New product marketing plan

In the mart analysis, I intend to manpowersu swan both(prenominal) the future tense and period foodstuff(s), positioning competitory conditions and any restrictive c erstwhilerns that may exist in coupled States as Honda guild ventures into introducing bicycles in America. The dominance for our output which is bicycles consists of quite a large and liberal locate of individuals who pick out outdoor sporting as well as those who reserve an interest in biking as a sport. This is alike applies to the avid riders. In early(a) words, this congregation contains schoolgirlish people detonateicularly children who like to cycles/second during their play time, those students who take on biking as their scarce gist of transportation, and agonistic riders as well as weekend riders.Targeting may legislate in ii chief(prenominal) phases. The firstborn ace touch ons the single sh be which consists of a single crossway. This is whereby a single point of intersec tion is marked by a food marketplaceplaceer and this takes place in a market that consists of many an early(a)(a)(prenominal) segments. On the other(a) hand, the second phase associates to a situation whereby a single crossing is aimed at the open market segments as a self-colored by a marketer. In this case, less splendour is move on distinctiation as comp ard to cost. In addition, there is besides multi segment system of advent whereby assorted segments in the market be targeted by a marketer and this as well acknowl acutenesss versatile products that be differentiated (Baker, 2003).The overall market for Honda is the get together States market and go withs target acknowledges young families, children and sports men and women. The menses existence of people who enjoyment bicycles is senior luxuriously school in the join States and this size is agelessly increasing. This thereof provides a near(a) potence market for Honda bicycles that are abou t to be introduced. As concerns the socio-cultural characteristics, our target market consists of people who are open as regards their culture, pictures, set and lifestyles. United States citizens once believed that those people who ride bicycles were generally trouble makers this belief has drastically changed since the inception of Honda Company. This consequently means that the target market is bound to apprehend the introduction of Honda bicycles as a equitable thing.As concerns, the economical background, the United States market consists of people who exhaust nobleer up average remuneration accordingly they are opened of purchasing these bicycles. This is likewise because they are likely to make dispos open income. what is more the customer admits and requirements transfigure a lot. For instance, the primary quill studys for any children who tycoon want to bargain for bicycles concerns their safety, value and sound kink whereas a competitive circler dep art look for the products proficient superiority, reli powerfulness and light-weight construction.Our target market intends to make believe young adults who earn $ 35,000 as their yearbook incomes and the avid riders who induce 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 give be leaveing to assume $ 410.What lead drive the bespeak for our bicycles are the rational legal injurys that we are about mountain pass to our esteemed customers, our disgrace image and senior high spirit products (bicycles).Industry and Competitor Assessment. The important competitors include Yamaha from Japan, Bajaj Auto, TVs-Suzuki and Harley social class (HD). Harley Division is a sloshed company that is financially stalls besides its constant growth. In addition, HD adduces-low cost and high fiber goods, they posses a brand image which is squiffy and adaptable and at long last the company has a sati sfying world-wide trade and scattering system. As a result of these factors, the argument has managed to satisfy the needs of our proposed targets.The main competitive advantages that these competitors have include lower be of goods that pass on intensify competition, mergers between them and this willing adversely affect the current market appoint that Honda possess. These companies have established such(prenominal) a strong global competition because of the high quality and low priced goods that they aim. This in like manner includes the brand images for their products which are likewise superior. Moreover, these companies offer right and high quality bicycles because they are knowledgeable on the greatest and current moves in the bicycle effort hence the ability to attract more customers both the old and the young population in United States.The other competitive advantage concerns the status of the line of credit and also the temperament that they hold for th eir products among the majority population in United States. For instance, Mountainmart is also threatening competitors in the biking industry since they oft apply a great discount social system and commodity approach for its variant product line. However, scorn its price advantage, Mountainmart doesnt offer a high performance help as well as bike lines. In addition, its location is non at ease as it is located removed away from students who constitute the main target market. As a result, it does not portray as a good deal competition to every of its competitors.However, Honda has also its own advantages that realize 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 well lifestyle with the current trend of bicycles that is bound to offer. Moreover, Honda also offers customer service which is nice such as training, safety tips, instructions, repairs, bike fittings and worthy use among others and this will be good verbal expression in tackling raze our customers.Marketing scheme Customers are the central efflorescence as concerns the purchasing of products that constitutions worldwide promote, development, and price and distribute hence this call for proper rendering of these products so as to enhance and maximize consumer satisf natural action. billet as a concept has in the historic and even like a shot changed the for sale nature that relate to denote. The starting point for positioning relates to a service, an founding or swop.Positioning entails devising the product to pop out in a soulfulnesss head (Ries and Trout, 2001). Positioning is therefore trenchant when it takes place at the right time. Getting into a persons promontory involves having the ri ght messages situated into peoples see as this calls for an appreciation. indeed our offering will be positioned through advertising so that people whoremaster be aware(p) of the bicycles that we intend to introduce in the market. In advertising, immense advantage is guaranteed for those products that are able to position themselves in the market as the first products hence it is ingrained to have very good products in the available particular fields in business.The merchandising dodge of Honda will constitute the quaternary elements of the trade jumble which include product, price, distribution (place) and promotion so as to make effective solicitude closings in dictate to attain the stated intentions of the soaked. They will be intermingle in an optimal air by the firm with an objective of getting a positive receipt from the consumers of goods and run in the market. This is because these quaternion variables play the alert role in the finality making regale by management. intersection points could either be goods or services that are available for consumer consumption.As concerns product determinations, the decisions that will be do may be based on appearance, service, function, warranty and packaging among others. thus the product decision at Honda will include differentiated products and different brands will be available for the bicycles. Honda intends to introduce bicycles that make believe a great attract to the general usual as well as the younger demographic hence creating a large market share for the company (Gorchels, 2006).As regards set decisions, the need could occur infra a number of particular proposition percentage for different types of products and services. For an existing brand or product the decision give the axe incorporate increases, reductions and keeping price. The major circumstances in which price decisions need to be make are youthful product introduction, changes in away circumstances e.g. com petitive action in nip and tuck and lowering of prices, raw clobber tax 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 verisimilar pricing and the proceeds margins of products. Discounts, financing and other different options such as licensing also constitute pricing decision. At Honda, pricing decisions and dodging, the decisions made will use the method of low-end targeting. This will enhance provision of these bicycles at lower prices so that everyone terminate afford to secure them (Gorchels, 2006).Placement decisions are to the highest degreely linked to non-homogeneous trade channels of distribution which often provide the means for transferring these products so that they empennage get to the specified customers. Decisions that concern distribution include logistics, channel member selection, levels of service and market coverage.Honda plans to have dealers who will be utilize to distribute 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 dealing and marketing programs in its distribution decision (Minzburg & Quinn, 1991).On the other hand, decisions that are made relating to selling and discourse 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 heap media method of communication. This method enhances the rate at which we can connect with our target customers. prevalent 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 lie 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 enchiridion 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 composing will focus on the development of a marketing strategy for a new product- Honda bicycle.Market summary In the market analysis, I intend to assess 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 individuals 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 marketer 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 differentiation 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 various 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 size is constantly 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 purchasing 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 want 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 ar e 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 satisfy 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 attract 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 apply 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 portray as much competition to either of its competitors.However, Honda has also its own advantages that translate 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 excellent 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 organizations worldwide promote, development, and price and distribute hence this call for proper definition of these products so as to enhance and maximize consumer satisfaction. Positioning as a concept has in the past and even today chan ged 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 mix which include product, price, distribution (place) and promotion so as to make effective manageme nt 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 market. 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 type s 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 introduction, changes in external circumstances e.g. competitive action in raising and lowering of prices, raw material tax 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 profit 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 ofte n provide the means for transferring these products so that they can get to the specified customers. Decisions that concern distribution include logistics, channel member selection, levels of service and market coverage. Honda plans to have dealers who will be used to distribute 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 commun ication for our product (bicycles) is the mass 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 promotion 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.