Demonstrating a Marketing Plan for New Product Line
Name of company: Sony
New product: Sony Race Car
Although I am the marketing manager of this company, it has not taken much effort to keep track of the company’s success. Due to the firm’s success experienced in the past, there is a sure and inevitable need for expansion. The best way to achieve this is by introducing and implementing a new product line. The reason for this is consumers like being associated with a particular brand. Therefore, the creation of a new product line and its marketing plan are the basis of this speech. It deals with new and innovative ways of introducing the Sony Race Car, as well as its marketing plan. Sony has always dealt with electronics. This is a time for the introduction of this new product.
In the past, there have been scenarios whereby people are attracted to Sony products, despite the fact there are other cheaper products on the market. Sometimes, these products have no significant difference from Sony products, in terms of quality. However, the existence of the ‘Sony’ label has been vital for increasing sales. In addition, the demand for race cars has been on the rise all over the world. This is a result of increased organization of car races by companies around the globe. Therefore, the first strategy in marketing the Sony Race Car would be branding. This is where the Sony Race Car will be made extremely different from other race cars. For example, it will have a large ‘Sony’ label on the front side to differentiate it from the others. The existence of this label can prove to be more attractive than the design itself. There are numerous consumers who will go to great lengths to own a car with this label. This is without consideration of the price that will be put on the same. As a result, this is a vital segment that should be a consideration for marketing purposes.
The truth of the matter is there are numerous other companies that deal with the supply of race cars in the world. Therefore, the competition must be stiff in this field. Although the label is an ideal leverage to depend on, there is a great need to apply product differentiation. The first thing is the Sony Race Car should have a design like no other. In my proposal, it should have a front view that is extremely distinct from other race cars. An ideal example is that of the Range Rover. This is a car that is noticeable from a distance. This is because its design is extremely differentiable from others. As a result, it has continually registered persistent and significant sales over the years. This is also the idea that should be applied to the Sony Race Car. This will guarantee sales boosts immediately after the product launch.
Without advertising, all the other methods of marketing can be rendered fruitless. This is because target consumers of this product are on a worldwide market. Therefore, there is a great need to make this product known. The first step is that the first page of the newspapers in the U.S. should speak of this product. This is a strategy that may require a large amount of resources. However, its returns are to be admired. It ensures the product is more available to consumers than competing ones. This advertising is also vital for explaining additional features in this car, as compared to others. This gives consumers a reason to buy this product. The major property wished for in a race car should be the speed. After ensuring this car has the ability to move at a high speed, it should be explained and described in the advertisements. The newspapers are not the only place where the advertisements will take place. The television is also a vital source for the same and should be included. This way, many potential customers can be reached all around the world. The internet should also be a major advertisement platform. As time goes by, new ways of advertising the Sony Race Car will be unveiled.
Finally, there is a great need to review this marketing plan with regard to the personal experiences of individuals. In the recent past, Steve Jobs chose to introduce a new product in the market for Apple. In this quest, he introduced the iPhone which registered massive sales. Up to date, most of the people who do not own an iPhone desire to have one. This is due to the fact that he was able to convince people his phone was different than others. The Apple label also ensured the successful and fruitful launch of this product. Hopefully, this will be the same case with the introduction of the Sony Race Car.
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