The selected product is a new wireless headphone and microphone that fit in the palm of the customer’s hand and have superior output and volume. Such innovative headphones from Stereo will allow the customers to use them without interrupting their daily tasks. Due to their little size, they are compact enough and are not heavy to carry in the bag. The headphones have an advanced and contemporary design, which will fit both a sporty outfit and a classic suit.
The Product Line and Product Mix
Product line depth will include four products distinguished by the headphones’ colors, white, black, gold, and silver. The product mix of Stereo is going to consist of columns, accessories, and tape recorders. All the company’s product lines are going to be distinguished by four typical company colors, which will identify Stereo from the competitors. Thus, Stereo’s product mix width will include three product lines.
The 4 P’s in the Marketing Mix
Although each product item in the product mix may require a separate marketing strategy, the product line still may benefit from package uniformity. According to Lamb et al. (2021), all packages in the line may have a common look and still keep their identities. All products are going to be packed in the black mate box with a silver Stereo label. Such an approach will strengthen the brand image in the minds of potential buyers.
Some companies use marketing channels to facilitate their products’ movement. Thus, marketing channels constitute “place” and “distribution” in the marketing mix (product, price, promotion, and place). Channel members or intermediaries, such as retailers may negotiate and outbid products during the goods’ transportation from the company to the consumer. According to Lamb et al. (2021), channel members may alleviate the distribution process by providing labor division, overcoming discrepancies, and providing contact efficiency. To provide customers with safe and reliable delivery, Stereo uses the United States Postal Service. However, such distribution methods may result in lower costs for the company. In addition, building trusting and beneficial relationships between companies may be rather challenging.
The average price for wireless headphones on the market is approximately $275. To overcome competition and attract consumers, the price of Stereo headphones will be equal to $250. By doing so, the company will recoup all expenses and secure a democratic pricing policy for the brand. In addition, the company will provide sales days on weekends when headphones will be 5% cheaper than the average price. Since the use of social media is widespread among potential clients, Stereo will use its algorithms to target its ads based on the consumers’ preferences to increase reach and engage as many clients as possible.
The Elements of the Product’s Branding
Developing a precise brand strategy is crucial in developing and managing products. According to Iglesias et al. (2020), some corporate brands, including Adidas, Lego, Carlsberg, Burberry, and Apple, have suffered crises because of strategic focus loss. Therefore, it is important to create a brand that will be well established in people’s everyday use. The brand name Stereo refers to the products’ sound quality. Stereo will promote all of its product lines and items with the slogan Just Listen to induce associations in the customer’s minds.
To create a successful brand that will be in demand in the modern market place which is full of different products and items, companies should develop a precise brand strategy. In addition, organizations should consider selling a variety of different products and creating a product line. Establishing the product in the minds of potential customers with the company’s common slogans, packaging, and competent marketing strategy may be crucial in developing the company’s brand.
Iglesias, O., Ind, N., & Schultz, M. (2020). History matters: The role of history in corporate brand strategy. Business Horizons, 63(1), 51–60. Web.
Lamb, C. W., Hair, J. F., & McDaniel, C. (2021). MKTG13: Principles of marketing. Cengage.