Marketing Plan Reluanch Re-Launch Plan Essay
- Length: 3 pages
- Sources: 3
- Subject: Business - Advertising
- Type: Essay
- Paper: #31886745
Excerpt from Essay :
Second, the reliability and ruggedized nature of the device needs to further be underscored to show that it is trustworthy and can still function even under adverse situations. Third, the ingenuity of the design and its creative use needs to be brought out more. The suction cup bracket is a case in point as is the continuous power saving feature of the RSP-150 Solar Power Maintainer.
Re-launch to All Sales Teams
One of the most common reasons that initial product introductions fail is the lack of confidence in the product by the sales force, or lack of awareness as to what it can accomplish for customers (Easingwood, Harrington, 2002). In the re-launch of the RSP-150 Solar Power Maintainer both the direct and indirect sales teams need to be thoroughly trained on how to sell using benefits first. Extensive training materials are also necessary in addition to WebEx and other distance learning programs to get direct sales and indirect channel partners focused on how to sell more effectively.
Integrated Marketing Communications and Promotions Strategy
With the goal of increasing customer awareness by 40%, sales by 20% and attaining a market share of 25%, the extent of how well the integrated marketing communications strategy and promotions strategies are is key. Repositioning on product attributes alone will only go so far; the best product re-launch activities galvanize integrated marketing communications (IMC) and promotions strategies around a common set of benefits (Sommers, Nemec, Harris, 1987). This is a major milestone in the overall performance of the re-launch plan as it will directly contribute to sales growth.
Most important to the success of the re-launch is the continual focus on feedback and results. The first measurement device will be an analytics application that is available over the Internet using a Software-as-a-Service model, much like what Salesforce.com has with their products online. The reliance on immediate, real-time feedback is essential for any marketing strategy to stay focused and on the path to completion (Hauser, 2007).
The second measurement device will be the 360-degree feedback from the direct and indirect channel partners as to how the program is meeting their needs or not. Using advanced analytics to measure these aspects of performance is also essential for any IMC and promotional strategy to continually attain its objectives over time (Germann, Lilien, Rangaswamy, 2013).
Third, there will be a continual focus on customer satisfaction metrics of performance in the form of surveys done of those who have purchased the RSP-150 Solar Power Maintainer.
Deviation Correction Strategy for the Re-Launch
Correcting for any of the shortfalls from the product line sales and growth figures will lead to any or all of these deviation correction strategies being relied on to ensure the goals of the re-launch plan are achieved.
First, there will be weekly sales updates across all direct and indirect channels to ensure sales trends are spotted quickly and responded to. In the event sales are up the practices that led to the sales increase will be replicated across other channels, and if they are down, corrective action will be taken.
Second, weekly and monthly profits of the RSP-150 Solar Power Maintainer will be calculated and used as the basis of profitability analysis over time. Often the use of analytics in conjunction with pricing can deliver exceptional insights into how a given product is performing (Sunoo, Lin, 1978).
Third, the impact of each marketing incentive, strategy and promotion will be evaluated and ranked in real-time reporting back to marketing and senior management as to the Return on Investment (ROI) of each program. The latest marketing automation applications can rank programs by their relative level of profitability performance, and this is critical in a re-launch scenario (Germann, Lilien, Rangaswamy, 2013).
Easingwood, C., & Harrington, S. (2002). Launching and re-launching high technology products. Technovation, 22(11), 657-666.
Germann, F., Lilien, G.L., & Rangaswamy, a. (2013). Performance implications of deploying marketing analytics. International Journal of Research in Marketing, 30(2), 114.
Hauser, W.J. (2007). Marketing analytics: The evolution of marketing research in the twenty-first century. Direct Marketing, 1(1), 38-54.
Sommers, W.P., Nemec, J., & Harris, J.M. (1987). Repositioning with technology: Making it work. The Journal of Business Strategy, 7(3), 16-16.
Sunoo, D., & Lin, L.Y.S. (1978).…