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Requirement
Use the same company from your Week 2 assignment.Your company has decided to launch a new line of products.Create a 750 - 1,000 word report and include the following information:
• Choose the target market for your product, and describe your target market in detail.
• Create a new product that would appeal to your market.
• Develop at least one question for each characteristic of the target market (demographic, geographic, psychographic, and behavioral) that will be important for you as you determine the marketing strategy for this new product.
• Recommend the best methods of conducting marketing research to answer these questions. Be sure to include why you chose these particular methods.
• Outline the steps you will take to bring your product to market from idea generation to commercialization, using a multi-step product development process.
Format your assignment consistent with APA guidelines.
Solution
Introduction
Equity Bank has created an immense desire among the youth for generating interest regarding the banking activities. Youth is the ultimate consumer in today's world. Therefore, Equity Bank has set its mind for persuading the youth. Therefore the target of Equity Bank are the youths based in South Sudan, who are the majority of the population of the country. Bank had never targeted any young customer before and was always concerned with families and parents.
YOUTH SAVINGS ACCOUNT
Equity Bank is launching a savings account for youngsters which will have features like the intuitive mobile app, customized card designs, offers and deals via the partner establishments.
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Customized Debit Cards– The concept of customized cards is not new, but a unique debit card has been initiated by Equity Bank. The youngsters can customize their debit cards just they do it with their phone skins and tattoos for making sure that these are one-of-a-kind. The similar things can be done with young customers with their YOUTH SAVINGS Account.
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Intuitive Mobile App – as the youths have high affinity with their mobile phones, Equity Bank will create a mobile app which will facilitate easy banking transactions allowing the youths to check their account, transfer the money, recharge mobile phones, and pay bills without going to the Bank.
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Parent’s account linked to Equity Bank Account- The young customers can link their parent’s Equity Bank account using the mobile app where the parent can set a yearly, monthly and weekly limit on the money being withdrawn by their children. Offers on the YOUTH Debit Card – the youngsters will be offered with great deals and offers regarding movies, hangout destinations, mobile recharges, apparels, etc.
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Market strategy
The market strategy that the Equity Bank adapts is market segmentation for marketing their product so as to reach to the target population. The product will be promoted digitally where the Equity Bank will continue to drive the product using consistent communication on the target mailers and Facebook Community. A media plan has been delivered with around 9 million advert impressions (Brown, S. L., & Eisenhardt, K. M., 1995).
Demographic
Demographic factors include the target market and its gender, age, sex, etc. The age group will be critical as it will decide the method of advertisement while introducing and marketing the product.
What is the age group of the youths being targeted in South Sudan?
Geographic
It will include the region where this product will be launched. It will help in planning the after sales services and marketing activities.
Where is the target market for Youth savings accountlocated?
Psychographic
It is important to understand the preferences of the target market and will help in setting up the prices.What is the lifestyle and status bracket of the target market?
Behavioral
It will be helpful in determining the target market and its perception on the Youth Savings account and why do they prefer it.
What are the perception of the people of South Sudan towards this product?
Methods for conducting marketing research
The methods used for conducting market research are
Surveys
Sample questions were designed for market segmentation for conducting the market survey.
What account are they currently using?
What are their views on this product?
What is their view on linking their accounts with parents account?
This type of questions will be beneficial in providing required feedback and will help the organization in strategizing their market orientation and to introduce the product effectively.
Personal interviews
An unstructured, open-ended questionnaire will be asked by the company where the potential customers will be asked to present their views on the use of the product and its effectiveness. This will help in realizing the attitude of the customers regarding their products and features.
Product development
A new product development involves the steps mentioned below(Robert brands, 2013):
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Focus groups can be used where the generation of ideas can be done using brainstorming.
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Ideas are screened, (whether in line with company’s objective)
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Testing the concept,
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Analysis of the product to make sure that the product is manageable and will be profitable.
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Marketability by conducting surveys in the market for testing whether the market is marketable.The results will be recorded for further analysis.
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Product development: The technical aspects of the products will be tested in order to prevent any failure leading to loss of the customers.
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Commercialize: Social media and other platforms can be used for introducing the product to the customers.
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Post launch review: The product will receive findings and decide how the product has weighed the cost and benefits.
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Robert’s brands (2013), 8 steps perfects new product development: innovation excellence. Retrieved from www.innovationexcellence.com/blog/2013/05/27/8-steps-process-perfects-new-product-development/
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Brown, S. L., & Eisenhardt, K. M. (1995). Product development: Past research, present findings, and future directions. Academy of management review, 20(2), 343-378.
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