Introduction
Richmond Plastics will take advantage of the increased environmental awareness in the United States. The company will benefit from the waste to make their products. The raw material for the products will be mainly from recycled plastics. Such products include water containers, thermos flasks, water basins, and toys (Ishikawa, 2008). Recently, U.S. regulatory bodies have raised consciousness about the importance of environmental sustainability. The government has instituted laws that coerce industries to look for ways to dispose of their waste. As such, Richmond Plastics will give the industries a path to channel their waste. Therefore, at first, the company will save on the capital since the industries will not be charging them any cost to get the waste.
Product development
Richmond plastics has realized that there is a growing demand for plastic products. Most Americans want plastic material because they are cheap. The price of metal products has gone up since the extraction of ore has become expensive. After carrying out extensive market research in the American retail market, Richmond Plastics found that most people have preferences of plastic products over metal products (Hill, 2014). For instance, an American will go for a plastic water basin than a metallic one. The company projects that in one-years time most households will be using plastic products. Americans have a money-saving culture. Thus, the products will suit their culture since Richmond Plastics will provide the products at a lower price. The company will offer lower prices to cater to all customer segments (Mital, 2008).
The segments are grouped based on age and class. A market study done by the Richmond Plastics marketing team found that the old, the young, and the youth use plastic products. The youths use plastic products such as dustbins in their houses to dispose of waste. The customer segment of children uses plastic products such as toy guns and toy cars. The older customer classification includes the old who use products such as dustbins and thermal flasks. The other classification targeted by Richmond Plastics is the factory segment (Matsuo, 2013). Most companies in the United States lack a reliable source of packaging materials such as plastic bags and containers, which are necessary for the delivery of products. Supermarkets need plastic bags to package customers’ purchases. Therefore, while considering the aging and the young consumer segment, Richmond Plastic aims at accomplishing the expectations of companies that entirely have to use plastics in their production process.
Distribution
The company will ensure that clients get plastic products on time. The clients will have the opportunity to make an order at the convenience of their homes. Home delivery will be taken as a priority. Since the company has stores located in strategic places, it will be convenient for the firm to deliver the products on time (Annacchino, 2007). Organizations that wish to get products from Richmond Plastics will benefit from free delivery services provided by the company. Those clients who purchase in small quantities will benefit from free escort to their premises or their cars.
Branding
Branding at Richmond Plastic will take a strategic course. The products will promote the brand image of the company. The firm will ensure that brand equity is improved. Branding will be facilitated through promotion and advertising. Advertising will be accomplished through social media (Annacchino, 2007). This is because most businesses utilize social media to market their products, Richmond Plastics must use Facebook and Twitter to make information available to the customers. The social platforms will be very critical for market promotion. Promotional offers will be communicated to consumers through social media. Also, print media will make advertising. This will contain information about the products sold by the firm. Also, print media will be useful in acting as a guide to consumers to go online (Monczka, 2000). Products advertised through newspapers will have links to the firm’s website and telephone numbers in case one wants to make queries regarding the plastic products sold by Richmond.
Richmond Company will promote its products through discounting. Clients will be given discounts depending on the number of goods sold (Matsuo, 2013). Companies such as supermarkets will be given a huge discount since their purchases are huge. Small-scale consumers will also enjoy discounts since each product is attached to a discount. The other form of promotion to be used is personal selling. This will be crucial since it will increase the personal touch between the company and the customers. Personal selling will be promoted in the stores (Mital, 2008). The company branches, which will be located in the suburbs of the town and the urban centers, will have personalized salespersons who will facilitate the process.
Benefits of the products
One benefit of the product is that it is cost-effective. The customers will be able to enjoy this benefit since the products will have the lowest price in the market. This is apparent because competitors such as Polyester Plastics offers their products at a higher price. The customer will be able to make saving for buying products from Richmond. The other benefit is convenience. The customers will be able to get the products at easily accessible stores located in the urban centers and suburban areas. The customers will also benefit from high-quality products. The plastic products sold by Richmond Plastics will be produced using the upgraded technology in the recycling of plastic materials (Monczka, 2000). The technology will ensure that the final product is of high quality since all dimensions of production will be facilitated.
Description of the product
Richmond Plastics’ products will be unique in the market, which will be due to its branding (Matsuo, 2013). The wrapping material used will have the logo of the company on its side. The product itself will have the logo of the same company. Therefore, having a logo appearing on the product and the wrapping material will make the customer comprehend the source of the product (Monczka, 2000). Also, the label on the products will contain the name of the company. Furthermore, the mission statement of the company will complement the label. This action will make the customers understand the intention of the company towards their welfare.
Conclusion
In summary, Richmond Plastics will be motivated by the increased environmental sustainability call in the United States. Through the recycling of materials, the company will sell at low prices. Branding will be facilitated through promotion and advertising. With home delivery, the company will enjoy the loyalty of customers who will associate the products of Richmond Plastics with high quality and convenience.
References
Annacchino, M. A. (2007). The Pursuit of New Product Development: The Business Development Process. Amsterdam: Butterworth-Heinemann.
Ishikawa, A. (2008). Creative Marketing for New Product and New Business Development. Hackensack: World Scientific.
Hill, C. (2014). Strategic Management: Theory: An Integrated Approach. Boston: Houghton Mifflin.
Mital, A. (2008).Product Development: A Structured Approach to Consumer Product Development, Design, and Manufacture. Amsterdam: Butterworth-Heinemann.
Monczka, R. M. (2000). New Product Development: Strategies for Supplier Integration. Milwaukee: ASQ Quality Press.
Matsuo, T. (2013).Electronic Business and Marketing: New Trends on Its Process and Applications. Berlin: Springer.