Marketing Essay Example | Topics and Well Written Essays - 2500 words - 1

Marketing - Essay Example The headquarters of the country is California United States, but HP operates its business around the world. HP was founded in 1939 by Bill Hewlett and David Packard. HP offers wide range of products such as laptops, printers, inks, toners, PCs, etc. HP launched its first inkjet and laser printers in the year 1984. However, these printers were specifically designed for the desktops. In the 90s, HP decided to enter the printer market with range of high quality and innovative printers. Now HP is among the top players in the printer industry. Companies are coming forward to invest their earning in planting more trees, reducing pollution and chemical wastes and gases. They are also bringing out several new eco-friendly and technologically improved products by using 100 % recyclable materials. In this study we would recommend a new product idea HP to introduce an eco-friendly technology in the printer which involves reprinting of the same paper by erasing its ink. This would not only give HP an edge over its competitors, but also make it a market leader from a major player. New Product HP can introduce a green or eco-friendly printer which would reduce the wastage and usage of paper. In this manner it would also assist in saving natural resources like trees and water. A new technology would be integrated in the green printer through which the printer can reprint on the same paper for many times. Not only the individual customers but also business houses, companies or firms are willing to pay higher prices for using eco-friendly products. This would also help in reducing the carbon footprints. It would be one of the most appropriate and innovative technology in the printer industry, so HP should patent the idea and the technology to protect the product manufacturing rights and the product idea. This technology can be also called the reverse printing technology. Though this product would be priced higher than the general printers because of its unique selling propositi on, but it would reduce the cost of papers for the customers. Target Market Target market involves a group of customers for whom the company designs, and develops a product or service. The marketing strategies and mix are designed and prepared by the marketers to satisfy the target customers. Targeting can be differentiated and undifferentiated. Differentiated targeting signifies focusing a particular type of customers and leaving out the rest, but in undifferentiated targeting, the marketer focuses on the mass, so customized product is not developed in this case. The printer market can be segmented into three divisions, first is the personal or individual users, second is the business houses, firms or companies using for their official purposes, and third is the printing businesses that use printers to print for other companies (Atkielsk, 2001, p. 1). Since reverse printing technology is niche and obviously HP would set the price of green printer higher than that of general printer s. So the individuals building for personal usage might not afford it. Moreover, the company cannot launch it at a low price because of its high cost of production, promotional and other costs. Therefore in the initial stage the target customer groups would be the firms, companies and the printing businesses that use it for commercial purposes. Another reason is that the printing companies, firms or organizations print millions of pages every day, so level