Marketing Opportunities for AirFlo
Introduction
Human body is very sensitive and requires great care to avoid any health issues. With the need to keep our bodies healthy, people have found business opportunities in creating and developing products and equipments which will prevent our bodies from encountering any health harms. There are many things which expose the human body into harm including allergens, mold spores, dander, pollen and others. This project tends to find out the market opportunities for AirFlo product in the market which is equipment that is against dust, pollen and allergens. This report will explain on the product, pricing, promotion and placement of the product in order to develop a clear and strategic concept of the opportunities the company has in the market.
4P’S For AirFlo - Product
AirFlo is a product that is created to act as an air filter and can be placed in our homes, offices, schools and any other places where we live. Nature has its negative impacts on human beings which can lead to infections and allergies in some extent. However, due to the need for human satisfaction and making money, people have tried to venture into various business opportunities which will enable man to live comfortably. AirFlo is a product that contains potential market opportunities due to the fact that it helps prevent health problems and reduce harm to man. The product is of high potential in the market since everyone tries to stay safe and avoid health problems. The product is expected to add more comfort to the human life and prevent attacks such as allergies including asthma. The product will be highly appreciated by the parents who might be the potential target market so as to prevent their babies from these health problems.
AirFlo is a potential product in both the local and international market. The fact that it does not have to be consumed but just placed in a place makes it more convenient. However, the company should use proper strategic marketing measures while introducing the product in the market so as to penetrate deeper into the market and acquire a larger market share. Evaluation of the competitors will be necessary though it is clear that most of the preventions which are available are for use as medications which might add more harm to the human body. Therefore, use of AirFlo will be more favorable and effective compared to other competitive methods. The product has been developed to last for ten good years which is really an attractive and good offer for the customers. The air filter is going to be reusable which also is another quality that has a higher potential for attracting customers.
Promotion
While introducing AirFlo in both the international and local market, it is essential for the company to use proper and effective advertising and promotional strategies which will enhance more product recognition and thus attract more customers. When the customers get the full knowledge on the use of the product and its benefit, then there is room for high sales. AirFlo is meant to keep our homes freshened and by preventing effects on dust, pollens, allergens and others. This will help prevent allergies and other infections which are brought about by these factors. Promotion is said to inform customers about a product, persuade and influence the customer to buy. Therefore, the product will highly sell if the company gives the correct and understandable message to the clients regarding the use of the product and the benefits. This will act as a good reason for the customer to purchase especially if the message portrays the major objective of the product which is in regards to health basis.
The company should therefore identify the major objectives of the promotion before developing the promotional strategy. Putting in mind the finances available for the promotion is important since the budget will be easy to make. Some of the promotional methods that the product can use include advertising which can be done through media, word of mouth or flyers. The product can also be promoted via product demonstration which is seen as one of the best promotional methods for this product. People like to see and get an idea of what the product is all about. Therefore, use of product demonstration as a promotional tool is showing a great potential in increasing the market for AirFlo. AirFlo will however have more opportunity if the price is set slightly below that of competitors during introduction to the market. This will help the company acquire a larger market share and penetrate deeper into the market. After the product is fully settled in the market and has gained high market potential, the price can then go up slightly so as to acquire return on investments and acquire higher profits.
Pricing
Many companies say that pricing of a product or a service is among the toughest things to do. Pricing is a very essential tool when determining the market potential of a product in the market. The price can make a product fall or rise in the market. Therefore, every business organization should be very careful when determining the prices of a product in order to avoid losses and lack of market survival. AirFlo product is seen as a potential product both in the local and international market. However, price can really determine the potential growth and opportunity of the product. In order to develop a good price that will not lead the company to losses nor put away the customers, it is essential for the company to carry out market research so that they can get a clear concept and understanding of the competitors prices.
This market research will enable the company to price their product without incurring losses or inconveniencing the buyer. If the price is too high, the product may lack many potential buyers as expected and if it is low it may acquire as many customers as expected. However, the company should also avoid placing the prices too low since most clients associate low prices with poor quality. The product’s price should be placed slightly higher than that of competitors, slightly lower than that of competitors or same level with the competitors.
This will enhance more sales during the comparison process and will give the company more sales as expected or more than expected. The Company however must ensure that they do not place their price below the cost of production otherwise it will turn out as a loss. Most customers are price sensitive and do a lot of comparison before purchasing a product. Therefore, in order to be on the safe side the company should price the product slightly lower than the competitor so as to penetrate deeper into the market then increase the size afterwards in order to gain return on investments.
Placement
Location of a product is another important factor that requires effective and efficient marketing research in order to identify the potential market of the product or service. The decisions of placement are linked with the distribution channels which will serve as a means of getting AirFlo to the target market. Choosing effective and promising distribution agents is very important since it helps the business achieve its set objectives in regards to the product. The distribution will perform various facilitating, transactional and logistical functions which will enhance the market potential of AirFlo product if well developed. In order to acquire effective flow of the product from the company to the intended customer, the company should consider some of the distribution decisions including transportation, order processing, inventory management, market coverage, specific members of the channel and much more. These will help AirFlo product reach its target market effectively and succeed in the intended purpose. Regarding the target market, AirFlo shows great opportunities both in the short run and in the long run.
In conclusion, AirFlo is a product that has great potential for growth. The fact that the product is aimed at keeping the air Fresh and preventing people from getting infections which are caused by dust, pollens, dander and allergens shows that it has great potential. This is because the idea of keeping the body healthy is highly recognized by a lot of people especially by parents who want to prevent their children from any harm. However, despite the opportunity that AirFlo has for growth, proper and effective marketing strategies have to be used otherwise the product might fail the market and lack the expected sales. The company should use proper advertising and promotional services in order to create and develop a good name for the product towards the public. The best promotional objective that is likely to enhance the opportunity of AirFlo is introducing the product at a lower price than that of competitors so as to acquire a large market share and penetrate deeper into the market. Proper distribution channels are also essential for the product to reach the intended target market.
References
Barker, R., & Angelopulo, G. C. (2005). Integrated Organisational Communication. In R. Barker, & G. C. Angelopulo, Integrated Organisational Communication (p. 448). South Africa: Juta & Company ltd.
Belohlavek, P. (2008). Unicist Marketing Mix. Trenton: Blue Eagle Group Publishers.
MindTools Ltd. (2011, n.d). The Marketing Mix and 4 Ps. Retrieved April 16, 2012, from MindTools: http://www.mindtools.com/pages/article/newSTR_94.htm
Parmerlee, D., & Association, A. M. (2000). Auditing Markets, Products, and Marketing Plans. Chicago: McGraw-Hill Proffessional.
Ward, S. (2012, n.d). Ten Low-Cost Ways to Promote Your Business. Retrieved April 16, 2012, from About.com: http://sbinfocanada.about.com/cs/marketing/a/bizpromotion.htm
