what they misplaced. That 's where "Finder, a Household Necessity" comes in. Finder is a state of the art technology microchip that is the size of a flat pea and sticks to virtually any surface. Finder sends signals to a satellite, that in turns sends signals to you identifying the object 's exact location using the Finder App. With Finder you will be able to know where an object is even if it is in another country. No more lost suitcases, keys, credit cards, or important objects because with the help of Finder you always find!
Product:
The company …show more content…
has the mission to provide a product that will bring peace of mind, that is affordable, and is above all high quality. The strategy to achieve that mission is to have high enough sales volumes that is able to afford the company to produce quality products, present them a brand name recognition, and maintain their prices low. "Creating a brand idea requires a leap of faith to articulate something that captures the good about the present state of the brand, and, more importantly, a vision of it 's future" (Bennett, 62). The company 's goal is to make Finder, a convenience product, an "in every household necessity".
The segmentation method used will be the benefits method. We want to target everyone that can possibly benefit from the use of Finder. We will have a undifferentiated targeting strategy, focusing only in the similarities in needs of the customer and disregarding age, gender, financial position, etc. The targeted market is everyone, from kids with their favorite dolls, to adults with their keys, to grandparents and their remotes. The product will be affordable to all economic classes and easy to use. the companies main utilized strategy is their value proposition strategy. The company believes that by making consumers aware of the value they receive from their product it will be enough for them to want to purchase the …show more content…
product. Finder fulfills the safety aspect in Maslow 's Hierarchy of Needs: to protect. Finder 's main purpose is to give the customers peace of mind and it is able to do that by protecting goods, sentimental items, and personal information items such as passport social security cards, and keys. Finder protects the customer from possible physical and emotional harm that may arise from loosing these objects. Finder is easy to use and very affordable. Another way to create value is how we present our product. "The package and the label may be important in increasing consumer satisfaction. In addition, they aid protecting and promoting the product. The packaging of many products has been the key to success for many companies" (Stevens, 181). The secondary packaging not only will it be 100% made out of recyclable materials but will also be bright red to catch the attention of consumers.
Price:
The pricing strategy utilized by the company to set prices is sales orientation.
The company believe that the number of sales is a greater benefit than the profit themselves in the long run. The high volumes of sell will help with making Finder a well known brand name, and product awareness to name a few benefits. The company will utilize the every day low price strategy for Finder to make it affordable to everyone. Critical components of pricing are: competition, costs, company objectives, customers, and channel members. Since their is no other business in the market with the same product, and won 't be for a while because of patents, there is no price competition. Company objective is to provide an affordable product. Costs will be kept low by having simple marketing strategies, using already available technology, and utilizing a very small amount of labor. By keeping costs low and providing customers with a product that has such value, there is no forecast indicating customers will even think twice before adding two to three Finders in the shopping bag at a time. The company plans of having an easy wide open distribution channels to help maintain prices
low.
Place:
One vital part of having a successful product is to be able to make people aware of the product and provide easy access. The best way to address that is by having a large channel of distribution. "Distribution is the method of delivering the product to the consumer" (Hiebing, 52). Distribution of Finder will be from manufacturers directly to retailers. The types of retailers utilized in introduction stage of the product using a push supply chain strategy is convenience stores, super stores, value stores. Example of such retailers includes: Target, Wallmart, Kmart, Bj 's, Cosco, CVS, Walgreens, and Dollar stores. Once the product enters the growth stage, the company will use the pull strategy, letting the need for the product drive retailers to carry such product. The company expects that Finder will become such a necessity and will have such high demand that all kinds of stores will want to carry it such as grocery stores, clothing stores, and specialty stores. At this point the company plans on using the high demand to it 's advantage by requesting that Finder be placed at prime locations of retail such as checkout lines. With the help of the secondary, everyone will recognize Finder and be exposed to the benefit this product provides. The company will be using an intensive distribution strategy throughout the life of the product to fulfill their mission on making this an affordable and easy to obtain product.
Promotion:
The mission of the company is to make Finder affordable to everyone, the only way it can do that is by keeping costs low. Therefore their marketing costs also have to be kept low. The company will use several marketing channels. "Marketing channel are the means that a company can select to get in contact with potential customers" (Westwood, 60). The usage of those channels will help to inbreed with customer 's the value of the product, the product slogan: "Finder, a Household Necessity", and the product logo, a pin point . The target market is everyone so it is important that there are several strategies used being online or offline to reach the company 's targeted market. The company will be using several elements of an integrated marketing communication strategy: online, offline, passive, and interactive strategies.
A passive and fairly inexpensive strategy that will be used is direct marketing such as emails informing and educating customers about Finder, especially in the introduction stage. Offline interactive strategy will include a social component, for every Finder open package returned to the location where the product was purchased or any other Finder retail location Finder will donate 25% of the profits from that sell to the local community, either to shelters, schools, community centers, or outreach centers. This will make customers more likely to buy our product if they know they are helping people in their community. Finder in turn will use local people in their offline passive advertising. Not only does this help cut costs but also helps people associate the product with everyday life. Once the product enters the growth stage and has a higher rate of income, the company plans on using persuasive celebrity advertisements to convey the benefit of the product and the social benefit for the community aspect of buying this product. Last but not least throughout the product life the company plans on creating several online interactive mediums of marketing such as blogs and having a social media presence, another form of low cost advertising. To help make Finder truly affordable to everyone, the company will have several sales promotions, such as coupon mailings around financially challenging times.
Conclusion
Finder 's current situation or SWOT is as follows:
Strength: Finder 's biggest strength is that it is the only product of it 's kind in the market and will remain the only product for the life of the patent - 14 years
Weakness: It is a brand new product therefore, it has no brand name recognition
Opportunity: Finder has the opportunity to expand world wide, because it 's use and needs are global and so is its technological capabilities.
Threats: No forecasted improvements on Finder it self, nor product line and brand expansion. The company producing Finder really takes the triple bottom line seriously. Finder 's secondary package will be make out of 100% recyclable materials, helping the environment by reusing and cutting wastes. Finder helps address and prevent some social issues that might arise from loosing keys, and important documents such as social security cards. Finder gives customers a peace of mind and security. Lastly Finder helps economically by giving back 25% of profits to help the local community through it 's promotions. By being such a wonderful product and based on the current situation it is safe to say Finder will be a success and become "a Household Necessity"!
Works Cited:
Bennett, Anthony G.. The big book of marketing: lessons and best practices from the world 's greatest companies. New York: McGraw-Hill, 2010. Print.
Hiebing, Roman G., Scott W. Cooper, and Steve Wehrenberg. The successful marketing plan: how to create dynamic, results-oriented marketing. 4th ed. New York: McGraw-Hill, 2012. Print.
Stevens, Robert E.. Marketing planning guide. 3rd ed. New York: Best Business Books, 2006. Print.
Westwood, John. How to write a marketing plan. Rev. 3rd ed. London: Kogan Page, 2011. Print.
Marketing 301
Finder Have you ever misplaced your keys, phone, or wallet? It is safe to say everyone has, however what is not accurate to say is that everyone finds what they misplaced. That 's where "Finder, a Household Necessity" comes in. Finder is a state of the art technology microchip that is the size of a flat pea and sticks to virtually any surface. Finder sends signals to a satellite, that in turns sends signals to you identifying the object 's exact location using the Finder App. With Finder you will be able to know where an object is even if it is in another country. No more lost suitcases, keys, credit cards, or important objects because with the help of Finder you always find!
Product:
The company …show more content…
has the mission to provide a product that will bring peace of mind, that is affordable, and is above all high quality. The strategy to achieve that mission is to have high enough sales volumes that is able to afford the company to produce quality products, present them a brand name recognition, and maintain their prices low. "Creating a brand idea requires a leap of faith to articulate something that captures the good about the present state of the brand, and, more importantly, a vision of it 's future" (Bennett, 62). The company 's goal is to make Finder, a convenience product, an "in every household necessity".
The segmentation method used will be the benefits method. We want to target everyone that can possibly benefit from the use of Finder. We will have a undifferentiated targeting strategy, focusing only in the similarities in needs of the customer and disregarding age, gender, financial position, etc. The targeted market is everyone, from kids with their favorite dolls, to adults with their keys, to grandparents and their remotes. The product will be affordable to all economic classes and easy to use. the companies main utilized strategy is their value proposition strategy. The company believes that by making consumers aware of the value they receive from their product it will be enough for them to want to purchase the …show more content…
product. Finder fulfills the safety aspect in Maslow 's Hierarchy of Needs: to protect. Finder 's main purpose is to give the customers peace of mind and it is able to do that by protecting goods, sentimental items, and personal information items such as passport social security cards, and keys. Finder protects the customer from possible physical and emotional harm that may arise from loosing these objects. Finder is easy to use and very affordable. Another way to create value is how we present our product. "The package and the label may be important in increasing consumer satisfaction. In addition, they aid protecting and promoting the product. The packaging of many products has been the key to success for many companies" (Stevens, 181). The secondary packaging not only will it be 100% made out of recyclable materials but will also be bright red to catch the attention of consumers.
Price:
The pricing strategy utilized by the company to set prices is sales orientation.
The company believe that the number of sales is a greater benefit than the profit themselves in the long run. The high volumes of sell will help with making Finder a well known brand name, and product awareness to name a few benefits. The company will utilize the every day low price strategy for Finder to make it affordable to everyone. Critical components of pricing are: competition, costs, company objectives, customers, and channel members. Since their is no other business in the market with the same product, and won 't be for a while because of patents, there is no price competition. Company objective is to provide an affordable product. Costs will be kept low by having simple marketing strategies, using already available technology, and utilizing a very small amount of labor. By keeping costs low and providing customers with a product that has such value, there is no forecast indicating customers will even think twice before adding two to three Finders in the shopping bag at a time. The company plans of having an easy wide open distribution channels to help maintain prices
low.
Place:
One vital part of having a successful product is to be able to make people aware of the product and provide easy access. The best way to address that is by having a large channel of distribution. "Distribution is the method of delivering the product to the consumer" (Hiebing, 52). Distribution of Finder will be from manufacturers directly to retailers. The types of retailers utilized in introduction stage of the product using a push supply chain strategy is convenience stores, super stores, value stores. Example of such retailers includes: Target, Wallmart, Kmart, Bj 's, Cosco, CVS, Walgreens, and Dollar stores. Once the product enters the growth stage, the company will use the pull strategy, letting the need for the product drive retailers to carry such product. The company expects that Finder will become such a necessity and will have such high demand that all kinds of stores will want to carry it such as grocery stores, clothing stores, and specialty stores. At this point the company plans on using the high demand to it 's advantage by requesting that Finder be placed at prime locations of retail such as checkout lines. With the help of the secondary, everyone will recognize Finder and be exposed to the benefit this product provides. The company will be using an intensive distribution strategy throughout the life of the product to fulfill their mission on making this an affordable and easy to obtain product.
Promotion:
The mission of the company is to make Finder affordable to everyone, the only way it can do that is by keeping costs low. Therefore their marketing costs also have to be kept low. The company will use several marketing channels. "Marketing channel are the means that a company can select to get in contact with potential customers" (Westwood, 60). The usage of those channels will help to inbreed with customer 's the value of the product, the product slogan: "Finder, a Household Necessity", and the product logo, a pin point . The target market is everyone so it is important that there are several strategies used being online or offline to reach the company 's targeted market. The company will be using several elements of an integrated marketing communication strategy: online, offline, passive, and interactive strategies.
A passive and fairly inexpensive strategy that will be used is direct marketing such as emails informing and educating customers about Finder, especially in the introduction stage. Offline interactive strategy will include a social component, for every Finder open package returned to the location where the product was purchased or any other Finder retail location Finder will donate 25% of the profits from that sell to the local community, either to shelters, schools, community centers, or outreach centers. This will make customers more likely to buy our product if they know they are helping people in their community. Finder in turn will use local people in their offline passive advertising. Not only does this help cut costs but also helps people associate the product with everyday life. Once the product enters the growth stage and has a higher rate of income, the company plans on using persuasive celebrity advertisements to convey the benefit of the product and the social benefit for the community aspect of buying this product. Last but not least throughout the product life the company plans on creating several online interactive mediums of marketing such as blogs and having a social media presence, another form of low cost advertising. To help make Finder truly affordable to everyone, the company will have several sales promotions, such as coupon mailings around financially challenging times.
Conclusion
Finder 's current situation or SWOT is as follows:
Strength: Finder 's biggest strength is that it is the only product of it 's kind in the market and will remain the only product for the life of the patent - 14 years
Weakness: It is a brand new product therefore, it has no brand name recognition
Opportunity: Finder has the opportunity to expand world wide, because it 's use and needs are global and so is its technological capabilities.
Threats: No forecasted improvements on Finder it self, nor product line and brand expansion. The company producing Finder really takes the triple bottom line seriously. Finder 's secondary package will be make out of 100% recyclable materials, helping the environment by reusing and cutting wastes. Finder helps address and prevent some social issues that might arise from loosing keys, and important documents such as social security cards. Finder gives customers a peace of mind and security. Lastly Finder helps economically by giving back 25% of profits to help the local community through it 's promotions. By being such a wonderful product and based on the current situation it is safe to say Finder will be a success and become "a Household Necessity"!
Works Cited:
Bennett, Anthony G.. The big book of marketing: lessons and best practices from the world 's greatest companies. New York: McGraw-Hill, 2010. Print.
Hiebing, Roman G., Scott W. Cooper, and Steve Wehrenberg. The successful marketing plan: how to create dynamic, results-oriented marketing. 4th ed. New York: McGraw-Hill, 2012. Print.
Stevens, Robert E.. Marketing planning guide. 3rd ed. New York: Best Business Books, 2006. Print.
Westwood, John. How to write a marketing plan. Rev. 3rd ed. London: Kogan Page, 2011. Print.