NEW PRODUCT PLAN

The sales-related objective will be selected for a company that deals with the production of gloves. The gloves are beneficial because they help to relieve pain such as a headache and muscle pain.  To get rid of the pain, an individual is required to touch the affected area with the glove. Sales-related objective ensures that the company makes a high number of sales of the gloves and develops a market share. This method is selected because it helps to introduce the product to the market through various pricing policies that will attract the interest of the target consumers. The objective also ensures that the company will develop different strategies that will be used to ensure a high number of sales is achieved. The objective also helps the company’s profit to be obtained because a high number of sales will in turn increase the returns realized by the company.

The pricing strategy that will be used is penetration strategy where the company will set the products at a low price and after some time, the price will be increased. The strategy is selected because customers like buying products that are relatively cheaper and this will lead to a large market share. The strategy also helps to introduce the product to the competitive market (Baker, 2014). The strategy ensures that the customers understand the benefits of the products, and this also helps to create brand loyalty.

One of the promotional mix is advertising, and this includes the print and broadcast media, as well as the internet. Advertisements will be aired on both radio and television and will also be printed in newspapers, billboards, and magazines. With the rise of the internet which has fostered the use social media, advertisement will also happen online, and this will include setting social media accounts. Most people spend their time online, and it is important to reach them on the platforms that they associate with and create awareness of the product. Some of the social media sites that will be used are Facebook, Twitter, YouTube, Instagram, among others. A website describing the product offered, its benefits and uses will also be created. The website will act as a source of reference for the target audience. Online advertising helps companies to reach a large number of consumers, some of who are not located in the country of operation (Bowen & Ozuem, 2014). Sales promotion, personal selling, and direct marketing will also be used to market the product. Adopting the various forms of promotional mix will ensure that brand awareness is created to the public, and this will help to increase sales for the company (Dahlen, Lange & Smith, 2010).

One of the promotional objectives is to create awareness of the product. Through awareness, the target audience can make the decision on whether or not to make a purchase. Increasing the sales as well as profits of the company is also another objective. Promotion aims at ensuring that it gives the customer with a reason as to why they should purchase their products over those of their competitors.

Competition is one of the obstacles that will be experienced as there are many companies in the market selling the same product. To make sure that the customer chooses one product over the other, it is necessary for the company to explain how different the product is from those of the competitors and the additional benefits it provides. Brand superiority is also another challenge that the company may face. Some companies that have existed for a long time tend to enjoy superiority over others because customers trust their products.

References

Baker, M. (2014). Marketing strategy and management. UK: Palgrave.

Bowen, G., & Ozuem, W.  (2014). Computer-mediated marketing strategies: Social media and

            online brand communities. Hershey PA, USA: Business Science Reference.

Dahlen, M., Lange, F., & Smith, T. (2010). Marketing communications: A brand narrative

            approach. United Kingdom: John Wiley & Sons Ltd.