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New Product Proposal - Marketing Plan 2018

Autor:   •  February 26, 2019  •  Research Paper  •  4,509 Words (19 Pages)  •  52 Views

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New Product Proposal - Marketing Plan 2018

MK263 B04: Marketing II

Sahil Narsidani

Erin Lee Oner

March 20, 2018


New Product Proposal - Marketing Plan 2018

 

 

Executive Summary

This report is all about to show a Marketing plan for AMPS (Automated Moulding Pair of Shoes) brand-new launch of auto lacing and adjustable arch supporting shoes; the report shows the plan that how can offer new products in the market. With respect to this the report contains comprehensive marketing plan components including company analysis (AMPS’s current and future status), situation or market analysis and competitors analysis; the report shows the brand’s objectives and marketing strategies in terms of its 4ps that is it is shown that AMPS can offer to kinds of revolutionary products to its customers and set value-based pricing strategy accordingly, and for new offerings it can increase its other media other than commercials that is it can focus more on social media to promote its new products and it may expand its business all over the world especially in countries such as countries as Canada, Middle-East etc. Beside this, the financial budget of this marketing plan has been discussed which is been forecasted by reviewing market trends of the industry and estimate marketing expenses figures. Also, execution plan as well as contingency plan has been shown which thoroughly depends upon company’s senior management and team work which would make its objectives possible new offerings.

 

Product description

AMPS is not just a footwear brand it’s a revolution. AMPS introduces the worlds first smart shoes. Features of the shoes are as follows:

  • Futuristic, sleek design
  • Auto lacing at click of a button
  • Detachable artic grip
  • Adjustable arch support as per user needs via mobile app
  • Mobile app compatible with android and iOS operating systems
  • Microchip that tracks steps, heartbeat, speed, calories, weight.
  • Rechargeable system in sole
  • Gel + foam sole
  • Compatible with smart watches

 

 Mission & Vision Statement

Mission Statement

‘To bring inspiration and innovation to every individual in the world’

‘one footwear for all kinds of feet’.

 

Vision Statement

‘The brand goal is to provide the most versatile footwear via innovative thinking, whether to develop products that helps all individual with shoes that mould as per the shape of their foot to provide every level of ability to reach their potential, or to create business opportunities that set AMPS apart from the competition and provide value for our stakeholders.’

 

Situation Analysis

 Market Overview

 AMPS incorporation is the world’s first brand to offer auto lacing shoes with adjustable arch support on fingertips. The brand will start its business by penetrating the market through introduction of the most innovative shoes in the history of footwear industry followed by sporting equipment’s and clothing. The brand’s target market will be more focused on athlete’s and individuals with foot problems but due to the adapting nature of the products they can be used by everyone. Over the past five years the footwear manufacturing industry has expected to slow growth according to the modest growth in sports participation rate. The demand for footwear focused on specific foot problems is increasing since consumers have become more health conscious and are seeking for shoes that is perfect for the shape of their foot. The footwear industry is highly fragmented and characterized by the high level of competition.

 

 While the top players of the footwear industry are expected to comprise about 20% of the total industry revenue, strong brand awareness and marketing product benefits to customers can be used to gain market share. Also a few footwear manufacturers have vertical integrated operations, which includes the marketing, manufacturing, designing and retailing processes in their operations. AMPS will use the vertical operations to examine the consumer trends and to implement new technologies.

 

In today’s world market for footwear is increasing and the market is highly growing in U.S and Middle-East as compared to other countries. Consumers purchase different footwear for different activities but still are not satisfied completely with the fit and are always seeking for something better and more moulding. Many of the products are sold through online channels over the internet and have highest growth in market share of distribution channels. Despite of having online channels people more often prefer to shop in stores for footwear to experience different fits offered by various brands before buying a pair.

 

Consumer behavior

Amps will capture a good chunk of market and be a well-known brand through the world, with effective advertisements and word of mouth, since customers tend to share their positive views with their friends and family. After buying shoes of Amps brand, consumers will learn and experience the quality and see themselves that they got way more then they expected. Consumer’s expectations for a shoe to be comfortable, fits as per the foots requirements, makes them feel good and also look cool, and AMPS will satisfy them all. Consumers can be influenced by three perspectives cultural, social and personal factors. Not only well-known athletes and celebrities but young athletes and celebrities can be targeted for marketing purpose to set a powerful position of influence with young people by launching the digital platform for engaging the consumers to join it so that the brand may make better relationship with the consumers.

 

If any company creates good relationship with its customers, so they must find out the needs and wants of the consumers. AMPS will do this by providing the excellent customer service and even when a customer faces any sort of problem they can contact the consumer grievances team via email or call on the helpline number and get rid of the problem at the earliest. Consumer grievances team would solve customer problems within hours or days showing the customers their value to the brand. So, this will make the consumers to have a positive image of AMPS in their minds which will give customers not just good experiences buy overwhelming experiences which in return will increase the demand for the products.

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