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A. IDENTIFICATION OF NEW PRODUCT – Marketing a New Product
There are different sources of identifying a new product or service to be introduced in the market. This study used two major sources; customers or market sources, and customers’ suggestions. Information from these sources was collected through market research, market intelligence consumer group discussion reports, and in-depth interviews as well as brainstorming. This marketing report aim at identifying a new product called Nutri Pet Food that should be introduced into the Canadian market.
These two sources are selected because they provide relevant information from the ground. For instance, customer suggestions indicate the ideas suggested by customers concerning their pets. Customers usually know what is good for their pets and since they hold a lot of respect and regard for them, implementation of their suggestions would indicate that they are satisfied. Customers would feel satisfied if they buy products they had suggested. The second source is customer or market sources. This involve analyzing the market and identifying the most appropriate product that should be introduced into the market to met the expectations and needs of the customers.
Marketing a New Product
For instance, after analyzing the Canadian pet market, I understood that most of the pet foods provided are different in different pets thus a customer with two pets is required to purchase two different types of foods. Thus, by providing a type of food that can be consumed by all pets, it helps in saving the customers’ money in purchasing other foods for other pets. Customer sources and market sources are important sources of product ideas as they clearly indicate what is needed in the market but is lacking and thus if introduced could bring a lot of profits and revenues.
Bestpet Company and Nutri Pet Food will be communicated in the Canadian market through a number of promotional strategies. Consumer advertisement programs will be used in creating brand awareness and generating interest in the pet food among the target consumers in the Canadian market. The advertisements will be conducted on local, regional, and international televisions, radios, magazines, and newspapers with the aim of communicating the quality, style, and value of the product. The targeted consumers will be informed on where they can get the product and its benefits to their pets.
Additionally, the company will invest on internet marketing whereby websites, blogs, and social media will be used in promoting the company and the product. A dynamic website will be designed and developed since most of the target consumers are computer literate and use internet in their daily communication. Internet technology is effectively developed in Canada giving the company an opportunity to promote its product. Social media will be used where a social page will be created on the two major networks; Facebook and Twitter. Consumers will be allowed to order online as a way of reaching out customers across the country (Perrey & Spillecke, 2013).
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