SPELECK THE SPELL CHECK PEN
It will greatly benefit students of all ages in their examinations and also corporate managers in writing different reports and statements. This pen is very useful as it checks for spelling errors and corrects them. In today¶s world people are used to writing everything in the short form and as a result sometimes. We need a pen to write different things and they are used by everybody ± young and old.´ finalised a very unique product which we named ³SPELECK´. so this pen will help them correct those errors. Although computers and other electronic devices have replaced handwritten memos to a great extent. pens are still popular. We wanted to take this to a whole new level and increase the utility of a pen.
. SMSlanguage has become very popular amongst the youth.INTRODUCTION OF THE PRODUCT
After thinking of many products our company ³BMS COPRORATION LTD. This includes many abbreviations and slang words which are not accepted in any formal statement. the opposite person does not even understand what is written. so this pen helps in writing everything in proper English language. According to the Oxford dictionary a pen ³is a writing tool with a point from which ink flows´. We wanted to incorporate electronics in the simple pen to increase its capability to compete with modern gadgets. The product is basically a spell-check pen (thus the name: Speleck = spell + check).
The display screen will show the correct spelling as per the dictionary. On finishing the document. The screen will display errors if any and correct it accordingly. At the rear. when a word is spelt wrongly. Even if a sub-script or superscript goes wrong. eg: son and sun. The memory chip also has different synonyms for each word. It has a steel body with a grip for support. if any of the words are misspelt.WORKING OF SPELECK
The basic theme of the product is a pen which checks misspelt words. a memory chip slot is available. then the pen will vibrate and the red light will blink for approximately 5 seconds.
. Finally. Thus. there is a vibrating device which indicates if any word is wrongly written. This pen looks like any other ball pen but is very different in terms of its features. he can move this pen along each line to highlight any grammatical errors. Along the body. Just behind the display panel. the pen will vibrate and the light will blink. if the paragraphs or numbering goes wrong then he can correct it and improve the quality of his document. about 5 centimetres long. the display not only show the correct spelling but also synonyms which can be used as a replacement. It consists of all the words in the English dictionary. In case of any homophones. the screen will display both the spellings. The display will be powered by a single solar cell. The memory chip is the life-line of the pen. and it is up to the writer to choose which one he wants to use according to the context. Thus. there is a display screen. which shows the correct spellings. When a person is writing. the end is marked by a red light bulb fitted to blink at any wrong spelling. If the writer feels he is right then he can ignore this or correct it if he is wrong.
THE MARKETING MIX (The four P¶s of marketing) Marketing decisions generally fall into the following four controllable categories:
y y y y
Product Price Place (distribution) Promotion
These four P's are the parameters that the marketing manager can control. physical products as well as services. subject to the internal and external constraints of the marketing environment. The goal is to make decisions that centre the four P's on the customers in the target market in order to create perceived value and generate a positive response. The marketing mix for Speleck is as follows: Product The term "product" refers to tangible. A diagrammatic representation of our product: SPELECK
250 Wholesale pricing ± Rs. ³Vijay sales´ and other such retailers. 100 Memory chip Rs. Writing will actually become fun with the use of this pen.Rs. It is often referred to as the distribution channel. Channel V. product identity and the customer's perceived value of the product.
Suggested retail price . Promotion Promotion represents all of the communications that a marketer may use in the marketplace. It can include any physical store as well as virtual stores on the Internet. material costs. It will be steel-bodied and water resistant. Promotion has four distinct elements: advertising. public relations. 700 Production cost ± 250
Promotional strategy ± A push strategy will be applied for greater awareness of the product. Price The price is the amount a customer pays for the product. but we will introduce a gel-pen in the growth stage. y Our product will be initially available in all big outlets dealing in electronic goods like ³Croma´. competition. This will be a unique one-of-a-kind pen which one can consider as an asset. personal selling and sales. Advertising ± advertisements through mass media like television (specially on channels like MTV. It has features which people have never even thought about. It is determined by a number of factors including market share. y Then we would like to go for retail stationery stores located all around cities and towns but especially near schools and colleges since our target audience are largely youngsters. There will be a warrantee period for nine months provided. UTV Bindass ) which are
.The idea of the pen is that it checks spelling mistakes. At first it will be a ball pen. The pricing of our product Speleck is as follows: y y y y y Place y Place represents the location where a product can be purchased. The packaging will be attractive and appealing to customers. 750 Refill for the pen Rs.
This will be displayed in all advertisements and hoardings.Free refill with purchase of two pens. We plan to have Darsheel Safary and Shahid Kapoor as our brand ambassadors since they represent the youth and are highly influencing. In the long-run celebrity endorsements will also be beneficial. And also a discount of 15% on purchase of set of three pens. Freebies. Having standees at such festivals will help increase the awareness of our product. College festivals ± There are many college festivals and these are very popular amongst students.y
most viewed by youngsters. Slogan ± ³KEEP A CHECK WITH THE NEW SPELECK´. Advertisements behind college books (long books). Pamphlets to be distributed outside educational institutions and various classes.
. We expect that this slogan creates a recall value for our brand.
AIDA comprises of Attention. All this would help in creating awareness among people of age groups. We would also show these videos in Home Shop18 and other such shows as they are famous for launching unique and new products in the market. We will give free demonstrations of the pen in colleges to create interest among students. a website will be created so as to enable customers to check for updates. A . Furthermore. This includes putting up videos (which would display the entire working of the Speleck) on Facebook. emotions and feelings are more important than the logical reason to buy your product.Desire We will convince the customers about how useful the spell check pen is and how it will help them and satisfy their needs. Other public places such as malls will have counters where a person will explain the product and its benefits to customers using a sample dummy pen. D . Celebrity endorsements can affect them emotionally in favour of Speleck.Attention (Awareness). We will bring out gel pens and different colour pens as well as their refills to attract customers. Desire and Action. There will be no need for spelling tuitions due to this unique spell check pen. In our case the new product is a spell-check pen. Benefits can be clarified by explaining the usefulness of the pen in improving spellings.
. In order to attract the attention of the customers. As in desire. Twitter and You tube.THE AIDA MODEL
The AIDA model used in marketing describes a common list of events that are very often undergone when a company/person is coming up with new product or service which is a new concept all together. I . Interest.Interest We would raise customer interest by focusing on demonstrating advantages and benefits of Speleck instead of focusing only on the features. we would create desire among customers by introducing colourful and cartoonbody pens and also by improving the features. a lot of promotional activities are planned. Different out-of-home advertising techniques will also be used.
A . We would give the customers proper guidance and after sale services. Also. this step would help visitors desire to kill his hesitance.Action To lead the customers towards buying the product we will tell them that the best time is now as we are giving a refill free with the purchase of two spell check pens as an introductory offer. S . The pen would be accompanied by a brochure specifying its working.Satisfaction We will satisfy the customers so they become regular customers by giving referrals to our product. the standees at the point-of-purchase will be attractive and will definitely encourage them to buy Speleck.
. benefits and a 24 hour toll free helpline number where consumers can clear any doubts related to the product. provide them a warranty of nine months in order to gain their trust. If our previous step proves to be successful.
TARGETING AND POSITIONING
SEGMENTATION y Speleck is a unique pen which can solve the problem of misspelt words. y As a pen is used by everyone and anyone of all age groups. and occupations as well as educational qualifications there will be no specific group segmented. genders.SEGMENTATION. Hopefully. positive word of mouth publicity will help in increasing the market share of this pen. incomes.
POSITIONING y The pen will be positioned as a must-have for people of all ages ± especially the youth. Marketing and promotional strategies will largely focus at grabbing the attention all children as they are likely to be the maximum users. It will be available in urban as well as semi-urban cities in the introduction phase.
. We will concentrate on product specialisation and continuously try to bring out new features to attract buyers. As we progress to the growth and maturity phase the availability will spread to cover even the rural areas. As the product grows it will be made available in rural areas.
TARGETING y In the early phases of introduction and a part of growth we will target only the urban and semi-urban areas.
the price will remain stagnant. Videos will be posted on different websites.PRODUCT LIFE CYCLE Product life cycle management is the succession of strategies used by business management as a product goes through its life cycle. we would provide.se can
. Growth: y Price: As the product demand increases. Some of them being: y Specification: This involves the highlighting of specific features. To also provide comfort to the hand we also incorporated a soft rubber grip above the nib. During the initial stages. 2. y Services: Consistent after sales-service will be offered. free refills with purchase of two pens. different floral prints. distribution of pamphlets outside schools and colleges. The condition in which a product is sold changes over time and must be managed as it moves through its succession of stages. We not only have different colours of the pen but at the same time we also have designed the bodies of the pen as different cartoon figures. radios etc where people pay more attention. Also advertisements through television. we could also approach different companies for free sampling so that the company per. Introduction: While launching the product there are many things that we would concentrate on. along with our product. The red bulb activates causing a vibration which indicates the error and at the same time it flashes the correct spelling on the screen. 750. Profitability will increase due to rise in sales. y Distribution: Intensive distribution in urban. y Concept Design: The design of the Speleck is very different as well. In case of the Speleck the main feature is that it records the incorrect word on the spot. The exact order of event and tasks will vary according to the product and industry in question but the main processes are: 1. y Advertising: As the pen gains popularity. semi-urban and rural areas. y Advertising: Initial advertising would involve advertisements behind college long books. corporate themes to attract the all the age groups as well. y Price: As said above the promotional price of the product would be Rs.
Decline: A plan for this phase will be chalked out. y Competitors: As there would be more competitors coming in. a 24-hour service facility will be provided to ensure that any problem is solved as soon as possible.
. we would further enhance the product by inducing a memory card which would incorporate various languages like Hindi and other regional languages. Product will only be sold in urban cities.700. Though marketing myopia is a potential threat in this phase we would do our best not fall prey to such a phenomenon as we will be very much aware of the fact that underestimating our competitors would ultimately harm us. y Advertising: Induced form of advertisings would be used at this stage so as to compete in the market. depending on how our previous strategies work. y Distribution: Rural areas will be discontinued. Freebies such as a pen free on purchase of two pens will also be provided. 4. Feedback forms will be given a lot of importance as we would like to keep in mind our customers preferences. We hope it does not go under Rs. Maturity: y Price: though the product has established itself in the market. Out-of-home advertising will greatly reduce. 3. Furthermore. y Personnel differentiation: After sales-service will increase. we would lower the price of the product to Rs. competition will cause a price was thereby forcing a price reduction. y Advertising: Promotional costs will reduce. Hoardings can be more intensive. 550 for it to re-establish itself again. The employees will be highly trained to deal with any problems a customer may have.place their orders for their employees as well. Some of the assumptions if the product does not work out are: y Price: At this stage.
the market for Speleck is wide and can be captured with the right marketing strategies. All that is required is innovations and incentives at all levels. earn a decent profit and then invest the same for expansion. Thus. Even rural India is developing at an unimaginable pace and children in villages are also going to school today. In countries abroad people generally work electronically thus we can bring a change in their routine and encourage them to try different gadgets.CONCLUSION This product is well suited for the Indian market as it has customers in all walks of life. If this product works well in India we will think of launching it in international waters. In conclusion we would like to mention that the Indian market is so vast and adapting that any new product can easily become popular.
. This requires a lot of finance hence we want to first try it in our country for three years.
GROUP MEMBERS y y y y y URJA MEHTA ± 8 DEVANSHI PATEL ± 21 HASMEET SAPRA ± 28 HIRAL SONIVIDHI PAVANKUMAR ± 52