Marketing Plan Final Paper - 4426 Words

MKT/421 April 8, 2013 Ken Metz Marketing Plan: Final Paper and Presentation Fisher Price produced a new product to teach children how to tie shoes. In this paper, there is information about who Fisher Price is a description of the new product, their marketing mix method and a SWOTT analysis of the product. Fisher-Price, Inc. was founded in 1930 and is based in East Aurora, New York. It all started out when Herman Fisher, Irving Price, and Helen Schelle created the toy company and brought 16 wooden toys to The International Toy Fair in New York City. Those first toys became very popular and became the hallmarks of Fisher Price. As of 1993, Fisher Price operates as a subsidiary of the organization Mattel Inc., the worldwide leader in†¦show more content†¦Every toy that has been made must pass through the Play Lab process. The results that are analyzed from the Play Lab play a crucial role in the expansion and redesign of the toys. Another market research strategy is meeting with parent in focus group-like settings. They also conduct at home research testing. Fisher-Price compensates the parents for individual parent talk sessions and for in-home testing of their products. When the at-home products are returned a survey must be filled out about the product that was tested (Pisan i, 2006). Product testing, quality assurance, and research and development are important when considering how to market The Talking Shoe. The company must understand whom they are designing the product for and how to reach that audience effectively, because without targeted marketing it is very easy to burn capital without gaining sales. Marketing can help create ideas for product usage in the consumer mind, as well as increase consumer interest, loyalty and spending. TV, digital, print and radio advertising have the most reach and cost the most money. The Talking Shoe must educate the parents to encourage them to purchase the product. Because the aim of the product is to lessen frustration for children and making teaching easier for parents, an educational visual approach, printed visual image of use, and digital combination would be the most effective methods of message delivery. When launching a new product, a company needsShow MoreRelatedFinal Marketing Plan Paper5951 Words   |   24 PagesFinal Marketing Plan Paper Surgey Perez, Adrine Jason, Shirtiar Beasley, Gena Brooks University of Phoenix Introduction As consumers, we are very accustomed to finding products where we need them, when we need them at the price we are willing to pay. This has become such an automatic part of the buying process that we seldom give much thought to how all of this occurs. To put it simply, all of this occurs because of marketing. 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