Establishment of new product

Executive summary

The study assignment will discuss the concept of establishment of certain screening criteria as well as the process will effectively look to describe the potential country list that is considered to be effective based on the screening criteria. Apart from this, chin up companies will be targeting the U.K. market since the market will be high on growth, and there will be a large number of opportunities to utilize new products in the market. A new market entry strategy will be proposed for chin up.

Introduction

The study assignment discuses about certain major aspects related to the launch of a new smartphone cover named as chin up. Currently, the number of smartphone owners has been increased day by day. The way people hold or usages smartphones are wrong, and all these causes back and neck problems. Therefore the focus had been imposed to launch a certain type of back cover that can look to reduce the issue of back and neck pain to much extent. Therefore the U.S. market has been targeted in this case since it is a wide market area. Furthermore, the aspect of product screening criteria, its potential country market, and the aspect of fined grained screening criteria along with the target market strategy have also been addressed in this case, followed by a suitable conclusion in this regard.

Discussion

Screening criteria of the product

In order to understand the major market of phone accessories, the certain secondary market vision has been considered. Thus it is better to understand the overall secondary market. Generally, in the U.K., the market size of phone accessories is considered to be heavy and widely diversified. Thus it can be expected that the product named chin up will not face any issue over launching in this market. It is also expected that the products will be held effective in giving the best type of protection to the phones. Moreover, these accessories come with a lot of new features with exciting pricing range that people will surely like and appreciate (Lundström 2019). Thus the screening criteria of the chin-up products are as follows-

Phone battery cases

The chin-up brand comes with an exciting range of phone battery cases. However, these cases have built-in battery to charge phones. Therefore it ensures towards the longevity of the phone batteries (Löhde and Calabrò 2019). The specifications of these products are as follows-

• The charge points are much thicker than the standard cases.
• There are certainly built-in communicative charges in this case.
• The overall battery cases have been highly utilized around under 4000-8000 milliamp hours as a whole.

Phone holders

The brand has also made a phone holder that helps to hold the phone level to the head of the user. Thus, in this case, the user will not face any such issues in the neck or back. Thus this product is highly effective from the people’s health perspective. Thus the major screening specifications of these product areas under-

• The phone holder comes with an in build clamp system for the users. Thus the users can fit the same into a table or desk parallel to their heads and enjoy unlimited video streaming or chats (Baker et al. 2019).
• The phone holder is very easy and sophisticated as well as user-friendly that makes people s experience better (Alashwal and Alduais 2019).
• Since the phone holder has been prepared to keep in mind the user criteria of people, hence the phone screens can be viewed from keeping a safe distance from the eyes. Hence it reduces eye- pressure creation (Nakos et al. 2019).

Power banks

These are one sort of product that is useful for people nowadays. These power banks can be used to charge up the phones within a stipulated timeframe.

• However, these power banks cannot only be used to charge only the phones, but multiple devices can be used to charge up from these power banks.
• These power banks of chin-up come with a wide battery capacity along with the battery cases that range up to 10000-25000mah.

Selfie sticks

Chin up company has also added Selfie sticks into their list. These Selfie sticks have been manufactured, keeping in mind the user’s arm can be reaching a parallel distance, and it is close to the head of the users. Thu the user will not face any sort of pain in the back or neck while posing for as Selfie. Moreover, these Selfie sticks also come up with certain new specifications. These are as follows-

• The Selfie sticks require charging facilities.
• The Selfie sticks have a Bluetooth connectivity feature that is directly linked to the overall shutter button of the phone.

Thus it can be said that the accessories of chin-up has been widely effective in meeting the health criteria of users, which makes these products highly effective and efficient to be used for a long time.

The long list of the potential target market based on the screening criteria

From a recent survey in the U.K., it has been seen that the users of smartphones are held in big numbers in the U.K. It is seen that almost 85 percent of adults in this country own smartphones. Thus the major focus is on the smart phone industry rather than posture devices in the market like the U.K.  Hence it is no doubt that the smartphone posture devices of chin-up will attract the competitors mostly. Thus over 2 billion smart phone users worldwide will look to upgrade their phones which mean that buying of these accessories such as cases and its screen protectors based on the new phone markets of the U.K. Here the uses of new accessories such as these new phone covers are going to be helpful in targeting the overall market. The mobile phone case covers market is to be valued at $13000 million within 2020, and within the year 2023, the market size will be looking to increase on a continuous basis (Bautista Gauna 2019).

From the current market analysis, it can be said that from the most commonly purchased online phone accessories, the overall price seems to be changing. Furthermore, the tracking devices of chin-up will come under 70 euros. Thus this creates an effective market gaps area where there lies an opportunity to create a specific place in the phone accessories market (Viswanathan and Jha 2019).

On the other hand, the young adults of this market have generally purchased online phone accessories based on the smartphones they use. The stats have stated that almost 95 percent of teens use a smartphone in the U.K. market, and they spent most of their time over the phone with an average of four hours. Thus, in this case, the target market for this company will be the age of 16 to 25 years of people.

Hence the overall screening process has been divided into two parts namely-

Primary screening

Here the markets or countries are looked to screen primarily based on the certain external screening process. The screening process has been limited to the internal resourcing of these mobile accessories. Hence the lists of target countries that have been effectively enlisted have been taken into consideration. Thus it can be said that these number of countries have been highly effective in underpinning the major advantages in the potential market.

 Identification of fine-grained screening criteria

On the other hand, the concept of fine-grained screening does only focus on the context of certain political risk factors, which helps them to enter in new market places. Moreover, these market changes have been widely effective in understanding the major firm competencies that once had been needed by the market. Thus for this purpose, it is important to understand the best and suitable opportunity in order to ensure fine grain techniques. Thus the aspect of the BCG growth matrix has been widely effective in understanding this process. These two dimensions have been helpful in building up a large number of potentialities as well as identifying the major business dimensions in this case (Karpilovich 2019). Thus the countries s have been categorized into three parts namely-

• A listed country where the primary market change only lists certain strategic developmental aspects.
• B listed countries where secondary marketing opportunities have been widely identified both in terms of political and risk factors. Here the main aspect of economic risk will ensure long term irrelevant commitments. Thus this market of the U.K. shows an effective opportunity for this brand to implement its products.
• In the c category countries, there lies a high risk and less exposure to growth. These countries are opportunistic countries like Africa, and the Middle East will be tough to get into.

Identification of a target market of chin up

The selection of the primary market has been based on certain major screening criteria, where the process of market identification has been based on certain standard techniques. These techniques have been based on certain major business criteria. These are as follows-

• Economic and demographic factors
• Consumer satisfaction
• Geographical areas (Chen et al. 2019).
• The change in buyer’s behaviors and psycho graphical factors as a whole.

The major aspect of change is highly related to the aspect of geographical change that bars within different countries. The major problems are that the process will be highly dependent upon the concept of secondary market change procedures. On the other hand, these market change approaches will be highly effective in managing operational excellence. All these processes try to undermine the concept of fragmented international policies and procedures.  Thus, in this case, whenever a target market is chosen in order to promote the product, it is important to understand the changes in the segmentation process as well as the main products and services to look for in the country. Apart from this aspect, the market segmentation concept, according to the chin-up company, it is obvious that the overall market segmentation strategy had been held effective. Thus the target market which this brand is looking to get into is the U.K. Because of the following reasons-

Vast product market

The product market of the U.K. is vast and widely diversified. Furthermore, there is almost 95 percent of smartphone users that exist over there. Thus the company can have a good market of mobile covers over there (Azoulay and Al-Maghribi 2019).

 Vast demography of customer

From various research avenues, it has been said that from the age of 16 to 30 years, people use smartphones extensively, and thus they face issues like the neck, shoulder, and back pain. Thus these phone holders’ new and improved techniques will be effective in that market. Thus the U.K. market will be effective in this case.

On the other hand, the overall BCG growth matrix had also been helpful in understanding the wide criteria based on the aspect of the lower-level screening process. The U.K. market is highly vast and diversified as well as these look to indulge in the process of screening from internal criteria. The high market potentials will also be effective in understanding in this case. Other market features or certain market policies will also help to implement every criteria’s in a better way.

Market entry strategy

In order to enter a new market in a new country, especially where there are certain strict rules and regulations, it is important to understand different new strategies. Similarly, for chin up as well since they are looking to enter into THE UK market, hence it is important to understand these below strategies.

Brand franchise

It is needful to create a successful brand franchise that allows creating a specific identity and lets the working process under its own name.

The franchises help to pay a certain fee to the owner and sometimes look to cut a profit percentage while keeping the rest amount intact as it is. However, for chin-up products, it is also effective for the creation of a self-brand identity in the U.K. so that the company can use this brand name in selling the products.

Direct export

This is considered to be one of the most common strategies where there is an opportunity to sell the products into the market where the products can be directly available. For example, if the product is going to be sold in the U.K. market. Then it is important to make the product available across all the stores in the U.K.

Partnering

Partnering is considered to be an important term of business. It can be good if the right partner can be helped in managing the aspects of marketing and branding. Thus for a foreign country like the U.K., if there is a good partner firm that can help in branding the smartphone accessories and covers for the chin up, then it will be creating a positive effect on the overall business process as well as it will generate sustainability for the company.

Conclusion

Hence from this report, it can be concluded that for the chin-up company, the screening criteria of the mobile phone accessories like its specifications have been highly effective in meeting the product demand. The BCG growth matrix of the product and services has been properly implemented in understanding the product criteria. On the other hand, the new industry target market of the U.K. will be effective in identifying fine-grained screening criteria. The overall fine-grained screening criteria regarding the aspect of product and market changes, will look to emerge as a global change in the target market along with the new market entry strategies.

References

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