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Marketing plan for an aerofoil shaped alloy rim

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

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Introduction
The follo"ing report represents the assessment for the ....................module. It comprises five main parts. *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. ,ext it descri#es the "riters main competence in the #usiness developed using the innovative technology. *inally+ the report lists three entrepreneurial traits of the "riter that "ill help drive the performance of the ne" company.

The innovative technology


The innovative technology is #ased upon an alloy rim of a car. 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. 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.

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 ./otler 0 )rmstrong+ 2%$%1. These tools represent all that a company can do to increase the demand for its products and they are referred to as the &-s of marketing ./otler 0 )rmstrong+ 2%$%1. 2ometimes+ especially for services #ut may apply to products as "ell+ there is an improved version+ the 7 &-s .3o##er+ 2%%71 .see appendix $1. )ll seven tools are #riefly explained in the follo"ing paragraphs.

1.1 Product
The product is "hat the company offers to the market. It can #e either an o#4ect or a service or intellectual properties like ideas and concepts ./otler 0 )rmstrong+ 2%$%1.

1.2 Price
&rice is the amount of money that the company receives for its products. The price has to #e in accordance "ith the target market as "ell as the positioning of the product ./otler 0 )rmstrong+ 2%$%1.

1.

Place

The place is the space "here the product is offered on display for the customer to #uy. This again has to #e in accordance "ith the target market+ making sure that maximum spread is possi#le ./otler 0 )rmstrong+ 2%$%1.

1.! Pro"otion
&romotion is the "ay in "hich the company transmits its message a#out the product to the customers. The use of different promotional tools is necessary to maximi5e the reach of the message .3o##er+ 2%%71. 3|&age

1.5 Peo#le$ #hysical evidence$ #rocess


The final three &-s add further features that help the company ensure the sale. 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. &hysical evidence and information a#out the process adds further value for the product in the eyes of the customer. .3o##er+ 2%$%1

Marketing strategy for the aerofoil sha#ed alloy ri" %5


)s 6eslie 7. 8incent .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. The most important steps of this process are selecting the target market+ segmentation and positioning .8incent+ 6.7.+ 2%%91. )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 .;oyle 0 2tern+ 2%%(1. 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 .see appendix 21. The main target market for the alloy rims "ould #e tuners and car lovers. The marketing mix for the innovative technology proposed in this report is as it follo"s. *irst+ the product+ as presented in the second paragraph is an aerofoil shape alloy rim that improves the ventilation of the #raking system. )s it involves a lot of financial resources to develop the product the price "ould #e high #ut not exclusive. 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. &romotion is pro#a#ly the most important element for the success of the ne" technology and the company selling it. )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. <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. The process can #e important to customers that have the kno"ledge to understand it+ together "ith the physical evidence. ) 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.

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. 7e "ould get involved in the designing+ producing and testing of the aerofoil shaped alloy rim. 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.

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. *urther explained in

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the next paragraphs this three main entrepreneurial traits are> capital+ creativity and commitment.

1.( Ca#ital
This first entrepreneurial trait is achieved #y the "riter trough the support of his family mem#ers. 7e has access to large amount of finances ensuring the a#ility to develop and test the product. 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.

1.% Creativity
This next entrepreneurial trait+ creativity+ is a :uality of the "riter proved in many circumstances. 7is continuous strive for improvement drives him to develop ne" technologies and improve existing ones.

1.) Co""it"ent
The "riter can #e referred to as a "orkaholic. 7e is passionate a#out this ne" technology as "ell as engineering in general. The "ork environment is influenced #y this passion that sets an example of commitment.

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 second part of the report presented the "riters main attri#utes in the proposed #usiness and his main entrepreneurial traits.

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*eferences
;oyle+ &. 0 2tern+ &.+ 2%%(+ Marketing Management and Strategy, *inancial Times &rentice 7all
th

?dition+ 7arlo" >

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

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+##endix
1., +##endix 1 - . P/s of "arketing

)vaila#le from> http>BBsonam4ourno.#logspot.frB2%$2B%3BmarketingAmix.html

1.1' +##endix 2 Product life cycle

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