Ridhi 8952465 Marketing Project

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Conestoga College *

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014

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Marketing

Date

Feb 20, 2024

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docx

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13

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Name: Ridhi Student Number: 8952465 Product: Lawnmower Brand: Rona Manufacturer: Edwin Beard Budding of Stroud, Gloucestershire, England
Introduction An essential tool for maintaining lawns, lawnmowers have experienced a remarkable evolution that has made them effective, user-friendly, and ecologically conscious. Lawnmowers have evolved from conventional gas-powered models to sophisticated electric and robotic versions, and they are now necessary for keeping outdoor areas and lawns well-groomed. Features: Utilizes a cylinder of blades to cut grass in a scissor-like motion; ideal for shorter grass varieties and environmentally friendly. Enables users to adjust the mower's cutting height to suit different grass types and tastes. Easier to move around and avoid obstructions with. A container or bag for collecting grass clippings that makes them easy to discard. Environmentally friendly. Changes made or innovation need to be done: With the introduction of battery- and electric-powered models, there has been a move toward more environmentally friendly options, which has decreased noise and emissions. Robotic lawnmowers, for example, demonstrate the industry's dedication to automation and provide homeowners with a more convenient and labor-efficient lawn care solution. Targeted Audience: Homeowners: The main audience is made up of homeowners with different sized lawns, gardening enthusiasts, and landscaping experts. Customers who care about the environment are often drawn to electric and robotic lawnmowers, but those who want power and versatility may choose gas-powered models. Gardens and parks: Government can use them to clear and maintain park grass. Manufacturer/History Info: Edwin Beard Budding of Stroud, Gloucestershire, England, created the lawnmower in 1830. Invented primarily as a better lawnmower than a scythe for sports fields and large gardens, Budding's mower was awarded a British patent on August 31, 1830. Budding's first machine had a wrought iron frame and measured 19 inches (480 mm) in width ( Passmore, Everett G, 1869)"
Product Development and Strategy Product Life cycle strategy: To launch the product, intensive marketing strategies are used, such as advertising, promotions, and maybe attending trade shows. maximizing growth and market share by gathering consumer reviews and feedback. Keeping up with product life cycle to keep up with expanding competitors Changes to the new product: There can be several changes that can be made to the product to improve its sale for example: Think about giving the lawnmower a new name that accurately describes its salient characteristics or advantages. which grab the interest of clients. Improve existing capabilities or add new ones, like automated features for a better user experience or smart technology for remote control. Make packaging more visually appealing or eco-friendly to make it stand out on store shelves. Update or improve the visual identity and logo for the brand. Reason for choosing strategy: A redesigned logo can announce new product releases, bringing novelty and demonstrating the brand's dedication to creativity. While aesthetically pleasing packaging can draw attention and convey product quality, sustainable packaging also addresses environmental concerns. In a crowded market, a catchy name can draw in customers and improve brand recall. Marketplace Trend Analysis
Trends: Trend is something that comes into effect and which modify consumer behaviour and choices. Take the growing popularity of smart technology or sustainable living, for instance. Target Audience : Businesses examine the psychographic and demographic characteristics of the audience driving or actively participating in a trend once it has been identified. Audience is very important so one it comes into business people knowledge they try to improve their product in that way only which pleases consumers. Product Development Opportunity: An opportunity for product development arises when a trend is identified that appeals to a particular demographic. Businesses can create goods that reflect the trend or react to it. Customization: We should always customize our product according to audience needs and desire. Market Position: In order to successfully target the identified audience, products created in response to a trend can be placed strategically in the market. Businesses can differentiate their products in a crowded market by having a competitive advantage derived from being early adopters of and responsive to trends. Example of Trend, Audience and link between them. Trend: Smart Technology Integrated into Lawnmowers Audience: Smart Home Systems and Tech-Savvy Homeowners Link: Lawnmowers are increasingly being equipped with smart technology, including automation, connectivity features, and sensors. This enables real-time status monitoring, automated mowing schedules, and remote control of the lawnmower. Conclusion: The incorporation of smart technology into lawnmowers is indicative of a trend that appeals to a particular group of people: tech-savvy homeowners. By creating lawnmowers with intelligent features specifically designed to cater to this particular demographic, a connection is made between the trend and its target audience. In addition to leveraging the trend, this strategic alignment gives the company a competitive edge in the lawnmower industry.
Target Market and Positioning. Reason for choosing this market segment: The selected market consists of tech-savvy homeowners who already use smart technology in their daily routines. Demand for integrated solutions for various aspects of home maintenance, including lawn care, is rising as more homeowners adopt smart devices. By meeting the needs and expectations of a consumer base that actively seeks out and embraces new technologies, targeting a tech-savvy segment gives businesses a competitive edge. Target Market Profile: Population: Age range: 18–45 Family Unit Income range: middle-to-high Education: University graduate Professionals or tech enthusiasts are their occupation. Psychographic Lifestyle: modern, environmentally conscious, and tech-savvy Values: sustainability, innovation, and convenience Interests: Automation and smart home technologyPerceptual map with the new product and three competitors. Map with three competitors of the product is described below: Brand: Rona . Product: New smart Lawnmower. Map: Affordability | Competitor 1 | | New Smart Lawnmower
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