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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Introduction

Marketing and customer satisfaction these two words are interrelated. From beginning to end the aim of every step in the whole process of marketing is to ensure customer satisfaction. For this one of the major tasks of marketing is to develop new product or to introduce new product. Consumer behavior is very much sensitive and unpredictable. With which product they are satisfied now, may be that product can’t satisfy them tomorrow. That is why company continuously tries to identify consumer’s different changing needs and try to offer them new product according to their demand through the marketing process. New product development can be introducing completely a new product or developing or improving or modifying the existing product.

Through this whole paper we have come up with completely a new idea to introduce a new product. Our product is “Tri-Colored Marker Pen” which is named “Colors”. This product is undoubtedly a new product because normally we have seen one marker pen with one color but we are offering three different colors in one marker pen.

The whole process of new product development has some chronological steps which has made the whole process systematic. These steps are:

Idea generation

Idea screening

Concept development and testing

Colors-The Tri-Colored Marker Pen Introduction Marketing and customer satisfaction these two words are interrelated. From beginning
Colors-The Tri-Colored Marker Pen Introduction Marketing and customer satisfaction these two words are interrelated. From beginning
Colors-The Tri-Colored Marker Pen Introduction Marketing and customer satisfaction these two words are interrelated. From beginning

Marketing strategy development Business analysis product

development

Test marketing

Commercialization

We have also tried to exercise these steps to introduce our product. And by conducting these steps we have been able to fix up and determine each and every detail of our whole product plan.

Principles of Marketing
 

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Idea Generation

The process of new product development starts with idea generation step. And it is obvious in common sense. Because before doing anything we have to have an idea at least that on what or which basis we are going to work. In new product development process idea generation is such a process where so many new product ideas are generated through both internal and external sources. In the process of our new product development we have gathered lot of new ideas. Such as- rainbow color light, tri-color marker pen, fat & sugar free chocolate, combined pen & pencil, cloth iron machine like washing machine etc. We wanted to generate and to reach to idea screening process with some quality ideas.

Idea screening

Though all the ideas were looking apparently very attractive but we can not proceed with too many ideas. We have to fix up with one idea which is basically best of the best. We have come to idea screening step with around 7/8 ideas. And we judge them from different aspects to measure their actual attractiveness. Such as- condition of target market, development time and cost, manufacturing cost and rate of return etc. After judging these factors for all the ideas we have screened out 2 ideas tri-colored marker pen and combined pen & pencil.

Concept Development & Testing

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

The ideas that we have generated in idea generation process was just an unstructured initial of the actual product which is simply not understandable to consumers. But products are for consumers. That is why; company has to transform that initial idea into a structured and organized concept and present it to the consumer to get their view on it. By this company will be able to know how consumers react to our concept, whether they appreciate and demand the product or not.

Similarly we have developed two concepts of two screened out ideas and tested those in market. To test these concepts we have prepared a questionnaire and ask consumers to reflect their view. After summing up all those views we found that consumers prefer tri-colored maker pen more than combined pen and pencil. For this we decided to proceed with tri- colored marker pen product.

Product Review

Marker Pen has become an integral part of teaching tool to support modern teaching method in today’s universities. Universities of these day’s uses whiteboards and without marker pen there is no other way to writ on it. Sometimes lecturers need different colors to point out on the board in order to make students any complicated topic. So they need to carry ¾ marker pen of different colors. And while teaching they need to open on pen, point out on the board, then close it, put it on the table and then again open another one. And it is undoubtedly a hassle for the lecturers and it hampers the flow of the teaching.

We are offering a new marker pen which can remove all these hassles. Our marker pen has three different colors in one pen. One can use three different colors by this pen which will save the time of opening one, close it and open

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

another one. It will also remove the hassles of carrying three different markers also the. Moreover our product offers refill facility for which the customers can use one pen for long time.

Features of our Marker pen- Three colors in one pen.

Ink refill facility. Easy press button. Cost effective. Time saver.

SWOT Analysis

Strengths

 

Weaknesses

  • 1. Completely a new product.

  • 1. High price.

  • 2. Cost effective.

  • 2. Extra cost for refill.

  • 3. Remove hassles.

  • 3. Supplement the production of

  • 4. Easy to handle.

refill.

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen
 

Opportunities

 

Threats

1.

After

educational

institution

1. People

may take

time to accept

increase

market

in

corporate

the product.

 

firms. 2. Capture international market.

2.

The product may incur too much cost for publicity & promotion.

Strengths

  • 1. Completely new product- It is undoubtedly a new product with a new concept for the consumers.

  • 2. Cost effective- As this product can serve the purpose individual products that is why it is cost effective.

of three

  • 3. Remove Hassles- whenever lecturers will need two/three different colors to point out they will not need to close one marker, put it on the table, then open a new one. They will get all three colors in this product.

  • 4. Easy to handle- Consumers don’t need to carry three different colored markers, or they don’t need to buy the markers again and again. Consumers will buy this marker once and then they will just refill only that color which will finish.

Weaknesses

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

1. High price- As this product combines three colors and offers a refill option so; the product’s price is naturally little bit higher than normal or traditional marker.

2. Extra costs for refill- consumers have to incur an extra cost for refill.

3.

Supplement the production

of refill-

As the product

offers

a

refill

option so there has to be another supplement production for refill ink.

Opportunities-

  • 1. Increase market in corporate firms- Usually university lecturers is the main users of marker pen. But business people also need marker pen to do their business plan presentation.

  • 2. Capture international market- As the concept of this marker pen is completely new so we can export this product after meeting local need.

Threat-

  • 1. Time to accept the product- Sometimes people react negatively to any new product. And this product is really a new and unusual concept for people so they may take some time to accept which can cut out the profit figure.

  • 2. Too much cost for publicity & promotion- As it is a new product with new concept so we have to promote it very widely to reach every targeted consumer. And this will incur a big budget for us.

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Objective & Issues

Objective

To achieve our goal that means in order to establish our new marker pen strongly in the market we have fix up some shorter objectives. Because collectively, fulfillment of all these shorter objectives will make our goal achievement struggle easier. We have fixed up that-

We will capture at least 10% share of current market within one year. And in next year or period with the new version of our product we will grab at least 50% of total market.

We will

try

to

expand our market in corporate sectors in

the next

period. We have an intension to capture foreign market as well.

Issues

There is a proverb “Morning shows the day”. If we can have a better starting then definitely it will lead to better ending through a better journey. From the very beginning we have to position our product in such a way that it will left no scope for arising doubt in consumers mind. To do this we have taken the help of branding concept. But creating a brand is not an easy task. Generally

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

a brand is created through the better quality, better service and the uniqueness of that product. To establish the name of the product “Colors” as a brand we have tried our best to ensure all these factors in our product concept. Sometimes a logo helps better to recognize the product. We have displayed a picture of a butterfly on marker pen’s body as our product logo. But a name can be a successful brand if we can aware people about its uniqueness. Through large and wide promotion and publicity we have to reach to every consumer. So, we have to have it in our mind that we need to incur a big cost portion in promotion and publicity of the product to earn a large profit.

Marketing Strategy

Segmentation

We have segmented our market according to the demographic segmentation. Because one of the component of demographic segmentation is occupation and normally marker pen is used by the teachers or anyone who is related with educational profession. So, the use or the benefit of our new marker than the traditional one will be understood only by these people.

Target Market

As we have segmented our market on the basis of occupation, it has become obvious that we have chosen the differentiated marketing strategy. The primary or the foremost targeted consumer of our product is university lecturers. Because, marker pen is useable on whiteboard and today

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

universities use whiteboard as obvious. So, marker pen is almost must for these universities. In Bangladesh, there are about 500 universities. All these universities use whiteboard and marker pen as well in their teaching method. For this our primary targeted segment is little bit large in size.

We want to enlarge the size of our target market by attracting the corporate firms. Business people off and on needs to present their business plans in front of their hierarchies and needs to make them understand. And to do these they use whiteboard and marker along with PowerPoint. With the help of this marker pen they will be able to make their boss understand by pointing out different points of the presentation with different colors.

Differentiation & Positioning

We have followed product differentiation strategy for our marker pen. We are offering the previous product with a new dimension and with new features; we have differentiated our marker pen from the traditional one at the point of use of marker pen. By concept our product itself is completely different from the traditional marker pen. We are trying to positioning this marker as a convenient and cost effective product for professional use. The marketing strategy will be based on some basic factors of the product such as- three colors at one pen, cost effectiveness, refill facilities etc.

Marketing Mix

Product

Our

product

is

completely

a

new

product

with

new concept for the

consumers. Normally we have seen one marker pen with one color but we

are offering three colors in one marker pen. By using this marker pen the

lecturers

will

be

able

to

make students understand faster than before

because they can remove the hassles of opening one pen, mark something,

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

close it, and then again open another one. They will get all three colors in one pen. That is why our marker pen is named colors. Moreover, our marker pen includes refill facility.

Place

We will offer our product to the stationary stores so that the customers can easily get it. Our first selected area is Nilkhet because it is the largest market for stationeries. We will try to cover all most all the stores there. We will also distribute our product to the stores near around the universities for example the stores located in Dhanmondi area. We will not use any middleman distributor to distribute our product to the retail stationary stores. We will distribute by ourselves.

Price

The price of our Marker pen is little bit high than the traditional marker pen. Because here we are offering three colors in one pen and refill facility and cost of implementing all these mechanism has pulled up the price of the pen. Though the cost is little bit high but still it is cost effective to the consumers as they do not need to incur the cost of buying three different markers. And for refill facility they can use one pen for long.

Promotion

As our product is completely a new product, so we have to promote it very strongly to establish it in the market. Through our promotion and publicity we have to make people feel that “yes, we need this product”. We will give advertisements in television and newspapers as well. We will also give leaflets and brochures to the university lecturers. So, we have to keep it in mind that we have to incur a big number of costs for the large and wide promotion and publicity of our product.

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Product Development

Our marker pen is highly technology based in compare to the traditional marker pen. We are offering three different colors, refill facility, easy press button in our marker pen. And all these mechanism has to be easy and user friendly otherwise the consumer will loose their interest to use it. Though the product is almost hi-tech product again we had to keep it in our mind that we have to keep the cost budget as minimum as possible otherwise it will force us to set high price which may discourage consumer to buy the product. In total we have to offer a user friendly and quality product at a reasonable price.

Black Ink Filter Blue Ink Filter Red Ink Filter
Black Ink Filter
Blue Ink Filter
Red Ink Filter

In our marker pen there will be three different ink filters which will be placed at the lower portion of the marker pen. At the end of the pen there will an opener through these ink filters can replaced. At the upper half of the pen there will be three different nibs for three different colors, each will be wrapped up with three different springs. These springs will be connected with three different press buttons which will be visible from outside. When

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

we will press a particular button for example if we press black button it will open the door between the black ink filter and black nib. Then the ink will come in to the nib and will make the foam in front of the nib wet with ink. The pressure of press button will also push the nib to come out and finally we will be able to writ down with the pen on the whiteboard.

Business Analysis

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Control

From the very beginning we are saying that we are committed to ensure better quality which requires a tight control system. We decide to monitor the overall process very closely. We will check each and every product to find out the defective product. So that if a whole lot of production hampers for any equipment troublesome then we can catch the problem at the beginning. By this we can save our cost and reputation as well.

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Colors-The Tri-Colored Marker Pen

Colors-The Tri-Colored Marker Pen

Conclusion

Marker pen is an integral part of today’s education method. And to make it more useful we tried to give it a new dimension. We have named our marker pen “Colors” and displayed a picture of butterfly on the pen. Because we believe education has different colors for different subject area and fills up a human’s life with those colors. And marker pen is just a brush to paint life with those colors. Similarly, butterfly encourages us to roam around the different sector of the education and grasp the zest of those. Our marker pen offers three colors in one pen and helps the teachers to make students understand easily. So, we believe that our marker pen will definitely proved a useful and amazing product to all those who are related with education in some how.

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