marketing plan for yoga fit which is a starting yoga studio
Product Description
Describe your product or service concisely, but specifically, in no more than three (3) double spaced pages and written in formal business style. The most important requirement for this assignment is that after reading it your instructor has a clear understanding of your product/service/non-profit, what it does for the consumer and how it works or functions.
This is NOT a sales pitch. Do not use this section to promote or advertise your product. Product descriptions which do so will be penalized in grading. Rather, this is a factual and objective description of your product. Some information you typically include:
- ï‚· The name of your product
- ï‚· What it does
- ï‚· How it works (functionality).
- ï‚· What it looks like
- ï‚· Key design elements
- ï‚· What makes it special or unique Note: for services you should adapt the above list to fit an intangible product. Your concentration will be what services you provide for your customers.
- Example: Product Description with Feature and Benefit Analysis NOTE: This example is for a dog training device called Invisible Leash. Your description and FAB chart may vary depending on your product or service. Note the formatting and double spacing.
EXAMPLE- Is the product as mobile as they are? Dog owners want the comfort of knowing that wherever they are, they can still have control of their dog. They want to jog at the park and take their “best friend†on trips with them. To this end, we believe that although the many invisible fences available fulfill a niche on the market, research suggests that our product is better equipped for a mobile, active person.
Team Dog Collar recognizes that our product will not replace the traditional leash. Therefore, we will focus our promotion on people with active lifestyles, early adopters and “techiesâ€. Since we are a providing a unique product in a broad market, direct competition is limited. “Invisible Leash†will, however, be up against higher end pet products that compete for the consumer’s pet related discretionary dollars.
The specifications of The Invisible Leash, such as weight, quality, and ease of use are of prime importance to our customers. Our customers are active people and want a small, sleek, quality device that will fit into their active lifestyle.
The Invisible Leash will be of top quality, in workmanship and choice of
materials. The product will not be limited due to the nature of the building materials.
Product quality control will be implemented from the initial design of the product to
production. The Invisible Leash will have a product warranty on all parts and labor.
Product Functionality and Design
The product consists of two components. The human element is a phone-sized unit that functions as the control and the pet attachment is an electronic collar similar to those employed by existing pet management products.
The control unit offers settings that allow the owner to set the “roaming distance†and the desired reinforcement, either a sound or, for more stubborn breeds, a mild electric shock. The control unit can also be set for an audible tone or vibration. When the pet strays more than the proscribed distance the unit signals the collar, executing the reinforcement and alerting the owner.
Both units are available in a number of colors and sizes to fit any breed and compliment the owner’s personal style. We also offer a smart phone app that tracks the use of the unit, how far the dog has traveled in a day and other functionality that might be typically expected in an app. It is compatible with most major platforms, including many tablets.
Invisible Leash is, of course, a product both newly designed and new to the consumer. Consequently, there are limited current issues of any significance with regard to product performance, customer satisfaction, market presence, or warranty concerns.
Team Dog Collar has completed the design of Invisible Leash and is in the process of securing patents for both the design of the overall product and for the EPROM that contains the firmware used in the core functionality. Additionally, the product name has been Trademarked and the tag line “The Only Thing Visible About Invisible Leash… Are The Results†has been copyrighted.
The core competency of the company and its staff is sales, marketing, and product innovation. Consequently, most other functions have been contracted to third party providers. Manufacturing will be outsourced to a Mexican firm, Matamoras Electronic Manufacturing, who has significant experience in small item consumer electronics. The firm has a good reputation for quality and there is substantial American investment and oversight. MEM is also equipped to package the product on sight.
