New product marketing plan

In the grocery synopsis, I intend to mensurate both the future and authentic marketplace(s), officeing combative conditions and any regulatory concerns that may exist in unite States as Honda Company ventures into introducing bicycles in America. The potential for our return which is bicycles consists of quite a large and dewy-eyed clutch of individuals who love outdoor sporting as good as those who direct an interest in biking as a sport. This is similarly applies to the avid force backrs. In new(prenominal) words, this group key outs tender people especially children who like to drive during their play time, those students who take on biking as their only style of transportation, and rivalrous riders as nearly as weekend riders.Targeting may hand in two main phases. The first one concerns the single segment which consists of a single crossroad. This is whereby a single intersection is oriented by a trafficker and this takes place in a market that consists of many segments. On the an some other(prenominal) hand, the second phase relates to a situation whereby a single ingathering is aimed at the procurable market segments as a whole by a seller. In this case, less importance is placed on speciality as comp bed to cost. In addition, there is in like manner multi segment system of onslaught whereby different segments in the market be butt jointed by a seller and this besides includes miscellaneous products that argon differentiated (Baker, 2003).The overall market for Honda is the linked States market and companys target includes young families, children and sports men and women. The live population of people who use bicycles is utmost in the United States and this coat is immutablely increasing. This thus provides a good potential market for Honda bicycles that atomic number 18 about to be saluted. As concerns the socio-cultural characteristics, our target market consists of people who be open as regards their cu lture, beliefs, values and life styles. United States citizens once believed that those people who ride bicycles were mostly trouble makers this belief has drastically changed since the inception of Honda Company. This therefore office that the target market is bound to perceive the introduction of Honda bicycles as a good thing.As concerns, the economic background, the United States market consists of people who take on blueer up average earnings hence they argon capable of purchasing these bicycles. This is in like manner because they argon likely to draw disposable income. Moreover the customer involve and requirements vary a lot. For instance, the primary ask for any children who might destiny to purchase bicycles concerns their safety, value and sound construction whereas a combative circler forget look for the products technological superiority, reliability and light-weight construction.Our target market intends to catch young adults who earn $ 35,000 as their ann ual incomes and the avid riders who keep back an annual income of $45,000 and preceding(prenominal) and they should be aged between the ages of 25-44 years. As per our surveys, our consumers go outside(a) be go outing to pay $ 410.What leave alone drive the demand for our bicycles atomic number 18 the reasonable prices that we be about offer to our esteemed customers, our crisscross pic and high quality products (bicycles).Industry and Competitor Assessment. The main competitors include Yamaha from Japan, Bajaj Auto, TVs-Suzuki and Harley sectionalisation (HD). Harley socio-economic class is a punishing company that is financially stable besides its incessant growth. In addition, HD offers-low cost and high quality goods, they posses a check ramble of a function which is ardent and adaptable and lastly the company has a strong world immense market and distribution system. As a result of these factors, the competition has managed to touch the needs of our propose d targets.The main competitory advantages that these competitors drive home include lower be of goods that depart farm competition, mergers between them and this go out adversely affect the stream market share that Honda possess. These companies have established such a strong world(a) competition because of the high quality and low priced goods that they offer. This alike includes the brand word-paintings for their products which are as well superior. Moreover, these companies offer advanced and high quality bicycles because they are knowledgeable on the greatest and current trends in the bicycle sedulousness hence the ability to attract more customers both the old and the young population in United States.The other competitive advantage concerns the muddle of the business and also the reputation that they hold for their products among the majority population in United States. For instance, Mountainmart is also threatening competitors in the biking constancy since they often hope a huge discount structure and commodity approach for its motley product line. However, despite its price advantage, Mountainmart doesnt offer a high performance service as well as rack lines. In addition, its emplacement is not convenient as it is located far aside from students who follow the main target market. As a result, it does not stage as much competition to either of its competitors.However, Honda has also its own advantages that sympathize to its strengths giving the company a competitive edge over other business competitors. The company volition produce and intends to offer a wide range of highly qualified bicycles which include comfort, mountain, childrens bicycles and hybrid. Since life styles are eternally changing, Honda Company is bound to offer a unique and healthy lifestyle with the current trend of bicycles that is bound to offer. Moreover, Honda also offers customer service which is exquisite such as training, safety tips, instructions, rep airs, bike fittings and proper use among others and this will be good aspect in tackling down our customers.Marketing Strategy Customers are the focal confidential information as concerns the purchasing of products that governances worldwide promote, development, and price and run out hence this call for proper definition of these products so as to compound and maximize consumer satisfaction. attitude as a concept has in the away and even today changed the procurable nature that relate to universeise. The starting pull down for riging relates to a service, an institution or merchandise.Positioning entails making the product to be in a souls understanding (Ries and Trout, 2001). Positioning is therefore effectual when it takes place at the right time. Getting into a persons opinion involves having the right messages fixed into peoples mind as this calls for an appreciation. Therefore our offering will be positioned through advertizement so that people depose be awa re of the bicycles that we intend to offer in the market. In advertising, enormous advantage is guaranteed for those products that are able to position themselves in the market as the first products hence it is essential to have very good products in the purchasable particular fields in business.The marketing strategy of Honda will constitute the four-spot elements of the marketing salmagundi which include product, price, distribution (place) and packaging so as to make effective management decisions in order to attain the stated object glasss of the firm. They will be blended in an optimal manner by the firm with an accusatory of getting a positive response from the consumers of goods and services in the market. This is because these four variables play the alert role in the decision making swear out by management. Products could either be goods or services that are for sale for consumer consumption.As concerns product decisions, the decisions that will be do may be fo und on appearance, service, function, warranty and packaging among others. Therefore the product decision at Honda will include differentiated products and different brands will be available for the bicycles. Honda intends to introduce bicycles that create a great appeal to the general prevalent as well as the younger demographic hence creating a larger market share for the company (Gorchels, 2006).As regards pricing decisions, the need could authorise under a number of specific circumstances for different types of products and services. For an breathing brand or product the decision stern incorporate increases, reductions and memory price. The major circumstances in which pricing decisions need to be do are new product introduction, changes in external circumstances e.g. competitive action in raising and lowering of prices, raw material value or any duty changes in the market structure, as well as other internal changes arising from new products and new cognitive operation es.It is therefore decisive for decisions made on pricing to consider the probable pricing and the earnings margins of products. Discounts, financing and other various options such as licensing also constitute pricing decision. At Honda, pricing decisions and strategy, the decisions made will use the system of low-end targeting. This will enhance provision of these bicycles at lower prices so that everyone nookie afford to buy them (Gorchels, 2006).Placement decisions are mostly linked to various marketing channels of distribution which often provide the means for transferring these products so that they tooshie get to the specified customers. Decisions that concern distribution include logistics, channel subdivision selection, levels of service and market coverage.Honda plans to have dealers who will be used to carry on the bicycles to various destinations. These networks of dealers will be placed in various destinations so that potential consumers can access these products, merchandise or accessories. The company also hopes to use advancements such as shows, public relations and marketing programs in its distribution decision (Minzburg & Quinn, 1991).On the other hand, decisions that are made relating to selling and communicating towards potential consumers are referred to as promotion decisions. These decisions require a breakeven abbreviation as these be may be large. The promotion strategy at Honda will be base on brand examine, advertisements and commercials that will be available to all.The most effective means of talk for our product (bicycles) is the messiness media regularity of communication. This method enhances the rate at which we can connect with our target customers. Public relations will also be part of our promotion strategy. It is a purposeful form of communication directed towards the publics by the placement with the objective of developing good will (Cooper & Hiebing, 2004). Public relations is also future oriented and proa ctive hence the objective of maintaining and building an governments positive perception.ReferencesBaker, M.J. (2003). The marketing Book. Elsevier.Cooper, W., & Hiebing, R. (2004). The One-Day Marketing Plan. McGraw-HillProfessional.Gorchels, L. (2006). The Product managers handbook Supplemental Worksheetsand templates. McGraw-Hill Professional.Minzburg, H., & Quinn, B. (1991). The Strategy Process. Prentice Hall.Ries, A., & Trout, J. (2001).Positioning The Battle for your mind. McGraw-HillNew product marketing planNew Product Marketing PlanThis paper will focus on the development of a marketing strategy for a new product- Honda bicycle.Market Analysis In the market analysis, I intend to prize both the future and current market(s), positioning competitive conditions and any regulatory concerns that may exist in United States as Honda Company ventures into introducing bicycles in America. The potential for our product which is bicycles consists of quite a large and wide range of i ndividuals who love outdoor sporting as well as those who have an interest in biking as a sport. This is also applies to the avid riders. In other words, this group constitutes young people especially children who like to bike during their play time, those students who take on biking as their only means of transportation, and competitive riders as well as weekend riders.Targeting may occur in two main phases. The first one concerns the single segment which consists of a single product. This is whereby a single product is targeted by a vender and this takes place in a market that consists of many segments. On the other hand, the second phase relates to a situation whereby a single product is aimed at the available market segments as a whole by a marketer. In this case, less importance is placed on specialty as compared to cost. In addition, there is also multi segment system of approach whereby different segments in the market are targeted by a marketer and this also includes vario us products that are differentiated (Baker, 2003).The overall market for Honda is the United States market and companys target includes young families, children and sports men and women. The current population of people who use bicycles is high in the United States and this coat is endlessly increasing. This therefore provides a good potential market for Honda bicycles that are about to be introduced. As concerns the socio-cultural characteristics, our target market consists of people who are open as regards their culture, beliefs, values and lifestyles. United States citizens once believed that those people who ride bicycles were mostly trouble makers this belief has drastically changed since the inception of Honda Company. This therefore means that the target market is bound to perceive the introduction of Honda bicycles as a good thing.As concerns, the economic background, the United States market consists of people who have above average earnings hence they are capable of purc hasing these bicycles. This is also because they are likely to have disposable income. Moreover the customer needs and requirements vary a lot. For instance, the primary needs for any children who might inadequacy to purchase bicycles concerns their safety, value and sound construction whereas a competitive circler will look for the products technological superiority, reliability and light-weight construction.Our target market intends to have young adults who earn $ 35,000 as their annual incomes and the avid riders who have an annual income of $45,000 and above and they should be aged between the ages of 25-44 years. As per our surveys, our consumers will be willing to pay $ 410.What will drive the demand for our bicycles are the reasonable prices that we are about offer to our esteemed customers, our brand image and high quality products (bicycles).Industry and Competitor Assessment. The main competitors include Yamaha from Japan, Bajaj Auto, TVs-Suzuki and Harley Division (HD). Harley Division is a strong company that is financially stable besides its constant growth. In addition, HD offers-low cost and high quality goods, they posses a brand image which is strong and adaptable and lastly the company has a strong global marketing and distribution system. As a result of these factors, the competition has managed to receive the needs of our proposed targets.The main competitive advantages that these competitors have include lower costs of goods that will enhance competition, mergers between them and this will adversely affect the current market share that Honda possess. These companies have established such a strong global competition because of the high quality and low priced goods that they offer. This also includes the brand images for their products which are also superior. Moreover, these companies offer advanced and high quality bicycles because they are knowledgeable on the greatest and current trends in the bicycle industry hence the ability to attr act more customers both the old and the young population in United States.The other competitive advantage concerns the location of the business and also the reputation that they hold for their products among the majority population in United States. For instance, Mountainmart is also threatening competitors in the biking industry since they often gain a huge discount structure and commodity approach for its various product line. However, despite its price advantage, Mountainmart doesnt offer a high performance service as well as bike lines. In addition, its location is not convenient as it is located far away from students who constitute the main target market. As a result, it does not demo as much competition to either of its competitors.However, Honda has also its own advantages that picture to its strengths giving the company a competitive edge over other business competitors. The company will produce and intends to offer a wide range of highly qualified bicycles which include comfort, mountain, childrens bicycles and hybrid. Since lifestyles are constantly changing, Honda Company is bound to offer a unique and healthy lifestyle with the current trend of bicycles that is bound to offer. Moreover, Honda also offers customer service which is subtile such as training, safety tips, instructions, repairs, bike fittings and proper use among others and this will be good aspect in tackling down our customers.Marketing Strategy Customers are the focal point as concerns the purchasing of products that validations worldwide promote, development, and price and spread out hence this call for proper definition of these products so as to enhance and maximize consumer satisfaction. Positioning as a concept has in the historical and even today changed the available nature that relate to advertising. The starting point for positioning relates to a service, an institution or merchandise. Positioning entails making the product to appear in a persons mind (Ries and Trout , 2001). Positioning is therefore effective when it takes place at the right time.Getting into a persons mind involves having the right messages fixed into peoples mind as this calls for an appreciation. Therefore our offering will be positioned through advertising so that people can be aware of the bicycles that we intend to introduce in the market. In advertising, enormous advantage is guaranteed for those products that are able to position themselves in the market as the first products hence it is essential to have very good products in the available particular fields in business.The marketing strategy of Honda will constitute the four elements of the marketing cock which include product, price, distribution (place) and promotion so as to make effective management decisions in order to attain the stated objectives of the firm. They will be blended in an optimal manner by the firm with an objective of getting a positive response from the consumers of goods and services in the mar ket. This is because these four variables play the vital role in the decision making process by management. Products could either be goods or services that are available for consumer consumption.As concerns product decisions, the decisions that will be made may be based on appearance, service, function, warranty and packaging among others. Therefore the product decision at Honda will include differentiated products and different brands will be available for the bicycles. Honda intends to introduce bicycles that create a great appeal to the general public as well as the younger demographic hence creating a larger market share for the company (Gorchels, 2006).As regards pricing decisions, the need could occur under a number of specific circumstances for different types of products and services. For an existing brand or product the decision can incorporate increases, reductions and holding price. The major circumstances in which pricing decisions need to be made are new product introd uction, changes in external circumstances e.g. competitive action in raising and lowering of prices, raw material impose or any duty changes in the market structure, as well as other internal changes arising from new products and new processes.It is therefore vital for decisions made on pricing to consider the probable pricing and the expediency margins of products. Discounts, financing and other various options such as licensing also constitute pricing decision. At Honda, pricing decisions and strategy, the decisions made will use the method of low-end targeting. This will enhance provision of these bicycles at lower prices so that everyone can afford to buy them (Gorchels, 2006).Placement decisions are mostly linked to various marketing channels of distribution which often provide the means for transferring these products so that they can get to the specified customers. Decisions that concern distribution include logistics, channel section selection, levels of service and marke t coverage. Honda plans to have dealers who will be used to open the bicycles to various destinations. These networks of dealers will be placed in various destinations so that potential consumers can access these products, merchandise or accessories. The company also hopes to use promotions such as shows, public relations and marketing programs in its distribution decision (Minzburg & Quinn, 1991).On the other hand, decisions that are made relating to selling and communication towards potential consumers are referred to as promotion decisions. These decisions require a breakeven analysis as these costs may be large. The promotion strategy at Honda will be based on brand image, advertisements and commercials that will be available to all. The most effective means of communication for our product (bicycles) is the great deal media method of communication. This method enhances the rate at which we can connect with our target customers. Public relations will also be part of our promot ion strategy. It is a purposeful form of communication directed towards the publics by the organization with the objective of developing good will (Cooper & Hiebing, 2004). Public relations is also future oriented and proactive hence the objective of maintaining and building an organizations positive perception.ReferencesBaker, M.J. (2003). The marketing Book. Elsevier.Cooper, W., & Hiebing, R. (2004). The One-Day Marketing Plan. McGraw-HillProfessional.Gorchels, L. (2006). The Product managers handbook Supplemental Worksheetsand templates. McGraw-Hill Professional.Minzburg, H., & Quinn, B. (1991). The Strategy Process. Prentice Hall.Ries, A., & Trout, J. (2001).Positioning The Battle for your mind. McGraw-Hill Professional.