Product & Product Marketing
Running head: PRODUCT & PRODUCT MARKETING Rochelle Russell Unit 2 Individual Product Products & Product Marketing MGMT422-1103A-09 Triangle Solutions Product There are several people that love to take pictures of their families or special events and put them in scrapbooks. The new product that I am proposing is a photo paper that already has a background scene on it and individuals can still print their picture on top of it to make it look even more special. Mostly everyone has digital cameras in today’s world which make it very easy to take better pictures.
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Individuals that scrapbook or love to take a lot of pictures this product would be for them. People always need a change and this photo paper would be that change. To start off there would be four different backgrounds on the photo paper. Sensational sky, marvelous mountains, wonderful waterfalls, and flowing field of flowers would be their names. They would come in three different sizes. Eight by ten, four by six, and five by seven, and it would come in a 24 pack with two of each size, and two of each background. It could also come in glossy and semi glossy.
There are so many different products out there as far as photo paper now is time for a big change. Scrapbooking people are always looking for different ways to dress up their pictures or other projects that they are working on. Why not give them something that is totally different than what they are use to. This can be one solution to keep scrapbooking or photographing loved ones fun and also can be a new product for Triangle Solutions. Market Since 2005 people all over the world has used digital cameras and slowly put photo finishing business in slow motion.
More people are sharing and printing their own pictures instead of buying a roll of film and taking it to get processed. Printing only the pictures they truly want. People share and manipulate pictures from their computer. Mainstream are taking more and more pictures than ever. They want to be creative with the pictures they take. They also want different products that they can use to be creative. At this time consumers feel that the photo products are boring especially the first timers (Worthington, 2010). There are several different companies that manufacture photo copy paper.
Some of them are Kodak, Fuji, Heward Packard, and Cannon. This does not include the different office supply stores that have their own brand of photocopy paper such as Staples and Office Max. The market is very large but none of them provide this type of photo paper. Marketing Strategies Being a new entrepreneur takes a lot of planning. In order for consumers to know about their new product, marketing strategies must be planned. If you do not let your consumers know about the product you cannot be successful.
There are different ways to get this accomplished but at the same time it must be done in the proper way in order to get this product on the market. A cheap way to advertising would be on the internet. Such sites as Google and Face book can provide free advertisement. Other sites such as Craigslist and YouTube can also be a platform for introducing this product. Also getting an email address that is memorable and one that would stand out can be of big help (Hamel, 2011). This type of advertising can save an entrepreneurs bank account. Distribution Channels
Another decision an entrepreneur must make is how they are going to get their product out there. There are factors that will influence the distribution decision. Such questions that should be asked are who will I sell my product to a consumer or the industrial market? What area will I have my product in? What are my resources? How do other competitors get their products noticed? Several options can be used depending on how much money the entrepreneur can afford. The first option would be direct marketing. This is done with an organization communicating with consumers directly.
They do this to see if they can get a response or even sell the product. Also in direct marketing catalogs and cable television is used. The second option would be using a wholesaler. This is done by selling the product to the wholesaler and then they turn around and sell it to the retailer. Of course the retailer sells the product to the consumers. The third option would be agents or manufacturers. With this option an agent will contact retail companies that would otherwise be hard to contact. In a word they would represent the entrepreneur (Lambing, Kuehl, 2007). Aspects of the Product
The aspects of this product are very different from other photo paper. It will of course come in three different sizes which is not different. The background that would already be on the photo paper would allow consumers a little more edge to be creative. By placing your picture on a background of mountains, the sky, the water, and a field of flowers can make a picture truly come alive. What should mainly be emphasized about this photo paper is that you can print something on the paper and it will look just as good as using other photo paper that is in the market if not better.
Pricing When pricing this photo paper you have to compare other products in its category. Most photo paper can range between $17. 99 and up. Of course it depends on who manufacturers and what kind of paper it is. Paying attention to the competition is very important but we should not copy what they are doing. We should not base the price off of what it took to manufacture this product. In the beginning we should price it at an average price and once we have customers then it will be in our favor. Pricing a new product is very difficult and tricky at the same time.
You do not want to price it too high because customers will not purchase it. You do not want to price it too low because you will not make a profit and lose out on an opportunity (Arabe, 2003). Results If everything is done properly and if everything is planned as well as researched this product can stand the test of time. Consumers will be excited to have a new product that they can purchase to get more creative with their projects. References Arabe, K. C. (2003). The art of pricing your new product. Retrieved from http://news. homasnet. com/IMT/archives/2003/09/the_art_of_pric. html Hamel, G. (2011). New business marketing strategy. Retrieved from http://www. ehow. com/info_8307373_new-business-marketing-strategies. html Lambing, P. A. , Kuehl, C. R. (2007). Entrepreneurship. (4th ed. ). Upper Saddle River NJ. Pearson Prentice Hall. Worthington, P. (2010). Info Trends predicts merchandise is future of photofinishing market. Retrieved from http://pmanewsline. com/2010/08/19/infotrends-predicts-merchandise-is-future-of-photofinishing-market/