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Product Launch Marketing Plan Paper

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Product Launch Marketing Plan Paper Part 2 Dannielle Dunagan, Phikoun Khamchanh, Martha Miller, Kariecia Nathaniel, Ivan Rodriguez and Chris Zukoski MKT/571 April 25, 2016 Patricia Girardi The idea of pet insurance is a concept in which a target market has to be understood. In this paper we will look at the key buying behaviors and discuss the motivators for the consumer in this target market both domestically and internationally. We will also look at the life cycle; tactical planning, pricing strategy and the product mix in terms of competitors and / or substitute products. Let’s first look at the target market. Target Market As the market continues to stay strong home ownership increases the need for pet insurance will increase. As …show more content…

The average income will be between 45-60k. These groups are outdoors driven and love to take their pets with them on nature hikes, bike rides and open trails. As these individuals will often be outdoors they will want to keep their pets in tip top shape and will want to be covered should a unforeseen medical issue arises that can range from points oak, lime disease to le fracture. Overall both groups have a passion for their pets and when it comes to pampering tem there is no price limit attached. However they want to be safe and have a sense of security that their fur babies are covered for the inevitable. When it comes to the retail side we our strategy will be focused on local veteran clinic were our consumers reside. We will market toward local clinics that want the best for their customer and are focused on customer service for both their animal and human customers. We will stay away from big box chain clinic and strictly focus on local shops as they will have a will know local brand with a dedicate customer based. Detail the Steps Involved in a New Product/Service Development New product development is crucial for a business to succeed. Firms that decide to introduce a new product to market must create a product-development strategy. The new offering of a product involves the same steps, but it will also depend on the size of the company and the type of product to decide if the product testing will be necessary before launching to market. The new

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