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2 pages/≈550 words
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APA
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Business & Marketing
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English (U.S.)
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Topic:

Marketing Plan – Ring’s Always Home Cam

Coursework Instructions:

In marketing, "new" and "growth" both money to the bottom line, or to use the more trendy term, EBITDA. Either way, absent having a patented cure for a widespread serious disease, marketers need to feed "new" and "growth" into their mix on a fairly regular basis particularly if their enterprise is publicly owned where the rate of growth as well as the amount of growth need to be ever-increasing.
Select a real new product (not a service) currently on the market to use as the basis for completing this assignment, which has a focus on the topics discussed in Chapter 15, and answer the questions below as they relate to your chosen product.
1, Categorize your product using the measured in the "How New Is New?" topic.
2, Decide if your product is being marketed using a pioneer or follower strategy and explain your decision.
3, Decide which growth strategy (as listed in Exhibit 15.12 on page 429) would be appropriate for your product and explain your decision.

Coursework Sample Content Preview:

Marketing Plan – Ring’s Always Home Cam
Your Name
Subject and Section
Professor’s Name
December 8, 2020
Understanding the relationship between a product’s (and firm’s) characteristics and the market is important to developing a marketing plan. It allows the marketer to be able to strategize his approach based on the number of competitors and his relative strength in multiple areas like R&D, production, marketing, etc. In line with this, the author of this article would like to focus on an examination of Ring’s new product, the Always Home Cam. This innovative product uses a semi-autonomous drone and surveillance system in order to provide better security features for one’s home. Nonetheless, this article would focus on the best marketing approach for this technology in line with its strengths and weaknesses. All in all, the author believes that a leapfrog attack is best due to the firm strength and superior technology that it offers.
Innovative Step
Ring’s Always Home Cam is considered as innovative due to its mixture of various technologies that existed before. Even though none of its components are new and proprietary on their own, the mixture of AI, lidar, and drone systems created a product that is technologically superior to others.
Pioneer Technology
The Always Home Cam could be considered as a pioneer technology despite having its parts and systems produced before. The reason for this is because this product integrates previous technological components into one that is innovative and reflective of the needs of the system.
First, it could be seen that the main mechanisms that makes the drone roam around the house is the use of a drone with a LIDAR system. ...
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