07 Jun Question Assignment Instructions
Question
Assignment Instructions
Instructions:Assume you are given the task of developing retail packaging for a new product. The product and package will be produced in a small town in China and then shipped and sold in the United States.
The product will be small runs at first and the package will be a folding carton with a three color print. What print methods might you consider for the first smaller runs? Would you change to a different method if the product does well and goes into larger production runs? Justify your reasoning and considerations.
Use APA format and must include a properly formatted reference list. I want 1000-1200 words, excluding title page and reference page.
NEW PRODUCT PACKAGING
TLMT351 Packaging
Donald Williams
AMU
6 September 2014
One of the most demanding markets to penetrate into is the foreign goods market. It could have been much easier had there been a forecasting algorithm that could be able to read consumer minds. However, there is none. Product manufacturers all over the world are often at the mercy of their customers as their wishes, tastes and demands change quickly depending on the current trends, economic environment, pop culture and most surprisingly gas prices. Figures show that most of the new products introduction products fail within the first few months of inception mainly when ill-advised strategies gets into practice. Vast amount of money is usually spent every year in market testing in U.S. markets. An endless list of would be customers is often surveyed to decide whether or not to introduce products to the market. Nonetheless despite having the extensive surveys and interviews almost 50 percent of new products fail in the first year (Klimchuk & Krasovec, 2013 ). However, the more a product is tested before entering its full production phase, the more likely it is to earn the desired sales and profits.
Packaging is the process taken when designing and producing a container for a product. Traditionally, the primary function of the package was to protect and hold the product in a central location. Recently, however, many issues have transformed packaging into being a significant component of marketing (Wells, Farley, & Armstrong, 2007). Intensified competition and confusion on supermarket shelves means that packages must now carry out many sales duties from drawing attention, to describing products, to closing the sale. Packaging helps in promotional campaigns, trend setting, new products character definition, medium in the marketing mix and pricing criterion, and as an instrument of crafting brand identity and shelf impact in all product groups. The marketing mix is the utilization of product prices, channels of distribution, packaging, promotion, advertising and personal selling process used to avail the final products to consumers.
Companies realize the power of proper packaging to create immediate consumer recognition of the brand. For example, the average supermarket stocks 47,000 items; while the average Walmart supercenter carries 140,000 items. The ordinary shopper passes by some 400 items per minute, and around 30 to 80 percent of all buying verdicts come while in stores (Klimchuk & Krasovec, 2013 ). In this highly competitive atmosphere, the package may be a seller’s best and last chance of influencing buyers.
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