My innovative business idea concerns the introduction of a new product in the market which is aimed at reducing the deaths of American soldiers during war together with other innocent civilians. The product shall be marketed under the brand name “Sham-lethal detector”.
A lot of research will be put in the development of the device which utilizes the latest technology. In addition, the product will not only be able to detect explosive devices but also landmines that are mostly found in war torn areas especially Iraq and Afghanistan. As a result, this will enhance reduction of the number of casualties that often occur during war which have recently been on the increase. For instance, the US troops based in Afghanistan who were also on a search mission to find and destroy those places (caves) that were mostly the inhabitants of Taliban and Al-Qaeda found out that there were a number of unexploded ordnance in the caves and this poses a greater risk and danger to their lives as well as those of other civilians.
This device will also have intelligent and advanced signal sensors which will have the ability to detect any danger within a fraction of a second and within the radius of 150 metres. By this, the military or soldiers will be in a position to identify their positions as regards their battle locations in addition to enemy and friendly forces as this will enable the soldiers to locate their positions hence less mistakes are made.
Moreover, this product (“Sham-lethal detector”) can also be able o deactivate explosives that are intended to harm human beings just before they reach their intended targets. Since success of an enemy equipped with explosives highly depends on effective between acompliances, such a device should be able to jam communication and therefore this means that the suspects will be able to be upheld at a faster rate and a wider coverage is guaranteed since the device can be used in groups or individually. In addition, the product is designed in accordance to safety provisions and does not present any known harm to the handler. It is versatile and all weather hence less dangerous. Since it is a small electronic device, it is portable and will weigh only a half kilogramme and therefore it is not a burden to soldiers who have to shoulder heavy loads in terms of suppliers. The product will also cost less compared to other similar products in the market and this means that it can be afforded by a wide range of consumers.
In the market analysis, intend to assess the future and current market (s), positioning, competitive conditions and any regulatory concerns that may exist in United States as well as other markets. Our entire market consists of United States, Britain and the Middle East Countries. The segment market will constitute the military, airlines and VIPs. Targeting may occur in two main phases. The first one concerns the single segment which consists of a single product. This is whereby a single product is targeted by a marketer and this takes place in a market and consists of many segments.
On the other hand, the second phase relates to a situation whereby a single product is aimed at the available market segments as a whole by a marketer. In this case, less importance is placed on differentiation as compared to cost. In addition, there is also the multi segment system of approach whereby different segments in the market are target by a marketer and this also includes various products that are differentiated. This product will take on the second phase. This therefore means that the target market is bound to perceive the introduction of this product as a good thing and the demand for this product will also be high because there are a lot of casualties as a result of effectiveness of suicide bombers in penetrating security systems unnoticed.
The economic background for our target market is also good as these economies are strong consisting of individuals who have above average earnings hence their capability of purchasing this product. The product is intended to curtail the increasing numbers of killings that have been occurring in war torn countries resulting to several deaths of human beings consisting of innocent civilians and the police or military who are on a mission to creating peace in these areas and fighting off the enemy especially terrorists who often carry out illegal activities in these countries.
As regards the marketing strategy, customers are the focal point as concerns the purchasing of products that organizations worldwide promote, develop, price and distribute hence this call for proper definition of the product so as to enhance and maximize consumer satisfaction. The marketing strategy for “Sham-lethal detector” will constitute the four elements of marketing mix which include product, price, place and promotion so as too create effective management decisions in order to attain stated objective of the product which is to reduce the number of casualties in the battle fields.
They will be blended in an optimal manner by the firm with an objective of getting a positive response from the consumer in the market place. This is because these four variables play the vital role in the decision making process by management. Products could either be goods or services that are available for consumer consumption. As concerns product decisions, the decisions that will be made may be based on appearance, service function, warranty and packaging among others.
For this product, the main service function will be to reduce the number of deaths during war and also to ensure that the unmet needs of various customers are achieved. As regards pricing decisions, the need could occur under a number of specific circumstances for different types of products and services. For the existing brand or product, the decision can incorporate increases, reductions and holding price. The major circumstances in which pricing decision need to be made are: new product introduction, changes in external circumstances e.g. competitive action in raising and lowering of prices, raw material tax or any duty changes, promotion, changes in the market structure, as well as other internal changes arising from new processes. It is therefore vital for decisions made on the pricing and the profit margins of products discounts, financing and other various options such as leasing also constitute primary decisions. For this product, pricing decision and strategy, the decision made will use the method of low-end targeting. This will enhance the provision of this product at relatively low prices so that majority of military personnel and organizations in the case of this product, the cost will be decided after a careful analysis of market prices for similar products. The price objective will be to give consumers best value for their money by offering high quality product. The product will also be affordable so as to meet the overall goal of reducing the number of casualties suffered as a direct result of explosives. In addition, a competitive price will be offered for the product and it only be sold through authorized dealers (wholesale) as individual units will not be encouraged.
Placement decisions are mostly linked to various marketing channels of distribution, which often provide the means for transferring these products so that they can get to the specified customers. Decisions that concern distribution include logistics, channel member selections, levels of service and market coverage. For this product, we shall source for well known arm dealers licensed to operate in the United States and who have branches in the named segment markets. These dealers will be charged with the responsibility of distributing this product to various destinations so that potential consumers can access this product.
Other products will be donated to United Nations whereby there are a lot of military personnel as they embark on their peace keeping mission. If commanders like them, they may influence procurement offers back at home.
On the other hand, decisions that are made relating to selling and communication towards potential consumers are referred to as promotion decisions. These decisions require a breakeven analysis as these costs may be large. The promotion strategy for this product will be based on brand image, advertisements and commercials that will be available to all. Promotions will also be conducted through military shows and exhibitions for countries in the entire market. Moreover, advertising is a vital tool which will be used in the marketing communication mix. The communication as a result of advertising will be directed to various consumers through the mass media as this is a quickest form of communication as compared to other elements that exist in the marketing communication mix for instance personal selling which requires briefing or recruitment of the entire force that exists in sales.
Therefore the integrated marketing communication mix for this product consists of public relations, internet promotion as well as marketing, brands, merchandise, sales promotion, direct marketing, advertising packaging and all these aimed at enhancing the sale of this device.
This product provides a number of strengths to the consumers in the market place. The product has a ready market since its objective is to attain the unmet needs of consumers. This is also a unique product with a strong brand and its design is also superior. This superiority in design makes the demand for this product to be high. In addition, this product will be within reach of the intended target market and the special features that it has are as a result of well carried out research and development.
However, this “Sham-lethal detector” possesses some weakness. The product may be expensive for some consumers and it can only cover a radius of 150 metres within the target location. The device might not be easily identifiable since it is a new product in the market. The other weakness relates to lack of marketing expertise since the product is just about to be introduced in the market. Lastly, the product is undifferentiated and this means that its supply may be limited. This device also provides a lot of opportunities for consumers. Such opportunities include ready markets internationally; there is room for expansion as regards research, product reinvention.
Lastly, this device also provides opportunities for mergers and joint ventures in the near future. The threats that may be evident as regards the device include price wars that could exist among different competitors and this may greatly influence. The threat of background of the targeted military contracts may also be evident or a competitor could also be having an innovative product which is new. In addition, the brand quality may also decrease in the future hence allowing other competitors to gain entry. There are also a number of devices that already exists in the market which is mostly used by the military personnel in reducing the number of deaths that occur in battle fields. Such devices include warlock red. Warlock Green. The SHORTSTOP Electronic Protection Systems (SEPS) among others. The SHOTSTOP is an RF Fuse that is also a counter measure and it has the capacity of detonating incoming motor wounds and artillery. This device is used in protecting friendly vehicles, ground troops, equipment which could be on fire. This system was built by CA to be used as a response resulting from artillery threat that may come from Iraqis during the Gulf war. Warlock Green/ Red is a protection system used for lifesaving. The device has also been used in countering any threats that may arise from explosive devices.
Despite the existence of these similar products in the market, “Sham-lethal detector” is still the product too choose because of its superiority in technology and the competitive prices that it has in store to offer.