Marketing New Products
The global personal care market is rapidly growing due to macroeconomic factors and global trends such as favorable laws and regulations on the manufacturing and selling of personal care products. Customers are also willing to try out new personal care products, such as skincare and hair products. Nurture Hair Food is a new hair product that will mainly focus on hair growth and preventing hair breakage. The product will be produced using locally sourced natural ingredients to guarantee customer safety. This research analyzes the product’s main strengths, weaknesses, opportunities, threats, positioning, target marketing, and strategic planning.
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Description of Concepts
The Strategic Planning Process
According to Brown (2022), the strategic planning process is a process used by leaders in an organization to define their vision for the identity and future of their organization’s goals and objectives by establishing the order in which the goals should be accomplished to reach the vision.
S.W.O.T
SWOT is the compilation of a business or organization’s strengths, weaknesses, opportunities, and threats. It is mainly used to create awareness of the internal factors affecting business success to enable decision-makers to decide what should be done to enhance performance. For example, a business or organization may focus on leveraging its strengths and opportunities, eliminating weaknesses, and finding ways to mitigate the impact of threats.
Market Segmenting
Marshall & Johnston (2019) defines market segmenting as a strategy in which a specific group of consumers is identified so that certain product lines or products can be appealingly presented to them based on their preferences and interests. The main segments used in market segmenting are demographic, geographic, psychographic, and behavioral segments. Demographic segmentation divides potential customers based on specific elements such as education, age, race, income, gender, family size, nationality, and occupation. Geographic segmentation uses geographic boundaries to select customers. Behavioral segmentation divides potential customers based on decision-making patterns and behaviors such as consumption, purchase, usage, and lifestyle. Lastly, psychographic segmentation focuses on the psychological attributes of consumer behavior based on personality traits, lifestyle, values, opinions, values, and interests.
Target Marketing
According to Camilleri (2018), target marketing is a marketing approach that divides the market into segments and then focuses on marketing efforts based on the main segments consisting of customers whose desires and needs closely align with service or product offerings. The main foundations of target marketing are gender, age, interests, need, geographic location, and occupation.
Product Positioning
Product positioning is a marketing approach that includes presenting a product’s benefits to a definite target audience. The main types of positioning are pricing-based, characteristics-based, quality-based, application-based, and competitor-based positioning.
Offerings
Offerings are services and products intended to bring value to consumers to satisfy their needs and wants or both. A product is a concrete good that can be purchased, traded, and possessed. On the other hand, a service is a deed that gives a buyer an immaterial benefit, while the price is the amount paid to receive an offering’s benefit.
Product Assessment
Nurture Hair Food will target female and male users in different parts of the United States. It will be distributed online, in cosmetics shops and salons. The distribution of potential customers across the United States will be determined by conducting an environmental scan. The scan will gather information on the needs and preferences of potential customers, such as product usability, ingredients, and price. Findings from the scan will then be used to establish a marketing and pricing strategy to reach as many customers as possible. The strategy will be evaluated after one month to determine its effectiveness and identify changes that should be made to enhance its effectiveness. In addition, feedback about the product will be collected from customers to determine the changes that need to be made to the product to meet customer needs and create a competitive advantage. The main value proposition will be the quality of the product and zero harm to customers because all ingredients are natural.
The product’s main strength is its good reputation because it is made from natural extracts. Therefore, customers will be interested in trying it to compare its effectiveness with other chemical hair products. The second strength is high quality. The product quality will be enhanced by popular natural extracts that boost hair growth and strength. Our pricing is also lower compared to the price of other natural hair care products in the market. The main weakness is a limited market share because of stiff competition. Therefore, acquiring a good customer base and generating profit may take some time. However, there are various opportunities that could increase the product’s recognition and sales. One of the opportunities is hair food for men. We can repackage the product to include packaging for men and women. Another opportunity is adding another hair-related product, such as shampoo, to complement the hair food. We can market the shampoo based on the argument that achieving the best outcome requires using the hair food and the shampoo regularly to encourage customers to purchase the two products together. The main threat limiting the product’s success is stiff competition from major international brands that have already established customer loyalty.
Security, Privacy, Ethical, and Legal Issues Related To the Digital Information World and Marketing
The digital information world and marketing pose a major cyber-attack security threat. There has been a significant increase in cyber-attacks by malicious individuals looking for data to blackmail people for money or other favors. Data privacy has also become a major digital information and marketing issue, resulting in strict privacy regulations. For example, marketers must notify individuals before collecting their personal information and informing them that the data will be used in marketing. They are also required to maintain the anonymity of the people providing information unless the person provides consent allowing the marketer to disclose their identity. Marketers are also required to protect customer data from unauthorized access and are liable for any cyber-attacks resulting from data exposure to unauthorized persons. The main ethical issue related to marketing is deceptive marketing. This type of marketing includes providing false information about a product or failing to disclose some information, such as any adverse side effects of a product. Legal issues mainly arise from intellectual property rights. Marketers must get authorization from an intellectual property owner before using their property in marketing. Digital information should also be protected under copyright laws.
Conclusion
Our product, Nurture Hair Food, will be launched under personal care products. The main geographic area where the product will be marketed and sold is the United States. The product will be sold and distributed through salons, cosmetics shops, and online platforms. Its success in the market will be enhanced by leveraging its strengths, which include high quality, fair pricing, and a good reputation and opportunities, including hair food for men and shampoo. The main weakness that needs to be addressed is limited share, which arises from the threat posed by stiff competition. However, creating a proper marketing strategy can play a significant role in gaining recognition in the market and acquiring a reasonable market share.
References
Brown, M. (2022). Strategic planning. Strategic Airport Planning, 7-25. https://doi.org/10.4324/9781003173267-2
Camilleri, M. A. (2018). Market segmentation, targeting and positioning.
Marshall, G. W., & Johnston, M. W. (2019). Marketing management (3rd ed.). McGraw-Hill Education.
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Question 
Create a new product and provide how you would market your product. You will need to provide information on how your product is superior to your competition’s product.
Marketing New Products
1) Define and explain each of the following tools/concepts below.
-The strategic planning process
-S.W.O.T
-Market Segmenting
-Target Marketing
-Product Positioning
-Offerings: —product, price, and service.
2) Use two or more of the concepts from part 1 in your product assessment.
3) Analyze security, privacy, ethical, and legal issues related to the digital information world and marketing