Marketing Plan of a New Product: E-Run Shoe

Marketing plan of a new product
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Introduction
E-Run shoe is a new product to be introduced in the market. It is a shoe meant for outdoor activities that range from walking, jogging, light running and sprinting. It is manufactured by a company in the state of New York. E-Run is a name from the easy run where the manufacturers of the shoe bring out the idea of a shoe that makes running smooth and comfortable. The shoe is made of a combination of different materials depending on the section of the shoe. The sole of the shoe has three layers which are the insole, midsole, and outsole. The insole is made of a thin layer of ethylene vinyl acetate, the midsole comprises of polyurethane foam, and the outsole is made of blown rubber. The covering of the shoe is made of synthetic materials, and the laces of the shoe are made of cotton. The company expects to make a significant impact on customers of the new product.
The company was compelled to develop this new product to ensure the growth of the company and have a greater customer base. E-run sports shoe is a product that is meant for all individuals that like outdoor activities for example taking long walks, jogging, running and doing exercises. It is designed for the middle-class individuals and also those from the high-end in the society, (Michael et al. 2017). Therefore, the new product targets a broad market base since most people in the current world have a lifestyle that includes outdoor activities. Most people in the society today believe in taking part in some exercise to maintain their bodies and stay safe. This will ensure that the product has a ready market which varies from children, teenagers to adults. E-run shoes are meant to attract customers with their stunning features and colors that bring out a stylish look and comfortability. The future market for running shoes is expected to continue increasing as more people take up exercising.
E-run will attract customers since it is made for comfortability when doing exercises. When using E-run, an individual is guaranteed comfortability due to the materials used to make the shoe. The shoe also protects the ankles of users, therefore, no pains experienced on the ankles by users especially during and after heavy exercising. Due to the soft nature of the shoe, the market will embrace it wholeheartedly. The target customers have been in need of this kind of product which guarantees their safety when doing their exercise.
The cost of production of the E-Run sportswear will be $30 which takes care of the costs up to the shipping point. This cost is called the FOB cost meaning Free-on-board. The FOB cost is the cost of a shoe when it is loaded on the shipping vessel at the port of origin. The pricing of the product is determined by the net income and the objective that the business has for the market of the product. After carefully analyzing the competitors and the economic situations of the customers, E-Run will retail at $150. The main factors that make the price to be $150 are list price, payment terms, discounts and financing options. The readily available raw materials that make the shoe help in ensuring that the pricing is not very high since the production cost is not very high.
The pricing...