Our company "Fridgeman" has been on the market for refrigerators a very long time.
In the last few years a strong competition grew up that made us think about a new product
idea in order to prevent any price wars that would possibly have killed our firm.
In a meeting that included members of all different departments of our company we
developed the idea of a high-tech refrigerator with a lot of automatic functions that make its
user able to save time and money in everyday life. For instance it will be able to order all
needs for foods automatically at the next supermarket so that the user just has to pick up a
basket full of food when he or she drives home. Moreover it saves energy, has a huge recipes
database included and can make its users suggestions for healthy meals they particularly need.
We defined careerists and busy single households to be our main target group but even
everyone who wants to save time or who does not have the motivation to do shopping will be
in our focus.
The product does not have to face any competition when it is introduced into a brand-new
market segment and we will keep a technological lead of one year towards our competitors.
This will enable us to come up with new innovations every time the other firms have copied
our old product features. Moreover we offer several services to support every customer in
case that there is a malfunction of the fridge.
The macroenvironmental forces offer a lot of opportunities to us especially the category of the
cultural environment which also includes Faith Popcorn's latest trends. For example the
development towards more single households and more people who withdraw into their
homes to mind the "big ugly world" offers a great opportunity to us. There is no actual danger
that will make the launch of our product very risky due to the fact that we keep control of our
production and distribution costs and that we are very experienced in manufacturing fridges.
The "FridgeMaster" will underline our high quality level because our company offers its
products on a premium market. Nevertheless our prices are affordable for a broad range of
people even for our new product. The standard version will cost 1399 DM within the first 6-8
weeks and after this period 1599 DM have to be paid. A product variation which is smaller
and runs on castors will cost 1449 DM. [...]
Inhaltsverzeichnis (Table of Contents)
- Summary
- Introduction
- Chapter 1: product development process
- 1.1 Why we need a new product - the market situation
- 1.2 Generating ideas for a new product
- 1.3 Product features
- 1.4 Idea screening
- 1.5 How we prevented widespread mistakes in new product development
- 1.6 Results from our customer focus group
- 1.7 How our new fridge fulfils wishes
- 1.8 A short description of the target group(s)
- Chapter 2: Fridgeman's macroenvironment
- 2.1 Introduction into the German macroenvironment
- 2.2 The demographic environment
- 2.3 The economic environment
- 2.4 The natural environment
- 2.5 The technological environment
- 2.6 The political environment
- 2.7 The cultural environment
- Chapter 3: Market and Competition
- Chapter 4: Marketing-mix
- 4.1 The product and the product levels
- 4.1.1 The core product
- 4.1.2 The actual product
- 4.1.3 The augmented product
- 4.2 Pricing and placing
- 4.3 Promotion-mix
- 4.3.1 Introduction
- 4.3.2 Advertising
- 4.3.3 Personal selling
- 4.3.4 Sales promotion
- 4.3.5 Public relations
- 4.1 The product and the product levels
- Chapter 5: Conclusions
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This product report aims to analyze the launch of a new high-tech refrigerator, "FridgeMaster", into the market. It explores the product development process, considering the market situation, idea generation, and key features. The report then delves into the macro- and microenvironment, analyzing factors that could influence the product's success. Finally, it outlines the marketing mix strategies for the new product, including pricing, distribution, and promotion.- Product Development and Market Analysis
- Macro- and Microenvironmental Analysis
- Marketing Mix Strategies
- Target Market Identification
- Competitive Advantage and Product Differentiation
Zusammenfassung der Kapitel (Chapter Summaries)
- Chapter 1: "Product Development Process" explores the rationale behind developing a new product, outlining the market situation and the need for a competitive edge. It details the process of generating ideas, defining product features, and implementing measures to avoid common pitfalls in product development. It also highlights the results of customer focus groups and how the "FridgeMaster" addresses user needs. The chapter concludes with a description of the target audience for the product.
- Chapter 2: "Fridgeman's Macroenvironment" analyzes the external factors influencing the "FridgeMaster" launch. It examines the German macroenvironment, considering demographic, economic, natural, technological, political, and cultural aspects. The chapter explores how these factors create opportunities and challenges for the product's success.
- Chapter 3: "Market and Competition" provides a comprehensive analysis of the existing market for refrigerators and the competitive landscape. It examines the market structure, key competitors, and their respective strengths and weaknesses. The chapter focuses on understanding the current market dynamics and identifying opportunities for the "FridgeMaster" to gain a competitive advantage.
- Chapter 4: "Marketing-mix" outlines the strategic approach for launching the "FridgeMaster" into the market. It defines the product's core, actual, and augmented features, explaining the pricing strategy and distribution channels. The chapter delves into the promotion mix, focusing on advertising, personal selling, sales promotion, and public relations. It describes the specific strategies employed to reach the target audience and generate awareness for the new product.
Schlüsselwörter (Keywords)
The key concepts explored in this product report include product development, market analysis, macroenvironment, marketing mix, promotion mix, target market, competitive advantage, and product differentiation. The report focuses on the successful launch of a high-tech refrigerator, "FridgeMaster", emphasizing its innovative features and strategic marketing approaches.- Quote paper
- Ingo Titze (Author), 1999, Fridgeman's FridgeMaster Product Report, Munich, GRIN Verlag, https://www.grin.com/document/15066