Week Four Team Assignment- New Product Launch Marketing Plan, Part II
The Human Machine Interface (HMI) is a product used by many industries in food, retail, and manufacturing. Team C will discuss our market segmentation for the Human Machine Interface (HMI). Market Segmentations is defined as the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics. Its objective is to design a marketing mix that precisely matches the expectations of customers in the targeted segment ( Business Dictionary).We will elaborate for target market profiles, key buying behaviors, decision motivators, the PLC model, product mix, and creating a positioning statement.
Target Market Profiles
Approaching for a target markets profile and position statement will help the business owners to identify the greatest scope to communicate with reliable opportunities to conduct success sale in the competitive market. More over a target market profile is a description of the consequences steps that are taken by the business owners to define an appropriate platform to sell the products. There are various steps included under market profile to guide the business owners to follow proper path to reach to the successful market target.
Before moving to any of implementation, it is necessary for the business owners to identify the consumer’s buying behavior to align their production strategy accordingly. Without understanding the buying behavior of the consumer, it is quite impossible to draw the attention of the consumers towards the organization (Glenn Muske (2012): Understand Consumer Buying Behavior). While analyzing the consumer’s behavior, the organization must look at the type of quality that is preferred by the consumer. In addition the organization must emphasize on the varieties of the product which will provide an option to the consumers to go for more number of products.
In order to draw the attention of the consumers it is required for the organization to engage decision motivators that can motivate the consumers towards the product. The typical decision motivators are defined as:
•The need to belong and trust
•Identify the excitement and fun
•The need for easy steps
•The need to nurture
•Adoption of self-improvement
The Product Life Cycle
The new HMI product from Siemens will be innovative and easy to use to minimize end user training. The pricing strategy should be developed to try to figure the price the market is willing to pay. The HMI can be placed in several industries to determine the highest market share in each area. The promotion of HMI will be offered to all parties initially to increase market awareness and create a demand for the HMI product.
The introduction of the HMI can be advertised in automation websites and magazines. The pricing for the HMI will be targeted for high-end consumers to gain a sense of pricing strategies. Siemens HMI could be placed in to target market and concentrate on the sector with the most sales. Promotional periods for the HMI can express the quality and differentiation between other products.
The product growth, depending on the success, can change in quantities to meet consumer demand. In the growth stage, the HMI’s pricing technique can begin to adjust to increase market share and revenue. Placing of the product will be fixed as the sales being the variables for closing in on the profitable industries. Promotions start to be offered for bulks orders and customers types.
In the maturity state, additional R&D can be executed to eliminate the remaining problems and create new applications. The HMI would have a steady flow of revenues and have eliminated market sectors that did not perform. The placing of the product will also be steady in terms of the public awareness.
During the decline phase, the HMI would decrease in sales due to external factors such as competitors. The pricing would decrease to try to increase the quantities sold to recover. Placement of the product at this point is obsolete as the sales demand declines. Promotional offers would end as the product life cycle approaches closing.
Expanding Product Offering
The Siemens Auto line Pro incorporates the latest and most technologically advanced HMI available, offering real time operation at a central plant location. The convenience that this product offers will help to save an automobile manufacturer time and money. It helps plants to eliminate multi-location operation stations, eliminating the need for multiple operators.
The Siemens brand is known for many electronic products that span multiple functions around the world. It is projected that this product will become the generic word for all other automobile production facility HMI control panels. Unlike other competitor products, the Siemens Auto line Pro offers a touch-free option that can project what is displayed on the screen onto a larger, wall-sized screen and be controlled by a glove controller. This technology has been utilized in newer game systems, but has never been incorporated into this type of product. The glove controller has been added to eliminate system confusion when multiple people are present. Siemens is currently developing similar systems that are customizable to different types of production facilities and are predicted to hit the market by late 2015.
The Siemens Auto line Pro is guaranteed to reduce costs by at least 15% during the first quarter and comes with a 2-year software malfunction warranty and 6-year limited parts warranty, which is unmatched by all competitors within this product category. The introduction product will be black and labeled with the signature Siemens logo in white, and will have Siemens watermarked on the desktop screen. More color varieties to fit various surroundings will be available soon after the product is introduced. Since this product will not be a shelved item and will only be available to be shipped direct, the packaging will consist of a cardboard outer with black text.
Product Positioning is a market technique to attract customers to a particular product or service. This is vital for both new and current companies. A powerful positioning can persuade customers to try the product and get connected to the company. This stage is crucial in a marketing research. It creates a message to reach a targeted market. The intent in this stage is to present the product the best way possible.
Reduce error, cost effectiveness, save time, and user friendly are the factors Siemens Auto line Pro offers. Siemens Auto line Pro is design to operate all aspects of an automobile production line in a central location. It will give operators and management a real time view of the plant. It replaces push buttons which allow an operator to oversee the entire production line’s ability to produce each part. Siemens Auto line Pro offers flexibility to run in automation or manual mode. This gives operators the chance to shutdown an affected machine without interfering with production. Siemens Aquiline Pro is very animated which simplifies understanding instructions regardless of language. This product will save time and cost for your company.
The implementation of human machine interfaces in the customer service industry will help businesses grow by providing an efficient method of service. Identifying the target market and buying behaviors will allow Siemens determine how to target and market to customers. The product life cycle will allow our company to understand who to market our products to, how to promote our product and how to increase profitability. Our unique product offering methods will allow Siemen to stand out amongst our competitors. The positioning statement is very important to our company because it attracts customer to the product. Our positioning statement will be used to target our customers.
The implementation of human machine interfaces in the customer service industry will help businesses grow by providing an efficient method of service. Identifying the target market and buying behaviors will allow Siemens determine how to target and market to customers. The product life cycle will allow our company to understand who to market our products to, how to promote our product and how to increase profitability. Our unique product offering methods will allow Sidemen to stand out amongst our competitors. The positioning statement is very important to our company because it attracts customer to the product. Our positioning statement will be used to target our customers.
Prentice Hall by Pearson Education, Inc (2011). Marketing Management (14th ed.). Philip Kotler and Kevin Lane Keller. Retrieved from: University of Phoenix Library
Glenn Muske (2012): Understand Consumer Buying Behavior,
Market Segmentation. Business Dictionary. Com. Retrieved from: http://www.businessdictionary.com/definition/market-segmentation.html