New Product Launch Marketing plan Part III

New Product Launch Marketing Plan: Part 2

Basil Balogun, Ashleigh Closen, Deyana Salman, Michell Simpson, Shawn Stacy

MKT/571

August 3, 2014

Steven Kraus

New Product Launch Marketing Plan: Part 2

Being able to target market profiles and create a position statement allows companies to identify ways to connect to the consumers. By identifying these needs the company can target opportunities to be successful in a competitive market. The target market profile describes the steps needed for managers to devise a specific platform to sell the HMI devices. By targeting the appropriate consumer market Siemens can increase the chance of success of sales at the product launch and ensure consistency for future sales. Siemens first needs to pinpoint the correct target base for the launch of the HMI product. Identifying the consumer is the appropriate first step in the process to begin the target market profile

Identifying the consumers buying behaviors is a necessary process to align the production strategy before implementing the whole plan. Without understanding the buying behavior of the consumer, it is quite impossible to draw the attention of the consumers towards the organization (Glenn Muske (2012): Understand Consumer Buying Behavior).

Good quality is a consumer demand that must be held to the highest standard. In addition to good quality there must be attention paid to the specific variety to offer the consumer interested in the HMI product.

Luring customers in to try the product is a huge task in itself. Offering the product to consumers in such a way that the buyers are motivated to the Siemens product is also very important. These decision motivators are what can bring the customers to Siemens and developing the target market profile will enable Siemens to retain consumers as well. Some examples of motivators Specific to the HMI are the following: allowing the customer to trust the product, ease of use, getting the customer excited about the product, showing the customer the need of the product, and how the product can improve their current experience.

Product life Cycle (PLC) is the process a product will go through from the when it is introduced to growth, maturity and decline. Product life cycle can be divided into several stages. Each stage can then be explained through four marketing mix implications called the four Ps.

Introduction Stage

a. Product: Patents and trademarks are obtained is this stage. The quality level is established and how the branding will be done.

b. Pricing: Penetration pricing strategy can be used and low introductory price is set to gain market shares or high skim pricing strategy to recover cost quickly.

c. Promotion: This is done to build brand awareness.

d. Place: Where the product will be sold and distribution strategy.

Growth Stage

a. Product: Features and packaging options are implemented and product improvement.

b. Pricing: Demand and supply is monitored here. High price if demand is high or low to capture more customers.

c. Promotion: Advertisement is increased to build more brand awareness.

d. Place: Distribution of the product will become more intense . More channels may be added as demand increase and customers are getting to know the product well.

Maturity Stage

a. Product: Manufacture will add some modifications and add more features to the product especially to separate it from competitors.

b. Pricing: Price might be lowered in response to competitors’ product and avoiding price war.

c. Promotion: Campaign’s objectives are towards differentiation of the product from that of competitors to get more customers to switch.

d. Place: Distribution area is more intense and intensives are offered to encourage resellers.

Decline Stage

a. Product: Products from the same product line may be reduced. Surviving products are rejuvenated to make them look new again.

b. Pricing: Discontinued products may see price lowered to liquidate inventory and continued products may see price maintained.

c. Promotion: Campaign is more towards reinforcing the brand image for continued products.

d. Place: Places that are no more profitable are phased out. Distribution will now be more selective.

Siemens continues to expand the brand’s global existence and establishment with local partnerships are the two drives of success for future business. The success is related to our strong occurrence in dynamic markets. Siemens have created the SMART initiative to increase growth worldwide by offering products, solutions and services tailored to the entry level market segments. The SMART initiative provides simplicity, maintenance-friendly, affordable, reliable, and timely-to market. Continue to strengthen loyal customer partnerships substitute local entrepreneurship within the organization. Providing the opportunity to make decisions independently. Feedback from the customers helps expand in employees’ expertise in product features and cost optimization. Continuing close relationships with the local services and foster their loyalty. Siemens indispensable knowledge sets them aside from the competitors.

The competitive edge comes from the services are optimized customer installation and ensure the smooth operation. Our services provided by Siemens brings the relationship with the customers closer together. Gaining an understanding of customers processes and provide intelligent solutions tailor-made for customers as required. Providing contracts expanding over years and sometimes decades, employees gain local customers trust. Providing products and service custom-made to the dynamic growth markets even when the emerging countries continues to be jeopardizing in success.

Where we stand against the competition for future business opportunities is operated by the highly discriminated benchmarking system. Siemens company future, continuous improvement and integrating the methods, processes and systems on a cross-functional basis and transferring relevant knowhow to our suppliers to eliminate risks and anchor sustainability throughout the supply chain, is the form in which Siemens use to maintain a sustainable supplier base. (Siemens, 2010).

Product Positioning is a marketing technique intended to attract customers to a particular product or service. Positioning can persuade old and new customers to try the product and get connected to the company. This stage can be critical in a marketing research. This will create a message that will reach the targeted market. This stage is to present the product the best way possible.

Some of the factors that Siemens Auto Line Pro offers is reduce error, cost effectiveness, save time, and user friendly. Siemens Auto Line Pro is designed to operate all aspects of an automobile production line in one central location. This will give operators and management a real time view of the plant. This allows the operator to oversee the entire production line’s ability to produce each part. Siemens Auto line Pro has the flexibility to run the production line in automation or manual mode. This gives operators a chance to shut down the affected machine without having to interfere with production. Siemens Aquiline Pro is animated which simplifies the understanding instructions regardless of language. This product saves time and cost for your company.

References

Glenn Muske (2012): Understand Consumer Buying Behavior,

Retrieved from:http://smallbizsurvival.com/2013/03/understand-consumer-buying-behavior.html

Hoovers: a D&B Company. (2014). Retrieved from http://www.hoovers.com/company-information/cs/competition.Siemens_Corporation.d0194abb63766b2a.html

Siemens (2010) Annual Report. Get close to our customers. Retrieved from http://www.siemens.com/annual/10/directions/get-closer-to-our-customers.html

Siemens (2014) Advanced technology for a wide range of applications. Retrieved from http://www.industry.siemens.com/verticals/metals-industry/en/metals/cold-rolling/reversing-cold-mill/Pages/home.aspx