¶ … New Product in the Market
New Good or Service Business Proposal
Tire Company Plan to Increase Range of Products
Our company deals in sale of small car tires to individuals and companies in Minnesota. The region has grown from dependence on production of raw material for sale in other region to production and manufacturing activities. In the region, there is a significant increase in truck haulage business owing to the growth seen in industrial outputs. This creates a market for truck tires that is yet to be satisfied given the few number of tire supplies in the region. Our company proposes to introduce the supply of truck tires to haulage companies in the region. The demand of tires in general is dependent on the demand in the transport industry and it responds to the number of tire supplies and the market price for tires.
Currently the company sources most of its tires from local U.S. companies that deal in production on tires. To complement intend venture in sale of tires the company will expand its range of tires by importing tires from other countries. The cost of importing tires will increase the companies operational cost by 20% owing to the shipping and customs duty costs. The company will also need to increase its storage capacity to accommodate the increase volumes of tire stocks. The required increase in storage capacity will increase the companies fixed cost by increasing the cost of renting ware houses in their distribution outlets.
Advertising and Marketing
To inform the market of the new additions to their stock of tires a door to door campaign to haulage companies will be undertaken. This will be done through distribution of pamphlets containing information on the company range of tires, the locations and business contact information. The pamphlets will serve as the main advertising campaigns supplemented by audio and television advertisements to inform the market. According to Rajan (2007), advertising serves as a key ingredient in ensuring market familiarity with the product and growth...
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