Marketing is a business orientation that allows businesses to communicate, deliver, and exchange their value proposition in an effective way. In other words, if properly managed, marketing strategy will ultimate enable a company to secure sustainability, growth, and integral development. This being said, Laipac Technology Inc. will benefit from marketing insomuch as it manages to create a highly attractive value proposition for its target market. The new products proposed and developed by Team B are GPS bracelets; one bracelet, the LS411, is designed for infants, while the other bracelet, the PS411, is designed for pets.
This product fits in perfectly with Laipac Technology Inc.’s value proposition, as the company is a leader in GPS and tracking technology. Given that the company is already strong in its particular market niche; its brand will be a major asset come time to market these new products. A GPS bracelet for children and pets is not a novel idea in itself, but through the development and implementation of an adequate marketing strategy, Laipac’s value proposition can manage to combine elements that potential customers will carefully consider (including, though not limited to, aesthetics, ergonomics, economy, and quality).
The bracelets are essentially tracking devices for children and pets. Marketing will be instrumental in making the market see them as more than mere tracking devices; the value proposition must also appeal as a fashion accessory. Finally, whatever strategy must focus on highlighting safety and the risks that can be avoided by buying the company’s GPS tracking bracelets. The bracelets are additional safety precautions that may very well appeal to all parents and pet owners. However, the product’s appeal will ultimately depend on the efficiency and effectiveness of Laipac’s value proposition. This entails more than having a clearly defined sales strategy. This challenge entails a clear and effective marketing strategy.