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Marketing Plan For An Aerofoil Shaped Alloy Rim

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Bogdan Profir

This document provides a marketing plan for an innovative alloy rim design for cars. The rim is shaped like an aerofoil to draw cool air over the braking system and exhaust hot air. The plan discusses the product, pricing it between premium and luxury. It recommends direct online and local retailer sales globally. Promotion through advertising, sponsorship and trade shows is suggested to raise awareness and reduce the introduction phase. The writer would oversee production, outsourcing, marketing and testing of the design. Their entrepreneurial traits of capital from family, creativity, and commitment will help drive the new business.

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Marketing Plan For An Aerofoil Shaped Alloy Rim

Uploaded by

Bogdan Profir
56 views7 pages
This document provides a marketing plan for an innovative alloy rim design for cars. The rim is shaped like an aerofoil to draw cool air over the braking system and exhaust hot air. The plan discusses the product, pricing it between premium and luxury. It recommends direct online and local retailer sales globally. Promotion through advertising, sponsorship and trade shows is suggested to raise awareness and reduce the introduction phase. The writer would oversee production, outsourcing, marketing and testing of the design. Their entrepreneurial traits of capital from family, creativity, and commitment will help drive the new business.

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salam regheton!

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This document provides a marketing plan for an innovative alloy rim design for cars. The rim is shaped like an aerofoil to draw cool air over the braking system and exhaust hot air. The plan discusses the product, pricing it between premium and luxury. It recommends direct online and local retailer sales globally. Promotion through advertising, sponsorship and trade shows is suggested to raise awareness and reduce the introduction phase. The writer would oversee production, outsourcing, marketing and testing of the design. Their entrepreneurial traits of capital from family, creativity, and commitment will help drive the new business.

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Download as DOC, PDF, TXT or read online from Scribd
Download as doc, pdf, or txt
56 views7 pages

Marketing Plan For An Aerofoil Shaped Alloy Rim

Uploaded by

Bogdan Profir
This document provides a marketing plan for an innovative alloy rim design for cars. The rim is shaped like an aerofoil to draw cool air over the braking system and exhaust hot air. The plan discusses the product, pricing it between premium and luxury. It recommends direct online and local retailer sales globally. Promotion through advertising, sponsorship and trade shows is suggested to raise awareness and reduce the introduction phase. The writer would oversee production, outsourcing, marketing and testing of the design. Their entrepreneurial traits of capital from family, creativity, and commitment will help drive the new business.

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Marketing plan for an aerofoil shaped alloy rim

Table of Contents
Introduction............................................................................................................................. 3 The innovative technology......................................................................................................3 Marketing Mix theory 225....................................................................................................3 Marketing strategy for the aerofoil shaped alloy rim 375......................................................... !ompetence "ithin the #usiness $5%..................................................................................... &ersonal entrepreneurial traits $75......................................................................................... !onclusion.............................................................................................................................. 5 'eferences............................................................................................................................. ( )ppendix................................................................................................................................ 7

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Introduction
The follo"ing report represents the assessment for the ....................module. It comprises five main parts. *irstly it presents an innovative technology+ follo"ed #y a theoretical presentation of the marketing mix and the applications of the marketing mix to the innovative technology in developing a marketing strategy for it. ,ext it descri#es the "riters main competence in the #usiness developed using the innovative technology. *inally+ the report lists three entrepreneurial traits of the "riter that "ill help drive the performance of the ne" company.

The innovative technology


The innovative technology is #ased upon an alloy rim of a car. In simple terms the "heel spins faster as the engine does so+ thus if the rim-s spokes are modified into a aerofoil shape+ the entire assem#ly #ecomes a huge fan capa#le of dra"ing cold air over the #raking system and exhaust the hot one. The ne" design "ill #e capa#le of lo"ering the heat produced #y the #raking systems in extreme #raking as "ell as keep the #rake discs permanently cool for maximum performance and efficiency.

Marketing Mix theory 225


The marketing mix is a set of tactical tools used after deciding the marketing strategy to provide "ays of meeting target market expectations ./otler 0 )rmstrong+ 2%$%1. These tools represent all that a company can do to increase the demand for its products and they are referred to as the &-s of marketing ./otler 0 )rmstrong+ 2%$%1. 2ometimes+ especially for services #ut may apply to products as "ell+ there is an improved version+ the 7 &-s .3o##er+ 2%%71 .see appendix $1. )ll seven tools are #riefly explained in the follo"ing paragraphs.

1.1 Product
The product is "hat the company offers to the market. It can #e either an o#4ect or a service or intellectual properties like ideas and concepts ./otler 0 )rmstrong+ 2%$%1.

1.2 Price
&rice is the amount of money that the company receives for its products. The price has to #e in accordance "ith the target market as "ell as the positioning of the product ./otler 0 )rmstrong+ 2%$%1.

1.

Place

The place is the space "here the product is offered on display for the customer to #uy. This again has to #e in accordance "ith the target market+ making sure that maximum spread is possi#le ./otler 0 )rmstrong+ 2%$%1.

1.! Pro"otion
&romotion is the "ay in "hich the company transmits its message a#out the product to the customers. The use of different promotional tools is necessary to maximi5e the reach of the message .3o##er+ 2%%71. 3|&age

1.5 Peo#le$ #hysical evidence$ #rocess


The final three &-s add further features that help the company ensure the sale. The people involved in delivering the product to the customer have an important role and should #e treated "ith care #y the company and specially trained to ensure that the right message is passed on. &hysical evidence and information a#out the process adds further value for the product in the eyes of the customer. .3o##er+ 2%$%1

Marketing strategy for the aerofoil sha#ed alloy ri" %5


)s 6eslie 7. 8incent .2%%91 says developing a marketing strategy for an innovative technology like the aerofoiled shape alloy rims is a complicated process that has to #e carefully done. The most important steps of this process are selecting the target market+ segmentation and positioning .8incent+ 6.7.+ 2%%91. )s it is an innovative product and developing and testing involves a lot of resources+ the alloy rims as a product should #e positioned #et"een premium and luxury+ "ith #oth high :uality and price .;oyle 0 2tern+ 2%%(1. The company should minimi5e the development and introduction stages of the product life cycle and try to keep the product at the gro"th level as much as possi#le to increase profits .see appendix 21. The main target market for the alloy rims "ould #e tuners and car lovers. The marketing mix for the innovative technology proposed in this report is as it follo"s. *irst+ the product+ as presented in the second paragraph is an aerofoil shape alloy rim that improves the ventilation of the #raking system. )s it involves a lot of financial resources to develop the product the price "ould #e high #ut not exclusive. To maximi5e the accessi#ility of the product and to reduce cost direct sales "ould #e availa#le online ensuring a glo#al reach and also trough local retailers. &romotion is pro#a#ly the most important element for the success of the ne" technology and the company selling it. )s stated #efore+ the introduction segment of the product life cycle should #e reduces as much as possi#le and this can #e done "ith efficient use of the promotional tools. <sing direct marketing+ advertising+ and sponsorship "ould raise a"areness and continued together "ith sales promotion and participation to trade fares should lead to a successful launch. The process can #e important to customers that have the kno"ledge to understand it+ together "ith the physical evidence. ) clear presentation of the process of manufacturing and ho" this ne" technology actually "orks is important to ensure the customer that the product is of high :uality.

Co"#etence &ithin the business 15'


The "riter "ould mainly have production duties+ outsourcing management+ marketing and other departments necessary for a #usiness to #e successful. 7e "ould get involved in the designing+ producing and testing of the aerofoil shaped alloy rim. 7is main role "ould #e to communicate his concept to the design team and ensure that his vision follo"ed during #oth design and production.

Personal entre#reneurial traits 1%5


=ased on the materials provided in the lecture notes the "riter indentified three main entrepreneurial traits that he has and that are useful for successfully developing the #usiness around the innovative technology of aerofoil shape alloy rims. *urther explained in

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the next paragraphs this three main entrepreneurial traits are> capital+ creativity and commitment.

1.( Ca#ital
This first entrepreneurial trait is achieved #y the "riter trough the support of his family mem#ers. 7e has access to large amount of finances ensuring the a#ility to develop and test the product. This option gives independence to the company and reduces risk as no #ank loan is needed and there are no financial o#ligations to any other third party.

1.% Creativity
This next entrepreneurial trait+ creativity+ is a :uality of the "riter proved in many circumstances. 7is continuous strive for improvement drives him to develop ne" technologies and improve existing ones.

1.) Co""it"ent
The "riter can #e referred to as a "orkaholic. 7e is passionate a#out this ne" technology as "ell as engineering in general. The "ork environment is influenced #y this passion that sets an example of commitment.

Conclusion
This report proposed a simple marketing plan for an aerofoil shape alloy rim #y descri#ing the innovative technology and then+ #ased on a theoretical model of the marketing mix explained+ developed a marketing strategy. The second part of the report presented the "riters main attri#utes in the proposed #usiness and his main entrepreneurial traits.

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*eferences
;oyle+ &. 0 2tern+ &.+ 2%%(+ Marketing Management and Strategy, *inancial Times &rentice 7all
th

?dition+ 7arlo" >

3o##er+ ;.+ 2%%7+ Principles and practice of Marketing, 5th ?dition+ Mc@ra"A7ill ?ducation 3o##er+ ;.+ 2%$%+ Principles and practice of Marketing, (th ?dition+ Mc@ra"A7ill ?ducation /otler+ &. 0 )rmstrong+ @.+ 2%$%+ Principles of Marketing, $3th ?dition+ &earson 6eslie 7. 8incent .2%%91+ !hapter ( Marketing strategy considerations in the commerciali5ation of ne" technologies> )n overvie" and frame"ork for strategy development+ in @ary ;. 6i#ecap+ Marie !. Thurs#y .ed.1 Technological Innovation: Generating Economic Results !dvances in the Study of Entrepreneurship, Innovation " Economic Gro#th, $olume %&'+ ?merald @roup &u#lishing 6imited+ pp.$73A2%%

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+##endix
1., +##endix 1 - . P/s of "arketing

)vaila#le from> http>BBsonam4ourno.#logspot.frB2%$2B%3BmarketingAmix.html

1.1' +##endix 2 Product life cycle

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