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Marketing Plan Phase 3 Essay

1622 words - 6 pages

This paper is the third phase of developing a marketing plan for Riordan Manufacturing's biodegradable water bottles and will focus on product attributes, anticipated pace through the product lifecycle, factors impacting movement through the product life cycle, life cycle impact on marketing, positioning of the product, differentiation strategies and an appropriate pricing strategy.Product AttributesRiordan an established manufacturer of plastic bottles will be introducing a new technology to the bottle manufacturing process. The plastic used to manufacture the bottle will be the standard petroleum based method with the exception of introducing an additive compound called Bio-Batch produced by Bio-Tec. Bio-batch is a microbial additive that remains dormant until exposed to other microbial communities as found in a landfill. This enables a long shelf life followed by a 1-5 year decomposition period of the plastic when it's disposed. Riordan will introduce this technology in two ways. First the additive will be introduced to the existing bottle products produced at Riordan. By introducing this to existing products Riordan's current customers can also benefit from the new technology and both the customer and Riordan can profit from joint advertising. The second method will be to introduce a new pyramid shaped plastic bottle in order to distinguish the product from the numerous bottled products in production today, and set itself apart from its competition. The pyramid shaped bottle will also show that there is a viable way for Riordan to provide custom shaped bottles to meet the wide variety of desires from the Riordan's prospective buyers. The use of these two methods will generate new life into the old products and position Riordan's bottles for the larger market.Life Cycle PaceProduct life cycles are getting shorter because of the technology that is available in today's market. The pace at which the product moves through the life cycle may determine how well the product sells. The biodegradable water bottle is a relatively new concept and "going green" is becoming popular among consumers, but this concept has yet to become the way of the majority. Riordan will want to make a quick introduction to the market because of competitors like Fiji Water and BIOTA already out there and then potentially move on to the next stage in the process. The pace at which it moves through the product life cycle will depend on the acceptance of the plastic bottle customers and the general public. The initial reception to the idea will impact how fast this product moves through the cycle. "A new-product idea will move through the early stages of the life cycle more quickly when it has certain characteristics. For example, the greater the comparative advantage of a new product over those already on the market, the more rapidly its sales will grow (William D. Perreault, 2005)." The Bio-Batch technology separates Riordan from the other products that are already out there...

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