Four P's Of Marketing Reports Examples
Developing New Product Plan to Satisfy Baby Boomer Consumer Needs
The chief goal of a product plan is to ensure that the value would achieve and a financial benefit attained by providing the set feature of a product is defined. A product plan describes the target customers, puts into profile the pricing, specifies the opportunities in the market, and expounds on how to deliver the products (Kahn, 2006). People who were born after world war 11 between 1946 and 1964 are the Baby Boomers. This paper shall evaluate how to develop a new product plan for the introduction of a product to satisfy the Baby Boomer consumers.Products Brand Name
French fries are pieces of deep fried potatoes that are thin and elongated in shape. French fries are fast food products and were commonly taken as snacks. However, they also served with other food as lunch or even during dinner. Other local specialties such as vinegar or flavors can be used to top them up. Additionally, they are served with ketchup are always salted. French fries have their roots in Belgium where they were developed in the year 1680 in a valley referred to as Meuse (Annacchino, 2003). Nevertheless, disputes exist between Belgium and France on where they were first invented both demanding ownership.Pricing Strategy
For a business to prevail in marketing their products, a well thought of pricing policy should be put in place. That would ensure that profit was met as well as beating the prices of competitors. That would help in achieving the set objectives to increase the market share, not forgetting to boost the product's image hence making it steadier. A price that is customer- based is recommendable since it involves setting prices that customers are capable or are willing to pay. A firm using such strategy shall have information on how their competitors are charging and can establish penetration pricing to attract more customers (Trott, 2004). Nevertheless, a price modifier should always be used as a guideline to formulate a suitable pricing structure.Places to sell French fries
Members of the boomer generation vary considerably since their production is significant. Therefore, it is essential to unravel those interested in your product to reach them. For example, in churches, communication channels that will help in achieving them are vital. It is common to find baby boomers in religious meetings. Being factual about the product one is selling attracts more of these customers since honesty is a virtual they uphold. Materials being marketed should include pictures that resemble the target market in order for them to associate with the products (Annacchino, 2003). That showed understanding and cares to them particularly those living in places set for the elderly. Being pushy and patronizing are aspects that should be avoided while dealing with boomers particularly in public places such as bingos and parks. Elements of Promotion
Promotion of products and services is a fundamental method in campaigning for the commodities so as they can finally reach the public, stakeholders, as well as customers. Various promotion strategies do exist, but the essential ones include advertising, public relations, as well as sales promotion.Advertising
Advertising is used to persuade customers to use your product at the expense of competitors. This form of communication is vital in making products well known hence making greater sales. A favorable business platform is hence created attracting customers to purchase your merchandise. Suitable media should be used in order to reach the Baby Boomer consumers. Misleading conduct was prohibited by section 52 of the 1974 Trade Practices Act. Thus, the advertisement should be legal (Kahn, 2006). According to Kahn, the most widely used forms of advertisement include window display, press advertising as well as radio and television. Online advertising has taken root and is now the commonly used form.Sales Promotion
That encompassed provision of incentives that are short term in order to encourage customers to buy products. Activities such as celebrity appearances, competitive games, and reward programs are consumer promotions intended to attract customers. Display of materials at one purchase point and formulation of bonuses and on-pack offers create an attractive avenue for customers to congregate (Trott, 2004). Incorporating business promotions such as seminars, conferences, and issuing of newsletters promotes sales. Public Relations
According to the Public Relations Institute of Australia, public relations were considered development of mutual understanding between business personnel and stakeholders. To effectively implement public relations setting objectives on what to achieve is mandatory. Tools to communicate the message intended to reach the public were put in place for the target group.
In conclusion, the paper has examined how a new product plan could be developed. From the introduction of a product to satisfy, the Baby Boomer consumer needs and analyzed the pricing, as well as promotional strategies for the success of products' purchase.
Annacchino, M. A. (2003). New product development: From initial idea to product management. Amsterdam: Butterworth-Heinemann
Kahn, K. B. (2006). New product forecasting: An applied approach. Armonk, N.Y: M.E. Sharpe, Inc.
Trott, P. (2004). Innovation management and new product development. Harlow: Financial Times Prentice Hall.