New Product and Marketing Plan (Wood Sunglasses)

New Product (Wood Sunglasses)

Retail business is in the limelight due to the visibility of different creative products for customers. On different online platforms and retail stores, retailers are looking to come up with some innovative ideas and attract customers. Obviously, after creating the creative product, there is a need of a comprehensive marketing plan to position better in the minds of customers.

For ASOS (ASOS.com), Wood Sunglasses are the pertinent product to develop. Customers in the fashion retail industry are looking to adopt new trends. Interestingly, companies, based on the market or customer insights, are looking to shape the design of products. Wood sunglasses seem beautiful, attractive and easy to wear. However, it is a new product, and to create awareness in the market, the firm has to implement an effective marketing plan or strategy.

Mission Statement

“The mission of the company is to streamline creative ideas in the retail industry and develop different creative products and change the customer experience in the next 2 to 3 years.”

Objectives

• The objective of the company is to produce high-quality wood sunglasses for customers to drive customer satisfaction
• The objective of the firm is to integrate with the new fashion trends and compel customers to feel the difference

Marketing Mix Strategy

• Product

Product quality is the main product strategy of the firm. High quality finished wood is to be used to make the attractive frame. Wood sunglasses are long lasting products for customers.  The management is intending to come up with a large product line.  Based on customer demand, the design of the wood frame can be modified. However, this firm depicts the standard size, design, and color of the product. Initially, this product is available in brown and red color. However, it can be customized according to demand (Garcia, 2014).

• Price

The fashion industry is quite competitive, and there is a need for a competitive strategy that can attract and convert the customer. ASOS.com is looking to adopt the penetrating pricing strategy for this product. The intention of the marketing team is to keep the price of the product low when compared to other products. By keeping the profit margin low, the penetration pricing strategy is possible. It can drive down the sales and enhance the visibility of attraction in the competitive market. Interestingly, after grabbing the immense range of customers and driving sales in the market, the firm can change the strategy to keep profit margins high. Currently, it is the best option to generate revenues and increase customer traffic (Schneider & Yocum, 2004).

• Promotion

ASOS.com will use both traditional and modern media channels to communicate with customers. For Instance, television and billboards are effective options for the company. Furthermore, online fashion retailers will use social media channels such as Facebook to contain customer engagement. On social media channels and official website of the company, attractive visualization can help to target youth. Celebrity endorsement on social media channels is an attractive option for the company to enhance its positioning (Schneider & Yocum, 2004).

• Distribution

The direct distribution channel has become a better option. The company will be selling this product through its official website. Customers can place orders on the website. Fast order processing will enable fast delivery. Based on the geographical regions, the firm can decide the number of products, which are to be distributed directly to customers (Garcia, 2014).

It seems an effective marketing plan for this new product from ASOS.com. The firm must have to improvise when executing the marketing mix strategies.

References

Garcia, R. (2014). Creating and Marketing New Products and Services. CRC Press.

Schneider, J., & Yocum, J. (2004). New Product Launch: 10 Proven Strategies. Stagnito Communications.