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Shoe-Polisher Machine as a Perspective Product
Introduction
The unique innovative product proposed for implementation belongs to a home product category. The name of the product is a shoe-polisher machine in the shoe closet. It is recognized that the newly invented machine makes business people life easier: its users will be able to make their life less burden as the machine saves time, it is convenient and appeals with affordable/reasonable price. The target market will be the middle white-collar class, particularly working people who usually wear the suit with formal shoes.
Methodology
It is recognized that buying runs the gamut from habitual, routine purchases, which involve little planning, to such purchases as houses and automobiles, which require deliberation and evaluation over a considerable period; from purchases initiated by the buyer to those initiated by the seller; from purchases were powerful, logical, and rational motives exist as in some industrial situations, to purchases where more emotional motives are the dominant force, as in such consumer goods as perfumes (Fill 72). The unique characteristics of the product will benefit both genders and attract early adopters of a product. The reasons for making purchases vary among buyers. Such features as status symbols, prestige, utility, economy, price, service, and warranties may appeal to different segments of the market (Aaker 21).
Customer Segments
The main customers of the shoe-polisher machine belong to middle-class white collar workers. Motivation will involve the stimulus, inducement, purpose, or want behind an action. The energizers of motivations are various drives including the visceral, such as hunger, thirst, air-getting, sex, and temperature regulation; activity drives, such as exercise, rest, preservation of rhythm, and novelty. Many potential customers have a high value of shoes and nee clean outlook (Goodstein 45). The benefits of the new product are that business people will save time and money each morning. From the buyers point of view, system thinking depends on what a buyer thinks and feels. If he acts to achieve his objectives effectively, his focus on innovations is rational regardless of what manufacturers, retailers, or social critics might believe. Rationality applies self-approved reasons for purchasing or not purchasing those that the buyer feels to be right and reasonable because they are in line with his expectations and image of himself (Dunne and Lusch 77).
Value Proposition
For the target group, not all rational motives are economic, utilitarian, or tangible. For example, the desire to have well-styled clothing, good design in furniture, or tasty food may not be economic or utilitarian. Such a desire is rational. Therefore, what might appear to a market analyst to be an irrational purchase motive because the purchase is psychologically based may be a perfectly rational motive to the consumers concerned (Goodstein et al 54). Buying behavior is rational if the purchases have been approved by the buyer, who acts to satisfy his physical or psychological needs, even though reasons for purchase may conflict with what observers feel should be done or are not readily apparent to researchers. Although some customers will purchase based on emotional appeal, this does not mean that promotional strategy should be mainly emotional. Often the best strategy is to offer a rational motive such as economy, service, or family protection to support emotional drives. This tactic assures the buyer that he is acting in a logical or best manner (Crawford 23).
Cost Structure and Review Streams
The main costs are production, transaction costs, distribution, promotion, human research support, design, and commission to the companys representatives. For this reason, their objectives should be explicit and their organizational culture the result of conscious planning and decisions. The review streams will involve sales of the machine itself, sales of additional items, and contracting with B2B. As marketing tasks become divided and specialized, they also become more interdependent (Porter 43). Organizational effectiveness requires careful assessment and reassessment of objectives, goals, and policies, together with the implementation of marketing activities, the marshaling of resources to achieve goals and the institution of control that is leadership-based. All this, in turn, must be carried out by departments. The revenue will come from licensing and retailing (Simchi-Levi et al 88).
Key Partners, Key Activities, Key Resources
The key partners of the company will be giant retailers such as Costco, Target, Wal-Mart, Bed Bath, etc. Also, the shoe-polisher machine will be distributed through web sellers such as Amazon.com and Zapos.com, the furniture stores (Ikea and West Elm). Examples are licensing agreements, or other arrangements with export houses, and foreign importers who buy the product or take it on consignment and control its distribution (Johnson and Scholes 62). Mass collaboration may be bolstered by a hard-selling effort designed to get wholesalers and retailers to promote the product. At the other extreme, the manufacturer may hope to pull the product through the channels to the market by cultivating the ultimate consumers (Levy and Weitz 87). For example, manufacturers may advertise to their customers customers, thereby creating effective demand, and force wholesalers and retailers to handle the product (McDonald 54).
Intellectual Property
Intellectual Property decisions will be brought in at various stages of marketings evolution. The intellectual property will protect the trademark and patent. They are helpful at the initial stage of natural observation of marketing activities, at the stage of discipline establishment, and the current stages of quantification, experimentation, and concern with the development of formal theories. An investigation of marketing management practice and marketing thought reveals that a more rigorous and penetrating analysis of marketing and business has resulted from multidimensional approaches to the study of marketing (Kotler and Armstrong 62).
Conclusion
The shoe-polisher machine is a unique product appealing to a particular class of consumers. The time required for a new product to gain widespread acceptance varies directly with the complexity of the change, there is a difference between a fundamental and adaptive innovation. The rate also varies with the cost of the product, the visibility of the innovative aspects, and the ease of changing customer habits. The initial costs of cultivating a market may be heavy. Management can choose among alternative policies. At one end of the scale, management may choose to push the product through the distribution channels to the market. It may do so by undertaking expensive advertising campaigns. Among the factors that govern the advertising and sales programs that should be selected are the degree of newness of the product, the existing degree of competition, the ease of entry of competitors who offer similar products, the brand loyalty of customers, the company image, and the corporate niche in the marketplace. Also, management must decide whether it wishes to skim the market or penetrate it deeply.
Works Cited
Aaker, D. Managing Brand Equity, New York: Free Press, 2003,
Crawford C. Merle. New Products Management. Irwin-McGraw Hill. 7th edition, 2003.
Dunne, P. M., Lusch, R. F. Retailing. South-Western College Pub, 2007.
Fill, C., Marketing Communication: Contexts, Contents, and Strategies 2 and. Upper Saddle River, NJ: Prentice-Hall, 1999.
Goodstein, L., Nolan, T., Pfeiffer, W. J. Applied Strategic Planning: How to Develop a Plan That Works. McGraw-Hill; 6 edition, 2001.
Johnson, G., Scholes, K. Exploring Corporate Strategy. Hemel Hempstead: Prentice-Hall, 1998.
Levy, M., Weitz, B. A. Retailing Management. McGraw-Hill/Irwin, 2008.
Kotler, Ph., Armstrong. G. Principles of Marketing, 12ed, Pearson Prentice-Hall, 2008.
McDonald M., Christopher M. Marketing: A Complete Guide. Palgrave Macmillan. 2003.
Porter, M. Competitive Advantage: Creating and Sustaining Superior Performance. Free Press; 1 edition, 1995.
Simchi-Levi, D., Kaminsky, Ph., Simchi-Levi, E. Designing and Managing the Supply Chain. McGraw-Hill/Irwin; Bk&CD-Rom edition, 2008.
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