The internal basis of a marketing firm are the products that firm is striving to sell. The textbook Marketing 360 states, “A marketing manage cannot determine a price, design a promotion strategy, or create a distribution channel until the firm has a product to sell” (Lamb, Hair, McDaniel, 178).
It is apparent that the world of business is centralized by the exchange of products and services; and these products must keep up-to-date with the constant changes in society. Consumers are drawn to new and innovative products and it is the job of the marketing firm to create these products.
New Product Ideas
Two new product ideas in the global marketplace are the Cicret Bracelet and the Seabin. According the official website of the Cicret Bracelet, it is described as “An innovative wearable [technology] that projects the interface of any smartphone or tablet on the arm of the user” (“Cicret,” 2014.). The Seabin is described as, “Garbage cans [that] float around harbors and marinas vacuuming up loose rubbish” (Mueller, 2015).
The Seabin was invented in Australia as a potential solution to the global issue of floating garbage in the ocean. This product and idea was created by two surfers by the names of Andrew Turton and Pete Ceglinski. According to journalist Megan Werft (2015), “The fact that the ‘seabin’ collects oil and detergents succeeds in eliminating all the things the world doesn’t want in the sea and which are extremely hard to filter out once in the ocean” (Werft, 2015, para. 3).
Werft also explains the two main objectives Ceglinski and Turton had in mind when creating this product, “The first is to create more seabins out of the plastic the first bins collect. The second step and goal according to the inventors is to ‘have a pollution free ocean for our future generations’” (Werft, 2015, para. 4). The overarching idea and objectives of the Seabin are incredibly sustainable and well-thought out. There is a global need and demand for the Seabin due to the massive waste that is polluting the ocean.
Successful or Not Successful?
In the future, the idea of the Seabin will be successful, but the product itself will most-likely be modified. The Seabin will be successful in the global marketplace because it is a potential solution to a global issue, it is sustainable, and it is eco-friendly. The Seabin is also an easy product to market because it simply markets itself due to the wide, global acceptance of the need to find a solution to pollution in the ocean.
As previously mentioned, the Seabin will most-likely be modified due to its novelty. The textbook defines functional modification as, “change in a product’s versatility, effectiveness, convenience, or safety” (Lamb, Hair, McDaniel, 183). The Seabin will probably be adjusted by technologically advanced and environmentally aware manufacturers who will have the resources to modify the Seabin to be as eco-friendly as possible; But, just because the Seabin will be adjusted and modified, that does not mean that it will be an unsuccessful product idea.
Rather, it means that it will be adjusted around the world to fit the needs of the specific marina or harbor it is located in. The following section of the textbook explains why companies modify products, “Over time, firms change product items, lines, and mixes to take advantage of new technical or product developments or to respond to changes in the environment” Lamb, Hair, McDaniel, 182).
The Seabin will be modified in the future to fix the one downside to the product, which is that it does not function as effectively in rough waters. Werft (2015) writes, “While the seabin is recommended for calm waters and harbors, it could lead to breakthroughs for the oceans in general” (Werft, 2015, para. 8).
The Seabin will possibly be adjusted in the future to ensure its function in the rough, deeper waters; but most of the waste that pollutes the ocean is from humans and originates in harbors and marinas. Therefore, whether the Seabin is modified in the future or not, it will make a tangible difference in the pollution of the seas.
Further, the Seabin will be prosperous in the global marketplace due to its sustainability, its discontinuous innovation, and its actual goal to solve a global issue. The Seabin is sustainable through the way it is manufactured and packaged. The textbook states that one of the four functions of packaging is to facilitate recycling and reduce environmental damage.
The authors of the textbook describe this concept as, “One of the most important packaging issues today is eco-consciousness, a trend that has recently been in and out of consumer and media attention” (Lamb, Hair, McDaniel, 190). This shows that eco-friendly products and packaging are in high demand by consumers. The Seabin is packaged in an eco-conscious way because it is made from garbage that previous Seabins have collected. Consumers will be drawn to the sustainability of the Seabins and, in turn, be inclined to donate to the growth of the product.
The Seabin is also a new-to-the-world product which is exceptionally intriguing to consumers. The textbook defines a new-to-the-world product, “These products create an entirely new market . . . New-to-the-world products represent the smallest category of new products” (Lamb, Hair, McDaniel, 190). The originality of the Seabin will engage consumers and create a desire for them to contribute to its success. With the establishment of a completely new product there must have been a new-product strategy.
The textbook states that a new product strategy, “links the new-product development process with the objectives of the marketing department, business unit, and the corporation” (Lamb, Hair, McDaniel, 197). The new-product strategy of the two surfers was to market the Seabin as an honest and environmentally-aware product that can make a tangible difference in the world.
This honest and open marketing strategy will be key to the success of the Seabins in the global marketplace because consumers find it refreshing when a product is transparent and is created for the purpose of solving an issue that effects the world as a whole. The open and honest way in which this innovating and completely new product is being marketed will ensure the support of consumers.
The final reason the Seabin will be successful is because the purpose of the product is to solve a global issue, which is something that will be appreciated and accepted by the majority of consumers. The textbook explains why some products fail and others do not, “One common reason [products fail] is that they simply do not offer discernible benefit compared to existing products” (Lamb, Hair, McDaniel, 203). The Seabin will definitely not fail due to this reason because it does show tangible and discernible benefit to the environment, which in turn positively effects the world and those who inhabit it.
The Seabin also shows discernible benefit compared to existing products because it replaces the current, more expensive and less effective way of cleaning up the ocean. Mueller (2015) writes, “Currently, trash boats patrol harbors and marinas and scoop trash manually. However, these boats are expensive to run and maintain. The Seabin, on the other hand, is projected to cost only around $20 a month to run” (Mueller, 2015, para. 5). This shows that the Seabin is a viable and practical replacement of the current method of cleaning the ocean.
The Cicret Bracelet
The second product, the Cicret Bracelet, will most-likely fail in the global marketplace due to the impracticality of the product on a global scale, the small size of the company, the slow rate at which it is being produced. Although the Cicret Bracelet itself will likely fail, the idea behind the product may succeed if it is adopted by larger companies with the resources needed to manufacture the product. According to the Cicret Bracelet official website, “The company which owns the CICRET BRACELET is CN2P SAS, registered in France. . . Our company has been created in 2014” (“Cicret,” 2014).
Successful or Not Successful?
The Cicret Bracelet will not succeed in the global marketplace because it is not a viable product for most consumers to own. The textbook describes the process of the diffusion of innovation as the process in which a new product is adopted or purchased. The textbook describes the smallest category of adopters as innovators, “Innovators are eager to try new ideas and products, almost as an obsession. In addition to having higher incomes, they are more worldly and more active outside their community. . . innovators are characterized as being venturesome” (Lamb, Hair, McDaniel, 204). The Cicret Bracelet is targeting a market of innovators because it is a far-fetched concept that only wealthy people will be able to afford.
The Cicret Bracelet also lacks in some of the characteristics that determine the rate in which a product is accepted. The Cicret Bracelet lacks in compatibility, it does not show a relative advantage and consumers cannot easily try the product. The textbook defines compatibility as, “the degree to which the new product is consistent with existing values and product knowledge, past experiences, and current needs” (Lamb, Hair, McDaniel, 205).
The Cicret Bracelet lacks in compatibility because although the user is able to access most of the functions of their smart phone on their wrist, the user still needs to have their smart phone on their person. Because of this, many consumers may not feel the need to spend excess money in addition to their smartphone on a device that requires them to still have their phone on their person.
This concept also relates to why the Cicret Bracelet does not show a relative advantage because the alternative is for the user to simply hold their smart phone and access it, and the Cicret Bracelet does not offer a superior advantage to this. Also, the Cicret Bracelet cannot easily be tried by consumers due to the slow rate at which they are being manufactured and produced.
The main reason for the probable failure of the Cicret Bracelet is the small size of the company and the slow rate at which the product is being produced. According to their official website, the whole company is made up of only four members, which in turn makes it difficult to market and produce the Cicret Bracelet in the global marketplace.
Importance of Resources
The small size of the company also implies less resources to produce the product successfully. According to their official website, “The final version of the working CICRET BRACELET will be ready before the end of 2015 (estimated time frame). We are in discussion with manufacturers that can launch the mass production of the CICRET BRACELETS” (“Cicret,” 2014).
Although they claimed they would have working Cicret Bracelets before the end of 2015, the bracelets are still nowhere to be found. Journalist Brian Jackson (2014) writes about the slow production rate, “Here’s the problem – this bracelet doesn’t exist. There’s no selection of colours available, no storage size options, no advanced projection system that reacts to your touch on your skin. What’s depicted in the video is the work of post-production special effects, not a prototype piece of technology in action. That’s because no prototype exists.” (Jackson, 2014, para. 4).
Jackson simply performed research about the Cicret Bracelet and found that it is not as superior and innovative as CN2P SAS is attempting to portray it to be. The reason the product will not succeed is because with just a few minutes of research it is easy to understand that the company behind the product is unorganized, dishonest, and lacking in the necessary resources to produce the bracelets on a global scale.
The book describes a term referred to as brand equity and it aids in describing why having a lowly respected company makes it harder to launch a new product and maintain presence on the market. The textbook states, “The term brand equity refers to the value of a company or brand name. A brand that has high awareness, perceived quality and brand loyalty among customers has high brand equity- a valuable asset indeed” (Lamb, Hair, McDaniel, 184). The company CN2P SAS has low brand equity, which will lead to the failure of the Cicret Bracelet.
Jackson (2014) further writes,“WTOP journalist Neal Augenstein got to the bottom of this secret with some inquiries to Guillaume Pommier, the co-founder of Paris-based Cicret. In his story, Pommier tells Augenstein that the video is an illustration and the company consists of four partners that are trying to raise donations via PayPal to fund development. Furthermore, three of the four team members work for other companies and are hiding their involvement with Cicret ‘because we don’t want to be fired’” (Jackson, 2014, para. 5).
If the founders of the company and product are not able to be openly and honestly loyal to their own company, how can they expect consumers to trust their product and be loyal to their company? The textbook states that two reasons a product may fail is due to inadequate distribution and poor promotion (Lamb, Hair, McDaniel, 203). These are two main reasons why the Cicret Bracelet will fail in the global marketplace. The company is not able to adequately produce and distribute the bracelets whatsoever and they have done a poor job in promoting the product.
Strategic Marketing Development
Overall, the correct marketing strategies and product development are essential to the success of a product in the global marketplace. The products must be viable and be in high demand for consumers on a large scale. The global marketplace is constantly being introduced to new products, but only those products that are in high demand, show tangible benefit compared to competing products, and are practical in relation to society and the current marketplace will succeed.
Cicret Bracelet. (2014). Retrieved from http://cicret.com/wordpress/
Jackson, B. (2014, December 9). The ‘Cicret’ is out – this futuristic bracelet doesn’t exist. itbusiness.ca. Retrieved from http://www.itbusiness.ca/news/the-cicret-is-out-this- futuristic-bracelet-doesnt-exist/52677
Lamb, C. W., Hair, J. F., McDaniel, C. (2014). MKTG 8 principles of marketing, 179-205.
Mueller, C. (2015, December 23). This floating garbage can collects trash from the water. Business Insider. Retrieved from http://www.businessinsider.com/floating-garbage-can-cleans-ocean-2015-12
Werft, M. (2015, December 28). Two guys from Australia invented a trash bin for the ocean. Global Citizen. Retrieved from https://www.globalcitizen.org/en/content/two-guys-from- australia-invented-a-trash-bin-for-t/