Smart Inventions

Marketing Plan # 110375

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Smart Inventions

A review of the strategic plans to be considered by Smart Inventions, Inc. when introducing its new innovative product into the market.

4,400 words () | 5 sources | APA | 2008 United States

Paper Summary:

This in-depth paper introduces Smart Inventions, Inc., which has come up with a new innovative product, the "Ever Reach Hanger" that will be introduced to the market nationwide this fall. The paper explains that this is an adjustable hanger used to accommodate various tops sizes ranging from medium to XXXL. The paper further explains that another purpose of the hanger is to ensure the quality, life and shape of the garment. The paper also notes that "Smart Inventions, Inc.", by introducing a distinguished product that is unique within the market segment, has considerable advantage over their competitors. The paper explores the products launch plan, marketing strategy, financial objectives and anticipated consumer response. The paper also includes a discussion on the exit strategy with regard to new products and services.

Outline:
Proposed Product
Customer Segments
Target Audience
Marketing Mix Variables
Industry/Competitive Factors
Primary and Secondary Competitors
Promotional Objectives
Financial Objectives
Marketing Plan
Exit Strategy

From the Paper:

"The attitude with which the product is met will greatly influence its success. If the hanger is promoted as a product for obese people, it may be met with resistance by people whom do not believe they are obese. If the hanger is promoted through various preexisting clothing stores which cater to larger people, the hanger may be seen as a product which will preserve their larger clothes. The latter being the easier message for potential consumers to identify with. Another reason for this marketing strategy is that an observation which is commonly made is that people take better care of their cars than they do themselves."

Sample of Sources Used:

http://www.bplans.co.uk/gu/index.cfm?a=s1&sterm=Market
(http://www.marketing-plan-success.com/Articles/Controls/
http://www.businesslink.gov.uk/bdotg/action/detail?type=RESOURCES&itemId=1075314198)
(http://www.entrepreneur.com/management/operations/article78512.html)
(http://www.growthink.com/businessplan/help-center/documenting-exit-strategy)