Drive Alert -- Marketing Plan Phase II
Drive Alert is a new product that will assist drivers of all ages with poor eyesight to navigate automobiles with enhanced safety features. The product is revolutionary for its time and will require proper marketing plans to ensure success. To recap Phase I of Learning Team A's, (LTA), marketing plan included: introduction of new product, explanation and features of product, and the marketing approach.
Phase II of eMagin's approach for Drive Alert's marketing plan will include identifying the target audience, explaining how this niche of the market will be reached, describe the purchasing consumer along with researching the behavioral characteristics of the potential market. EMagin, (the organization that specializes in advance technology in optic wear), will want to examine the research and development of the new product to ensure profitability. Drive Alert is a relatively new product to the market and eMagin, (2007), must analyze other competitors in order to create a good marketing strategy to sell the product and provide direction in the marketing plan.
Targeting a segment of the market can be a powerful strategy. The targeting strategy will be the concentration of marketing effort to dominate a market niche. Targeting is the process of dividing a market into a specific and diverse group of buyers that require different products or marketing mixes, (Advanced Analytics, 2007).
Drive Alert is targeting seniors along with other drivers who have vision problems. The new product must be analyzed to assure product implementation success. Standard marketing research involves demographics, psychographic, and behavioral research, but LTA will be going with a high-tech product that will involve a different approach. Competition and technology are key focal points, and standard quantifying research will be difficult as this product is newly developed. Mature citizens with...