StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Managerial Approach to the LAMBSA Liquid Egg Poduct - Case Study Example

Cite this document
Summary
This essay analyzes the new LAMBDA liquid egg product at the introduction stage of the product lifecycle. A close analysis of the given case study shows that this product is a new entrant into the market. Basically, the concept of PLC posits to the effect that every product has a lifespan which goes through stages until it is phased out…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER93.9% of users find it useful
Managerial Approach to the LAMBSA Liquid Egg Poduct
Read Text Preview

Extract of sample "Managerial Approach to the LAMBSA Liquid Egg Poduct"

1. The new LAMBSA liquid egg product is still at the introduction stage of the product life cycle (PLC). Basically, the concept of PLC posits to the effect that that every product has a life span which goes through stages until it is phased out (Cant, 2000). The cycle is made up of the following stages: introduction, growth, maturity and decline. A close analysis of the given case study shows that this product is a new entrant into the market. This means that the product is still at the first stage in terms of its life cycle. Given that the product is still new in the market, it can be seen that its performance is determined by the way it is perceived by the targeted customers. In this case, the product has not been that successful when it was introduced in the market and this is the reason why the introduction of this particular product ought to be reviewed. 2. As it stands, this is the only product the firm will sell to hotels and restaurants. Due to the fact that the product requires extra care in terms of storage, the product can only be sold to restaurants and hotels given that these firms will quickly use the product before it gets stale. The main idea behind this product launch is that it cannot be distributed or sold in the food sector given that it requires quality storage facilities so as to enable the firm to keep this product at a very low temperature rate. The main advantage of targeting the hotels and restaurants is that they have special storage facilities that can help them to store this product in a safe place. The other reason for targeting restaurants and hotels is that they use liquid eggs in the production of different types of food they offer to different customers. For instance, the bulk of confectionary products are made using liquid eggs and this will help the actors in this particular sector to save time since they will use already prepared eggs where they do not need to hire people to perform the task of breaking the eggs. The other advantage of targeting the hotels and restaurants is that their products often sell fast since they offer already prepared food to the customers. Therefore, hotels and restaurants are ideal to supply the new product since it will help the company to be in a better position to address the logistic problems such as storage that are likely to be encountered while distributing the new product to different markets. 3. This is a very important question to ask given that a marketer should clearly identify the targeted customers before establishing a product in the market. The success of a new product in the market mainly depends with the marketer’s ability to target the right people. This will also help the company to focus on product development so that it appeals to the interests of the targeted customers. If the target market is clearly identified, the marketers can be in a position to customize the products so that they attract a lot of customers. This can help the marketers to generate more revenues from the sales of a new product if their operations are focused. The other reason why the marketers should clearly define their target market is that it helps them to deal with issues related to logistics in the distribution of the new products to be offered. The marketers are in a better position to anticipate the problems likely to be encountered in distributing the product if the targeted customers are clearly identified. This also helps to inform the marketers to generate knowledge about the exact quantity of products they need to produce. Losses will be avoided if the company has information about the size of its targeted market. This also helps it to improve its effectiveness since it will be guided by the needs and demands of the customers in its operations rather than just producing products that may end up failing to attract buyers. This can lead to unnecessary losses hence such scenario ought to be avoided at all costs if the company is to successfully establish a new product in the market. 4. It is quite challenging to get the 8 million liters per year at the price being demanded by the boss. It is anticipated that the product will be sold at €1.45 per liter but it can be seen that this price is exorbitant since the customers are used to buy the same quantity of eggs at an average price of €0.90. This price is likely to deter the customers from buying the product as a result of the fact that it has a premium price while they can still get the same product at a relatively cheaper price. Whilst emphasis is put on quality of the new product, it can be seen that other customers are not worried about the aspect of quality since they prepare their products at higher temperatures that kill all the bacteria that might exist in the ingredients used. This anticipated target is a result of overzealousness since there are many factors that are likely to impact negatively on the performance of the new product. First and foremost, it can be seen that this target was reached after using assumptions to determine d the success of the new product since the company has been successfully launching new products in the market. This focused sales volume of 8 million liters per year is far-fetched given that similar products have also been introduced in the market but they did not reap the expected benefits. Therefore, this product is not completely new to the targeted customers since they have come across a similar product which however did not stimulate the interests of the targeted buyers. The 8 million liters per year may not be attainable due to the fact that the price is too high. The projected sales volume has to be lowered and the price of the product ought to be reviewed so as to come up with realistic data for the sales of the new product. In fact, the salespeople should use the market forces to determine the price of the new product so as to be able to attract potential buyers. 5. In drawing a marketing plan for this product, it is imperative for the marketing manager to make sure that ideas of different targeted people are incorporate in the design of the new product. This can be achieved through carrying out a thorough research about the needs and interests of the targeted people so that their ideas can be incorporated in the development of the new product. This can help to stimulate their interests towards the product. The sales people should also make an effort to interact with as many people as possible so as to gather their views towards the product. When the product is being launched in the market, it ought to start off at a low level so as to be in a position to ascertain the interests of the customers through monitoring their response to the new product. A pretest should be carried before the product is introduced on a full scale in the market. This helps the marketers to make informed decisions with regards to making alterations in terms of the quantity of the products to be offered. The increase in the volume of products offered on the market ought to be gradual so as to be in a position to adjust to the market conditions that prevail at a particular moment. Regular review of the performance of the product ought to be carried so as to be able to assess its performance on the market. This can be done through obtaining feedback from the customers which can help the marketers to make necessary adjustments to the product should the need arise. After a period of about six months after the introduction of the product in the market, decisions to expand the market can be made after assessing the preliminary performance of the new product. It is imperative to carry out product review throughout the product life cycle so as to enable the company to operate effectively. References Cant, MC 2000, Marketing Management, 4th Edition Juta and Co Ltd, CT. McCarthy, JE & Perreault, WD 1996, Basic Marketing: A Global Managerial Approach, 12th Edition, Irwin McGraw-Hill, NY. Kotler, P & Armstrong G 2004, Principles of Marketing, Pearson Education, Upper Saddle River: NJ. Kotler, P 1999, Kotler on Marketing: How to create, win and dominate Markets, Free Press, London. Porter, ME 1985, Competitive Advantage; Creating and Sustaining Superior Performance, The Free Press, New York. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(Managerial Approach to the LAMBSA Liquid Egg Poduct Case Study, n.d.)
Managerial Approach to the LAMBSA Liquid Egg Poduct Case Study. https://studentshare.org/technology/1798945-lambsa
(Managerial Approach to the LAMBSA Liquid Egg Poduct Case Study)
Managerial Approach to the LAMBSA Liquid Egg Poduct Case Study. https://studentshare.org/technology/1798945-lambsa.
“Managerial Approach to the LAMBSA Liquid Egg Poduct Case Study”. https://studentshare.org/technology/1798945-lambsa.
  • Cited: 0 times

CHECK THESE SAMPLES OF Managerial Approach to the LAMBSA Liquid Egg Poduct

The Silence of the Lambs

In the essay “The Silence of the Lambs” the author answers the question: How does the film display the following characteristics of the police procedural mystery formula?... Clarice  Starling plays the role of a  young  FBI  detective,  on her way to help solve the investigation of serial killings....
1 Pages (250 words) Movie Review

THE Sperm and the egg

While surrounded by millions of other sperm cells that occur to press him to Sean the Sperm and Maggie the egg ‘Sean the Sperm' is an optimistic and vigorous sperm cell made of genetic materialscollectively known as DNA and though his kind is said to be the smallest of cells in the human body, Sean is distinct for possessing a tail that beats so he could swim.... aggie the egg, on the other hand, is a big round egg cell whose center consisting of genetic material is surrounded by a nutrient-rich jelly-like substance....
2 Pages (500 words) Essay

Michigan Liquor Control Commission

The following paper "Michigan Liquor Control Commission" dwells on the activities performed by liquor control commission.... As the text has it, the state of Michigan passed a bill on the prohibition of liquor in May 1918, nearly 18 months prior to the enactment of federal prohibition.... nbsp;… In the beginning of 1930s, people throughout the country demanded the Federal Government repeal the prohibition....
5 Pages (1250 words) Research Paper

Transformation Process Gas-to-Liquids

In the paper “Gas-to-Liquids” the author describes the development of new Gas to the liquid transformation process, which is required because the existing process is an indirect one.... Engineers all around the world are working to come up with the new and direct methods of converting natural gas into a liquid.... This resulted in the discontinuity of the Gas to liquid process because at that time only one plant of the Shell was operational....
2 Pages (500 words) Essay

Practical 6-Liquid preparations

Process (What is being done) Preparation of liquid injection solution of paracetamol5.... Have antigenic potential and may cause anaphylaxis upon ingestion.... Carcinogenic, Mutagenic, Teratogenic and Developmental toxicity not identified.... LD50=44200mg/kg (rats) (1) May cause eye, skin and… No inhalation hazard ....
1 Pages (250 words) Essay

Floating egg

As long as there is no reaction between the egg and either of the two solutions, it is assumed that the egg will display similar observation in both solutions at the same density.... owever, as much as both have a sodium atom, there is no other compositional or chemical proof that… The major observation obtained upon this comparison is that the fresher the egg, the more the salt needed to make it float and conversely, the older the egg, the less the salt needed....
1 Pages (250 words) Admission/Application Essay

Managerial Accounting

When using the Absorption Costing Method, all costs associated with manufacturing/producing a product are assumed to be product cots: direct materials, direct labor and fixed and variable manufacturing overhead (Ray, 2014).... Additionally, it is assumed that this costs are… By Absorption Costing method, that is, pricing at 128 in 2013 and 160 in 2014, the net operating income will be the same in both years whereas by Variable Costing method, pricing at 120 and 144, the net operating cost The net operating income in 2014 by Variable Costing Method is higher than that found by Absorption Costing Method because the inventory decreased in 2014....
5 Pages (1250 words) Assignment

The Influence of the Nature of a Liquid on its Rate of Evaporation

hellip; According to the findings, it can, therefore, be said that the rate of evaporation of a liquid depends on many factors.... Nature of a liquid may be one of the most important factors which determine its rate of evaporation.... The rate of evaporation also depends on the surface area and the temperature of the liquid.... Another experiment to examine the impact of temperature can be carried out by exposing the liquid to evaporation in different temperatures....
6 Pages (1500 words) Research Paper
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us