TOPIC : Mobile Home Property Developer and Manager Assignment: Research-based Marketing Plan Revised Final Proposal - Internal and External Marketing Environments 1500 words (+/- 50 words) No plagiari

Running head: JGJ 0

JGJ INC.

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JGJ Inc.

Product development

This covers the entire process for bringing the new product to the market, renewal of the existing product, or introduction of the product to a new market. The central aspect of designing a product requires various considerations. The development of a new product is described as the transformation of the marketing opportunity to the product which is available for selling (Dictionary of business and management,2009). Products that are developed by the organizations usually provide the means for the generation of income. For most of the technologies intensive firms their approaches are usually based on the exploitation of technological innovations in the rapidly changing markets (Innovation management and new product development,2012).

The product could be tangible or it could be intangible, at times the services and the other processes are usually distinguished from the products. Developing a new product requires one to better understand the needs of customers and their wants, their competitive environments, and the nature of the markets (Kahn and Kenneth,2012). Cost, quality, and time are the main variables that drive the needs of the customers. For innovative companies, they develop strategies for satisfying the needs of the customers and increasing market share through the development of products.

Key differentiating characteristics of the offering

When it comes to differentiating characteristics for offering the brand should be different from what other mobile home providers can offer. This can involve coming with designs that will differentiate their products from what other competitors are offering to their clients. Through this, potential clients will be able to identify and pick the services hence leading to the growth of the company. The quality of the products is also key at this phase, it could be accomplished through reduction of prices of products and same time ensuring the products provided are of the quality which is proffered products can have a one-year warranty.

Analysis of demand in the market

The market size has grown tremendously over the past five years and from the above, it is seen to stand at the $6 billion marks. Only in the United States, the number of competitors is worrying, and it has been continuously increasing over the last few years, with an annualized growth rate of over 8%. Because of the increasing demand in this sector, the market's growth rate appears to be slowing consistent increment at a continuous level and this sluggish development is because of the attack of the covid19 pandemic which has made numerous business associations track in the way of rebuilding, which draws in more expenses on the organizations going through the interaction.

Because of expanding pace of globalization, individuals are selecting to utilize straightforward home arrangements as they rely upon momentary settlement alternatives before moving to their next open positions. This has prompted a positive development of the overall item market which implies that organizations should set up procedures of catching the expanding market. JGJ Inc. has set up advertising techniques that have assisted it with standing firm on its present situation. Notwithstanding, other advertising methodologies ought to be viewed as which should focus on growing more supportable objectives thus assisting it with viewing for the projected high market. JGJ has not entered the market yet so you can't say they have set up promoting methodologies. On the estimating of the administrations for the following five years, there is a high probability that the worth of the lodging will continue expanding as a result of the interest and the monetary development in the country.

However much the designers of the trailers would need to spread their items among all populaces, it will not be conceivable because of the degree of neediness among the greater part of the American homes. The normal cost of manufactured houses is about USD 40,000, and this could be the yearly profit of not many homes in the USA. The odds of the business developing are accordingly viewed as thin because of the degree of neediness in the American homes and the remainder of the world.

Market segment demand

This is the process of dividing the target market into smaller, more detailed categories. It divides customers and audiences into groups that share similar factors such as census, interests, needs, or location. Ethics categories require you to be aware of your client's actions. These activities may be related to how the customer interacts with your product or other activities that take place away from your product. The Geographic category is the simplest form of market segregation. It classifies customers according to geographical boundaries. Demographic segmentation is one of the most popular and widely used forms of market segregation. Statistical data is specified for a group of people.

Quantitative data used to determine projected demand

The products should target customers who are looking for advanced home services especially those who work in different regions from time to time. Services must be reliable enough for customers to ensure they can access them no matter where they are. The products offered also have to be flexible to meet expectations.

In the determination of demand, the current positioning in the market is used for determining the demand. Before the epidemic in early 2019, people were involved in job opportunities that included settling in different parts of the country. This has contributed to the growth of the domestic market as people need accommodation. The leading company is currently the Cooperative with a Duplex market with $ 1,951,389 followed by the Multi-Family with a market of $ 1,507,734. Other players in the market are working to improve the quality of their products to reach a larger number of customers. The organization currently owns a $ 200,100 market. This means that there are other companies still dominating the market and JGJ Inc. has many improvements and changes to make to meet market needs.

The methodology used to determine demand

The consideration being used for determining demand is the consumer profile where there are those mobile designs that youngsters will be attracted to than for other older people and the income also plays a key role in this matter. Demand forecasting is the process of predicting what will be the need for a particular product in the future. It indicates what current and future customers will want to buy and tells the production facilities what they should produce.

For the demand, it can be determined through the projections and looking at the poverty level of the people within the community. For JNJ Inc. the demand is determined by looking at the substitute products which are available for purchasing. It is being deemed that the demand is likely to reduce due to the change in the prices of the substitutes where people are ready to go for the substitutes in case the prices increase.

In conclusion, if this company wants to succeed in the market, then the appropriate steps have to be taken from the product development up to marketing. The demand can be increased through providing good services to the customers which will attract them. The quality has to be maintained and they have to target people with higher levels of income that will be willing to buy the products which can result in the growth of the company. The chosen segment are the ones that are in dire need of the product hence proper steps have to be undertaken for developing the product.

References

A dictionary of business and management (2009) (5th ed.). Oxford [England]: Oxford University Press. ISBN 9780199234899.

Innovation Management and New Product Development (2012) (5th ed.). Harlow [England]: Pearson Education. ISBN 9780273736561.

Kahn, and Kenneth B. (2012). The PDMA handbook of new product development (3 ed.). Hoboken, New Jersey: John Wiley & Sons Inc. ISBN 978-0-470-64820-9. A thorough understanding of customers' needs and wants, the competitive situation, and the nature of the market is an essential component of new product success.