NOTE: Free essay sample provided on this page should be used for references or sample purposes only. The sample essay is available to anyone, so any direct quoting without mentioning the source will be considered plagiarism by schools, colleges and universities that use plagiarism detection software. To get a completely brand-new, plagiarism-free essay, please use our essay writing service.
One click instant price quote
... tive. That led us to the idea to create a way to enjoy time spent in the bathroom. For the last step of the process, we would apply the results. This is where we came up with the entire thought out concept of the Mans Toilet; a product where the consumer could eliminate stress from an otherwise frustrating and sometimes daunting task. This is an example of primary data.
As an addition to this we would use secondary data also because we could get these results with little to no costs at all. We could use published studies that have already gathered important information. Secondary information that would help to market our product with the most success are sources that included information on the population of towns nationwide. With this information we would know where would be a smart place to heavily promote our product to find the best market with the most concentrated amount of targeted consumers. In order to successfully market the Mans Toilet we had to create a customer profile to target a specific market.
We segmented the market by using geographic, demographic, and psycho graphic data. Using geographic data, we decided to market nationally because we feel that there could be a demand across the country, not in just one area alone. We focused mainly on demographics. It is mainly targeted towards teenagers to mid-aged men, although it can be used with anyone. The income of this market does not have to be great because the product is reasonably priced so we could reach most classes of society. Psychographics was taken into consideration because we reached the conclusion that people value luxury and most people share the same attitude when it comes to personal maintenance.
We chose this target market because we feel that this is where our product would be most successful. Our product will be introduced to the public at a price of $ 179. 95. We calculated this figure using basic markup calculations. The cost of this product is a mere $ 74. 50 but the markup is high for many reasons.
All consumers must keep in mind what you get for this price. The entire package includes a toilet; with the automatic flusher, seat lifter, padded seat, vibrating backrest and handle grips. In the package there is an easy to follow step-by-step set of instructions to direct the consumer as to how to install the product, or professional installation can be provided for a small fee. The product is worth the price because when it is compared to other toilets of lesser economical value its higher price seems minute. This price also plays an important role when taking into the thought of competition. Since there is no competition, we are able to sell our product for a higher price without anyone beating us out.
Also, the markup is high enough so that if competition does market a product similar to ours we have the ability to offer promotions or even lower the price. When sales decrease we will offer coupons in magazine advertisements to discount the price and try to increase sales. Even without competition, discounts will be offered after the introductory period. We will mainly use premiums, incentives and promotional discounts. We will offer coupons to the consumer through magazine ads featuring a $ 20. 00 discount with the mail-in rebate.
We will also offer a 10 % discount to the retailers if they agree to place a display in the front entrance of their store to get the consumers attention. This is one strategy of discount pricing. An example of psychological pricing that we used was odd-even pricing. This is the technique where we priced it based on odd numbers to convey an image of a bargain; $ 179. 95. Using these techniques and pricing strategies a product price was reached and decided on easily. The channel of distribution that we chose for the Mans Toilet was indirect distribution.
It would take intermediaries to get our product from the manufacturer to the final consumer. We will use what is known as Channel C distribution in the marketing book. This is where the manufacturer sells to the wholesaler who handles the sales, warehousing, and distribution of the goods to the retailers. The distribution that we intend to use is intensive distribution. This allows us to use all suitable outlets and cover all markets.
We plan to sell our product in home improvement centers, and warehouse clubs. We plan to physically get our product there by means of trucking. We chose this method because it is convenient and can pick up products from a manufacturer, wholesaler, or retailer and deliver them to various geographic locations nationally. This use of trucking is not only convenient but also reduces the packing price we would have to pay for our product to be transported and shipped to the final destination. The promotional mix is a combination of different types of promotion. The four forms of promotion are known as advertising, personal selling, public relations, and sales promotion.
Advertising would be used to inform, persuade, and remind the consumer about our product. We would use promotional advertising to create sales and interest in our specific product. We would use media to present our message to the public. This includes forms like print media (newspaper ads and magazine ads), broadcast media (radio or television commercials), or specialty media (pens, calendars, and household objects with the product name on it). The form we chose was a magazine advertisement. Personal selling would be a way for us to make an oral sales presentation to potential buyers.
This is important because this allows a salesperson to address a customers unique concerns and problems. Public relations would allow us to make a good name for our company. This is where we would attempt to get publicity from participating in something like a grand reopening of a new store or sponsoring an event. The last form of promotion is sales promotion. This stimulates consumer purchasing and sales effectiveness. The types that we would use are visual merchandising and displays and premium incentives.
Visual merchandising will be used because we will have displays set up in stores that carry our product. Premium incentives will be used to discount the price to customer though coupons mail-in rebates found in the advertisements. We have decided to promote our product through magazine ads and television commercials. The magazines that we will advertise in include womens magazines such as FHM, Mens Health and specialty magazines that feature mens interests. We would also include our magazine ads in home improvement magazines, but not as heavily as in mens magazines. These magazines would include Better Homes and Garden and Homes.
These advertisements can be year-round promotions because there would be no specific time that our product gains more popularity than the rest of the year. All magazine ads will have detachable rebates to discount the price. The television advertisement would be aired on stations like ESPN Sports Center, TNT and ABC. We would develop specialty commercials for the different stations; one for the men, and a combination for the news station that appeals to all ages and sexes.
We would broadcast these commercials in the morning during the news, and in the afternoon before and after dinner. We would advertise more heavily during the weekend, in the evening and during sporting events because we feel that most of our target market would be home during those hours and most likely watching television. Bibliography:
Free research essays on topics related to: television commercials, personal selling, target market, magazine ads, sales promotion
Research essay sample on Television Commercials Magazine Ads
