Introduction to Marketing - New Product Launch in Market for Oxfam Shop
Introduction to Marketing - New Product Launch in Market for Oxfam Shop
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Marketing refers to the process which assist the organization to promote there products in the market so that customers can attain the knowledge about it and make mind to purchase them. Thus, for this, it is very important to develop with an efficient marketing plan so that it can gather with large number of potential customers (Armstrong and et.al., 2014). In this report, the plan is been formulated to launch with a product of Oxfam in the market. Thus, under this efficient analysis is been made to evaluate the internal and external analysis so as to develop with the most effective plan for it.
In the present time, Oxfam company has decided to launch with the cosmetic product named Trendy band which is developed using the low cost raw material. It is economical in nature and provide with antique product to the customer. Further, it requires less manpower and there is no need to use heavy machines (Dann, 2010). Moreover, it is expected that the product will attract wide range of customers as it is of low cost and with antique design. Moreover, it is been developed evaluating the needs and requirements of the customers which assist the company to know exactly what to develop.
Oxfam decided to launch with the Trendy band so as to provide a latest design product to the customers. Moreover, it will also assist in enhancing with the sales volume of the company as people prefer to buy with low cost products. Thus, it will directly enhances with the profitability of the company to a greater extent (De Mooij, 2013). Further, the market share of the organization will also increase with the launch of this product. Thus, it is important for the company to develop with the product with high quality and at reasonable price so as to gather more customers.
In the present time, retail industry is growing at a higher pace which means that the popularity is increasing among the people. Thus the growth rate of the industry has reached the heights. This is due to the reason that now days are very busy and prefer getting all the products under one roof (Jobber and Ellis-Chadwick, 2012). Oxfam is a non-profit organization whose main motive is to serve with the living to the poor people. It is dealing in the retail sector which are providing with wide range of products to the customers. They serve with antique products which enhances with there popularity in the market.
Oxfam is dealing in online retail industry which is serving with number of product of different varieties to the customers. Further, there core competitors are Amazon, eBay etc. which are also dealing in the similar nature of work (Sferle and et.al., 2012). Thus, to attain competitive edge in the market it is important for the company to develop with some antique products so as to attract wide range of customers towards there organization. Further, they must ensure that the services provided to the people are up to date and serve with quality products to them.
Customer profile brief
Oxfam are mainly targeting the people who are from middle class families. It means that they include the economic sector which highly prefer low cost products. Thus, keeping this in mind they develop with the goods which are economical in nature and with high quality (Toften and Hammervoll, 2010). Further, for providing with the best products they evaluate with the needs and requirements of the people and introduce with the goods accordingly. This will give high satisfaction to the customers.
Oxfam is a non-profit organization and mainly aims to provide a living to evert poor person who is not able to meet its basic necessities. They ensure that every individual is been valued as equal and are given with similar opportunities for working (Varey, 2010). Moreover, they provide employment to the poor people so that they can earn there living in an efficient manner. Further, the money earned by the sale of products is also been utilised for the development of the people who are under the poverty line.
It is an efficient method which assist in analysing the internal environment so as to evaluate with the strengths, weaknesses, threats and opportunities of the company as this have a great influence on performing the operations of the company (von der Heidt and Quazi, 2013). Thus this approach assist in developing with the plans which will provide high assistance to the company to enhance with the sale and develop high brand image in the market.
· It is having clear goals and values which motivates the people to buy the goods.
· It is having good online presence (Armstrong and et.al., 2014).
· The produced served are economic in nature as compared to the ones served by its competitors.
· It is having less brand recognition in the market.
· They are lacking with high luxury products.
· It is having low global presence as a retail store.
· It is lacking with its volunteer and employee commitment.
· They provide with less motivation to there employees.
· They are serving with less products in comparison to its competitors.
· They must adopt various advertising techniques to promote there products.
· Need to take measures fore developing there brand image as a retail store in the market (Wymer, 2011).
It refers to the formulation of the strategies which assist the company to perform there activities in an efficient manner. Further, it also helps the organization to management the operations in a proper manner (De Mooij, 2013). Thus, it is important for Oxfam company to develop with a strategic plan which will help them to succeed with there operation in an efficient way. This will assist the company to evaluate that which people are to be served so that they can acquire with there requirements and produce the goods accordingly. Thus, it will also tell what type of advertising techniques are to be used so that it may reach the targeted people.
Segmentation- For the launch of Trendy products in the market, it is important for the company to segment there market for which they are going to develop the products. Thus for this Oxfam uses demographic segmenting. This means that the market is been acquired on the basis of considering the factors such as age, race, religion, family etc. This will assist them to develop with the product with high efficiency. Further, in this age factor is been taken into consideration and they segment young generation for the product. It is been seen that the young generation are more fond of acquiring cosmetic and fashion products as compared to the old people (Wymer, 2011). Thus, for the Trendy bands, it is been estimated that the young age people will be attracted to it as they are been developed as per there requirements. It is antique in nature and is having beautiful layout which may be a reason for attracting many customers.
Targeting- It refers to the target the people whom the services need to be served. Thus or it differentiated marketing is been used. Under this, they develop with the messages which are been advertised for appealing the people who are been targeted by the company. Thus, in this method it requires high cost so as to promote there product. For the Trendy products, the company determines that it is an antique product which involves unique features in comparison to the goods served by the competitors (Varey, 2010).
Positioning- This refers to the end step in which after the development of the product it is been promoted in the market so as to attract large number of customers. Further, for promoting Trendy bands it is important for Oxfam to adopt the advertising methods which can assist in attracting large number of customers towards there products. Further, they must create an attractive online page with the features determining the good which can influence the customers to buy them. Thus, they must ensure that it the advertisement is highly attractive and gather large number of customers towards there products.
It is a process for developing a campaign for a introducing a new product. It plays an important role in estimating the effectiveness of the product and determining with its features (Marketing Mix – The 4 p’s of marketing. 2014). Further, it mainly involves four elements which are mainly product, price, place and promotion. The following elements are been determined in detail below:
Product- For the development of Trendy band, it is important for Oxfam to develop it by using some antique raw material and is of high quality. Thus, they must make sure that the product must be economic in nature as the targeted end users are of middle class and cannot afford high price goods. Further, they should ensure that the cost production of the product is minimum so that it do not raise with its selling cost (Sferle and et.al., 2012). Thus, with consideration of low cost the products must not be of low quality. In addition to this, they must also consider the similar products which the competitors are serving as accordingly the company will develop with unique features so that they attract large number of customers.
Price- As the company is targeting middle class people, so it becomes crucial for them to set the price accordingly. This means that they must develop with the products which are of nominal cost so that everyone can afford them so that they can increase with there sales volume. As it is an non-profit organization so they must ensure that they serve the products with less price and do not aim to earn more profit (Jobber and Ellis-Chadwick, 2012). Moreover, the strategies adopted by the competitors must also be considered by Oxfam so as to develop with the plan which can help to attract large number of customers towards availing the products. As the young people are been targeted so the price must be nominal so they can afford to buy them.
Place- Thus, it becomes important for the company to determine with the places in which the products would be available. Further, these Trendy bands are been available on the online store. So the people who are willing to buy them can simply order for the same and the product will be delivered to there respective places (Dann, 2010). This facility is highly beneficial and will attract large number of customers towards there products. Moreover, they must also develop with some subsidiary outlets which will help to collect the product easily. This will increase with there choices to select with the final product.
Promotion- It is considered as one of the most important method to reach the customers in an efficient manner. Thus, for promoting Trendy bands in the market company must adopt the most effective promotional technique so that they may influence large number of customers (Armstrong and et.al., 2014). Further, Oxfam can develop with the an efficient page on the website with defining there features so that it can appeal wide range of people. This will have a strong impact on the people which may make there mind to purchase the product.
From the above report it can be concluded that, for launching a product in the market it is important for Oxfam to develop with an efficient marketing plan. Thus, for this they must make the internal as well as external environmental analysis so as to identify the factors which have a great influence on the operations of the company. Further, SWOT analysis assist in determining strengths and weaknesses of the company which may hinder the performance to a greater extent. In the end Market segmentation process and marketing mix is used to make an efficient marketing plan.
Armstrong, G. and et.al., 2014. Principles of marketing. Pearson Australia.
Dann, S., 2010. Redefining social marketing with contemporary commercial marketing definitions. Journal of Business Research. 63(2). pp.147-153.
De Mooij, M., 2013. Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education.
Sferle, S. and et.al., 2012. Implementation of marketing principles–A necessity in primary school education.Contemporary Readings in Law and Social Justice. (2). pp.764-773.
Toften, K. and Hammervoll, T., 2010. Niche marketing and strategic capabilities: an exploratory study of specialised firms. Marketing Intelligence & Planning. 28(6). pp.736-753.
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