Effectiveness of proper sales promotions and a well formulated marketing strategy in enhancing customer’s awareness of the new brand of engagement rings.
Table of Contents
Problem statement 4
Research objectives. 4
Information sources. 5
Data collection method. 6
Primary research. 6
Secondary research. 7
Sampling design. 8
Launching a new product requires a lot of planning and coming up with effective strategies for promoting the proposed new brand. Market segmentation and sales promoting is the basic steps towards marketing the new brand. In most cases, customers buy items which they are familiar with. Hence, with proper marketing many customers will became attracted to this new brand of engagement rings. There is need for the company to develop a perfect and unique marketing strategy which they will employ during the launch of the new product in the market. Foremost, the company should do proper market segmentation so that they are aware of the customers who will their main target. This will cater for the need of customers so that are sure the new brand suits them. The most essential thing for the company is to gather enough awareness as this will impact how the new product is going to trend in the market in terms of the company making enough sales to sustain its production.
For Amare Jewellery company to come up with a new product, proper planning should be done to ensure the new brand captures the basic needs of the customers. According to the company’s idea, these new rings are quite different from the traditional engagement rings because they will be made of rare precious stones compared to diamond among others (Kothari, 2005, p.43). However, the company is worried of the risk and uncertainties which might result from the launch of the new product mostly how the customers will reach to this new brand. In order to handle this worry appropriately, it is imperative for the company to understand the needs and condition of the targeted demographic so as to come up with an effective marketing plan to promote the new engagement rings (Lodato, 2008, p.27).
Driven with an urge to promote this new product, this research will integrate both secondary and primary data collection approach to gather essential date needed to address this problem or the worries of the company. For matters of accuracy and objectivity, this proposal will be conducted by help of Qualitative approach since it is more compatible with the formulated research questions. After thorough investigation is done, the date will be reordered immediately so as to ensure high levels of accuracy is maintained (Lodato, 2008, p.27). Data recording will be done in a well defined table capturing all areas of the research questions. Generally, the motive behind this proposal is to research for appropriate product promotional strategies by understanding the basic needs of the targeted customers.
Amare Jewellery Company is in the process of establishing new engagement rings but its managers are uncertain how the targeted customers will react to this new product. This intended product will not only be new in the market but also will be unique to what other competitors’ retail. Hence, there are a lot of uncertainties and risks which the company might encounter in the process of developing and marketing the new product. This research is geared towards addressing the pressing question how the customers will react with the launch of these new engagement rings rich with rarer precious stones as compared to the traditional engagement rings (Debelak, 2005). Therefore, the main concern of conducting the research will be to carry out a comprehensive research for the new product by addressing areas of concern such as promotional strategies, market positioning, and sales promotion with an urge to creating a stronger brand of the new engagement rings.
To investigate proper means which the company can employ to promote sales of the new engagement rings.
To investigate how best the company can do proper customer targeting and market segmentation for this new product to be launched?
To identify a proper marketing mix which will be used by the company to enhance the new product awareness?
The expectation of the company is to carry out a proper marketing of this new product prior to its launch. The company intends to use the most appropriate means of promoting this new brands and as a result attracting more customers. In the modern society, many customers globally usually buys items of products which they are familiar with hence with effective marketing, the company is anticipating that it will attract many customers (Lodato, 2008, p.27).
Marketing a new product require a lot of research in order to define the market which will consume the brand. This requires the company to deeply understand its target customers in order to offer them with a brand that suits their needs. This drive will be further enhanced with establishment of effective marketing strategies will ensure the sale of the new product is attained per the set objective of the company (Lodato, 2008, p.27). As noted earlier, it is an imperative move for the company to establish effective brand promotion plan which will entice clients to buy the new product. In business context, advertising is a form of communication mostly used for marketing with intentions of manipulating consumer behavior with respect to commercial offering. Commercial advertisers primarily use images full of Structuralism in order to attract bigger audience which has a result increases the consumption rate of this new product in the market. Hence, advertising gives further details of the product creating some associating qualities in the mind of the intended customers.
For purposes of maintaining high levels of accuracy, this proposal will involve both desk and field research. Using both methods is important since they will give more information regarding the subject of the matter. With field research, it will be easier the give the respondents a chance to give their honest opinion concerning the new product to be launched. This method will also give surplus data of the basic needs of the targeted customers who will be treated as the respondents (Lodato, 2008). Another advantage is that that the researchers will have the capability to get first hand information which will be very vital to draw conclusion concerning the promotional means which the company should employ in the drive to market this new engagement rings rather different from the traditional ones. Notably, use of field research reflects how the researchers are determined to address the demographic which in reality is the targeted market for the new engagement rings. On contrary, this method is a bit expensive as it is time consuming and requires a lot of resources (Belk, 2006, p.16).
The proposal will also largely incorporate desk research method with an urge to vast information needed to address the intended problem statement. It is essential for the company to understand the expectation of the customer prior to launching this new product. This move will extensively help the company to understand how the customers will reach with the introduction of these new engagement rings hence it will be able to stabling effective marketing strategies to promote these new and unique brand (Belk, 2006, p.16). With use of this particular source, the company will have sufficient information which is essential in the process of creating a strategic plan to market this new brand or rings. Consequently, with help of desk research source of information, planning and implementation of sales promotion plan will be easy and effective (Belk, 2006, p.16).
Fundamentally, companies which do proper marketing of their products do not face difficulties selling the products. Hence the move of this proposal will be to establish a recommendation plan which will be used by the company to market the new brand of the engagement rings which are quite unique to what other competitors’ offers. An effective marketing plan should be specific in term of time frame and more importantly attainable. Implementation of this plan is expected to be done in parts succeeding each other accordingly (Belk, 2006). In reference to the set goals, the company should choose a flexible promotion plan which is cheap but viable. A according to Belk (2006), the aim of a promotional plan is to facilitate the sale of the new brand by basically understanding the needs of the targeted customers. It is also equally important for the company to establish clearly all the sales activities viable to reach our all the targeted consumers.
Lodato (2008) affirms that it is vital for the company to have a working strategy effective to attract more customers to buy the intended product. This plan should be concrete such that it outlines the target group and means that the company will employ to reach them irrespective of their location. In order for the company to build the market for this new product, it expected to use the stipulated marketing plan which as result will create reference able customers. For monetization intentions, the company must develop unique promotional and marketing strategy which will help to capture attention of the targeted customers. Ultimately, with manufacture of these unique rings rich with precious components, if the company will employ effective sales promotional strategy definitely it will not face many difficulties selling these rings.
Data collection method
The method of data collection to be employed in this proposal must be compatible with the developed research questions. In each and every project, the main concern of the research is to address the proposed questions without altering on its validity, accuracy, or independence among others (Belk, 2006). With that in mind, this project proposal will incorporate both secondary and primary method for purposes of gathering the intended information in relation to the research questions.
The aim of the primary research is to engage the respondents who are believed to be the targeted customers of the new product. In this sector, the respondents will be involved by use of questionnaires and interviews with questions relating to the proposed problem statement of the research proposal. The developed questions will be well articulated reflection on the basic research question of this project. As a matter of fact, the interview questions will be either open-ended or close ended depending on the formulated questions (Belk, 2006). For the part of interviews, respondents will be engaged through telephone calls or personal contact. This methods of research will chiefly involved the targeted demographic of the product so that it can be possible for the company to capture their needs.
The process will be to interview the respondents separately and recording down their responses immediately so as to eliminate distortion of the data. The interview questions will be keenly formulated covering all areas of the proposal. The questions will be well articulated such that they will not seem like personal or biased. According to Tracy (2013), it is vital for the researchers to use a survey method during the process of collecting data because it is believed to be compatible with the developed research questions. As a result, this proposal research will at length provide respondents will fine coherent questions in order to avoid ambiguities during answering process.
Secondary research to be used in this proposal will be derived from brochures, books, internet and journals. The chief aim of incorporating secondary research is to gather credible information essential to establish a strategic plan to be employed by the company during the process of marketing this new brand of engagement rings (Kothari, 2005). The incentive from secondary research will compliment those from the Primary research for a better establishment of an effective marketing plan.
In reference to design, Qualitative research will be used since it is friendly with the developed questions. Qualitative research is easy to use mainly with the anticipation that the new brand will be quite unique to the others of the competitors, it is essential for the company to proper sales promotion campaign in order to familiarize customers with the launch of the new engagement ring (Kothari, 2005). This design method will to address ways which the company can employ to market the intended engagement rings.
Sampling will be done to approximate 12 respondents that are both males and females. Simple random method will be used since it is more compatible with Qualitative research and more so to the developed questioners. The reason of using a even number of both males and females is to give both genders an equal chance to give out their honest opinion eliminating chances of any biasness.
The data for this proposal will be accurately collected and systematically recorded down in a table. Recording of the data will be used with help of descriptive statistics which is flexible enough to allow easier distribution of the recorded data. This recorded data will be represented down in summarized charts, graphs and tables (Kothari, 2005).
Belk, R. W. (2006) Handbook of qualitative research methods in marketing. Cheltenham, UK, Edward Elgar.
Debelak, D. (2005) Bringing Your Product to Market … In Less Than a Year Fast-Track Approaches to Cashing in on Your Great Idea. Hoboken, John Wiley & Sons.
Kothari, C. R. (2005) Research methodology: methods & techniques. New Delhi, New Age International (P) Ltd.
Lodato, M. W. (2008) Management of new product launches and other marketing projects. Bloomington, IN, AuthorHouse.
Tracy, S. J (2013) Qualitative research methods collecting evidence, crafting analysis, communicating impact. Malden, MA, Wiley-Blackwell.