New Product Launch Marketing Plan Essay Example for Free

New Product Launch Marketing Plan Essay Audi LED headlights Audi is a top of the line luxury car manufacturing company who plans to achieve goals and provide consumers with one of kind products. Audi has decided to create a new LED head light with spot detection capabilities to assist with consumer safety while driving in the city, as well as down country roads. Audi has assessed the need for their new product and has found that the new LED headlights with spot detection would be great for the consumer as well as the company sales. Through past research by Audis team we have found that several accidents within the United stated States occurred due to poor head lights or blinding head lights. Though Audis current venture is geared towards consumer’s with families who travel at least 100 miles a week, their game plan is to incorporate this light into all vehicles. We will address the areas of target population, product position against the competitions, as well as each stage of the product life cycle and our expansion of product offerings. Audi focuses on people (Idea Connection, 2014). This new innovation of LED head lights will do just that; focus on people. Audi will utilize the family and let them be the guide behind the quality and performance of this new offering (Idea Connection, 2014). Target market profile At Audi, we came up with this new headlight technology that is designed to make night driving safer. The target market for our product is composed of couples with children under the age of 15. Among these families, the focus will be on those who drive SUVs’, Minivans and Sedans. The target audience will be based around those parents who drive their kids to extracurricular activities like piano lessons or soccer, and who live either deep in the  country or outside of the city. One submarket will be those who live within the city and like to travel outside the city. These headlights are best suited for people who drive over 100 miles a day. In terms of income, we will target individuals with a college degree who make more than one hundred thousand dollars per year. Our product will also aim at corporations who offer company vehicle for their senior executives. Key buying behaviors Three factors influence consumers buying behaviors, those factors are cultural, social and personal (Kotler Keller, 2012). In terms of culture, individuals during the course of their life will be influenced by family, friends, neighbors, and others. Our consumers are individuals whose family members are accustomed to luxury cars, preferably Audis’. Cultural factors influencing buying behavior in terms of culture are also social classes. Our consumers will be individuals belonging to the upper class of society. For these individuals owning a luxury car with the latest technology is a statement. On the social level of consumers buying behaviors, our target market will be influenced by factors such as reference groups, family, and social roles and statuses (Kotler Keller, 2012). Our consumers will be influenced by family members, for instance a mother will most likely want her children to ride safely in a minivan, or SUV. A businessman will buy an Audi sedan because it is a luxury car and it tell others what social class he belongs to. Our target consumers are influenced by membership groups. One example is an individual who buys a luxury car to blend in with others in hos social circle who also own luxury cars. â€Å"Personal characteristics that influence a buyer’s decision include age and stage in the life cycle, occupation and economic circumstances, personality and self- concept, and lifestyle and values.† (Kotler Keller, 2012, p.155). Our consumers will be men and women, 30 years old or older. The target customers are also educated and very thoughtful as they carefully weigh the benefits of purchasing such a product (Rao, 2014). We believe that as mothers and wives, our consumers will be focused on safety. There have been a lot of plane crashes lately, because of that more and more people decide to drive instead of fly. Corporations will be concerned with profit. Corporations will see great benefit in Audi as it relates to the new LED head lights. The thought of safety will both save the company money, attract eager and loyal employees,  as well as give a strong impression on both competitors and new clients. Decision motivators for consumer/organizational target markets The primary decision motivators for buying the new headlights on the Audi car are the enhanced safety features of the product. Since the primary feature of the new headlights leads to secure driving, it will appeal to almost all consumers. On the other hand, the organizational target markets will entail the demographics of the urban areas. Geographic target markets will target the individuals who live in the urban areas that have developed infrastructures (Novak, De Leeuw MacEvoy, 2011). Product life-cycle (PLC) LED headlights continue to develop short and long-term strategies in the product life-cycle. The first of four stages is the introduction into the market; customer-value hierarchy is vital during the introduction stage, which identifies the core benefit of the product and creates a detailed description of the basic product. The augmented product value stage must surpass the customer yearning for safety and technology. In addition, marketers will incorporate future potential product growth. The product design can be incorporated into any Audi vehicle during the manufacturing process. The LED headlight will be an upgrade option, and pricing will be slightly higher than Audis without the LED headlight. A strong customer-value hierarchy strategy will enhance product promotion, and the place to launch the LED headlight will be a joint effort with Audi Automotive. During the initial growth phase, pricing will remain slightly higher than Audis without the LED headlight. Based on the lesson learned during the introduction of the LED headlight, the customer-value hierarchy strategy will adjust to meet customer expectations. Product promotion will continue to expand into new markets. The maturity phase begins when the LED headlight implementation reaches market equilibrium; pricing will remain the same during this phase. If the product continues to exceed customer-value hierarchy strategy, the product promotion will continue with the addition of customer and law enforcement reviews. Research and development continues to improve the LED headlight technology. The decline phase begins when market followers enter the market; pricing will then be slightly reduced in an attempt to slow the rate of decline. Product promotion will then be redirected to the new and improved LED headlight. Promotions and places to  launch the new product will be nationwide rather than regional launches during the introduction phase. Product mix A Product Mix is referred to as â€Å"the complete range of products produced by a company.† (http://businesscasestudies.co.u). That being said, Audi plans to unleash its new LED headlights in all of its product lines, which will appeal to the varying types of drivers who have a plethora of different needs and wants in a luxury vehicle. Audi produces a multitude of options for consumers to choose from. These products include 13 sedan options that range from $29,900 to $137,900, six SUV/Crossover/Wagon options that span from $32,500-$51,900, six Coupe options ranging from $40,000-$115,900, and seven Convertible options that span from $35,600-$129,400. (http://www.audiusa.com). With 32 available products that can be altered to match the driver’s particular style, the LED headlight is poised to grant the ultimate driving experience. â€Å"Audi revolutionized vehicle lighting with the first full-LED headlamps in 2008.† (http://www.audileds.com). Audi responded to the automobile industry’s need to change how vehicle headlights affect road conditions for all drivers. Audi continues to enhance its LED design, which is sure to darken its competitors’ vision of the future of automobile driving experience and further differentiating itself by not only enhancing driving conditions, but will be made available in a variety of options. â€Å"Only one square millimeter in size and offered on every vehicle in the lineup, LEDs have opened up an array of styling opportunities for Audi designers.† (http://www.audileds.com). Audi adds that â€Å"these little marvels can be combined to create infinite shapes and arrangements, giving each vehicle a look that’s distinct yet unmistakably Audi.† (http://www.audileds.com). Positioning statement â€Å"For you that spend hours behind the wheel, Audi is one in its luxury class that provides not just the looks of a high end vehicle but the safest lighting for safe traveling. Unlike traditional vehicles Audi provides a combination of class, luxury, and the safest selection to keep you and loved ones safe†. Audi is not only committed to provide its consumers with top  notch service but it has also taken measures to separate itself from the competition. Audi is improving all of its vehicles by providing â€Å"LED lighting† on all its vehicles as part of its standard package. Audi’s positioning statement carries words such as â€Å"luxury, safe, traveling, family† which will always come to mind for those searching for a vehicle to purchase. Audi’s statement is targeting families, those that travel a lot, those that enjoy the luxury of a vehicle but at the same time want to keep themselves and loved ones safe. The consumers spoke and Audi listened. Their position statement is meaningful, important, and convincing to its customers, not just to the company. The Audi brand will deliver on this promise and continue to earn the trust and respect from consumers. References Anonymous. Staying ahead by meeting changing consumer needs. Business Case Studies: A Heinz case study. Retrieved August 2, 2014 from http://businesscasestudies.co.uk/heinz /staying-ahead-by-meeting-changing-consumer-needs/the-product-mix.html#axzz39FCRkOTR Defeat Darkness. LED technology:The vision of LED;View the LED experience. Retrieved August 2, 2014 from http://www.audileds.com/ Idea connection (2014). Audi looks to the future of car production. http://www.ideaconnection.com/open-innovation-success/Audi-Looks-to-the-Future-of-Car-Production-00392.html Retrieved August 1, 2014 Kotler, P., Keller, K. (2012). Marketing Management (14th Ed.). Upper Saddle River, NJ: Prentice Hall. Models. Retrieved August 2, 2014 from http://www.audiusa.com/models# Novak, T. P., DeLeeuw, J., MacEvoy, B. (2011). Richness curves for evaluating market segmentation. Department of Statistics, UCLA.