Retail Strategy of Digital Eye Color Picker
Author: Ahsan Hameed (Date: 17.05.2007)
This literature has been aimed to make a business plan for a company that is going to launch a new product to its customers. This assignment we have certain objectives to accomplish.
- Select any newly innovative product, not yet introduced in Pakistan.
- Define the Company’s Business and Product Detail Briefly.
- Develop a Business Plan for New Product Before we Launch.
- Apply the six steps of Developing the Retail Strategy on our NPD Plan.
2. Retail Strategy:
A retail strategy is the overall business plan, guiding a retail firm. It influences the firm’s business activities and its responses to market forces, such as competition and the economy. Any retailer, regardless of size and type, should utilize these six strategies in strategic planning.
- Define the type of business in terms of goods or service category & company’s orientation.
- Set long-run and short-run objectives for sales and profit, market share, image and so on.
- Determine the customer market to target on the basis of its characteristics and needs.
- Devise an overall, long-run plan that gives general direction to the firm and its employees.
- Implement an integrated strategy that combines such factors as store location, product assortment, pricing and advertising and displays to achieve objectives.
- Regularly evaluates performance and correct weaknesses or problems, when observed.
For this purpose, we have assumed an electronics company, providing innovative products to its customers and we have selected a new product that is “color picker”, a new innovation in printing and designing sectors. Now we develop a business plan this new product.
3. Digital Eye – A New Step Towards Innovation:
3.1 Company Introduction:
Digital Eye is the new emerging company in the electronics product, by having a focus of introducing innovative product in Pakistan, as well as, in global countries. Our company’s has a big portfolio of electronics product, but company’s main focus is to create advancement in Printing & Designing field. And we will provide our customers with high quality products in reasonable price. And currently our focus is Pakistani market and after that we have the planning of introducing our products in to other countries.
3.2 Product “Color Picker”:
“Color Picker” is a new innovative product in the printing and designing field. And our company is launching this product, by having a focus of proving the best quality in a reasonable price to our customers. Color Pick is such a product, meet the needs of artists, students and drawing persons, who wants to give a natural touch to their drawings and paintings.
Color is one of the most important factors of painting, but it is hard to get a nature color just like the real object. But this color picker can help you finish this hard work. The built-in scanner can help you get the color of any object in real word and then, after the process of the chip, the Red Yellow Blue RYB cartridge located within the pen mixes the inks to create the color scanned.
Color Picker is a new innovative product. Just like a pen, as it can pick any color and then you can use in writing or painting with your desired color. A its contains the tinny cartridge, that contains the three basic color, Red, Blue, Yellow, just like a printer and it works with a tinny scanner in it, when you want to make any color, you don’t need to make that color, you just need to scan that color with color picker, and then it automatically mixes all colors and that make that color, just like natural.
As the above picture shows that you need to make a natural color, just like an apple, so you just scan the color and then you can use that color, because it will automatically make that color, by mixing the three basic colors automatically.
4. Retail Strategy for Color Picker:
“To Be a Premier Enterprise of Pakistan with a Global Reach, Passionately pursuing value for our stakeholders”
“Creating Value For Local Customer, and Maximize The Shareholder’s Wealth By Meeting International Standards And After That Competing the International Market With Providing Quality in our Products”
4.3 Goals and Targets:
Here are certain short-term and long-term targets; we will have in our company
(1) Short Term Targets:
Our short term target includes, and this period will consist of 6 months.
- Our focus would be to introduce our product to local market.
- We will focus only students first; as they use to try new things.
- We will start production with 5,000 units forecasted for one month.
- We will introduce it into Lahore market first and after that in each city gradually.
- Our target is to increase 15% production and sale each month.
- Our target would be customer satisfaction only.
- We will achieve 20% market share up till 6 months and 5% after that.
(2) Long Term target:
- Our focus will also towards artists and other drawings persons.
- We will go for national level and international level business
- International standards would be used to compete the international market.
- We will change the product design, capacity and size according to customer usage.
- We will divide the product into different categories, according to size, capacity, price and quality and so on.
4.4 Need Identification:
A student is going to draw a picture, and then he needs of colors to fill his drawing. And obviously, he will try to give a natural touch to his drawing by filling relevant colors, but when he mixes to or three colors to make his desired colors, he can not make the exact color same into the picture or product. So he can not make his drawing same as natural or real, and this is due to difference in color effects, as he could not make color same into real picture.
So a drawing person has need to a paint maker that can give him desired colors, which he needs. So Color Picker is able to solve this problem, as it scans the real color from picture or even from picture and then makes the same color by mixing two or three colors, to make that exact real color.
4.5 Market Segmentation and Targeting:
(a) Segmentation – First, we have Lahore market inform of us, so we will divide the Lahore market into different segments, like, geographical, age, education, income level, and behavioral segmentation. And after that we will select our target market.
(b) Target Market – Our target market will include school, college and university students and artists, who face difficulty into mixing and getting their desired color.
4.6 Guidelines and Values:
For Long Term Business Activities, we have certain Guidelines:
- Our major objective is to provide good quality in reasonable price.
- Our focus would be to identify the customer needs and fulfillment of those needs.
- We will develop only customer driven strategies for our business activities.
- Our stake holders are our assets and we have to care about them.
- We will facilitate the local customers by using the international standards.
- Customer are welcomed 24/7 via telephone help line and website.
5. Implementation Plan: Marketing Mix:
Our marketing mix will consists of 4 P’s like product, price, place and promotion.
(a) Product—Our Product is Color Picker, that is a new innovation in Pakistan; color picker can help you finish this hard work. The built-in scanner can help you get the color of any object in real word and then, after the process of the chip, the Red Green Blue RGB cartridge located within the pen mixes the inks to create the color scanned.
(b) Price—Our product price would be Rs. 300 and till six months, it would be same and after that will increase it price Rs. 5 after each quarter (3 months).
(c) Place—Our product placement would be through a proper distribution channel. And we will follow the traditional distribution channel.
Manufacturer Distributor/Wholesaler Retailer Customers
(d) Promotion—our Promotional activities will follow the product marketing and sale promotional activities. In marketing, we will follow the Media Marketing, and Out Side Marketing.
Print Media Marketing—Newspapers, English Magazines and Urdu magazines.
Electronic Media Marketing—Only Cable Media, only in relevant cities.
Outside Marketing—Banners in Institutes and Boards for Stationary Shops and Wall Chalking
6. Performance Monitoring:
After the implantation of business plans, we have to check the product performance, as we want to get customer satisfaction with best quality. And for product performance, we will have apply certain tools and techniques.
- Customer Care Center
- Telephone Help Line and Website and customer posts, for complaints
- Company’s Departmental Audit
- Quarterly consumer survey.
- Research from research companies
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