Principles of Marketing

≈ Redwan Riyad (2019010000121)

≈ MD. Shafayet Hossain (2019010000124)
≈ Kamrul Islam (2019010000032)
≈ Shahriar Rahaman Tanmoy (2018210000009)
≈ MD. Shafikul Islam (2016010000210)
≈ MD. Shaidur Jaman (2019010000112)
Marketing Plan for a new product in the
market.
The RED Art Electronics

Wireless 3D Printer
What is 3D Printing/Printer?

3D printing is a manufacturing process that creates a three

dimensional object by incrementally adding material until the object
is complete.

A 3D printer is simply a machine that can take a digital 3D model

and turn it into a tangible 3D object via additive manufacturing.
Current Market Situation (Bangladesh)

» The idea of 3D printing is emerging day by day in Bangladesh.

» Various producers are relying on 3D printed objects instead of

hand made.

» The economic market of 3D printer is growing as well.

» The current market does not have many competitors.

Product Review

The RED Art Electronics new line of product wireless 3D printer offers the following
things :

» Quickly capture all of the physical measurements of any physical object.

» Save time in design work.

» Ensure parts will fit together on the first try.

» Capture engineering optimizations inherent in manufactured parts.

» Utilize modern manufacturing on parts that were originally
manufactured before CAD.

» Compare “as-designed” model to “as-built” condition of

manufactured parts.

» Wireless connectivity feature such as Bluetooth and WiFi.

» Stability

» Energy saving.
Distribution Channels

The RED Art’s 3D printers will be distributed through a network of retailers in

Bangladesh. This strategy will avoid some head-on-head competition with
other companies. All the shops will have the following things,

» A live demo sector.

» Dummy 3D printer for the customers.

» Some 3D printed sample product.

S.W.O.T Analysis

Wireless 3D printer has several powerful strength on which to

build but it has some weakness as well. Like lack of brand
awareness and image. Major opportunities include a growing
market and consumer trends.
Strength
» There are not many 3D printing services in operation at this time.

» The number of market suppliers has not yet caught onto the demand
for 3D printing services.

» Prototyping using 3D printing technology has become very popular

among engineering firms.

» The margins generated from 3D printing services are extremely high,

and these businesses - once the begin to generate revenues - reach
profitability very quickly.
Weaknesses

» As the market grows, new competitors will arrive.

» The technology that is used by 3D printing services is expensive and

rapidly changing.

» The business will need to continually expand and improve its inventory
of 3D printing equipment.
Opportunities

» The primary opportunity that 3D printing services has is that they can easily
acquire additional and larger scale equipment.

» Another opportunity for these businesses is that they can easily acquire other 3D
printing services that are in operation.

» The 3D printing service could expand by offering a number of prepackaged designs

that third parties can use.

» The Company can expand by heavily reinvesting into marketing campaigns

(especially on the internet) that will drastically expand the number of people
visiting the 3D printing services' website.
Threats

» The primary threat faced by the business is that 3D printing equipment

is continually changing.

» Additionally, the costs related to small equipment is plummeting.

» The costs related to large scale printing are expected to remain very
high for the foreseeable future.
Objectives & Issue

The RED Art Electronics has set an aggressive but achievable objectives
for Wireless 3D printers.

First-Year objectives:
During first year of 3D printer launch, The RED Art aim to achieve at least 25% of the

total market share with the retail price 15000/- BDT. Approximately 15 lakhs in sales.
 Second-Year objectives:
During the second year, RED Art will introduce new feature full wireless 3D printers in

the market with the aim to draw attention of the new customers. Its not easily

achievable but possible.

Issues
» The main issues of launching a new product in the market is brand awareness & meaningful
brand image based on positioning that is relevant to the target customers segment. The
RED Art will invest in nontraditional means of promotion to accomplish these goals and to
spark word-o-mouth. Brand awareness & knowledge will be measured in order to adjust
marketing efforts as necessary.
Marketing Strategy
The RED Art’s marketing strategy will involve developing a “more for the same”
based on extra benefits for the price. The brand will also establish channel
differentiation. The RED Art Electronics will target young adults (15-33).

» Wireless 3D Printer will be positioned on an “Beyond Imagination”

value proposition.

» Marketing will focus on conveying that 3D printer is more than just a

gadget. It gives the customer more for their money.
Product Strategy

» The wireless 3D printers will be sold with all the features mentioned in the product review.

» As awareness takes hold and retail availability increases, more varieties will be made
available.

» A Bluetooth 5.0 connectivity version will be added to the product line.

» All aspects of the marketing mix will be consistent with the brand.
Pricing

There isn’t variation in wireless 3D printer model among leading brands. For this reason, the RED Art
Electronics will follow a competition-based pricing strategy. Given that wireless 3D printers claim
superior quality, it must be careful not to position itself as a lower cost alternative.

» Retail price of a standard version wireless 3D printers will be set to 15000 BDT .

» Enhanced version will be available from 20000 BDT.

Action Programs

The wireless 3D printers will be introduced in February 2020. The following are the summaries of
action programs that will be used during the first three months of the year to achieve the stated
objectives.

Januray: The RED Art representatives will work with both

independent distributors & retailers to educate them on the trade
promotional campaign, incentives & advantages of selling wireless 3D
printers. Representatives will also ensure that distributors and
retailers are educated on product features and benefits.
February: On the date of availability, all the necessary components and product will

be placed in retail locations. The full brand website and social network campaign will

launch with full efforts on different social networking sites. This campaign will drive

the “Beyond Imagination” slogan as well as illustrate the ways RED Art’s wireless 3D

Printers delivers unique features.

March: To enhance the online and social marketing campaign, location based

services like Facebook Location Services will be employed to drive traffic to retailers.
Controls

The RED Art Electronics is planning to have tight measurements to

closely monitor the build quality of the wireless 3D printers, brand

awareness, brand image and customer satisfaction. This will enable

the company to react quickly in correcting any malfunctions that may

occur.
Conclusion

Wireless 3D printing market is a growing market in Bangladesh but at

the same time it’s a risky thing to invest on. Being a 3rd world country,

people of Bangladesh may not be ready to accept such technology so

vastly. So, it can be an issue. But other than that, 3D printing sector has

a shining future with many possibilities.

Thank you Everyone!