Introduction
A new product comes or enters the market as the result of the innovative steps in the new product development process. The new product developed here is a brand of noodles called the Hot Nodle. The product is a delicious one with a variety of proteins and nutrients added to it to enrich its appeal. The noodle was developed as the result of the various brainstorming exercises carried out.
Product/Specific features
The product which we launched is a noodle which contains several nutritive, protein and healthy content. The product is to be made available at a reasonable cost and it has to be made available to people of various economic statuses.
The product is an innovative product, which is the result of several outcomes from the brainstorming ideas. The main concept during the launch of the product was the concentration on the new product development which is an innovative one. “Innovation works in business only when it creates a benefit. That benefit could have cost savings or efficiency that benefits the producer or distributor, or a cost-saving or anything else that benefits the customer” (Berry, 2010, para.1).
Certain features that make the product innovation are the shape of the noodles. Usually, the shape of the noodles is long and entwined together, which needs, to be broken into pieces, but the hot noodle is of the broken form which helps for easy cooking.
The packaging is done in plastic containers, which can be re-used and all the information about the product, including the web address for any feedback, is mentioned on the label.
The free offer of the sauce packages, ketch-up, etc is provided to make the product tastier and attractive. The sauces as an additional tastemaker have not been used previously and, therefore, this is a new product and offers a variety to the consumers.
Legal and Ethical implications
The legal and the ethical issues in marketing deal with definite principles where there is an opportunity for the regulation of the marketing, The main framework of the marketing ethics deal, with the value orientation which make considerable differences in the moral values like the honesty, sincerity, privacy, etc. The second issue deals with the stakeholder where the ethical problems linking the certain categories of the consumers, competitors, etc may affect the business. The other legal considerations are advertising, pricing, and deliverables. “Marketing ethics refers to principles and standards that define acceptable conduct in marketing as determined by the various stakeholders including the public, private and the government. It is the practice for the noble cause on an ongoing or short term benefit” (Pride & Ferrell, 2008, p.117).
Marketing strategy
Marketing strategy is a vital process and an unexceptional activity of an organization, where the business focuses keenly on its available resources and attempts to achieve the maximum opportunity to boost up sales and profitability. “Marketing strategy includes the activities associated with maintaining relationships with other stakeholders such as employees or supply chain partners, in other words, marketing strategy is a plan for how the organization will use its strengths and capabilities to match the needs and requirements of the market” (Ferrell & Hartline, 2008, p.17).
A marketing strategy identifies the option and preferences of the market segment, including product positioning, marketing mix which consists of product, place, promotion, and pricing. It is successful when they are the significant storehouse of the complete strategy, and which deal with the enduring prospects, competitors, corporate missions, and corporate targets and goals.
Mission statement
Our product is branded noodles named Hotnoodle which can be used by people irrespective of age group. The mission statements of our organization are:
- We are much delighted in making an ideal noodle and exhibiting considerate and cooperative services within minutes
- To be a global provider of noodles with reasonable pricing and to make it available to the needy irrespective of place.
- An excellent organization to work with which offers a tremendous growth opportunity for employees, job satisfaction and security with performance rewards and enough fun at work.
- To be an organization with a focus on profitability and esteemed services with due respect to the values of shareholders and stakeholders.
Objectives
“The objective will ensure that a company knows what its strategies are expected to accomplish and when a particular strategy has accomplished its purpose, in other words without objectives strategy decisions will take place in a vacuum” (McDonald, 2007, p.276).
The main objectives of the firm for the first year of operations are:
- Product /Organizational goals:
- The marketing objective of the Hot noodle includes; be focused on the differentiation strategy in the market
- To have an excellent position in the market in terms of price and quality.
- To make the product a synonym for noodles by concentrating in the rural market.
- To publicize the product by using the facility of sponsorship.
- Profitability Goals:
- Keeping provisions cost less than 35% of revenue.
- To manage employee labor costs among 25-29% of total revenue.
- Stay as a quality organization with excellent food and service.
- To make an annual profit of between $500,000 and $1,000,000
- To provide special discounts to increase the overall profitability.
- Sales Goals:
- Averaging sales between $1,000,000-1,400,000 per year.
- Enlarge the marketing and advertising in neighboring countries.
- Achieve 10% return on investment to investors
- To achieve a 60% target annually
Conclusion
Various discussions on the marketing strategy help to identify the necessity of the mission, goals, and objectives and how much significance they have in the marketing, and how they lead to the success of the firm.
Reference List
Berry, T. (2010). How to market an innovative product. Web.
Ferrell, O. C., & Hartline, M. D. (2008). Marketing strategy. Cengage Learning, p.17. Web.
McDonald, M. (2007). Marketing plans: How to prepare them, how to use them. Butterworth-Heinemann, p.276. Web.
Pride, W. M., & Ferrell, O. C. (2008). Marketing. Cengage Learning, p.117. Web.