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Write a paper demonstrates the product development and launch of the magical umbrella in Singapore, identifying objectives and analyzing market scenario.
Umbrella Rain Tube (S) Pte Ltd, or Umbrella Tube in short, is Singapore’s first invention of Magic Umbrella. The company aims to equip alternative protection against the rain or sunlight. This paper demonstrates the product development and launch of the magical umbrella in Singapore, identifying objectives and analyzing market scenario. Specific, measurable, attainable and relevant objectives have been detailed for the marketing team to perform their activities being answerable for the response. Marketing analysis made in the paper has helped to identify the target market and potential customers for a magical umbrella. Environmental analysis using the PESTLE model has analyzed the external factors that can affect the marketing process and launch of the magical umbrella in Singapore. In addition, the strengths and weakness of the product have been discussed, along with opportunities and threats for a magical umbrella in the market. Competitive environment has been evaluated, focusing on Porter’s five forces, critical success factors, competitor’s analysis and current market situation. Analysis of the marketing mix has been made to understand pricing strategy, promotional strategy, and the location marketing for magical umbrellas will be targeted. Implementation and control plan for the launch of the magical umbrella has been presented with actions to be performed within the specified timeline.
Tropical climate in Singapore can be the most important factor that can create greater demand for the magical umbrella. As Singapore is near the equator, the temperature does not fall below 23-25ºC at night and go above 31-33ºC at the day time (MSS, 2017). There is an average of 178 days in a year with heavy rainfall in Singapore. Moreover, Singapore is a destination where a higher amount of sunshine is received as the length of the day remains almost constant. Using ornamental cloth and metal ribs to make a magical umbrella will certainly improve the quality of the product to last at least a couple of years if kept properly. Further to measure the performance, Key Performance Indicators (KPIs) will be used as business metrics to measure sales, change in demand, the success of marketing plan, engagement of customers on online promotional activities etc.