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Expanding a Business into Services
Introduction:
Services provide an additional form of revenue for companies. The service component can be a standalone offering, or a component of a product offering. In this Assignment you examine either a consumer service or a business service that is a market growth initiative to expand a company’s offerings beyond products.
The following Course Outcome is assessed in this Assignment:
MT450-6: Apply Marketing Mix principles to business or consumer services.
Scenario: Environmentalgear is a home and office products company available online, promoted through a catalog mailed out every six months and through advertising via business magazines. “We make life easier” is their motto. Their logo is:
Founded two years ago by a scientist, a product engineer, and a retail marketing expert, this startup started out with home products and, after gaining success, moved on to office devices.
Their newest home product is a sleep-enhancing product which involves a light-weight, soft, but supportive neck collar with a detachable eye mask. The neck collar is preset to be the right temperature to induce sleep and yet provide a choice of soft mantras or meditative sounds on very low volume for the best amount of time per scientific sleep research. The wearer can set the sleep time and soft volume choice of sounds that begin to gradually wake them up. The temperature adjusts automatically throughout the night to be the right temperature. It comes in light and dark blue, black, grey, pink, pale green, and white.
Their newest office product is a workstation that has built-in lighting (auto-adjusting and reducing blue light depending on the time of day). It also has a built-in fan for protecting the computer’s hard drive, and a built-in white board that can pop-up at the touch of a button and is the length of the desk. The desk has room for up to three monitors and includes a built-in device hub area that is flush with the surface.
Existing company home and office products in navy blue, pale yellow, black, grey, pale green, red, and white.
Window shades that auto-adjust to your time schedule and light.
Blankets that adjust to your body temperature.
Home kitchen or office/lab mats that are supportive, sustainable, and natural while providing cushioning for joints.
Whole house or office lighting fixtures that adjust to the light outside, the time of day, and your schedule, to reduce blue light as you head towards sleep time and provide optional lighting for winter climates.
Sustainable chair matting for offices that are non-skid but allow easy furniture rolling.
The company now wants to expand into services.
1) Consumer Service: They want to add an at-home service whereby a home ambience consultant will visit the customer at home to help them adjust their home products and make other recommendations for improving the home environment.
2) Business Service: They also want to add office consultants who can improve the office ambiance so it will be more conducive to the company’s goals, comfort, and productivity.
Choose business or consumer services from above.
Provide a synopsis of your research on the Internet regarding any competition.
Explain why they might want to add services to their business.
Using the marketing mix, provide the 4 P’s of this new consulting service for home or office, developing the particulars that make sense based on the scenario and the real world.
Describe how they might want to launch the chosen service and associate them with their branding.
Access the Unit 10 Assignment grading rubric.
Respond in a minimum 600-word paper in APA format and citation style with additional title and reference pages and submit to the Unit 10 Assignment Dropbox.