This marketing plan focuses on the new product development of Dyson, a British technology company that designs and manufactures household appliances. The plan includes an analysis of the existing brand, target market, new market trends, and a comparative analysis of competitors.
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Principles of marketing Name & ID
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Contents 1.Introduction 2.About Dyson 3.Existing brand and Brand Values 4.Kapferer brand identity prison model 5.Target Market 6.Analysis of the New Market, Including Trends 7.An Explanation of the New Product 8.Comparative Analysis
Introduction The principles of marketing defines an organisation of activitywhichexchangesproductandservicesand value to customers is provided. The aim of report is producesaneffectivemarketingplanforwhich DYSON is selected (Aggarwal and et. al., 2019).
About Dyson It is a British technology founded in 1991 by James Dyson in UK. It designs and manufactures household appliances such as vacuum cleaner, hand dryers, etc. The market share of Dyson is 27%. The market size is about USD 20.66 billion.
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EXISTING BRAND AND BRAND VALUES The term brand defines to name, design, symbol or other feature for goods identification of seller being different from other sellers.TheDysonisconcernedwithmanufacturingand designing of household appliances for women which wants to have brand extension in market by determining the needs and preferences of customers (Beirman, D., 2020).
TARGET MARKET The target market of for the Dyson are consumers who value their technology advanced products. It will target to middle-high income along with male and female of age group between 25-45. The segmentation is a process of dividing large market into segments by putting focus on particular group.
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ANALYSIS OF THE NEW MARKET, INCLUDING TRENDS PESTEL analysis It is a technique of external environment which provides understanding of market dynamics and business growth. •Political factor •Economic factor •Social factor- •Technological factor- •Environmental Factor •Legal factor-
CONTINUE… Ansoff model The Ansoff matrix defines a strategic tool that supports and guides companies in making decisions about growth. It is influenced by external and internal factors. •Market penetration •Market development •Product development •Diversification
AN EXPLANATION OF THE NEW PRODUCT In the existing product line of Dyson, the product can be expanded such of hair dryer which will help woman in Drying their wet hair. The Dyson will use the option of productdevelopmentbyestablishingnewproduct.The product look of hair dryer will be unique that will dry hair 50% faster. It brings the innovation technology in product and gained market leadership.
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COMPARATIVE ANALYSIS DysonSamsung electronicsBosch Itdealsincompany manufacturingelectricdomestic appliances. Samsung Electronics is a company engaged in the manufacture and distribution of electronic products (Lindgreen and et. al., 2020). TheBoschGroupisaglobal supplieroftechnologyand servicesthatoperatesinfour businesssectors:Mobility Solutions,IndustrialTechnology, Consumer Goods, and Energy and Building Technology. Established in 199119381886 There are various competitors for Dyson dealing in same industry such as Samsung electronics, Bosch etc.
CONCLUSION The company can develop the new product and would be successful as it attracts everyone. The company can use the new product penetration pricing strategy to keep the price down for more attractiveness, and after the year of growth and profit, it can use the competitive pricing strategy to differentiate its product.
References •Aggarwal and et. al., 2019. Cause-related marketing and start-ups: moderating role of cause involvement.Journal of Global Responsibility. •Beirman, D., 2020.Restoring tourism destinations in crisis: A strategic marketing approach. Routledge. •Fillis and et. al., 2020.Handbook of Entrepreneurship and Marketing. Edward Elgar Publishing. •Jordan and et. al., 2019. Festival Marketing. •Lindgreen and et. al., 2020. How to develop original, courageous ideas in business marketing research. •
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