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By - Learning Team #1
(Debanjana Santra, Joedi Atinado, Mayank Sinha, Nishant Goyal, Paolo Santos,
Siddhartha Srivastava, Sunil Shah, Thomas Earl Huang)
Marketing: Fun:
We believe that to market Clocky as a need would severely limit our potential
market; 1 in 2,000 Americans are narcoleptics. The amount of people that require
an alarm clock with such an effective waking gimmick is very limited. However, the
market for people who would be interested in a cool new gadget is much broader.
We want to market Clocky the same way that Apple marketed the first
generation IPod. Apple marketed their product as a cool gadget that is also
functional. Shows like Good Morning America and websites like Gizmodo have
already “marketed” Nanda’s invention as such and we would like to take full
advantage of that fact.
Clocky is fun in its functionality and should be marketed as such. Its value
proposition is that it is one of the few alarm clocks on the market that can wake its
user in unique way. With this edge we believe that we can sell Clocky at an MSRP of
$60.
Manufacturing: Local:
Though manufacturing Clocky in the United States will cost $15 per unit we
feel that this is the most prudent choice. We feel that the costs involved in
enforcing strict quality control with a foreign manufacturer would outweigh the
higher manufacturing costs here. Moreover, if clients were to miss important
meetings because of a malfunctioning Clockies, our marketing efforts will be
undone. The risks involved are not worth the cheaper manufacturing costs.
Teaming up with a store like Target will allow us to reach a broad market and
start production as soon as possible with their letter of credit. Without the letter of
credit the start of manufacturing will be at a much later date since we would have
to raise money the old fashioned way. It will also allow us to repay our debts sooner
rather than later and to leverage on the media exposure before awareness fades
away.
Target will allow us to strike a nice balance between our product being
viewed too seriously (Brookstone) or taken too lightly (Home Shopping Network).
We want to stress the fact that Clocky is a fun product with a good function. Target
will maintain the image of Clocky as an alarm clock with a difference, it is not a toy
neither it is a piece of machinery.