The Research and Development department of your software company has developed a way of getting information from consumers about their buying habits. They have created an 'unmet needs list' that accurately anticipates future purchases. However, this information comes from the customers' use of credit cards and bank cards, causing privacy concerns to be discussed. After initial testing, it is found that this new software can predict with some 95 percent accuracy what product a consumer will likely buy in the next 30 days.
Senior management is optimistic about the product and has asked you to develop a marketing plan. Write a comprehensive marketing plan that identifies your market, establishes a price point, chooses a distribution channel, proposes a communication (advertising) venue, and identifies who will be the buyer of the product. Support your plan with sufficient research.
The product is software that accurately anticipates future purchases of customers. The product is a result of extensive research into buying behavior of customers and uses the information from their credit cards and bank cards. It can predict with little over 95 percent accuracy what product a customer would most likely buy in next 30 days.
2. Identification of Market Needs
Responding to customer's demand for more and better products, businesses worldwide are revitalizing the process of new product development, to ensure that the right product gets to the market quicker, at right time, and at right place (Yelkur & Herbig, 1996). In today's society consumers have less time for work or leisure. They seek convenience and ease of use from products. If the product does not save their time and is not easy to use, it would not be accepted by customers. Companies invest extensively on research and development to come up with new product ideas which would meet the latent need of the market. However there are resource constraints due to which it is not possible to take all product ideas to production. Hence, companies have to be very careful in what they offer to the market.
The software would come in handy for such companies. It would offer following advantages:
- Reduce the investment on research and development
- Reduce time to market
- Result in better chances of success
By focusing on accuracy of the software we can implement a niche differentiation strategy. Client can use the software to meet their customer's needs in an efficient manner without going through a long product to market cycle.
Pricing is one of the most difficult components of marketing plan. The price would ...
Different components of marketing plan for a new software have been addressed.