‘Start-up Zeo’ – Personal Sleep Monitor Device

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Table of Contents

Introduction
Main findings: Launching of ‘Personal Sleep Monitor Device’
Conclusion
Recommendations
References

Introduction

‘Start-up Zeo’ is an organization established in Massachusetts that deals with manufacturing personal sleep monitor device. The device has capability of consolidating data from brain in the process of sleeping. It is new in the market and designed in form of a sleeping coach, hence the product requires breakthrough within the market.

Development of new product is always considered formidable task owing to the expenses and processes involved (Weihrich, 2010). Activities taken to launch the same product to enter the market are difficult tasks for organization’s management team to be carried out. In many cases, organizations find themselves struggling in the process of choosing appropriate marketing strategies to apply since new products at times demand application of contrary marketing strategies other than those earlier designed by the firm (Dubois et al., 2007).

Application of different strategies across product portfolio is necessary for the purposes of helping new product come into limelight. One of such strategies, cost-leader strategy, could help ‘Personal sleep monitor device’ approach target markets. This is since such a strategy would demand ‘Start-up Zeo’ to constantly monitor competitive challenges and appropriate responses capable of granting competitive advantage within the market. In such a case, adoption of new technologies and innovations is recommended. Such organizations should choose a marketing strategy capable of bringing success by proving worthiness of new products (Kotler et al., 2009).

Launching of a new product requires strategic and effective steps capable of commanding high demand within the market. Effectiveness of the method used in introducing new product depends on careful planning and preparation. Manufacturing process is one of the initial processes used in product development which determines quality of final product. However, product launching presents the very final stage in product development process (Kotler et al., 2009).

Quality products cannot be sold in the market until launching is clearly articulated; this determines revenue and profit margin obtained on the same product. Successful launch enables easy penetration in both local and international markets, and this grants access to new customers, while at the same time expanding current business domains.

There should be efficiency within internal communications which represent vital factor for success of an early program. Senior management should be willing to commit resources for the success of processes during launching (Kotler et al., 2009).

Main findings: Launching of ‘Personal Sleep Monitor Device’

Business organizations should be aware of high number of cases concerning new product failure within the market. Therefore, it is necessary to take caution based on anticipated market uncertainties, such as fierce competition from such rival products as IKEA. False start or rather poor launch of product within the market usually presents a pre-requisite to its failure within same target market segment.

This calls for thorough research before undertaking serious and effective launch (Omar and Nwankwo, 2011). At the same time, it is important to note that successful launch does not guarantee success to poor quality products. Internal launching is important since there is need for consolidating internal support as well as resources (Khanna, 2010).

The process requires active involvement of the whole organization team starting from top management; these include those involved in designing new product, production, sales and marketing teams. Use of appropriate communication links assist in creation of the overall awareness among distributors and sales forces. This is usually the result of well-designed incentive program capable of injecting necessary force in sensitive processes during the product launch (Schneider and Hall, 2011).

There is need for pre-launch activity since ‘Personal Sleep Monitor Device’ should be channelled through retail network within hotel and hospitality industry. All incentives used in distribution process usually generate high return on interest at the initial stages. Such incentives are of great importance since they assist in building essential launch inventory which ensures product availability within retail outlets.

Retail outlets will be provided with necessary key activities which should be monitored during launch. Launch guide should be prepared for ‘Personal Sleep Monitor Device’, indicating various roles of every party involved in the launch process. Clear examination of the market background is crucial since it helps in identifying available market opportunities within hotel industry.

Launch guide gives details and reasons for introducing ‘Personal Sleep Monitor Device’ into the market. The definition of the target audience should also be included. Launch guide also contains available sales opportunities, including possible competitor reactions (Schneider and Hall, 2011).

Launch guide used prior to actual launching process comprises details of the ‘Personal Sleep Monitor Device’. Such explanations are used as sales guide for retailers within the supply chain since it helps in enhancing their full understanding on product applications. Detailed training on device’s use and relevant product support system should be provided by the guide, including the assessment of identities of those to be trained.

Other part of launch guide reveals indications on the nature of support required and details of the very launch event. At the same time, concepts touching national and local marketing communication mix are provided within the launch guide. Both the national and the local programs should follow full integration within the supply chain.

Launch guide should also give details concerning key activities and their timeline during the whole launching process. Arrangement of high-profile launch events should follow designated format. This depends on whether launching event will include all the sales people and distributors within high-profiled national event. In case of this device, media was used to gain all the required information about the product (Schneider and Hall, 2011).

Launching process of‘Personal Sleep Monitor Device’ required careful planning since it was to determine turning point for Zeo Company. The process mentioned would involve high profiled activities with unknown end-results, hence requiring heavy investment in terms of finances and manpower.

Successful internal launch solely depended on comprehensive internal communication processes. Production team should first of all sell their basic concepts to senior management provided with responsibility of committing available resources towards achieving success of the product. It would also involve winning approval of various departments within the same organization. It is important to sensitize entire staff on the scope and benefits of the intended product development processes.

This should especially target sales and marketing department, required to have a full description of a new product to ensure communicating right information to consumers at launching and distribution stages. External communication requires sales and marketing staff to be capable of outlining the key qualities of the product as well as identifying the key prospects (Schneider and Hall, 2011).

The first process involves setting up of measurable objectives capable of linking purpose with expected outcome. In this case, a comprehensive launch plan is necessary since it assists in budget allocations. Since it is a technology based innovation, the value is based on must-have results which determine a choice of steering team capable of performing the processes.

Several launching events could be chosen in this case, trade shows are considered suitable since such activity attracts different audiences and also enables easier identification of associated risks and success factors. Using media would demand that all parties involved, including reporters and editors, would undergo thorough training.

On the other hand, use of trade events requires Zeo to invite third-party endorsers within the industry and also industry’s trade analysts. However, understanding of audience assists in crafting suitable and appealing marketing messages (Schneider and Hall, 2011).

The second step involves completion of product review where selected team evaluates performance based on the market needs. This involves ensuring that ‘Personal Sleep Monitor Device’ is certified by relevant authorities, and everything is appropriately documented. Reflection of innovation breakthrough requires that the product undergoes test market before actual launching. This involves running of local promotional campaign through selected distributors.

Afterwards, market results should be evaluated and necessary adjustments made, as provided through feedback measures. Then making choice on the kind of launch event requires wide thinking whereby it can be done through the trade shows, street teams, mobile marketing, cyber events, press conferences and cocktail parties (Fifield, 2007).

The third step should involve setting up of training programs targeting sales representatives. Those involved should have deeper understanding of the product which includes benefits and the target market. This should be accompanied by comprehensive plan on sales as well as training follow-up.

The launch process should be capable of creating eagerness and enthusiasm among the target audience. Focus should be set on leaving memorable and worthwhile experiences capable benefiting the audience, which basically means addressing consumers’ needs (Paas, 2009).

Revenue target for the launch period has to be set including related incentives. In this case, use of advertising is preferable since several objectives can be accomplished through it. Such objectives include building consumer interest, increasing level of consumer awareness, giving directions on channels through which consumers can obtain the new product and granting them an offer on trial version of the new product. Trial versions of the new product are sampled through sales promotion activities (Rajan, 2007).

The fourth process involves offering necessary incentives which would help distributors build initial stock levels (Barnes et al, 2009). In this process, all those participating in the distribution network should have full information about timing and nature of the launch which should include promotional materials.

Besides, the target audience should be given a follow-up, especially after the first announcement. Identification of the key areas where the product fits in the market place is crucial since it assists in choosing of appropriate public relation channel through which information can be relayed in the long run.

The fifth process involves putting up of supporting structures in place where consumer support documents are delivered, and at the same time, customer care is to handle questions from clients (Piercy, 2009). Maintaining momentum is necessary after the product launch since real sales effort can begin on high note and reduce drastically, unless driven by some dynamic force.

Activities that follow launching process should focus on incorporating promotional support system to all distributors (Noe and Winkler, 2009). At the same time, adoption of direct marketing after launching event may assist in creation of good customer base within national platform.

Conclusion

Process of launching ‘Personal Sleep Monitor Device’ has proved extremely risky, since Zeo faced uncertainty of overselling the intended product. However, success experienced in the long run determines real market position of Zeo, and it should be noted that poor products can contribute to damaging company’s reputation.

Normally, launches should not be dictated by stipulated dates but by product readiness. This gives allowance of any corrective measure to be made, especially, on the product quality. Crucial part of all these processes lies in the maintenance of the process momentum after launching event. Failure to maintain momentum at times leads to drastic drop in sales and may make the entire organization incur great losses.

Recommendations

Direct marketing should target high-priority prospects since this enables easy identification of potential customer segments. This concept should be utilized in the process of making special offers, as well as detailed information concerning the new product. The concept creates opportunity of obtaining feedback based on consumer experiences with the product. Direct marketing offers required flexibility necessary for platforms used during launching and marketing events.

Communications at the point of sales is very crucial since it can be used for the purposes of reinforcing media channels as well as giving complete information. Such additional information is capable of supporting sales development process through distribution channels (Omera and Bernard, 2007).

Dealing with the current target market requires adoption of available technology used in international communication mix. These involve use of Internet and social sites where new product is promoted on the company’s website home page.

There is also use of new product as footage in all the organizational e-mail correspondence, such as posting with a web link to get more information concerning new product. At the same time, management should work on proper modalities capable of ensuring that all the participants are committed to the new product based on clear knowledge and communication (Fill, 2009).

References

Barnes, C, Blake, H & Pinder, D 2009, Creating & Delivering your Value Proposition, Kogan Publishers, London

Dubois, P, Jolibert, A & Muhlbacher, H 2007, Marketing Management a Value Creation Process, Macmillan publishers, London.

Fifield, P 2007, Marketing Strategy: The Difference between Marketing and Markets, (3rd Ed), Heinemann Publishers, London

Fill, C 2009, Marketing communications: Interactivity, Communications and Content, 5th edition, FT Prentice Hall, Italy.

Johnson, M, Christensen, C & Kagermann, H 2008, ‘Reinventing your Business Model,’ Harvard Business Review, Vol. 12, no. 2, pp. 51-59.

Kotler, P, Keller, K, Brady, M, Goodman, M & Hansen, T 2009,Marketing Management, Prentice Hall, Harlow

Khanna, T 2010, Winning in emerging markets: a road map for strategy and execution, Harvard Business Press, Massachusetts, US.

Noe, R & Winkler, C 2009, Employee Training & Development 1st edition, McGraw Hill: Australia Pvt. Ltd

Omar, M &Nwankwo, S 2011, ‘Internet marketing and customer satisfaction in emerging markets: The case of Chinese online shoppers,’Competitiveness review, Vol. 21 no. 2, pp. 224-237.

Omera, K & Bernard, B 2007, ‘Risk and supply chain management: creating a Research Agenda,’ The International Journal of Logistics Management, vol.18, no. 2, pp. 197 – 216

Paas, L 2009, ‘Database marketing practices and opportunities in a newly emerging African market’,Journal of Database Marketing & Customer Strategy Management, vol. 16 no. 2, pp. 92-100.

Schneider, J & Hall, J 2011, ‘Why most Launches fail,’ Harvard Business Review, Vol. 4

Piercy, F 2009, Market-Led Strategic Change, (4th Ed.), Butterworth Heinemann, Oxford

Rajan, V 2007, ‘CRM Implementation: Effectiveness Issues and Insights,’Journal of Service Research, Vol.9, no. 2, pp.184-194

Weihrich, H 2010, Management: a global and entrepreneurial perspective, Tata McGraw-Hill, New Delhi

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