One of the most essential parts of owning a successful company is how successfully it manages to release and market a new product on the market. It is determined by the company if they want marketing to be achieved individually for each product or in a set for several similar range products.
The main reason of promoting a fresh product is to appeal to clients to the business and make majority of your target market aware of the company's latest product. Without that there is a very lowest potential for you getting the attention of your concentrate group.
Marketing is important for both, the product and the company that provides it. Branding is vital for the establishment and individuality of a fresh product. Selling a product under a global brand gives your product worldwide acceptance, which automatically helps in increased sales. If the product is successful, you'll have a product that sells for itself! Also, a new and impressive product provides more acceptance to a brand and brings more audience.
The product which I select is a 3 in 1 kitchen gadget and the business I chose for the marketing, kick off and sales of the product is Philips.
In this article, my goal is to find out how suitable is my product with the company I chose to sell it. I have to figure out how much that brand helps in creating my product, and also that how my product is capable of increasing the brand value and audience of the individual company. With the I've done the company evaluation and product evaluation and finally the online marketing strategy.
Philips is a world-wide renowned company for the simpleness and technology they put in their products. The business has a abundant profile, and some of its important aspects are briefly described below.
Philips' marketing strategy
Philips as a firm is convinced in "Improving people's lives through significant improvements". Philips encourages themselves as a consumer-led company, thus all the R&D (research & development) procedures derive from creating products that are aligned with the current needs and requirements of the consumers. Philips distributes their products not only through physical stores but also through modern medium, like e-marketing, via their website. The company website provides in depth product information and prices, along with the latest promotional offers available. The web site also helps in informing availability of their products in various countries world-wide.
Philips has a broad product variety available for all sorts of customers in the market. Philips products are basically divided into the following categories-
Mother and child maintenance systems: Feeding bottles, tethers and skin care products.
Personal good care: Shavers, hair-styling products, mane removers, etc.
Lighting: Aside from fixtures and feelings lighting they also provide car equipment and lighting. Recently they have started out using LED signals.
Audio and video products: Television, stereo system, etc.
Home home appliances- Appliances for the kitchen, vacuum cleaner, ironing machine, etc.
Phones & desktops.
Accessories: USB, handy remote control, digital toothbrush, etc.
Philips uses Price differentiation technique for setting price with their products. the price of Philips products are different in different countries, because of the use of different currencies and variation in the federal government regulations in various parts of the world. It is obvious on Philips website also that there surely is a notable difference in the prices of the same product in several countries.
Philips also uses the price differentiation technique for a product in the same country. They will have different price for the same product, depending upon the version and quality of the product.
The main head office of Philips is located in Amsterdam, Netherlands. Philips being a globally renowned company, has its stores in more than 100 countries of the world (Australia & New Zealand, Brazil, Canada, Mainland china, France, Greece, Hong Kong, India, Italy, Israel, Mexico, Pakistan, Poland, US, etc. ), divided into 5 areas- THE UNITED STATES, Latin America, Middle-East & Africa, European countries and Asia-pacific. They have special promotional activities like contests, special discounts, coupons, etc. during all festive times, to improve their sales. Philips also manages their sales through E-commerce.
Philips helps bring about its brand and products through the lot of mediums. They use billboards, printing media, electronic media and internet for advertising their product. Being such a large company Philips always has to maintain their unique and new PR strategies and campaigns. Among the better types of Philips campaigns are-
The product start of kitchen appliance 'Air fryer' was very successful, as they promoted it as something which helps in a healthy and convenient way of cooking food.
Another promotional plan was for Aurea T. V. , where they chosen a model for the promotion, as their promotional theme for the T. V. was 'seduction by light'.
Type of audience
Philips handles a wide range of marketplace, differing in time, culture, sex, status, etc. , but most of the customers are loyal because they are satisfied with the brand promises that Philips fulfil. Philips products are not for conventional or sceptic audience. Philips audience will be the people who have confidence in the brand, but are also inclined to try the new progressive products that Philips comes up with. Philips products can be used anytime of the family life- cycle. Thus people across the world buy 1 million Philips consumer products every day.
Philips is an extremely strong brand name. It has situated itself as a superior quality and innovative brand. Their tag range is "sense and simplicity", and that is exactly what they deliver through their products.
One of the extremely important features of Philips is that they make useful, healthy, eco-friendly and impressive products. Their quest is to make metropolitan areas liable by providing healthcare products, managing essential resources (like lighting) and encouraging independent living.
Philips increased its brand value by 8% to USD 8. 3 billion in 2008. It was ranked 43rd most valuable brand in the inter-brand 2008 standing of best global brands.
Now-a-days credited to increasing industrialization there is certainly immense competition atlanta divorce attorneys industry. There are a lot of companies making same products and selling it in the market.
It is the same with Philips. Philips has some immediate competition like Samsung, L. G. , Sony and Panasonic who all make a multitude of products. Apart from that it includes some indirect competition for various products, like-
P&G and Braun for 'Male dried shaving appliances'
Oral B for 'Power toothbrush'
KENWOOD for 'Food Preparation'
KRUPS for 'Drip filtration system coffee'
Wide variety of consumer lifestyle products and home appliances.
Strong research and development techniques.
Simplicity and invention as the theme of each product
Large number of loyal customers
Present in many countries around the world.
Reputed and renowned brand name.
Large foundation of copyright patents.
Late in development of services.
Distribution channel is not extensive.
Price is comparatively greater than the rivals.
The ever changing needs and preferences of the market.
Increasing knowing of environmental friendly products.
Changing government polices.
Dealing in different currencies of the world.
Economic tough economy in future leading to less product use.
Adapting to the fast changing business environment.
Product- The merchandise is actually a 3 in 1 kitchen gadget. It consists of a coffeemaker, toaster and a skillet. Yet another accessory (spatula) is available with the product. The specifications of the product are the following:untitled. 46. jpg
Materials: ABS clear plastic, non-stick steel skillet, silicone stands.
Temperature control knob for toaster
Color schemes: Green & white, yellowish & white, Blue & dark and Orange & white.
PeopleKomal product 1. jpg
The product is precisely targeted for audience who are always busy in their work life, and does not have any time in the chaotic mornings to get ready a proper breakfast time. The prospective market is bachelors who may be studying or working; or newlyweds. Folks who are innovators will definitely try this one. Acoording to the purchase price, middle income and lower higher class will choose the product.
This appliance is obviously cheaper than the price tag on a coffee maker, a toaster and a pan separately.
Komal kitchen appliance 3. jpg
As this something for working generation, the position should be done in metropolitan places. This product does not have any boundaries of religion or community so it can be offered in any country which is developed or growing. A higher end mall is very good place because of this product, as everyone visits malls on weekends.
The key point for advertising will be its small design and easy use. The product is 3 in 1, thus it can do 3 duties in the time of 1 1 and save time, which is the focus on of the merchandise. The product will be advertised as 'The appliance of junior'. br4dvb 5. jpg
It can be launched in a couple of color strategies and design. So any gender or culture audience can purchase it. It could be promoted through commercials, print press and billboards. Aspect 1. jpg
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SWOT of the product
New and progressive concept
Saves time and money because of its 3 in 1 applaince strategy, which can catch the attention of the prospective market.
Available in various colors and design, so audience has a flexibility of choice.
Simple program and easy usability.
Not totally developed and tested
A large number of market is not the emphasis of product.
Can be advertised as ' The applying for fast tempo lifestyle'
Many features can be improvised and then your company can come up with a new and much better version of the merchandise.
There is not any similar product on the market, so there is absolutely no comparison bar for setting the price.
People may be apprehensive about a new notion, thus the product can fail on the market.
There is not any reason behind audience to trust a new product with no brand or garuntee.
Possibility of the theory being copied by other companies.
Marketing arrange for product launch
Competitors- Philips being truly a very respected and experienced company in the household appliance sector has to face stiff competition from others, like BRAUN, Morphy Richards, etc. However the 3 in 1 equipment (coffee maker + toaster + skillet) is a novel idea which is first of its kind in the industry. This equipment, therefore, will give Philips the first mover gain and competitive border over its rivals.
Target the ideal customers- The appliance has a limited range on the target customer profile, but under Philips, who have an extremely strong and faithful customer base, it'll still have a large number of followers fitting in the client range. Here are the exact details of the particular audience will be like.
Age: 18- 30 12 months old is the primary age group for this product.
Household income: As the product is an internationally release, a fix house carry income can't be estimated. But the target market for this product is the individuals from upper middle class and lower top class.
Geographical location: The product is such that it can be used all over the world, by people of any nationality or culture. Philips products can be purchased in more than 100 countries round the world, therefore providing a huge customer base for the merchandise.
Work situation: the work situation of the prospective market can be of 2 types-
Young adults steering clear of their family for studies.
People who have a 9 to5 job and very chaotic mornings.
Create a unique value proposition- This product has a whole lot of special features that placed it apart from other company products and provides Philips an benefit of creating a one of its kind new and progressive appliance.
Saves time: the product can perform three different tasks, meant for three different kitchen products, in the time of one, due to its 3 in 1 engineering feature. This saves a lot of time and energy of an individual. it could be healthy in ways because those who used to omit there proper breakfast time because of frantic mornings will now be capable of geting an ideal breakfast without reducing much promptly.
Saves money: It certainly saves big money when you can just buy 1 product instead of three! Philips products are largely just a little high prized in comparison to other brands, due to its product quality and brand name. This might cause getting rid of some customers who've a lesser budget. But this 3 in 1 appliance can be an exception, as you will be charged efficient compared to the price range of other Philips products. this is actually the approximate difference-
Good quality toaster (49 S$) + good quality coffeemaker (49 S$) + the average skillet (50 S$) = approximately 150 S$
Whereas, the 3 in 1 machine, roughly, will only costs around 80 S$, conserving around 50- 70 S$.
Compact design: Nowadays everybody wants a product which consumes less space and is also easily movable. In addition to the ideal market because of this product will probably be folks living in apartments rentals or condominiums, which mean they will not have a lot of space in their kitchen for cumbersome appliances. The product surely is a relief for the kids, because like all other Philips products, that one is also compact.
Easy and quick: As all the functions of the appliance are manufactured to be automatic and has storage space for water / dairy and coffee; there may be any need of adding the ingredients every time you utilize the applying.
Easy cleaning: The materials of the applying is glossy vinyl on the outside and the inner parts like the storage of caffeine and normal water are detachable; also the skillet is detachable. So it becomes super easy for an individual to clean the applying from inside and outside. In addition, there are silicone stands under the appliance so that it is easy to change and clean underneath surface of the product.
Opportunity of choice: Philips has always given selections of colors to the users in almost all of their products. But this product is one step in advance. It not only has color choices but can be purchased in 3 different design on the outside body- plain, waves and floral designs. People always love to have the ability to choose their favorite from all the given choices, than having to buy something without any color/ design choices.
Uniformity: The product can be considered a huge success on the market because of 1 1 more reason- caffeine is an internationally beverage, this provides you with the merchandise a good potential for being accepted all around the globe.
Marketing strategy and practices- As stated in the article earlier, Philips pays a great deal of attention about how well the merchandise is promoted and launched; and spends accordingly on the promotion. This can be very beneficial for promoting a new product on the market, under the brand name of Philips.
The marketplace being a modern era, the strategy will be more concentrated on usage of modern day marketing like internet & interpersonal network website. After that Philips already has its own official website which is very explanatory of its products.
The usage of print press like papers and mags etc. is also essential to spread the product information to a big number of viewers.
Outdoor advertising like Billboards, bus-stops adverts near universities/ schools and central business region is very important to reach the precise target market.
Lastly one of the very most used advertising resources, television commercials, may also be used for an improved marketing of the product experience.
Testing idea and marketing strategy- Assessment of the merchandise can be carried out through a whole lot of mediums.
Philips places its products in famous retail outlets, like big bazaar in India or courts in Singapore, which are nationally regarded and frequented by many people. This gives Philips products an opportunity to come across a sizable number of audiences.
The same strategies can be used for the screening of the new product. the 3 in 1 equipment can be displayed on a stall in these stores and people by moving the stall can see the demonstration of the working product, as well as can put it to use themselves to better understand the top features of the products.
Online surveys can be done asking suggestions about the idea and aesthetic selling point of the merchandise.
Lastly, Philips can provide a cash back or product exchange guarantee to first 10, 000 customers of the appliance, all around the globe. They can ask those customers because of their opinions on what they experienced went incorrect and appropriately do changes in the product, if needed.
Rolling out campaign- This is the time when Philips brand plays an essential role. You can find three ways of campaigning for the appliance-
Showing customer reviews of the users of the merchandise on T. V. advertisements. This way people will relate more to the product.
Sponsoring an event related to preparing food/ cookery shows for e. g. - Get better at Chef, so at the end the show will advertise Philips appliances for the kitchen, like the 3 in 1 equipment.
Sponsoring a cookery competition, and offering the merchandise as a gift to the success.
Know your product lifecycle- Any product has 4 main period of its life. Below is the chart demonstrating the lifecycle of the sales of any product.
Introduction- First half a year, sales of the merchandise will be poor. Customers who are innovators will largely use the merchandise.
Growth- Using the increasing advertising by Philips, after six months of launch, the product will have increasing sales. By then folks who are devoted to the Philips brand begins buying it.
Maturity- Right now everybody start to see the product as an established and reliable product. Now the merchandise will reach the peak sales as well as the onset of drop due to the possible introduction of similar products by the opponents.
Decline- it is now time when the merchandise loses its novelty factors and you will see a need to rethink the product attributes and produce a better version at the earliest opportunity.
In the end I think that Philips as a brand is ideal for the kind of product I've designed. It certainly will help the merchandise with the brand of Philips. In the same way I think Philips can also gain more number of audiences because of my product.
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