New Product Launch Marketing Plan Essay Example for Free

New Product Launch Marketing Plan Essay A marketing plan can be defined as a written document that summarizes what the marketer has learned about the marketplace and indicates how a firm expects to reach its marketing objectives. It contains tactical guidelines for the commercialization programs and financial allocations over the planning period (Kotler et al., 2012). This document can be considered one of the most important outputs from the marketing process as it provides direction and focus for a brand, product, or company (Kotler et al., 2012). Typically, the marketing plan includes the following elements: Executive summary, situational analysis, marketing strategy, financial projections, and implementation controls. Executive summary Founded in 2014, Luxury-Pedic is a start-up manufacturer of luxury mattresses offering a product line that is focused on creating a lull the senses into a deep, relaxing, and peaceful nights sleep. With other competitive offerings like Tempur-Pedic, Icomfort, and Sealy Optimum, the Luxury-Pedic product line will focus heavily on being different. By providing a quality product at competitive price levels, excellent warranty, and service experience, Luxury-Pedic will stand out. Luxury-Pedic will realize vital market penetration by utilizing a market challenger strategy and attacking the market leader on the basis of competitive pricing. Additionally, Luxury-Pedic will thrive based on the following operating principles: hiring a top-notch management team with extensive industry experience; a solid business model and long-term planning; and careful evaluation and response to competitive opportunities. Situational analysis Luxury-Pedic is entering into its first year of operation. Thus  far, its products have been well acknowledged with the intention of further and rapider expansion to come based on the marketing efforts soon to be implemented. Luxury-Pedic offers memory foam mattresses in three varieties of firmness and a several varieties of types of memory foam. Market Summary Luxury-Pedic understands the existing market and has done extensive research to understand the common attributes of the target market. This research will be used better to understand the consumers, their needs, and how to communicate best with the market. According to Business Journal for the Sleep Products Industry (2015), the target market for the mattress industry includes the following: Mattress Involved Sleep Sufferers Healthy and Content Brand Selectors Apathetics There is no set geographic target area for mattress sales. By utilizing in-store sales, Internet sales and delivery services, Luxury-Pedic intends to serve both domestic and International customers. The market can also be narrowed down to the adult demographic, ages 18 and up. Behavioral factors will include the working class, the sleep deprived or fatigued population looking for a good nights rest. Market Growth Potential The mattress industry is a steadily growing, altering, and evolving. As the mattress industry has changed, the consumer demographics have changed as well. Baby Boomers no longer are wanting to deal with horrible sleep conditions as it saved money in exchange for a better nights sleep that allows consumers to be more energized and feel younger. This changing of consumer wants to consumer needs has enabled the mattress industry to become more prosperous than ever. There is an unlimited market growth potential as consumers are becoming more educated on the benefits of a better nights sleep as well as more educated on the advantages and disadvantages of the different types of mattress products. According to Wise (2012), The mattress trade group recently revised its estimate and expects the value of mattress shipments to rise 10.5 percent and the number of units to grow 6.5 percent (p. 3). This increased consumer knowledge base has changed the mattress market potential from being a small market with potential immediate rewards into a market where long-term growth and increase opportunity has become to the key to market success. Competitive Analysis The Luxury-Pedic 100% memory foam mattress line will move into a highly competitive space. Outside of the 100% memory foam mattress line, there is the independent wrapped pocketed coil line and the interlocking coil or traditional coil lines of a mattress. These lines are built and designed by mattress companies that have been selling mattresses for 65 to 140 years by brands such as Sterns Foster, Simmons, Sealy, and Hampton Rhodes just to start. When it comes to the 100% memory foam mattresses, Sealy, Tempur-Pedic, Hampton Rhodes, Serta are the most popular companies today. All four of these businesses produce memory foam mattresses that range in price from $698 to $9,000 for a queen set. The none memory foam mattresses range from $198 to $4,800 for a queen mattress set. Competitor Product Price Summary When it comes to the prices of the 100% mattress foam lines, Luxury-Pedic is unable to compete with the prices of Hampton Rhodes and the introductory lines from both Sealy and Serta. The quality differences between the Luxury-Pedic mattress lines and the lower end lines of Sealy, Serta, Hampton Rhodes are the differences between night and day. For their price point, none of their mattresses are 100% memory foam. They contain mostly low-grade heat conductive standard foam that sleep hot by giving back all of the heat put into the mattresses. Additionally, they do not have proper edge support or prevent body impressions. When it comes to the higher priced 100% memory foam mattresses from the other competitive brands, Luxury-Pedic mattresses will stand out due to same high quality of material, temperature regulation, comfort, and edge support at a price point that undercuts all other competing mattresses. Tempur-Pedic mattresses are the only mattresses in the entire industry that are price locked at a that is almost double of what any other memory foam mattress costs. Tempur-Pedic owns SealyTempur-Pedic, and so the focus of the Sealy  100% memory foam mattress line is to be only two steps above the Serta memory foam line. Out of all of the memory foam mattress lines, the Serta collection is the worst at temperature regulation and has no pillow top product offering. Sealy is better at temperature regulation but is the softest of all memory foam mattresses. The prices of these two lines are very similar. They range from $1,299 to $2,499. Segmentation, Target Market, Strategy The Luxury-Pedic mattress lines will focus on three different areas of the consumer market. The first will be focused on consumer medical needs. The medical benefits of the Luxury-Pedic mattress lines range from increased circulation, increased recovery times, decreased: aches, pains, and soreness, and an increase in an overall comfort allowing for a better nights sleep. The second area will focus on consumer comfort. The Luxury-Pedic line will come in 3 different comforts from firm, plush, and pillow top allowing a customer to be able to identify the mattress that best suits their comfort needs. The third and final focus will be on consumer value as the Luxury-Pedic line will be more cost effective than Tempur-Pedic but will provide all of the same advantages and benefits of Tempur-Pedic. According to Perry (2010), The mattress industry must sell dreams if it wants to elevate its image, boost its sale price and give consumers a better shopping experience (p. 34). With the implementation of using these three different market strategies focusing on consumer segmentation and target marketing, Luxury-Pedic will be able to establish a stronghold in the 100% memory foam market. Pricing The Luxury-Pedic line will consist of three different mattresses firmness levels. There will be a firm, plush, and pillow top. When it comes a firm mattress, Tempur-Pedic queen price set is at $4,199, Serta is at $1,699, and Sealy has not actual firm 100% memory foam mattress. The price for a Luxury-Pedic firm mattress will be $1,899 as the Serta mattress has poor temperature regulation and it out prices the Tempur-Pedic significantly. When it comes to a plush mattress, Sealy is priced at $1,799, Serta $1,999, and Tempur-Pedic at $3,499. The Luxury-Pedic mattress will be priced at $2,099. The focus is to build value in the concept of adding more material  increases the size of the mattress allowing which causes an increase in the cost of the mattress. There is not a real pillow top in any of the Tempur-Pedic, Serta, or Sealy mattress lines, making Luxury-Pedic a true one of a kind, but in soft equivalences Sealy is priced at $2,099, Serta $2,199, and Tempur-Pedic at $4,999. The Lux ury-Pedic pillow top will be priced at $2,299. The point is to no be cheaper than a low-end mattress, but to be at a lower price than Tempur-Pedic. We will be at a higher price than Sealy and Serta with the benefit of much better quality. Distribution Strategies The distribution strategy for Luxury-Pedic will be following Indirect distribution. Luxury-Pedic Mattresses will initially be built and assembled in two factories in New Mexico and Kentucky to allow for easy mass distribution to wholesalers and mattress retailers. As Luxury-Pedics increase in the success, additional factories will be built to shorten delivery times in order to allow for an increase in mattress sales. The objective of the distribution strategy is to be able to get new mattresses to wholesalers and retailers in less than 72 hours after ordering. Developing clear objectives is vital to a successful marketing plan. There are numerous essential elements to consider when creating effective marketing objective. Its important that the objectives are specific, measurable, achievable, realistic and time-specific or SMART for short. The SMART approach let you how to manage your marketing activities successfully. Luxury Pedic is always evolving. The mattress industry is continuously growing. Key performances indicators are an important part of information used to describe how companies such as Luxury Pedic will progress towards its marketing goal within the next three years. Retailing at competitive rates of $1899-2500 depending on the mattress performance level, Luxury Pedic is priced to achieve increased profit revenue continuously. The key performance indicators are based on legitimate data and business objectives, and they are not always financial but they are necessary for directing management to their full potential. Some other essential performances include new and existing customers’ status, customer segmentation by profitability or demographics, customer referrals, advertisement, and testimonies. Demand forecasting Demand forecasting and estimation gives businesses valuable information about the markets in which they operate and the markets they plan to pursue. The purpose of demand forecasting and estimation is to find a businesss potential demand so managers can make accurate decisions about pricing, business growth and market potential. Managers base pricing on demand trends in the market. Demand forecasting and estimation is critical for inventory management. Businesses buy inventory based upon demand forecasts. Demand forecasting and estimation methods are typically accurate for short-term business planning. Estimating demand for the long-term is difficult because there are many unforeseen factors that influence demand over time. The expansion of the global mattress industry is forecast to reach 3.7% p.a. in the coming years. Between 2007 and 2013 the market increased with an average annual growth of 4.9%. Currently, cellular plastic and rubber mattresses account for 40.9% of the global demand while the remaining market share is divided between other mattresses (41.8%), and mattress supports (17.3%). China, France, Germany, Japan and the United States represent the largest mattress markets while the strongest annual growth is forecast to occur in Tanzania (24.1%), Ethiopia (15.4%), Philippines (15.0%), Rwanda (14.8%) and Bolivia (13.3%). Marketing Objectives Developing clear objectives is vital to a successful marketing plan. There are numerous essential elements to consider when creating effective marketing objective. Its important that the objectives are specific, measurable, achievable, realistic and time-specific or SMART for short. The SMART approach let you how to manage your marketing activities successfully. Luxury Pedic is always evolving, the mattress industry is continuously growing, and key performances indicators is an important part of information used to describe how companies such as Luxury Pedic will progress towards its marketing goal within the next three years. Retailing at competitive rates of $1899-2500 depending on the mattress performance level, Luxury Pedic is priced to achieve increased profit revenue continuously. The key performance indicators are based on legitimate data and business objectives; they are not always financial, but they are necessary for directing management to their full potential. Some other key performances include new and existing customers status, customer  segmentation by profitability or demographics, customer referrals, advertisement, and testimonies. Implementation Milestones As a new company, setting milestones in a marketing plan allows your company to track the progress of company goals; allowing the business to determine if it can reach the task by a particular date and if there is enough data to move to the next activity. Luxury Pedic will identify their tasks, the start date, and the scheduled completion date, each event will continue until every task is finished. Creating a milestone table for your business sets the plan in concrete terms with real budgets and deadlines. Luxury pedic started by identifying each milestone, assigning a due date, allocating a budget, and designating a responsible person or group for each task, this is how a plan is implemented. Control Metrics It is important to set the rules of engagement within Luxury-Pedic. In order to measure success, we must be able to have a way to create company goals and establish the way to control what needs to be done in order to achieve the objectives set forth. We must be able to have a rule to measure current success, as well. We must be able to deliver efficiently on four types of marketing control. Those types are Annual Plan Control, Profitability Control, Efficiency Control, and Strategic Control. Annual Plan Control provides us with the ability to see if the results the company is looking for are being reached. Profitability Control shows us where we are making money and, even, where we are losing money. If it is found that money is being lost, we can adjust what is being done to produce a positive gain in revenue. Depending on the money that is lost, the product or idea will go directly to the end of life cycle to save cost in that area. Efficiency control gives us the opportunity to see how our marketing dollars are being spent in relation to the impact that our marketing strategy is having on our consumer base. Strategic control will give us a roadmap letting us know if the company is going down the right path in product offerings and how we are going about to make these offers available to the public. With the proper control measures put in place, we can see a complete picture of how the company is doing at any particular time. We will be able to identify problem areas quickly and create contingency plans when needed adequately to address  any needs or areas of concern. Its falls on management to steer the company in the right direction. Creating a culture of success is vital. Frontline employees must be on board with the direction the company is moving. If it is determined that there are issue in that area by way in bad performance results, for example, it is up to management to find the right path to correct those performance issues. All parts of the business must work well together in order to serve our consumer base actually. Contingency Planning Marketers must be ready to update and adapt marketing plans at any time (Kotler Keller, 2011, p. 55). There are many variables that can affect daily, monthly, and quarterly numbers in terms of production and revenue. We must be ready to address any and all areas of concerns promptly. The introduction of a new mattress company can affect the way we market and advertize to our consumer base. Competition in a marketplace can have several adverse effects. One thing we must be prepared to adapt to is the effect competition can have on pricing and promotions. Too much competition can drive prices down which mean Luxury-Pedic must change to be successful. We may need to invest in more cost friendly products that can deliver the same quality and comfort to cut cost, but will allow us to still deliver on our promise to our customer base with more affordable pricing. Major geological events can have an immediate impact on demand of our products. Floods, tornados, and hurricanes can create mass devastation that can leave our consumer base in need to rebuild. Adjustments in our offerings and promotion to assist in helping rebuild our community will increase our overall customer satisfaction. Community service events and product donations would be a way for us to stand out above the rest of our competition to show that we care about our customers and our community. During such a period, the company could see a short term dip in revenue. With the establishment of community service projects in the time of need, we can predict that we will reap positive long term success from that. Luxury-Pedic must be flexible in our approach and delivery of our products to our customer in order to achieve high success. In conclusion, a successful firm starts with a marketing plan within its first fiscal year. A marketing plan is a highly detailed and written document that summarizes how  a firm plans to reach its marketing objectives. Luxury-Pedic has outlined its marketing plans and detailed tasks to reach these elements, executive summary, situational analysis, marketing strategy, financial projections, and implementation controls will be discussed among other elements. This paper has defined the following objectives that Luxury-Pedic will implement to achieve this successful marketing plan. References BedTimes. (2012). Research Finds 5 Key Mattress Consumer Segments. Retrieved from http://bedtimesmagazine.com/2009/01/research-finds-5-key-mattress-consumer-segments/ Kotler, P., Keller, K. L. (2011). Marketing Management (14th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Perry, D. (2010). Mattress industry should sell dreams. Furniture Today, 34(37), 33. Retrieved from http://search.proquest.com.contentproxy.phoenix.edu/docview/346182942?pq-origsite=summonhttp://search.proquest.com?accountid=35812 Wise, W. L. (2012). Going to the mattress. The Post and Courier Retrieved from http://search.proquest.com.contentproxy.phoenix.edu/docview/1115405056?pq-origsite=summonaccountid=35812

The Republic - Book 1 - Theme Of Justice Essay -- essays research pape

The subject matter of the â€Å"Republic† is the nature of justice and its relation to human existence. Book I of the â€Å"republic† contains a critical examination of the nature and virtue of justice. Socrates engages in a dialectic with Thrasymachus, Polemarchus, and Cephalus, a method which leads to the asking and answering of questions which directs to a logical refutation and thus leading to a convincing argument of the true nature of justice. And that is the main function of Book I, to clear the ground of mistaken or inadequate accounts of justice in order to make room for the new theory. Socrates attempts to show that certain beliefs and attitudes of justice and its nature are inadequate or inconsistent, and present a way in which those views about justice are to be overcome. Traditionally justice was regarded as one of the cardinal virtues; to avoid injustices and to deal equitable with both equals and inferiors was seen as what was expected of the good man, but it was not clear how the benefits of justice were to be reaped. Socrates wants to persuade from his audience to adopt a way of estimating the benefits of this virtue. From his perspective, it is the quality of the mind, the psyche organization which enables a person to act virtuously. It is this opposition between the two types of assessment of virtue that is the major theme explored in Socrates’ examination of the various positions towards justice. Thus the role of Book I is to turn the minds from the customary evaluation of justice towards this new vision. Through the discourse between Cephalus, Polemarchus and Thrasymachus, Socaretes’ thoughts and actions towards justice are exemplified. Though their views are different and even opposed, the way all three discourse about justice and power reveal that they assume the relation between the two to be separate. They find it impossible to understand the idea that being just is an exercise of power and that true human power must include the ability to act justly. And that is exactly what Socrates seeks to refute. The Socratic dialogue begins of Socrates recounting a conversation he had with a number of people at the house of Cephalus. Returning to Athens from Piraeus, where they had been attending a religious festival, Socrates and Glaucon are intercepted by Cephalus, who playfully forces them to come to his father’s house. Socrates begins by asking t... ...s are a paradigm case of those in control. The essence of ruling is, therefore, to be unjust and that is why a tyrant is a perfect ruler. He always knows what is to his advantage and how to acquire it. Thrasymachus’ view of justice is appealing but therein lies a moral danger and this is refuted by Socrates. Out of the confrontation with Cephalus, Polemarchus, and Thrasymachus, Socrates emerges as a reflective individual searching for the rational foundation of morality and human excellence. The views presented by the three men are invalid and limited as they present a biased understanding of justice and require a re-examination of the terminology. The nature in which the faulty arguments are presented, leave the reader longing to search for the rational foundations of morality and human virtue. Bibliography Allan, Bloom. The Republic of Plato. Second Edition, Basic Books. 1991 Foster, M.B. The Political Philosophies of Plato. New York, Russell and Russell. 1965 Annas, J. An Introduction to Plato’s Republic. Oxford, Clarendon Press. 1981 White, N.P. A Companion to Plato’s Republic. Indianapolis, Hackett. 1979 Graby, J. An Inquiry into the Works of Plato. New York, McGraw. 1961.

Perception and Societal Factors

Serenity In Joss Hoedown's â€Å"Serenity' and â€Å"Firefly', the human race used and polluted the Earth until it could no longer support life. In order to survive, humanity had to leave Earth- That-Was and find a new home. Taking place 500 years in the future, the Chinese and Americans were the main cultures that have survived centuries of time and light- years of travel, they have blended into one culture where speaking English can suddenly give way to speaking Chinese as if they were one language. Stereotypes and rejoice were mostly observed in Alliance vs..Brownout scenes, and by Jane (Adam Baldwin). The solar system that Serenity takes place in is made up of central planets governed by â€Å"The Alliance†, essentially THE government. Some people didn't want to be governed by The Alliance while others welcomed the idea. Thus a war began. Malcolm Reynolds, Captain of the ship Serenity, fought on the side of the Brownouts. The Alliance won the war and maintained control o f the central planets while the Babel â€Å"Brownouts† typically settled on the outer desolate American old-west type planets, poor, lawless.Ethnocentrism can probably be observed in the crew of Serenity, they've become a family, weary of outsiders. The Verse is a dangerous place. The Alliance and all their riches have built the biggest cities, the biggest buildings, the biggest army, and best technology including weapons and ships. The crew of Serenity tends to stay clear of Alliance considering the Jobs they take are often illegal. The Alliance is the Role of Power.

A Comprehension of Bipolar Disorder - Free Essay Example

Sample details Pages: 3 Words: 822 Downloads: 6 Date added: 2019/07/31 Category Medicine Essay Level High school Topics: Bipolar Disorder Essay Did you like this example? Bipolar disorder is believed to originate as far back as Early Greek and Roman periods. Lithium salts were used in bath waters to calm people during that time. In the 17th Century, both Robert Burton and Theophilus Bonet, identified the link between mania and melancholy. Don’t waste time! Our writers will create an original "A Comprehension of Bipolar Disorder" essay for you Create order The first documented case of bipolar disorder was done in the 19th Century by the French psychiatrist, Jean-Pierre Falret. An article was written describing circular insanity which details people switching through severe depression and manic excitement. (2018, Krans, Cherney). Since then, the highly investigated neurological disease has been pursued. The first time the term bipolar disorder appeared was in the 1980 third edition of American Psychiatric Associations (APA) Diagnostic and Statistical Manual of Mental Disorders (DSM). Bipolar disorder defined The Bipolar (two poles) disorder, previously called manic depression, has been determined as a neurological disorder in which the person shifts dramatically between the opposite differences of mania and depression. A created mental illness affecting a persons moods, energy, activity levels, and everyday life such as decision-making processes, tasks, sleep, and perspectives on reality. Mania is excitement, delusions, and euphoria while depression is severe sadness, despondency, and dejection. Mood swings can shift between highs and lows in a matter of minutes and the person can become very agreeable to very unreasonable. Symptoms There are four types of bipolar disorders with varying severities and may have related disorders associated. The first type is Bipolar I disorder with manic episodes lasting a minimum of seven days, requiring hospitalization, following with severe depression, and creating a break from reality or psychosis and dangerous. The second type is Bipolar II disorder with a pattern of hypomanic and depressive episodes for longer periods, occurring a minimum of two years but without a manic episode and can cause a significant impairment in the persons life. The third type of bipolar disorder is called Cyclothymia, having numerous periods of hypomania and depressive symptoms for at least two years with one year occurring during the childhood or adolescence years. The fourth is other specified and unspecified bipolar and related disorders which are defined by not matching any of the other three symptoms. These can be induced by certain drugs or alcohol or due to a medical condition, such as Cush ings disease, multiple sclerosis or stroke (Mayo, 2016). Symptoms can occur with a chemical change to the body such as hormone imbalance through pregnancy or menopause or seasonal changes in the environment. The symptoms of mania and hypomania have the same symptoms but different types of episodes with mania being more serious with noticeable problems in the persons life including work, school, social activities, and relationships. An episode comprises of three or more of the following characteristics which include abnormally upbeat, jumpy, or wired, increased activity, energy, agitation, irritable, or touchy, exaggerated sense of well-being and self-confidence or euphoria, decreased need for sleep, unusual talkativeness about various subjects, racing thoughts, distractibility, and poor decision-making such as spending sprees, sexual risks, or impulsive investments (Mayo, 2016). The symptoms of a depressive episodes reflect a noticeable difficulty in functioning with everyday life such as work, school, social activities, and relationships. An episode would consist of five or more of the following characteristics which include a depressed mood such as feeling sad, down, hopeless, tearful or irritability, feeling worried or empty, loss of interest or no pleasure in almost all activities, significant weight loss without dieting, weight gain, or an increase or decrease in appetite, either insomnia or excessive sleeping, restlessness or loss of energy, tired or slowed down, decreased activity levels, feelings of worthlessness or excessive or inappropriate guilt, decreased ability to concentrate, think, or indecisiveness, forgetting things often, and think about death or the idea of suicide with either planning or attempting (Mayo, 2016). Diagnosis Diagnosis should include a physical exam and lab tests to identify any potential medical problems, and a psychiatric exam to evaluate thoughts, feelings, behavior patterns, and personal perspectives. Sometimes family members or close friends will be requested to fill out surveys to help provide information. Mood charting sleep patterns, or eating journals may also be applicable in helping to diagnose and provide the right treatments. A mental health physician or psychiatrist may compare symptoms with the criteria in the American Psychiatric Associations (APA) Diagnostic and Statistical Manual of Mental Disorders (DSM-5). Causes Exact causes are unknown but many aspects contribute including genetics, stress, and biological structure and function of the brain. Genetics increase the chances of acquiring the disorder when there is a history of the illness in a parent or sibling. Physical changes in the brain such as average size or activation happening are being identified as a contributing factor. According to the National Alliance of Mental Illness (NAMI), the average age of onset is about 25 years old but can occur in teens, or more commonly in childhood and affect men and women equally with 2.6% of the U.S. population diagnosed and nearly 83% are classified as severe (2017).