Marketing Plan for a New Product Development

The main focus of this report is to analysis Marketing Plan for a New Product Development. General objectives of this reports are to make a proper Business Plan, to determine consumers need, to learn to be successful in business career and is to practically accomplish the requirements of the M.B.A dissertation course prerequisite and as a consequence to learn the formal Marketing Plan for a new product development. Finally this report make swot analysis Marketing Plan for a New Product Development.

Objective of the study

Immediate purpose of this Marketing Plan is to practically accomplish the requirements of the M.B.A dissertation course prerequisite and as a consequence to learn the formal Marketing Plan for a new product development.

Today’s life is growing fast. It is full of demand and expectation. For that there are so many opportunities to satisfy the peoples’ demand. This is an overwhelming opportunity for me to work at a part of a professional business field. In this regard I feel delighted honored to prepare a formal Business Plan. In addition to serve this purpose it tries to find out how:

• to make a proper Business Plan,
• to determine consumers need and
• to learn to be successful in business career

General Description of Business

Service One was formed in 2005 with four Directors having long experienced in information and technology. From the inception, the company had a policy to popularize security system, Computer, and other related automation technologies among the people. As time passed they have centralized there focus on the development of customized hardware & software on Bar-code Solution, CCTV, Burglar Alarm System &, Attendance with or without door Access Control System, and many kinds of automated systems.

Vision

Vision: To be a leader as a total Security System Equipment as well as barcode solution provider in Bangladesh.

Mission

Mission: The company aims to achieve its vision through being number “One” not only in terms of market share but also by being an employer of choice with up to date knowledge and products geared to address the ever changing needs of our budding nation.

Theme: Service 1 and Systems & Services always strives to uphold the dictum “Customer First”.

Objective of Service One

Service One and Systems & Services forward momentum is focused to the Hi-tech   community into a spectacular world of technology with its wide spectrum of revolutionary product and services. The organizations welcome remains to all to experience the revolution.

Product feature

Time Attendance Machine

• Dual function for Time Attendance and Basic Access Control.
• Dynamic control of memory up to 2,047 cardholders /5,000 transaction data.
• Standalone/Network communication via RS232/RS422/RS485, dial-up modem and TCP/IP. (External Converter required)
• Heavy duty metal housing.(RTA-700)
• Large LED for time display.(RTA-700)
• LCD display of date, time, card number, shift schedule, Cardholder name.
• Programmable shift schedule.
• 20 bell output enabled for shift change and disabled for holidays.
• External parallel printer port for real time data output and examination.
• Data collection software with DBF or TXT file export formats.
• Limitation of unsuccessful swiped card attempts.
• Memory full warning.
• Invalid and re-swiped card off-the-record saves memory capacity.

 Standalone Access Controller

• Quick & accurate fingerprint verification, supports 1:1 authentication
• Maximum data security by storing encrypted fingerprint patterns not images
• Built-in Mifare module allows data to be written in Mifare Cards supporting unlimited cardholders
• ESD/surge protection design to protect devices & enhance communication quality
• Reader tamper sensor
• Reliable & easy installation
• CRC (Cyclic Redundancy Checker) hash function ensures data accuracy

CCTV (Close Circuit Camera)

Basic Features of CCTVs

“A closed-circuit television (CCTV) system uses a stand-mounted or hand-held video camera to project a magnified image onto a video monitor or a television (TV) screen” .

• video camera with zoom lens (hand-held or stand)
• monitor or television (attached camera or external)
• provide enlarged image of material under camera
• controls for focus, magnification, brightness, contrast
• X-Y viewing table for easy material movement
• variety of monitor sizes (5 inches to 20+ inches)

Advanced Features of CCTVs

• black and white camera with color monitor (allows user selectable foreground and background colors)
• color camera with color monitor (view full color enlarged images)
• controls for foreground and background color, split image, color or b/w presentation
• line markers or windowing (horizontal and/or vertical screen masking that provides a user selectable viewing window for reading)

Soft Tag

Features:

1) Antenna size (MD x TD): 40 x 40mm, 30 x 40mm, 48 x 50mm, 40 x 70mm, 50 x 70mm

2) Adhesive x 1 permanent base

3) Resonance frequency: 8.2MHz

4) Effective signal volume: >2000cm3

5) Quality factor Q: >70

6) Deactivation field strength: 0.9A/m-1.5A/m

Standalone DVR

Feature:

• H. 264 compression algorithm ideal for standalone DVR
• Realtime live display up to 8 cameras, 200/240 fps recording for CIF, 2CIF, 4CIF
• Full D1 realtime recording and playback for each channel
• Pentaplex function: Live, recording, playback, backup & remote access
• Dual encoding streams support, flexible for network transmission
• 8 HDDs supported & CD-RW/DVD-RW supported
• Multiple control methods: Front panel, IR remote controller, DAHUA keyboard, USB mouse and network keyboard
• Smart video detection: Motion detection, camera blank, video loss
• Smart camera settings: Privacy masking, camera lock, color setting, and title display
• Easy backup methods: USB devices, CD-RW/DVD-RW & network download
• Alarm triggering screen tips, buzzer, PTZ preset, matrix output, e-mail & FTP upload
• Smart HDDs Management: Non-working HDD hibernation, HDD faulty alarm, Raid function
• Powerful network software: Built-in web server, multi-DVR client & CMS
• Networking access for remote live viewing, recording, playback, setting, system status, event log, e-mail function

Barcode printer

The most common barcode standards are UPCs and EANs.

Universal Product Code Bar Code – The standard bar code printed on retail merchandise. It contains the vendor’s identification number and the product number which is read by passing the bar code over a scanner.

European Article Numbering is the European standard for barcodes. There are two different versions of EAN bar codes, EAN-13 and EAN-8, which encode 13- and 8-digit numbers, respectively. A special EAN-13 bar code with a 5-digit supplemental code is used on books to encode the International Standard Book Number (ISBN) and the price.

Anti Shop Lifting

Features Specifications: RF sensor,anti shoplifting system,RF alarm,detection system

RF sensor

Features:

1) The system is made by the most advanced technology(DSP), digital model distinguish technology(ADD/RF), AGC control technology and QF scanning technology, high sensitivity, suitable for all of the RF8.2mhz accessories.

2) Height: 160cm

3) Voltage: 220V

4) Weight: 15Kg

5) Current: 0.5A

6) Color Optional

7) Power: 20W

8) Material: Stainless steel

9) Frequency: 8.2MHz

10) Max humidity: 60%

11) Range: 80-180cm

Hard Tag

Features Specifications: CW-0001(Mini square) RF Hard Tag

Place of origin: Guangdong China Model No: CW-0001(Manicure) Payment Terms: T/T Minimum Order Quantity: 1000 Piece/Pieces Supply Ability: 50000000 Piece/Pieces per Month Package: Cartons Delivery Time: 1 – 7 days Brand Name: Well point

Frequency: 8.2MHz

Available sizes:

• 48mmx 42mm
• 1000pcs/CTN

Barcode Label

Barcode Label Maker is a complete business solution for providing you customized and professional barcode labels with option to generate printed barcode labels such as stickers, tags and more. Utility provides a customized Barcode labels by combining bar codes, text, shapes, and graphics into professional quality to create high resolution barcodes. Barcode label generator comes with following advanced features:

• Facilitate the user to generate the barcodes in all popular barcodes fonts and save them at user specified location or at clipboard.
• Saves barcode images in jpg, bmp, gif image file format.
• Support generation of barcode labels in bulk quantity for commercial usage.
• Moving, resizing, modifying objects on your labels is just a few click away.
• Generate secure barcode labels.

Product ingredients and description

Product list of service-1

SERVICE

Super Market Equipment

Advance Software

SERVICE-1 Garments Product

Product benefits

CCTV:

To monitoring all kind of expected and unexpected event to the high official management as well as to all kind of security. Any kind of unexpected event perhaps occur in any time for this reason every management want to protect their office premises by the help of CCTV.

Time Machine:

Time Attendance machine basically used for keeping exact time status of all kind of employee as well as its helps to provide authorization of office employee who can easily enter to the entrance by punching a digital coding PVC card.  As a result any unauthorized people do not able to enter the restricted area with out PVC digital Card.

DVR Machine:

DVR Machine is used for keeping recoding status of CCTV. aAs a result any time it is possible to check out all kind of expected or unexpected vedio picture and it will help us to make any kind of CD or DVD by whole life time.

Barcode Label:

Barcode label is basically a paper which is used any product for such type of information such as Product price, Expire date, purchasing date etc.

Barcode Printer:

Barcode printer is used to print barcode label as a high quality of printing status and it is able to provide the best length and widens of barcode.

Barcode Scanner:

Barcode Scanner is used to for scanning the barcode label so that person can easily get the secret information of the barcode label.

Barcode Ribbon:

Barcode Ribbon is used to Barcode printer machine without ribbon barcode printer can not print any thing. There are two kinds of Ribbon 1) Wax and wax ression.

Anti shop lifting:

Anti shop lifting is used to protet any kind of product’s security. If any one want to buy anything without paying any thing than it will give a signal for awarance the security person for the illegal taking the product.,

Tag:

Tag is a security item which is related with the anti shop lifting. With the help of tag anti shop lifting is able to find out the illegal even. Tag is put in every product of any super mall or shopping mall.

Target Market Strategy

• Our target Market:
• Multinational office.
• Government office
• Non Government office
• Private University
• Non private university
• Private Bank
• Government bank
• Hospital
• School & College
• Restaurant
• Trading Business
• Real State Business

Target Market Strategy:

The company Service-1 is serving it’s product to different types of customer through different types of Target Market Strategies which are given in the diagram below and elaborately discussed.

Undifferentiated (mass) marketing:

Through the mass marketing strategy our company offers same types to all of the customers. Here there is no differentiation of market. Company designs all of it’s products that will appeal to largest customers. It considers the whole market as a single market and offer same product to that market. For example Service-1is offering Time attendance machine to all of its customers.

Differentiated (segmented) marketing:

The company Service-1 also follows the differentiated marketing strategy through which it offers various types of to various customers. Here company decides to target several market segments and design separate products for each. For example, Time attendance machine is providing to office & factories of different models like RAC-600, RAC-900.

Concentrated (niche) marketing:

As a small company we are mainly using this Niche marketing Strategy through which we are offering our product to few segments and where competitors is few. Here company is targeting to serve its product or services toward only customers that it can serve best and most profitable. For example, we are now providing CC Camera to Private Universities where competitors are few.

Micromarketing (local or individual marketing):

Through the local or individual marketing, company usually tailoring products and services according to the individual customer choices and preferences. This strategy also known as customized marketing & one to one marketing. Here mainly highlights to the individual customers needs and wants. For example, Service-1 providing different types of Soft ware according to the customers expectation.

Market positioning

Market positioning involves implementing the brand’s unique benefits and differentiation in customers’ minds. It also helps to create a clear and distinctive idea in the mind of customers. If a company positioned its product effectively and efficiently then customer will recall that company’s product easily and will purchase again and again. Our company Service-1 positioned its market and it’s product by using a tag line named “Customer first”. The company priors mostly to the customer’s service fist then settle to do other tasks. So, when customer will get better service then they will recommend to others for our products and services. Through this way the company is trying to capture the market and want to create a good place in the customers mind.

This is a leading company in now Bangladesh as a total computerized security system as well as barcode solution provider in the whole country. In near future this company will achieve the 1^st place in Bangladesh through their product promotion and positioning strategy.

Product strategy

We always tried to provide US and UK based products to every multinational company where as  we are trying to provide to many other organizations which are less quality and collected from  the subcontinent of Asia  such as Malaysia, china, Taiwan, Korea etc. A product can be offered various types of features but we are focusing quality. The company always ensures better quality to its customers which are better than the competitor’s product.

Before telling anything about our product strategy I would like to mention few factors that we always keep in mind to make our product a successful one. We know there is one controllable and two uncontrollable variables that exist in marketing. Controllable variable are the elements of the marketing mix. 4ps of marketing mix are Product, price, promotion and place. The proper mixing of these 4ps is very important to survive in the market. The one most important task of marketing people is proper mixing of 4ps.

Controllable variables

• Product, price, promotion and place.

Uncontrollable variables

• Market/ consumer/ customer.
• Economy, geography, socio/ religion/ culture, technology, ethics, competitive structure.

So, marketing people cannot control those uncontrollable variables which are strongly associating with the business. On the other hand marketing people can strongly control the controllable variable which is 4ps of marketing. Now a day it is not only 4ps but also 4Cs and 4As. These have been shown below:

   4Ps                                      4Cs                                                4As

Product                     Customer value                              Acceptability

Price                          Customer cost                                Affordability

Place                          Customer convenience                Access ability

Promotion                Customer communication           Awareness

Price strategy

We know that there are few ways   of pricing a product. These are

• Price skimming
• Market Penetration Pricing
• Value pricing,
• Cost pricing
• Markup Pricing
• Target Return Pricing
• Going -rate Pricing

In pricing strategy, Service-1 is following “Market-penetration pricing”. Market penetration pricing represents setting a reasonable price for a new product in order to attract a large number of buyers and a large market share. Service-1 think production and distribution costs must fall as sales volume increases.

Price is a vitally important decision area because although it is a promotional tool in many respects, it is the main source of income to the organization. If prices are lowered for promotional purposes, the case flow within the company, and its long-term profitability, could be seriously affected. As with products, there is normally a range of prices. These can vary according to the quantities bought, the importance of the customer, and the market segment. Pricing can be long-term and short-term. Pricing can involve discounts, special offers, allowances, credit, and ‘trade-ins’. It is vitally important to get price decisions right

Place strategy

Place plays a pivotal roll in marketing mix. It is an essential and integral part of the product mix. Generally place is concerned with all decision involved in gating the right product to the target market. It is important to say a product is not much good to a customer is it is not amiable when and where it’s wonted. It is connection proper timing and resuming regional part is wide inevitable. Hence through implementing a channel of distribution we, Service-1 makes its products available to the final customer.

Literately, service-1 imports all of its products from abroad and stores them into its own godawon and finally services the customers directly by way of providing assistance in installing the product.

Succinctly speaking, Service-1 provides its products mainly in Dhaka and its adjacent places.

Service-1 mainly assorted or categorized its products as, Garments, Super mall, Office, Bank, Shopping mall, University, etc.

Service-1 is situated in Dhaka since the requirement of this product are existent to mention that the demand of this products are increasing rapidly beyond Dhaka city and Service-1 is trying to reach there so far.

Service-1 incorporates various sorts of things namely CC Camera, Time Attendance Machine, Access control Machine, Barcode Label, Barcode Printer, Barcode Scanner, Barcode Ribbon, PABX Solution, Anti Shop Lifting, Hart Tag, Soft Tag, Customized Software, etc.

Transportation plays an important role in achieving marketing motto. In this respect; Service-1 transports its products through its own Pickup Vans.

Logistic are very important catalyst in full filling marketing motto. Basically, there is not much implication of logistic in this company since its operational boundary is not well expanded better be talking it’s operate only with in a small geographical boundary.

Promotion strategy

Service-1 Products is a new company for the products of security system. We are advertising our product to the whole of our country through print media like Magazine, Poster, News Paper and Billboard as well as electronic media also. My company is launching for the first time with a totally new and different product in Security System market. So my advertisement is to create awareness to my customer in my introducing level. So, I think my advertisement will be better to publish in print media and I will also use News paper poster and billboard near any shopping complex, tourism place, school, college and university to introduce my new innovation and exclusive collection to my target customer.

Promotional tools:

Promotion has been defined as the coordination of all seller initiated efforts to set up channels of information and persuasion in order to sell product and services or promote an idea. There are four types of promotional tools are more emphasis in the marketing process. The different types of promotional tools are mention bellows:

Sales Promotion: Sales promotions are used for increase the sales volume by customer attraction. Here Service-1 throwing a special offer to the customer. It could be discount offer or it could be the offer of after seal service long time. Consumer –oriented sales promotion is targeted to the ultimate user of a product and includes gift, sampling, and various point-of-purchase materials. These promotional tools encourage consumers to make an immediate purchase and thus can stimulate short term sales. So I try to use most of the tools regarding sales promotions to attracting my target customer.

The most frequently used forms of sales promotion are the following

Point- of – purchase advertising

• Premiums
• Specially advertising
• Coupons
• Sampling

• Deals
• Event marketing
• Sweepstakes and contests
• Cooperative advertising
• Trade Shows and exhibits
• Directories and Yellow Pages
• Trade incentives

Advertising:

Advertising is used to inform, persuade and remind in order to gain a response from the target market. As we are new in the market we will go for informative advertising. Advertising is the effective way to pass the product benefits and information to the ultimate customer. Advertising involves mass media that can transmit a message to large group of individuals, often the same time. One advertisement may seek to generate immediate response or action from the customer; another may want to develop awareness or a positive image for a product and service over a longer period. Advertising can be use to create company  image and goodwill symbolic appeals for company , a very important capability for companies selling products and services that are difficult to differentiate on functional attributes. Observing these kinds of facilities I would like to inform my target customer to create awareness my products and service through advertisement. The way of advertising can be different type. This are-

1. Newspaper
2. Magazine
3. Bill board
4. Distribution of Catalog
5. Propos for mail

The adjectives of advertising of Service-1 Marketing are given below:

1. To establish an immediate sale.
2. To bring prospect to closer to a sale.
3. To bring a long  term franchise.
4. To bring consumprion among users.
5. To initiate first move towards a sale.
6. To give sales force a supporiting servise.
7. To gain market support.
8. To deeper penetrarion .
9. To open distribution.
10. To develop image.
11. To import intormation
12. To enter new marker
13. To create awarenes.
14. To support retail trade.

15. To promote incentive marketing.
16. To counter price competition.
17. To overcome memory laps.
18. To defend present position.
19. To establish market lead.
20. To reinforce reputation monopoly.

Publicity:

Publicity refers to non personal communications regarding an organization, product, service or idea not directly paid for or run under identified sponsorship. It usually comes in the form of a news story, editorial, or announcement about an organization and its products and service. The company or organization attempts to get the media to cover or run a favorable story on a product, service, and cause or even to affect awareness, knowledge, opinion, and behavior. These techniques used to gain publicity include news releases, press conference, feature articles, photographs, films, and videotapes. So I have use publicity as promotional tools to increase my sales and create my product and service image.

Personal Selling:

The final elements of an organization’s promotional mix is personal selling, a form of person to person communications in which a seller attempt to assists and/or persuade  prospective  buyers to purchase the company’s  product or service or to act on an idea. Unlike advertising, personal selling involves direct contract between buyer and seller, either face-to-face or through some form of telecommunications such as telephone sales. This interaction gives the marketer communication flexibility, the seller can see or hear the potential buyer’s reaction and modify the message accordingly. Personal selling efforts can also be targeted to specific markets and customer types that are the best prospects for the company’s product and service. So personal selling is needed for my products and service selling and also get the customer immediate feedback. Therefore action taking and decision making are very much easier to me.

Slogan of the promotional program:

Slogan or tag line is very important for a particular product and service. Without a slogan product positioning cannot happen. Through a promotional slogan a product position set into the customer mind. According to product category slogan can be different. There are few examples as follows:

• COCA COLA: “Think Globally, Act Locally”.
• FEDEX: “Relax. It’s FedEx”.
• AIRTEL: “Express Yourself”.

So the customer can make a perception about my product. I am sure that the perception will be favorable. They can understand what kind of food items I provide them.

Rational:

My product and service is mainly security system. So my slogan has made with making a similarity of my products and services. That’s why my slogan is Service 1 always strives to uphold the dictum “Customer First”.

The reason behind the slogan is, people work hard in whole day and they want refreshment and food to recover the energy. If he takes my various food items of my company he will get refreshment as well his body will fit for working.

That is why my promotional slogan is “Service 1 and Systems & Services always strives to uphold the dictum “Customer First”.” which really mean that or relevant to my product category as well it set the product position into the customer mind.

SWOT Analysis

The overall evaluation of a company’s strings, weaknesses, opportunities and threats is called SWOT analysis.

S =Strength

W= Weakness

O = Opportunity

T = Threats.

SWOT analysis helps to explore the areas of possible changes in marketing activities. To SWOT analysis we have to divide the environment into two kinds – internal environment and external environment. Internal environment consists of strengths and weaknesses. On the other hand, external environment consists of opportunities and threats.

Internal environment analysis:

Strengths: Service 1 Company has much strength such as –

• Service 1 has great company reputation.
• Domestically Product and Service image.
• Customer loyalty.
• Availability of capital.
• Use of modern technology.
• Service 1 uses the ingredients Hardware and Software engineers.
• Expertise Marketing and seal person.

Weakness: Service 1 Company has some weaknesses such as –

• The channel of distribution is not strong like competitors.
• Insufficiency in information system for efficient supply chain management.

External environment analysis:

Opportunities: Service 1 Company has many opportunities such as –

• Increasing demand of product and service.
• Increasing rate of market.
• Mature market in Bangladesh.
• Expanding awareness of people towards quality product and service.
• Availability of product and service.
• Near future it will be a booming sector in Bangladesh.

Threats: Service 1 Company has some threats such as-

• Too many companies in this market.
• Introduction of advance technology.
• Imposition of higher tax rate on small business enterprise.
• Possibility of economic depression.
• Legislation to reduce number.

About Product and Our Client: We have possessed as authorized or exclusive dealer of many of world leading product brand like Chiper Lab, Zebra, Metrologic, Promatic, Nabco, Garret, etc. Our Attendance, Access Control, Bar-code solution, CCTV, PA Equipments, and Communication System are widely used and very much popular in the market.

Findings

• Staffs are very supportive and cooperative to each other.
• Top management guided their employee consciously and carefully.
• The overall performance of the company is satisfactory.
• Insufficient capital
• Shortage of Manpower
• Stock Shortage
• Hassle for importing product through LC.
• The biggest problem of this company is inadequate number of computer.
• The number of corporate clients is small.
• The auxiliary products are very limited
• It maintains the company commitment

Recommendation & Conclusion

Recommendations

1. Company should raise its fund to change its business area.
2. Stocks should kept available to deliver the products to it’s customers in appropriate time.
3. Manpower should be raised to do the company work timely.
4. Company should find a centre point of operation.
5. To keep quality products for the valued clients.
6. Company should take proper innovative to formulate a marketing plan.
7. Company should employ require some good technicians.
8. More advertising campaign should be taken to attract the customers
9. After sales services facilities should be prompt & with care.
10. Become more aggressive to cover wide area.
11. Can improve promotional activities (consumer promotion, trade promotion).
12. Set up a strong brand image.

Conclusion

From the study of Competitive market analyze of Security System products, it can be concluded that functions followed by Service-1 Company is comparatively good. Since consumer demand is changed instantly, the company should take the advance strategies and policies to grab the market. In this regard integrated marketing can be helpful. Rivalry is likely to increase; its Service-1’s strategic move to capture all the arena of domestic market has been successful. The life cycle stages of the products of Service-1 are mostly in introduction stage. Customers are very brand loyal some rivals have good reputation whose market share is high. As buyers’ preferences are changing it is inducing the industry to change. An intense competition is going on in the market of security system products between the brand and non-brand product. The increasing demand for non-brand product is due to lower price rather than others.

Customers are not very well-known about Service-1 product like due to the drawback of advertisement. Advertisement is one of the key issues of sales growth through which GA. Gazi, Barcode Automation and some other non-brand are doing very well in sales. GA and Gazi are most demanding in the security system market because of lower price, nice getup and for guarantor period. The demand of Service-1’s products is increasing day by day which is a positive sign for Service-1. Service is the first choice of the customer for purchasing Security System Product but brand loyalty and quality are not ignorable.