Product Innovation: Marketing Strategy for Roller Brush Grooming

This report presents a comprehensive marketing strategy for the launch of a new product: a roller brush grooming tool for dogs. It begins with an executive summary and table of contents, followed by a financial analysis employing the ATAR model to forecast market size and product value. The report then details the marketing requirements for a successful product launch, including competitor analysis, target customer identification, value proposition creation, marketing strategy definition (including multichannel approaches), market testing, and campaign planning. The report also emphasizes the importance of understanding the product life cycle and choosing the correct distribution channel strategy. The report concludes with a Gantt chart and media schedule to illustrate the project timeline and advertising plan, supported by a reference list.

Running Head: PRODUCT INNOVATION
Product innovation
Name of the student:
Name of the University:
Author note:

1
PRODUCT INNOVATION
Executive summary
This report explains about the marketing strategy of a new product that is roller brush grooming
for dogs. Then it is explained how the product is launched to make opportunities of success,
strategies used to sell the product and the market value of the product due to its feature. Then
Gantt chart and Media schedule is given to show the timing and timeline of the product to launch
in the market.

2
PRODUCT INNOVATION
Table of Contents
Financial analysis.............................................................................................................................3
Marketing requirements for launching the product.........................................................................3
Channel strategy..............................................................................................................................5
Gantt chart.......................................................................................................................................6
Media schedule................................................................................................................................7
Reference list...................................................................................................................................8

3
PRODUCT INNOVATION
Financial analysis
Valuation of a product is a critical part in the development of a new product and services.
Companies are continuously involved in producing new products and improvement of existing
products. So company uses forecast model which can estimate the market size and highlight the
product economic value of the firm (Berends et al., 2014).
ATAR model – It is a forecast model that can estimates the percentage of sale on a given market
size. It can also estimate the success of new product and services. ATAR model is based on
awareness, trial, availability, repeat which is a concept of diffusion of innovation. It is a reliable
model for new product and services as it helps to know the existence of the new product, then
put on trial to let the consumers to know the availability of the product and at last if the buyer is
satisfied with the product they will repeat the product. So using ATAR forecasting model helps
to accurately create the awareness, analyze the number of trial users, and repeat buyers.
Marketing requirements for launching the product
The steps which is required for launching and marketing a new product to get the success
are as follows:
 Finding the competitors – Every business perform SWOT analysis before marketing any
new product. Finding the competitors by making a list of the businesses that offers
similar types of product helps to make plan before the launch of the product. It also helps
to make the new product unique from the competitors. Once the competitors are marked
it become easy to review the marketing, advertising and website making (De Massis et
al., 2015).

4
PRODUCT INNOVATION
 Targeting the ideal customers – For a successful launch of a new product it is essential to
target or focus on the need of the customer. This will include both new customers and the
existing customer who are currently buying the similar product form other company. So it
is required to add some uniqueness to attract both old and new customers.
 Creating value proposition – A clear understanding of what is needed and what is to be
offered separates one business from others. By knowing the customers wants of buy helps
to give competitors advantage. So creating the unique value of the product and satisfying
the consumers want helps to meet the need of the company (De Medeiros et al., 2014).
 Defining marketing strategy – Choosing the correct marketing strategy for sale of the
product is very important. It can be through online marketing or through dealers. But for
a successful marketing using multichannel is more effective to achieve the success
because it is the customers desire of when and from where to buy.
 Testing the market approach – Marketing strategy is a costly process so before applying it
fully it is important to run a sample or bundle test. It helps to know the effectiveness of
the marketing strategy applied. Depending on the market plan and budget a group of
people is selected to perform the testing process. After performing the testing process the
final marketing should be done.
 Campaign – Customers reaction about the product plays an important role in launching of
a new product. Using different mediums of advertisement for reviewing and launching
the product is the key part of the campaign. Making the product ready and available for
purchase is more important before publicity is done (Lyytinen, Yoo and Boland 2016).

5
PRODUCT INNOVATION
 Knowing the product life cycle – Depending on the campaign of the product and market
condition a company can identify the product life cycle. If it is found that product is
diminishing then it need to be revised or bring a new idea to launch.
Channel strategy
Choosing the correct channel for distribution is the backbone of the selling strategy.
Without a proper channel strategy it is not possible for the company to send the product to the
ultimate customers. Especially newly launched product needs a proper channel strategy to get the
success. Factors that are important for making the channel strategy are as follows:
 Determining the current market condition – Current market need to be analyzed before
choosing the channel of distribution. Also the channels used by the competitors of similar
products (Slater, Mohr and Sengupta 2014).
 Determining the channel costs – Finding the cost of every available channel is an
important part for the company. Every channel has its own advantage and disadvantages
depending on which a company chooses the channel.
 Profit percentage of the product – Depending on the profit or return company decides the
channel to be used. In case company want to earn more profit they will use long
distribution channel.
 Product life cycle – A new product always need a good channel strategy in its initial
stage. But company chooses the channel after determining the product cycle which will
determine the earning period (Martín-de Castro et al., 2013).

6
PRODUCT INNOVATION
Gantt chart
There are number of activities that are required to complete a project. Missing any
deadline or finishing a task has a great impact on the product launch. So Gantt chart is used to
convey the information that outline the tasks involved in the project. It gives visual information
to check the activity at a glance (Lin, Tan and Geng 2013).

7
PRODUCT INNOVATION
Media schedule
Media scheduling is the pattern of advertising which is represented in a flowchart. It
depends upon the nature of the product, nature of sale, product lifecycle, competitors and the
availability of fund (Im, Montoya and Workman 2013).

8
PRODUCT INNOVATION
Reference list
Berends, H., Jelinek, M., Reymen, I. and Stultiëns, R., 2014. Product innovation processes in
small firms: Combining entrepreneurial effectuation and managerial causation. Journal of
Product Innovation Management, 31(3), pp.616-635.
De Massis, A., Frattini, F., Pizzurno, E. and Cassia, L., 2015. Product innovation in family
versus nonfamily firms: An exploratory analysis. Journal of Small Business Management, 53(1),
pp.1-36.
De Medeiros, J.F., Ribeiro, J.L.D. and Cortimiglia, M.N., 2014. Success factors for
environmentally sustainable product innovation: a systematic literature review. Journal of
Cleaner Production, 65, pp.76-86.
Im, S., Montoya, M.M. and Workman Jr, J.P., 2013. Antecedents and consequences of creativity
in product innovation teams. Journal of Product Innovation Management, 30(1), pp.170-185.
Lin, R.J., Tan, K.H. and Geng, Y., 2013. Market demand, green product innovation, and firm
performance: evidence from Vietnam motorcycle industry. Journal of Cleaner Production, 40,
pp.101-107.
Lyytinen, K., Yoo, Y. and Boland Jr, R.J., 2016. Digital product innovation within four classes
of innovation networks. Information Systems Journal, 26(1), pp.47-75.
Martín-de Castro, G., Delgado-Verde, M., Navas-López, J.E. and Cruz-González, J., 2013. The
moderating role of innovation culture in the relationship between knowledge assets and product
innovation. Technological Forecasting and Social Change, 80(2), pp.351-363.
Slater, S.F., Mohr, J.J. and Sengupta, S., 2014. Radical product innovation capability: Literature
review, synthesis, and illustrative research propositions. Journal of Product Innovation
Management, 31(3), pp.552-566.