THE BETTER MOUSE TRAPMINI CASE STUDY 02 : MARKETING MANAGEMENT

“BUILD A BETTER MOUSE TRAP AND THE WORLD WILL BEAT A PATH TO YOUR DOOR”

• A phrase attributed to Ralph Waldo Emerson in the latenineteenth century

• Metaphor about the power of innovation

• The theory sounds right. After all, if you build a bettermousetrap or other product, shouldn’t the world beat apath to your door? Isn’t this what the innovation processis all about?

THE MAJOR PROBLEM WITH THIS THEORY IS IT DOESN’T WORK !!!

• Emerson failed to define “better” and he failed to consider thereality of the marketplace and consumer (buyer) behavior

• So, what’s wrong with the Better Mousetrap Theory ?

• Too much emphasis on the building or technical side of theinnovation equation

2 basic problems with the better Mouse Trap Theory

1.Focuses on hardware, and not benefits

2.Puts all of the inventors strategies together

• The significance of the New product strategic mix is thatinnovators have MORE to consider than simply a newproduct

• The product is important, but it takes a good deal morethan a better mouse trap before the world will startbeating a path to your door

Animal Trap Company

Mouse Traps

1832

PRESIDENT : MR. WOOLWORTH

• First developed a wooden mouse trap, was a success

• With new entry to the market , sales declined for wooden mouse trap

• A new product was developed , by conducting only a Product Research

• Worked well, but was not good as wished after launching of the product

• Slogan ??

THE NEW IDEA THAT THEY HAVE COME UP WITH :

• Slick looking gadget

• Appearance of an inverted miniatures bath tub

• Modern, streamline look

• Molded in plastic

• Hole just the right size of the mouse

• Instant death, catch it nearly by the throat

• Can be easily installed and uninstalled

• Clean, noiseless, sanitary

• Modern, simple and safe to operate

PRODUCT RESEARCH :

• Focuses on the dynamics of the product

• How to make the product, how does it work, how tomake the different from competitors and whom totarget to

MARKET RESEARCH :

• Collects data about market, market competition, market trends, market and supply etc.

• Find out answers to;

• What to sell?

• Where to sell?

• When to sell?

• How much to sell?

HAVE THEY DONE A MARKET OR PRODUCT RESEARCH :

Product Research

Market Research

WHAT HAPPENED AFTER THE LAUNCH ?

• The product failed in the market

• The product quality was very high and they have no issue withtheir product

• The product was not known by the customers to buy it out

• The publicity given by the Animal Trap Company is notsufficient

• The product wouldn’t have been successful in the market aswell if proper market research was conducted beforelaunching the product

WHAT WOULD BE THE REASON FOR DROPPING THE PRODUCT ?

• The new idea that was launched by the Animal TrapCompany didn’t show the expected return

• Reasons ;

• No proper market research

• Problem in Pricing Strategies

• Problem in Advertising

• Disposal Problem

• Strongness of the Product

CONCLUSION

• Lack of knowledge gathered regarding prevailing marketsituations

• With the product analysis that have developed theproduct effectively which suits to the current market

• It has become impossible or not sufficient enough tocompete with the similar products and the competitorshave increased their market share since the woodenmouse trap hasn’t developed with innovation

• The information relating to the product hasn’tcommunicated well

• Study shows that the wooden trap had removed from theexisting product line. Thereby when the companyintroduces the new idea, they need a advertisingcampaign to recall the new product to the customers.

RECOMMENDATION

• The Animal Trap Company should conduct advertisingcampaign before the introduction of the new product to themarket

• As the product has removed from the product line, theintroduction of the new product should come with a bettermarketing strategy

• The market research should identify the existing products inthe market, competitor strategies, price of related products,customer needs as well as drawbacks of the existing productsetc

• The company should also have to create a strategyto operate as a lower cost manufacture in themarket

• This can be done through specialization of thelabour force

• This will enable company to increase their salesdemand and survive in the competitive marketcondition

---- THANK YOU ----