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Marketing plan for an aerofoil shaped alloy rim

............ ( )ppendix...........3 Marketing strategy for the aerofoil shaped alloy rim 375........................................................................................................................................................ &ersonal entrepreneurial traits $75..........3 Marketing Mix – theory 225.................................................................................................................................................................................................................... 7 2|&age ...........................................................................Table of Contents Introduction.................................... 3 The innovative technology................................................................................. 5 'eferences.................................................................................................................................................................................................. !onclusion............................................................ !ompetence "ithin the #usiness $5%...............................................................................................

..module. 1... . *inally+ the report lists three entrepreneurial traits of the "riter that "ill help drive the performance of the ne" company.. Place The place is the space "here the product is offered on display for the customer to #uy... 3|&age .! Pro"otion &romotion is the "ay in "hich the company transmits its message a#out the product to the customers.. It can #e either an o#4ect or a service or intellectual properties like ideas and concepts . This again has to #e in accordance "ith the target market+ making sure that maximum spread is possi#le ../otler 0 )rmstrong+ 2%$%1.3o##er+ 2%%71 .. It comprises five main parts.. These tools represent all that a company can do to increase the demand for its products and they are referred to as the &-s of marketing .Introduction The follo"ing report represents the assessment for the .. 1./otler 0 )rmstrong+ 2%$%1. The price has to #e in accordance "ith the target market as "ell as the positioning of the product .. 1. 2ometimes+ especially for services #ut may apply to products as "ell+ there is an improved version+ the 7 &-s ... *irstly it presents an innovative technology+ follo"ed #y a theoretical presentation of the marketing mix and the applications of the marketing mix to the innovative technology in developing a marketing strategy for it. In simple terms the "heel spins faster as the engine does so+ thus if the rim-s spokes are modified into a aerofoil shape+ the entire assem#ly #ecomes a huge fan capa#le of dra"ing cold air over the #raking system and exhaust the hot one.1 Product The product is "hat the company offers to the market.2 Price &rice is the amount of money that the company receives for its products.3o##er+ 2%%71.see appendix $1. Marketing Mix – theory 225 The marketing mix is a set of tactical tools used after deciding the marketing strategy to provide "ays of meeting target market expectations . )ll seven tools are #riefly explained in the follo"ing paragraphs../otler 0 )rmstrong+ 2%$%1. The ne" design "ill #e capa#le of lo"ering the heat produced #y the #raking systems in extreme #raking as "ell as keep the #rake discs permanently cool for maximum performance and efficiency.ext it descri#es the "riters main competence in the #usiness developed using the innovative technology. The use of different promotional tools is necessary to maximi5e the reach of the message .. The innovative technology The innovative technology is #ased upon an alloy rim of a car../otler 0 )rmstrong+ 2%$%1. 1./otler 0 )rmstrong+ 2%$%1..

5 Peo#le$ #hysical evidence$ #rocess The final three &-s add further features that help the company ensure the sale. )s it involves a lot of financial resources to develop the product the price "ould #e high #ut not exclusive. *irst+ the product+ as presented in the second paragraph is an aerofoil shape alloy rim that improves the ventilation of the #raking system.8incent+ 6. 7is main role "ould #e to communicate his concept to the design team and ensure that his vision follo"ed during #oth design and production.oyle 0 2tern+ 2%%(1. )s it is an innovative product and developing and testing involves a lot of resources+ the alloy rims as a product should #e positioned #et"een premium and luxury+ "ith #oth high :uality and price . Co"#etence &ithin the business 15' The "riter "ould mainly have production duties+ outsourcing management+ marketing and other departments necessary for a #usiness to #e successful. .3o##er+ 2%$%1 Marketing strategy for the aerofoil sha#ed alloy ri" %5 )s 6eslie 7. &romotion is pro#a#ly the most important element for the success of the ne" technology and the company selling it. The most important steps of this process are selecting the target market+ segmentation and positioning . &hysical evidence and information a#out the process adds further value for the product in the eyes of the customer. The main target market for the alloy rims "ould #e tuners and car lovers. *urther explained in |&age . 7e "ould get involved in the designing+ producing and testing of the aerofoil shaped alloy rim.see appendix 21. Personal entre#reneurial traits 1%5 =ased on the materials provided in the lecture notes the "riter indentified three main entrepreneurial traits that he has and that are useful for successfully developing the #usiness around the innovative technology of aerofoil shape alloy rims. ) clear presentation of the process of manufacturing and ho" this ne" technology actually "orks is important to ensure the customer that the product is of high :uality. )s stated #efore+ the introduction segment of the product life cycle should #e reduces as much as possi#le and this can #e done "ith efficient use of the promotional tools. The company should minimi5e the development and introduction stages of the product life cycle and try to keep the product at the gro"th level as much as possi#le to increase profits .7.+ 2%%91. The process can #e important to customers that have the kno"ledge to understand it+ together "ith the physical evidence.1. 8incent . The marketing mix for the innovative technology proposed in this report is as it follo"s.. The people involved in delivering the product to the customer have an important role and should #e treated "ith care #y the company and specially trained to ensure that the right message is passed on.2%%91 says developing a marketing strategy for an innovative technology like the aerofoiled shape alloy rims is a complicated process that has to #e carefully done. To maximi5e the accessi#ility of the product and to reduce cost direct sales "ould #e availa#le online ensuring a glo#al reach and also trough local retailers. <sing direct marketing+ advertising+ and sponsorship "ould raise a"areness and continued together "ith sales promotion and participation to trade fares should lead to a successful launch.

) Co""it"ent The "riter can #e referred to as a "orkaholic.% Creativity This next entrepreneurial trait+ creativity+ is a :uality of the "riter proved in many circumstances. Conclusion This report proposed a simple marketing plan for an aerofoil shape alloy rim #y descri#ing the innovative technology and then+ #ased on a theoretical model of the marketing mix explained+ developed a marketing strategy. The "ork environment is influenced #y this passion that sets an example of commitment.( Ca#ital This first entrepreneurial trait is achieved #y the "riter trough the support of his family mem#ers.the next paragraphs this three main entrepreneurial traits are> capital+ creativity and commitment. 1. 5|&age . 1. 7e is passionate a#out this ne" technology as "ell as engineering in general. 1. 7is continuous strive for improvement drives him to develop ne" technologies and improve existing ones. 7e has access to large amount of finances ensuring the a#ility to develop and test the product. The second part of the report presented the "riters main attri#utes in the proposed #usiness and his main entrepreneurial traits. This option gives independence to the company and reduces risk as no #ank loan is needed and there are no financial o#ligations to any other third party.

$3th ?dition+ &earson 6eslie 7.*eferences . Innovation " Economic Gro#th.. 8incent . (th ?dition+ Mc@ra"A7ill ?ducation /otler+ &. 6i#ecap+ Marie !.. $olume %&'+ ?merald @roup &u#lishing 6imited+ pp. *inancial Times &rentice 7all th ?dition+ 7arlo" > 3o##er+ .$73A2%% (|&age . 5th ?dition+ Mc@ra"A7ill ?ducation 3o##er+ .+ 2%%(+ Marketing Management and Strategy.2%%91+ !hapter ( Marketing strategy considerations in the commerciali5ation of ne" technologies> )n overvie" and frame"ork for strategy development+ in @ary .. 0 2tern+ &.1 Technological Innovation: Generating Economic Results !dvances in the Study of Entrepreneurship.+ 2%$%+ Principles and practice of Marketing. 0 )rmstrong+ @. Thurs#y .+ 2%$%+ Principles of Marketing.oyle+ &.+ 2%%7+ Principles and practice of Marketing.ed.

+##endix 1 .+##endix 1.html 1.frB2%$2B%3BmarketingAmix.#logspot. P/s of "arketing )vaila#le from> http>BBsonam4ourno..1' +##endix 2 – Product life cycle 7|&age ..