marketing

Product Development:

Product development is not all about converting the raw material in to finalized product. There are many others important factors which decide the fate of the products in market. Here in the case of cleaning equipment product development will involve the special inspection of reducing the resources while adding the value to the value chain. Un-necessary process will be removed from the development plan and all the resources will be focused over the quality of the end product so that customers can have low priced quality products. It is not that easy to achieve, as discussed in earlier reports that in this case market is full of affordable products with many options, and customers are looking for new designs and colors. Ultimately customers want a whole package where they can have affordable, durable, and new designed products. So basic aim of this development stage would be to target all these areas. (Larson, 2012)

Inspection team will take care of the value chain of the product development so that all the un-important processes can be skipped (this will help in decreasing the expenses). R&D department of the company will focus over the innovation of designs and new colors of the products plus on the durability as well. This is one of the best way to take over the saturated marketed, to add innovation in the products. Customers are in constant need of cleaning equipment. And they have been using the same products from other companies for many years. But they would be really interested in buying some new product with different features and few offers like money back guarantee. All these offers will attract the customers and good quality of product will increase their retention level towards the brand.

Product Type and Life Stages:

This is a cleaning equipment which is apparently (according the result of surveys conducted by the company) is very popular among the young people with in the age range of 18-34. This cleaning equipment is popular in young group (especially ladies) as this age group is conscious about the increasing age factor so they are willing to try such products for cleaning purpose. Product would be easily available in the retail stores where people usually buy their random domestic stuff. And this product would target both (domestic and commercial) industries.

There are four stage of product life cycle:

• Introduction

Growth

Maturity

Decline

Introduction: These products will be introduced in quite affordable way so that it might get the attention of customers. As already said that market already has many similar products which are well established among customers a swell. So best move would be to provide something better of least equivalent good with discount offers and money back deals (in case of failure). Introduction of the product would also include advertisement on medium level. As the product is targeting the customers who are in constant need of this product so main advertisement will be focused over the distribution of product to the local stores. Customers would be made aware of the innovations in the products which make it better than all other competitor products, discount deals, less prices, new designs, new colors and new features. All these will be the part of promotion campaign. (Sheth, 2012)

Growth: depending on the success of introduction stage, product will start growing in terms of sales. Customers would try this new product for the first time and then starts the test of the actually research and design department of the company which have designed the final product. Product’s quality will decide the further fate of the product. In case of high and acceptable quality of product (according the perception of people) product will be welcomed by customers and its growth will keep on increasing. (Shimp, 2010)

In case of failure of product, immediate steps would be taken in order to remove the complaints of the customers and company will work on making the product better before further sale. As positive word of mouth would add more in the sales growth as compared to any other strategy of marketing.

Maturity: after the successful and steady sales growth, product would be famous among the customers and will reach the maturity point. Where it will tackle the maxim number of customers. By meeting their needs, requirements and perception about the product.

Decline: this is the point where company’s behavior towards the success of product would matter. If company decides to sell same product with no changes in design, color, durability or features. Then ultimately products’ sale would decline as market will be taken over by other new products. Or if company decides to keep on improving its product with constant changes and innovation and sales of the product would be kept on increasing. This company plans to keep on increasing the product features and quality through the customers’ feedbacks.

Product Strategy within overall Business: company is famous in making cleaning equipment. Sales have been decreasing since the last few years and the major reason is the lack of innovation (new designs and colors) and the lack of promotion power in many potential markets. So this business strategy tackles both of these problems thus this business strategy suits the business of the company as it will help in increasing the sales of the company.