The global market of smart pacifiers demonstrates significant growth, which is motivated by higher income rates, as well as the need to work remotely in terms of the current pandemic. The introduction of a Little Tikes Smart Pacifier will fill the gap by providing a technological solution for monitoring the body temperature of infants. The market factors to consider involve the competition with Blue Maestro that tries to create a similar product. In addition, the cost of sensors and sales promotion should be taken into account. To understand the demand and potential value, a product trial will be developed. The market penetration strategy will be based on offering one-piece and multiple-piece options, while North America, Europe, and Asia-Pacific countries will be targeted. The production cycle will include obtaining raw materials, software, and expertise to develop the new product.
As for manufacturing procedures, supply chain mechanisms will be identified, and the products will be stored in outlets in the UK. To ensure convenience, Smart Pacifiers will be able to assemble with various gadgets, which will require outsourcing human resource expertise. The activities will include creating a research team to survey customers and further marketing information collection. The analysis will identify demographic characteristics of the locations that would benefit from the product, while data will be analyzed and interpreted in terms of the modern data management system. Marketing organization will focus on customers with children, using social media. To implement a marketing mix for the identified product, several investors will be attracted. It is expected to measure success by analyzing track records in revenue generation, customer retention and happiness reports, and sustainability of growth in profit margin, results of which will be synthesized after the first quarter of the fiscal year post-launch.