MKT640 – A Managerial Approach to Marketing

Abstract
There are several different aspects that come into play when launching a new product. Assessing the need, market and potential competition are just a few of the obstacles that must be addressed to successfully launch a new product and have success with that launch. There are many steps to this process and this paper will speak to those steps.

Unit 2 Individual Project
Introduction
When attempting to launch a new product, much research must be done to determine if there is a target audience for the product being launched. It must also be determined if there is a need for the product. Lastly, research should be done to determine if a similar product is already on the market.
Maslow’s Theory of Need and its Application to Marketing Maslow’s theory of need basically states that human beings have five levels of need. In order for someone to move to the next level, the previous level must be met in some form. The five levels of need are as follows: physiological, safety and security, social and belongingness, ego, status, and self-esteem, and finally self-actualization needs (Berl, Williamson & Powell, 1984). Basically, the theory states that if a person is starving, that is their primary need at that time. Until that need is met, they are not concerned with safety or any of the other levels. Once that need is met, in that they have a steady food source, then the person will move to the next level and concern themselves with their safety and security. Maslow’s theory of need can be used in marketing to determine what products will do well in the current market and which products are not competitive. For example, if a natural disaster such as a hurricane hits a city, the basic survival needs of the people involved is what they will focus on (Finsterwalder, 2010). In this example, a group of people attempting to find the basic necessities that they no longer possess, would not be concerned with making sure the have the latest Michael Kors purse. For the victims of a natural disaster, the products and services that will thrive would be those providing those basic necessities of food, shelter and safety. In utilizing Maslow’s theory of needs for the purpose of marketing, one must determine what the need is as well as where is the market for that need. Using the example of a company launching a new show for professional businesswomen, the company first needs to determine the need for the type of shoe they propose. Next would be determining the market for such a shoe. In making this determination, one must consider is there a viable market, is there enough of a need for the new product that it could show successful sales. Another consideration would be how do you reach your target market once it has been determined what that market is. With Maslow’s theory in mind, the target market would be a professional woman whose lower needs are met on a daily basis. These would be women who have the basic needs of food, shelter and safety. The higher up the levels of needs these women possess, the more likely they would be concerned with purchasing a shoe that offers them versatility, comfort and style.
The Consumer Behavior Model and the Marketing Effort The Consumer Behavior Model is the process of individuals obtaining goods and services and the decision-making process that precedes the actual purchase. This model involves five different stages (Demir, 2010). The first stage is motivation or the recognition that there is a need. This stage is heavily dependent on Maslow’s lower levels of needs having been realized by the target consumer. The next stage involves information search in which the consumer searches for the product they desire, gathering information from several different sources. In today’s global society, the more sources a new product is available on, the better chance of success in connecting that product with the target consumer. The next step in the model is an evaluation of alternatives. This is done to determine where the consumer should purchase the product. This is the stage in which a new product must be promoted and shown to be a superior product for the target market. It is during the comparison stage that a consumer decides if they are going to purchase a product, which product they are going to purchase, and if so, from what vendor are they going to purchase it. Stage four involves the actual purchase with stage five being the post purchase behavior (Demir, 2010). The concepts of the consumer behavior model directly affect the marketing effort. To target the best market for a product, there must be a clear understanding of the consumer behavior model and where the product fits in to that model. The target market must feel there is a need for the product; they must be able to locate the product and compare the different options available in purchasing the product. Next, if the previous stages are completed, the actual purchase takes place and finally the post purchase behavior. Understanding the factors that play a role in consumers purchasing products and services is essential to the success of the product launch. In considering this model with the sale of a new shoe for professional women, a need must be determined. Professional women tend to lead busy lives. With that in mind, anything that helps them to live their lives more efficiently provides a need. The new shoe proposed would allow them versatility, efficiency and ease of transition from professional to personal while expending little time or effort. Once the need is established, the product must be available in the places the consumer would search for information on new products. The product would need to be placed in the different online arenas that professional women utilize, in order for it to obtain the needed exposure. Also, a comparison with other products in a similar category should be provided that clearly demonstrates why the new shoe is not only needed, but better than the current choices the consumer has. Once the comparisons have been made, and the consumer chooses to purchase the new shoe, it is vital that their after purchase experience is positive. This will encourage the consumer to purchase other varieties of the new product. This will continue the growth of sales of the new show and lead to a successful campaign.
Overview of the Product/Service The Three-Way Heel is a sassy shoe that offers versatility to the businesswoman’s lifestyle. The interchangeable clasp will allow for a splash color to the dior. This shoe allows the businesswoman to go from professional to after-five formal with just the change of a clasp. It is the wardrobe must have for the busy professional woman.
Company’s Target Market: an Application of the Concepts The target market for the Three-Way Heel is the female business professional ages 21 years and older, who work either in a sales or office occupation, along with those in occupations such as management, business, the sciences and the arts. This market makes up approximately 71.7% of the female population in the United States according to the American Census Bureau (American Fact Finder, 2014). If you add the fact that females in the US account for 87% of all consumer purchases, it is clear that there is a market with promising purchasing power for the shoe. Company’s Competition: an Application of the Concepts
Currently there is no direct competition offering a similar product as the Three-Way Heel. However, there are other shoe stores that target professional women. Large department stores provide several choices for professional women. Stores such as Dillard’s, Lord & Taylor and Macy’s all have a large selection of professional shoes for women. However Payless Shoe Source is the largest retail shoe store according to Hoover’s Pro (2014). While they may be the largest, again, none of these businesses carry a shoe with a convertible clasp. The current trends and forecasts for the shoe industry is versatility and comfort. The Three-Way Heel provides exactly that. This versatility is the primary selling point and greatest asset of the shoe. It is this versatility that allows the Three-Way Heel to stand out amongst other shoes geared toward professional women. Because of the versatility of the shoe, it is a perfect fit for the current and future trends in professional women’s footwear. The differences between the shoes currently available and the Three-Way Heel are what will make it a success and become an integral part of the career woman’s wardrobe.
Conclusion
When launching a new product, there are several integral steps that must be successfully navigated to get the product to the consumer and make them want to purchase it. However, with the right research, effort and product, success can be achieved.

References
Berl, R., Williamson, N. & Powell, T. (1984). Industrial salesforce motivation: A critique and test of Maslow’s hierarchy of need. Journal of Personal Selling & Sales Management, Vol. 4(1), p33-39
Finsterwalder, J. (2010). On shaky grounds? customer needs and service provision after a major disaster in the light of Maslow’s hierarchies. New Zealand Journal of Applied Business Research, Vol. 8(2), P1-28.
Demir, S. (2010). Relationship between stages of consumer behaviour model: A study on Turkish tourists. European Journal of Tourism Research, Vol. 3(2), p132-134.
The US Census Bureau’s American Fact Finder. Retrieved April 18, 2014 from http://factfinder2.census.gov.
Hoover’s Pro. Retrieved April 18, 2014 from http://www.hoovers.com/