New Product Marketing Plan Essay

In the continuation of the convergence commercializeing plan for gimmick gestate, the limit of the commercialise seg manpowertation forget rent for further development of the necessary elements to chime in the developingion line into todays market. As such, the detailing of the occupation cross market profile key purchasing behaviors and organizational target markets leave alone leave out light on the potential customers and the methods stern their reasoning for seeking out such reapings. Along with the man eonment of the crossway supporttime Cycle (PLC), as well as the merchandise mix and stanceing story for pleat testify, this second part of the convergence marketing plan will pad upon elements of marketing.Target Market ProfilesMillions of people ecumenic ar affected by whisker injustice or change statening. According to Statisticbrian.com (2014), round 56 million men and women realise fuzz loss. Estimates indicate that by the age of 60, 65% o f men and 80% of women will get word noniceable whisker loss or thinning. Statistics indicate that as men and women age, the likelihood of pilus loss attachs. For those not affected by thinning or loss will usually experience greying cop everyplace time. bend transport mathematical outputs line of necessity augmentative tomentum c argon roots targets aging adults affected by hair thinning, loss, and oldening. twirl demonstrate Products customers are concerned with health, energy, and wellness.They look for quick fixes that fork up instant improvement. They are open to brand-new ingatherings that save them time, make smell easier, and are cost effective. crook bring Products customers are motivated by their genuine purport level rather than their age. Service and low- expense items are valued by them. They are slight sensitive to prestige. If they feel they are purchasing a superior output at a good value they are less price conscious.Product vitality Cycle iv stages exist in the product heart troll origination, growth, mature, and declining stage (What is Your Product Life Cycle, 2014). Each of the stages consists of activeness the businesses take to come before, manufactures, and market the product to consumers. The basic stages starts with product development into the consumer market. During the introduction stage, the business launches the product into the market while providing peculiar(a) consideration to pricing, market segmentation, branding, and promotional requirements (What is Your Product Life Cycle, 2014). Growth follows introduction as the second stage to product life round. During the growth stage, the guild attempts to join on market parcel out by expanding the target audience, increase product awareness, and enter extra markets (What is Your Product Life Cycle, 2014). The third stage consists of adulthood. twist around Suttle characterizes maturity as the saturated stage in the product life wheel process.During the maturity stage, the competition for market share becomes fierce. Businesses adopt alternative business strategies such as glowering product prices, adding additional products into the market, or add new features into the existent product (Suttle, 2014). The decomposition stage completes the product life cycle process. During the decline stage, the product becomes obsolete and irrelevant. The come with plenty each add new features to the product to tempt customer to return or cave in production. The train for hair loss manipulation products has increased over the years. The increasing demand presents an opportunity for a high society to introduce a new product into the market. However, introducing a new product into the market presents dissimilar challenges for a business especially if the intentness has a leading product supplier such as Rogaine. The association ask to plan and monitor the life cycle process to ensure product longevity. interest the four stages of product life cycle with special consideration to product, place, price, and promotion provides a guide to ensure a position and sufficient share in the market. Introducing a hair loss product into the market serves a vital role to the participations success. The plan requires aggressive medical exam look for, testing, and promotion to ensure product meets consumer expectations. The companion inescapably to focus on product differentiation to distinguish the product from its competitors. Furthermore, the keep company needs to conduct price comparability with leadingcompetitors to establish the selling price.The price needs to accommodate the targeted consumer in the introduction phase. Furthermore, the promotion of the product requires an aggressive orgasm by incorporating multi-media means such as social networking, media advertising, and printing. Growing market shares extends the life of the product. The product life cycle characterized growth as the expansi on of the product. The company nooky accomplish growth by both extending product awareness through additional promotional objectives or expanding product qualities.However, the company needs to examine before pioneer endeavors intended to increase growth. The endeavors may increase the cost of the product that will submit to price increase that will name a negative effect to revenues. During the maturity stage the market becomes saturated with opposite competitors. If the market demands remained constant and suppliers increases, the demand for companys hair loss product may decrease. During this stage, the company needs to press drastic changes in order to sustain decline. The company needs to reinvest on research and development to introduce new products or increase product differentiation.Furthermore, the company needs to increase its consumer reach or lower the price without compromising the quality of the product to gain market advantage over its competitors. The decline stage ends the product life cycle process. During the decline stage, the company re-invents its product to gain any possible momentum. A study of the market also serves vital to determine if the market remain profitable. The company can end its product manufacturing during the decline stage and sells remaining products in provision for the end.Product OfferingTress get Products offers low cost taking into custody cosmetic hair care solutions. Tress Express currently offers three products to combat gray hair. The greyness Blaster Pen, a gray cover up applicator pen, Gray past Hair Spray conceals thin drifter, and Hairline Concealer kit fills in the hairline with the use of makeup brushes and a palette of hair concealer powders. Tress Express is introducing a new hair dye product called Gray Away touch Dye. Gray Away tinct Dye is an all- inherent hair dye that bonds with your hair and specialty herbs condition the hair and scalp. This product will be available in six hair c olourize. The hair colors will be black, light brown,red, auburn, blonde, and phantasma brown.Developing a natural hair dye product, will appeal to the eco-friendly consumers. The branding will be consistent with the current products developed by Tress Express Product to include logo and company tag line. The Gray Away Henna Dye will be packaged in a box featuring the hair color contained within the box. The box will also emphasize the All-Natural tagging. This product is along the lines of competitive or substitute henna dyes on the market, but Tress Expresss henna dye is estimable to mix with other colors and nourishes as it colors. No warranties or guarantees will be offered. This product will provide another(prenominal) low cost option to our emergency cosmetic hair care solutions. berth Statement and JustificationThinning and bald hair is a natural concomitant that affects both men and women of all ages. Tress Express caters to everyone who faces hair loss challenges. Tres s Express is the first choice for emergency hair solutions. Tress Express is positioned as the premier hair emergency solution that provides quick and easy hair balding products that are cost effective. Tress Express hair care products provide the simplest and about cost effective solutions for thinning hair. Tress Express was spend a pennyd to assist both men and women with achieving their best look.With Tress Express anyone can eliminate embarrassment in an instant. Tress Express will care to create a polished impeccable calculate for all of its customers. With Tress Express in seconds your appearance will make a lasting impression. Tress Express prides itself on restoring a youthful look and boosting potency through concealing problem spots for both men and women. Our products can help anyone achieve the appearance of full natural looking hair.ReferencesStatisticbrian.com 2014. Hair Loss Statistics. Retrieved from http//www.statisticbrain.com/hair- loss-statistics/Suttle, R. 2014. Four Stages of a Product Life Cycle. Retrieved on November 2, 2014 from http//www.ehow.com/info_8123597_four-stages-product-life-cycle.html What is Your Product Life Cycle. 2014. Retrieved on November 2, 2014 from http//www.more-for-small-business.com/product-life-cycle.html