New Product Development: Izzy’s Waste Free Mascara
In marketing, "new" and "growth" both money to the bottom line, or to use the more trendy term, EBITDA. Either way, absent having a patented cure for a widespread serious disease, marketers need to feed "new" and "growth" into their mix on a fairly regular basis particularly if their enterprise is publicly owned where the rate of growth as well as the amount of growth need to be ever-increasing.
Select a real new product (not a service) currently on the market to use as the basis for completing this assignment, which has a focus on the topics discussed in Chapter 15, and answer the questions below as they relate to your chosen product.
1. Categorize your product using the measured in the "How New Is New?" topic.
2. Decide if your product is being marketed using a pioneer or follower strategy and explain your decision.
3. Decide which growth strategy (as listed in Exhibit 15.12 on page 429) would be appropriate for your product and explain your decision.
Book source: Marketing Management. A strategic decision-making approach J. W. Mullins, O. C. Walker
2 sources ar required.
New Product Development: Izzy’s Waste Free Mascara
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New Product Development: Izzy’s Waste Free Mascara
As new and aggressive industry players enter the business arena, competition becomes intense, necessitating the development of a new strategy that will help differentiate and hopefully ascertain their relevance in the industry for the future. Product differentiation, through invention and innovation, is one viable strategy that allows industry players to introduce new and exciting products to capture the attention of both the existing markets and new market segments. Some industries are more susceptible to rapid changes than others, and the cosmetic and beauty industry, currently valued at $507.8 billion and a projection of over $758 billion by the year 2025, is one of the most volatile industry sectors today (Rider, 2021). The industry has seen the emergence of a wide range of beauty products from promising startups in the recent past and one striking example is the Zero Waste mascara from Izzy.
Izzy Beauty Inc. is an American start-up in the cosmetic and beauty industry inspired by the need to produce eco-friendly products in the current era of growing climate change concerns that consider human activities as the major culprit (Izzy Beauty Inc., n.d.). Izzy’s Zero Waste mascara is designed to be reusable, with a claim of up to 10,000 times refilling, and comes with no outer covering for packaging (Izzy Beauty Inc., n.d.). The plastic components of Izzy’s Mascara brand have been greatly reduced by a margin of 94 percent, with the only plastic component designed to be reusable (Izzy Beauty Inc., n.d.). The decision by Izzy Beuty Inc. to make its mascara brand an eco-friendly product makes it stand out from the other leading mascara brands that mainly depend on plastics, have a higher carbon footprint, and have less reusability.
Mullins and Walker (2013) noted that all products entering the market can fall into at least six categories of newness: new to the world products, new product lines, addition to existing product lines, revision of existing products, repositioning, and cost reduction newness. The classifications are self-descriptive and for the case of Izzy’s Zero Waste mascara, it can be comfortably classified under the improvement or revision of existing products. Before the emergence of the Zero Waste mascara, other mascara brands have been in the market for far long, and in a bid for Izzy to differentiate its products from the rest, the company is promising to offer additional values of being eco-friendly, reusable, and a clean mascara brand. The degree of newness for the Zero Waste mascara brand is relatively high, considering the company is a startup and the consumers are barely used to reusable and refilled mascara products (Mullins & Walker, 2013). The degree of newness the product presents substantial challenges in market entry for the company.
The t...