13 May WHAT IS THE CORE VALUE PROPOSITION YOU WANT TO COMMUNICATE?
Future Flyer Hoverboard Marketing ProgramYou are the Product Manager for the Future Flyer Hoverboard. This is a product that was introduced inthe US market just before Christmas 2015. Unfortunately, the productâs initial availability was delayedand prevented an effective channel strategy. Pricing for the product was all over the board from $200 to$1,800. Many customers savvy at purchasing directly from China did so. In the end, a total of 50,000units were sold by the end of 2015. Expectations were that sales would clear 250,000 during theChristmas season.Immediately following the Christmas season, the media surfaced issues with the battery packsoverheating and catching on fire. None of the products sold by your company have had any batteryoverheating or fire issues. All of the products with such issues were purchased directly from China.From the marketing research that your company has conducted, you know that this product is wildlypopular with early adopters and influencers. Further research indicates that more than 60% of teens 1317 and 40% of young adults 18-23 have expressed a desire to purchase in the next six months. Biggestbarriers to purchase are access from a reliable retailer and price. For younger purchasers, concerns fromparents who control purchase in many cases are also an issue. Research of parents indicates that if areputable retailer were to sell the product they would be swayed to buy the product for their child(ren).The product delays have left you without a channel strategy. Also the product does not have anidentifiable branding of its own, which makes it impossible to differentiate your product or demonstratethe high quality and safety of your product.You have your work cut out to take this product that currently is a âQuestionâ on the BCG Matrix, butcould easily become a âDogâ if marketing programs are not implemented well. You are stronglymotivated to show that this product is a shining âStar.âYou have a management review coming up next week. You need to answer the following questions tokeep this product from being scraped before it has a chance to get firmly established.In order to prepare for the Management review you need to answer the following questions:Target Consumer:1. Teens and Young Adults are the target audience for this product. Parents in many cases may begatekeepers for purchases. What aspects would you focus on and leverage to capture thetargetsâ attention to product features that are most meaningful? How do you appeal to yourtarget? (20 points)Product2. Your company doesnât invest in trends or fads. Identify and justify three product enhancementsthat will ensure that there are product extensions, derivatives to ensure the hoverboard is not afad and separates Future Flyer from the competition. (20 points)Product quality assurance3. How would you ensure channel partners and consumers that your product is the top qualityproduct in the hoverboard category and is free from fire hazard issues? (10 points)Price4. Prices are all over the board on this product from $200 to $1,800. Your product cost is $90.Determine a price that will help present a solid product story that indicates quality, value priced,and fuels market penetration and leader position. (20 points)Place/Distribution5. The 2015 Christmas selling season was a bust for what was to be the must have present of theyear. Now channel outlets are reluctant to stock any hoverboards because of the fire issues.Provide examples of retailers that you would target and explain why? What is your strategy toensure that Future Flyer is the product is stocked in targeted retailers? (20 points)Promotion6. Describe your promotional strategy? What is the core value proposition you want to communicate? How and where do you communicate your message? (10 points)
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