Marketing Plan for Renewable Printer - Paper Example

Furost intends to bring a new product, a renewable printer on the market. Below is the marketing plan for the product.

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Description of the product

The renewable printer is a product that will solve the huge misuse of paper and cutting of trees in the world. The product has a special feature that will turn a used and crinkled paper into a brand new paper. The laser of the printer will erase the ink of the used paper and straighten it to turn it into a new and clean paper ready for use. When the product is in operation to print out what one needs, it first makes a new paper from the used material and later prints out the final paper after cleaning it up through the laser. The renewable printer will only take seconds to turn the used paper into a reusable one hence it is fast and efficient for users who require large volumes of paper to reuse. Additionally, the printer allows a paper to be used up to five times which saves the costs of purchasing printing papers. Firms and institutions will save up to 75% of the cost of papers when they reuse paper for five times, and in the long run, fewer trees will be cut to process paper. The renewable printer is, therefore, environmentally friendly and economical to use. The target market includes companies, hospitals and educational institutions who are heavy users of paper.

Market Analysis

There are different market factors that could affect the production and sale of the renewable printer. A SWOT analysis and an environmental scan of the renewable printer are explained below.

SWOT Analysis

The SWOT analysis focuses on the strengths, weaknesses, opportunities and threats of the product in the market (Gbadamosi, p. 38).

Strengths

Saves paper- The renewable printer will save paper usage for school, companies and public facilities. The paper used within the printer can be used up to five times. An institution can, therefore, reuse paper for a long time without having to use new paper to print its work. The quantity of paper required for a start is, therefore, low.

Saves money- Any institution that will use the renewable printer will save a huge sum of money. Purchase of paper is part of the operation costs a firm incurs. The renewable printer, however, lessens the number of printing paper that the firm will purchase as it allows the paper to be reused for some time before using new paper within the machine. Therefore it will save money for the users and will be more economical than using a non-renewable printer.

Saves the environment- The renewable printer intends to offer a solution to institutions that use a lot of paper. High usage of paper leads to high rates of tree cutting. Therefore, there has been a misuse of trees to produce paper. The use of the renewable printer will minimize the use of paper hence reduce the cutting of trees. More trees will be saved as there will be less waste due to reuse of paper.

Conversion of used paper to a reusable one- The product can change used paper into reusable form. It will, therefore, enable people with used paper to reuse it. It takes seconds to change the paper into reusable form making the machine efficient even in institutions with high workloads and require to convert large amounts of paper.

Can recycle and print- The product can change used paper into a reusable form as well as print on it. It is, therefore, efficient as a user does not need two separate machines for the operations. A school or company can, therefore, reform the papers and print on them at once making the process fast and convenient.

Weakness

Expensive- The production costs of the product is high. It is a startup business hence Forust requires capital to but the machinery to manufacture the renewable printers. The components require to create the printer are also expensive as the firm strives to make quality products making it a costly process.

Difficult to introduce to the market- The product is new in the market hence potential users are unaware of it. It will be hard to convince people to use it due to lack of trust from the customers (Lueg et al., p. 216). Also, a new product requires competitive marketing strategies which require the employment of a competitive sales and marketing department to monitor the sales.

Research and development- The printer development require research to update it with the latest technology each year or after specific periods. It is, therefore, an ongoing process that requires creativity and innovation personnel to foster the success of the business. On the other hand, the product is still being researched on the design, the specifications and the pricing which may delay the production process.

The uncertainty of technology duration- Technology keeps on changing based on the consumer demands and innovation taking place. It is hard for any firm to estimate how long a product especially a machine will last in the market before becoming obsolete and requiring more improvements (Kietzmann et al., 213). The renewable printer will, therefore, pose a challenge on how long it will remain competitive in the market.

Weak brand image- Forust is a new firm in the market and customers are yet to know about its services and products. The firm, therefore, has a weak brand image, and consumers could take time before trusting its products and ascertaining that the renewable printer is an efficient product to use in their operations.

The unfamiliarity of technical issues- customers prefer a product that they can relate to and can solve any technical issues when they arise. The renewable printer is, however, a new product, and most people are not aware of how to resolve any problems within it during operations. It would, therefore, be time-consuming to respond to the machine problem as a technician from Forust has to attend to the issue.

Opportunities

Protection of copyright and patent- Forust will be the first company offering a renewable printer on the market. There is a market gap on a machine that can promote the conservation of the environment, and the printer will bridge the gap. It is, therefore, an opportunity that needs to be focused on to offer customers a platform to save operation costs as well as conserve the environment.

Open to various markets- The product can be used in different institutions. The target market is, therefore, big, and the sale of the product can be successful. The printer can be used in any firm or institution that requires printing services such as schools, hospitals, stores, and various organizations.

Open to various locations- The printer is unique as it is the first machine that will offer service on reusing paper as well as printing on it. It is competitive as Forust will be the only company offering the product hence can focus on selling the product in diverse regions globally.

Contract with target consumers- Forust can collaborate with potential customers such as schools and companies to make the renewable printers for them based on the quantity of workload and also take over the maintenance services for the customers.

Collaboration with firms which hire printers- Forust has the opportunity to collaborate with firms which rent printers and offer its products to them for the period they require to use them.

Threats

Competition- Forust has various competitors in the market. Despite offering a renewable printer, there are other firms that have an established brand in the market that consumers would be willing to buy products from (Jin et al., p. 35). Seiko Epson is one of the renowned firms selling printers (Peres, p.306). The firm has thermal printers, lasers, ink jets and dot matrix printers and its main market is China and Japan. Canon Inc. focuses on multifunction document equipment and digital printers while Lexmark International Inc. offers dot matrix and laser printers (Grey, p.237). Hp, on the other hand, sells scanners, copiers, printers and related supplies such as cartridges and toners (Bamberg, p.99). Forust therefore has stiff competition in the market from known brands named above.

The uncertainty of environmental crisis- The business is likely to be affected by any environmental policies on conservation. For instance, if there is a ban on the use of paper and the work is translated to digital storage of information such as computers, the business is likely to close.

Increased use of digital platforms- The advancement of technology has led to the younger generation using digital devices more compared to hard copies which could hurt the profits of the firm in the long run as the printers demand will decrease.

Environmental Scan

Internal Analysis

There are strengths and weaknesses that will affect the business. The printer has the chance to save the environment and save money for users by reducing usage of paper. It can also reform used paper and print on it using the same machine. Its production is, however, high and can affect the financial stability of Forust. It will also be difficult to introduce the product in the market as it is new and users will take the time to trust it. Technology is also changing fast which requires Forust to have a competitive and innovative team ready to improve the products based on the competition in the market as well as the demands of the customers.

External Analysis

There is a huge market for the printer as it is the first machine that can turn a used paper into a reusable one hence open to various markets in different regions globally. Forust can work with the potential customers to supply printers to them directly as well as liaise with those who hire printers to gain customers for the printer. The market, however, has a huge competition from renowned firms selling printers. Technology advancement also risks the success of the business in the future because the young generation is more attached to digital devices than on paperwork. The change of climatic conditions could also lead to a review of environmental policies which could hurt the business if the policies restrict the use of paper to reduce cutting of trees.

Works Cited

Top of Form

Bamberg, Matthew. New Image Frontiers: Defining the Future of Photography. Boston, MA: Course Technology, 2012. Internet resource.

Top of Form

Gbadamosi, Ayantunji. Principles of Marketing. Palgrave Macmillan, 2013. Internet resource.

Bottom of Form

Grey, Christopher. Canon EOS Digital Rebel XS/1000D. Taylor & Francis, 2008.

Bottom of Form

Jin, Jian, Ping Ji, and Ying Liu. "Product characteristic weighting for designer from online reviews: an ordinal classification approach." Proceedings of the 2012 Joint EDBT/ICDT Workshops. ACM, 2012.

Kietzmann, Jan, Leyland Pitt, and Pierre Berthon. "Disruptions, decisions, and destinations: Enter the age of 3-D printing and additive manufacturing." Business Horizons 58.2 (2015): 209-215.

Lueg, Rainer, Lina Malinauskaite, and Irina Marinova. "The vital role of business processes for a business model: the case of a startup company." Problems and Perspectives in Management 12.4 (2014): 213-220.

Peres, Michael R., ed. The Focal Encyclopedia of Photography. Taylor & Francis, 2013.