Today, York products are heating and cooling some of the world's most famous structures, including the Empire State Building, the English Chunnel, U.S. Capitol building, India's Taj Mahal and the Sydney Opera House. Over the years, thousands of York Dealers have installed that same York quality in millions of homes throughout North America. Their training in proper installation and service ensure that you get unsurpassed comfort to improve the quality of your life.
Introduction of the Product There is a trend for the society nowadays to purchase environmental friendly product that can improve our quality of life and also reduce the pollution rate of the earth. For our company that focus on the heating and cooling function products such as air conditioners, furnaces, heat pump, air handlers, and so on, should keep up the pace to innovate and launch out the products that can meet the requirements of consumers.
For now, our company, YORK organization is going to launch out a whole new innovate air conditioner in the Affinity Series Split Air Conditioners that name as CFE Air Conditioner that contain multifunction that improve in the areas such as indoor air quality, energy, pollution level, and life cycle of product. The biggest selling point of CFE conditioner is it was the whole new combination of the new improvement of filtration machine that can filter almost 98% of the harmful method for environment inside the gases that release from the motor, internal air circulation system that working automatic while people switch on the air conditioner to improve the indoor air quality, and also the refrigerant that ozone friendly can reduce the destroy of ozone layer.
Besides that, YORK's new product-CFE conditioner also gain superiority in energy efficiency that is at least 15% to 25% more efficient than standard products. Besides that, it also contains the QuietDrive System features that reduce system noise and also earned the Good Housekeeping Seal that symbol of quality and trust. Budget Allocated Before launch out CFE conditioner, company already done a budget allocated for the launching of this new product through marketing strategies base on 4Ps-product, price, place, and promotion. Due to the budget allocated below, we estimated that our company needs to spend about RM503, 000.00 on the beginning launch out of CFE conditioner.
Highlight Marketing Strategies To make sure the launching of CFE conditioner can meet the objectives that set up and success in the market. Some marketing strategies choose to be use as a tool that helps our new product easily and efficiency to be accepted by society. The major of the marketing strategies are base on the 4Ps concept-product, price, place, and promotion. Here some highlight of the marketing strategies: In the process of preparation for the Marketing Plan above, as a marketer, I need to find out much information such as the trend of market in purchasing, what is the suitable company that can well present my product, and also understanding all the marketing concept or steps should be done and analysis before a new product launch out.
Besides that, when I start to prepare for the marketing plan, I get many different ideas and also opinions from different people. From the ideas and opinions gain from others, I realize that I should always think further for my ideas to avoid it to become useless or useful only in the small- scale. I should always pay attention to the changes around, evaluate it, and try to come out some ideas to overcome it. These can help us to improve our ability to analysis and also more creative in planning.
In the process of doing this marketing plan, I have review back all the points that important for marketer and clearly understand it. From this step, I not only know well in the areas of theory, but I can have the chance to apply it in my plan. This gives me a chance to practice all the knowledge we gain in the subject MKT203 The Marketing Challenge. The knowledge such as ways to analysis, targeting, and positioning give me basic concept about launching a product. Analysis the situation from external and internal of company very important because it will affect the performance of the new product if there is a wrong time period or gain a strong competitor. The more detail the analysis, the more the product can be launching out with all right and on the right way to achieve the marketing objectives that set up for the new product in the beginning.
Next, a right direction on targeting and positioning also help me can easily to distinguish on what should be implementing to support my product and what should be take out because of the least affect on the product but with the non-reasonable cost. In the concept of targeting and positioning, I just realize that there are a lot of factors should be considered when doing decision on these two areas.
For targeting, I learned to evaluate the market segments before determine my product target market and consider which is the most suitable targeting strategy that should be apply to the categories of product base on our company background and future direction. For positioning, I need to give a clear position to my product to launch in the market. This not only will affect the performances of product but also the quality or image of company.
Another one concept that I have been learned through this marketing plan is the uses of marketing strategies on product or company. The main point of the marketing strategies can be defined by the concepts of 4Ps. Before I concern more on this concept, I though there are just some ways to make sure product can gain competitive edges in market. But after overview the whole definition and contents about it, I realize that it is not simple as I though before.
"Product, price, place, and promotion", every marketing student will learn these four words in the first class of principle of marketing, and it's seem easy and not important because its defined as the basic knowledge about marketing. But when come to the class of marketing challenges, I found out that these four words can influence any product in far-reaching. Start from product, I learned to distinguish my product categories, enlarge the functions, benefits, and quality of it to become more attractive. Besides that, strategies use in brand defined, packaging, and labeling should be evaluate before making decision on the related method to maximize it edges and unique that others do not own. It is not enough if only the offer from product, I taught to combine the product concept with price concept while launching a new product. The pricing strategies are important for the product or company in the future performance and also the image in consumers' mind.
After the evaluation of product, the suitable place or channel very important to a company to be success and achieve their goals. Chose the right intermediary can company increase their profit and also reduce the complexity. When the 3Ps above done, the last P-Promotion is ready to be implement. In this category, promotion mix is the main knowledge for me to concern on. From the process of understanding the promotion mix tools, we can determine that the good use of the promotion tools will make product success in market and built up company image and brand.