Marketing management assignment help online: Product marketing of ABC Inc.
Our Company ABC Inc has is one of the renowned companies in USA for its diversified product range in Chocolates. Recently we have planned to launch our new range of product named “Lallantop” which will focus on the higher class of people. And for this we have planned to do a conference which will help us to increase the visibility of the products in the market, attract new suppliers for us and build our relationship further in the same industry.
Planning Of Conference:
According to our action plan the purpose of our conference will be to launch our new product. This will help us to do the planning of the conference.
Planning will include:
Date and time:
Specific date and time is selected for the conference. Date and time is selected after careful review so that it is feasible for all the parties to attend the conference. According to the date the venue is also selected. Conference halls and function venues get booked sometimes in advance, so it should be done within the required time. Date should also be such so that we as well as our attendees get time to do their planning for the same. A checklist is prepared of all requirements and on the basis an appropriate venue, time and date is selected.
Attendees
We need to identify who will be intended audience and our attendees, and how many of them will be invited. This will help to decide the venue also identify if we need to make any special requirement for our attendees, or any travelling arrangement has to be made for them.
Content of the Conference:
Content of the conference will include what will be the agenda and the minutes of the conference.
The most appropriate topics are selected which will help to address the conference. The agenda of the meeting must fulfil all our requirements and fulfil the basic purpose of the meeting (Getz, 2007). The presenters and the activities for the conference are selected. Individuals are assigned responsibility for each activity and the resources which will be required for fulfilling these activities and responsibilities are also decided. Prior decision making will not create hassle during the conference as each will carry on his/her activity according to the assigned duty and this will make the conference an organised one (Shone & Parry, 2001).
Agenda of the meeting is one the most important aspect of the conference.
1) Product Introduction: We will introduce our product “Lallantop” in the conference. Its features and qualities are introduced
2) Uniqueness of the product: We differentiate our product from our other product and also how it is unique in its quality and taste ,how it will fulfil the customer needs and satisfaction
3) Target Market: We will discuss who will be target audience, i.e., higher segment of people and also specify why we have selected this segment of people and how it be according to the needs of this segment of people
4) Promotional Strategies: Lallntop focuses on the higher segment of people and so the marketing strategy decided will be focussed on the high class parties, events and conferences, where we can increase our visibility.
5) Distribution Strategies: In this we will discuss what will be our distribution strategy. Where we want to sell our product in the market and what will be our market segmentation
6) Supplier’s Aspects: Suppliers aspect will focus on what types of suppliers we wish to have who will provide us the necessary resources and increase our product quality
7) Quality Management: In this we will focus on what will be our quality management strategy
Identification of Resources for the Conference:
Resources for the conference will include the necessary arrangement i.e., man material which will be required to make the conference a successful one. For this the necessary resources like mike, speakers, and sitting arrangement, tables chairs, tea breaks and lunch arrangement is focuses which will help to entertain our customers and make them comfortable in the conference. This is necessary to keep the attendees attentive and attracted to the conference (Shone & Parry, 2001).
Number of manpower required being it in terms of technical staff, presenters, event organizers, or general staff, caterers are decided. Responsibility is assigned and they are informed of their schedule was that they will carry on their task at the right time (Harris, 2004).
Scheduling of Events
According the agenda events are scheduled and time is allocated for each event so that the conference runs in a systematic manner. Time slot is defined for each activity of conference and according to this responsibility is assigned to each individual (Meenagham & Ellingsen, 2005).
Promoting the conference:
Promoting the conference in one of the most important task so that we can the attendees which we want for our conference otherwise our conference cannot be a successful one. For this invitations are sent to the presenters and other facilitators and the intended audience for our conference which may include the different suppliers and other promotional agents, our clients who will help in the visibility and the growth of our new product in the market (Shone & Parry, 2001). Important media people from newspapers and the channels are also invited so that our conference gets visible to other people who were not our audience but may get to know our product indirectly. For that the posters on notice boards around our workplace and advertisement in few news appears is given so that people who want to attend our conference can register beforehand.
Presentation of the Agenda of Conference
Presentation of the conference will focus on following aspects:
- Techniques: Microsoft Presentation with effective technology will be used which will help us to focus on our product presentation and give our audience a good idea about our product. Time for each agenda is specified and slides with accurate tactics is prepared which will give a good idea how our product is unique from our other competitors (Getz, 2007).
- Relationship building: The presentation should be such that the audience are also given time to present their views during the conference and then can also participating in it. This will help to attract maximum number of views and suggestion from the audience, relationship building can be done only if our important attendee’s views are considered and opinions are taken from them (Shone & Parry, 2001). Important stakeholders and suppliers vies has to be considered for making our conference successful.
Risk Management:
Financial Risk: Financial risk will focus on the budget needed for our conference. This will include items such as rental fees, guest and speaker fees, catering budget, printing and paper costs, and security costs. The cost will include the variable and the fixed costs. The costs incurred should not be more than the estimated cost. This may affect of the pricing of the product in the market. For a newly developed product it is very much important to make an effective price, that should not be very high or very low, but it should be estimated and accurate to make an effective penetration in the market. Effective risk management is quite essential while coming up with new product in the market. This will make the organization ready to remove or minimize the risk at the starting phase of the product life cycle (Harris, 2004).
Promotional Risk: The conference should be used as a part of promotion for the product development in the market (Shone & Parry, 2001). But there are various risk factors, which may cause as the risk for the product in that market. The competitors may duplicate the strategy that is being adopted by the organization while the new product development. There may be some external person which may disclose the strategies which is being discussed in the conference. So the organization should make a proper risk management plan to avoid or minimize these kinds of risks.
Event Follow-up
The matters that are being discussed in the conference should be take care effectively. The feedback system should be followed and the effective follow up should be done, by following the discussed points and the plan of action that is being discussed in the conference. This will be helping in the successful implementation of the action plan and will be helping in the successful implementation of the product development strategies in the market.
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