Marketing Plan: Product and Performance Essay
Executive SummaryMobility, latest trends and technologies are three most significant factors that customer seek today when they walk-in in an electronic itemÃ¢â¬â¢s outlet. Years before the journey of technology started out from the calculator the most basic computer as we call it. Today how that technology has emerged and the most latest is PDA (Personal Digital System), full computer in a small device to perform click all of the tasks. New Nokia Mobile phone has all the features of a desktop computer, no need of a laptop.You get your product to begin with.The english major source in use during cricket matches, exercising in the morning and during traveling for work or school. 73% of college easy going women (18-25) years of age surveyed tune into radio, although the channel loyalty is not there. The most frequent listening occurs after dinner time.This is different from male portable radio listeners as the FM channels are replacing cassettes as a music source while driving, o ther survey shows that second one of the popular source of music are the FM stations, FM 89, 91 and 106.Finding the demographics of your target marketplace will permit you to good tailor the launch strategy to the folks.
180 million), 16.667% of Pakistanis are young. Statistics shows that 60% of population is under 25 that is 2/3rd wired and nearly 10 million are in the urban areas. GEN X and GEN Y is the most experiencedÃ and accessed generation in the human history.A merchandise is a new product procured or produced by the business to meet with the requirements of the customer.Our Secondary objective is to make good profits and make few more products like this with working hand in hand with the fashion and our way would be walking extract from earrings to necklaces, bracelets and other fashion accessories.Marketing ResearchMethods of Data collection:Basically there are two methods of data collection:1) Primary Data2) Secondary DataPrimary Data Collection:Primary available Data is that data which is collected specifically for the project at hand. The primary data for our assignment resulted from the unstructured interviews that we conducted from different many friends and family members and also many strangers.Secondary Data Collection:Secondary Data is that data, which has already been collected for some other purpose but can be used as reference material.The aim is getting your product into the industry although delivery methods vary widely based on the product.
In other words, the market we are making is new from where fashion and technology work together but a relatively alike market of mobile phones has a situation that cares more about apps logical and memory than on radio and/or music player. So, we are going to come in with focus on music players and radios deeds that would even make consumers look different by the fashion of earring theyÃ¢â¬â¢d carry. A new market but has links with the standing strong market of static mobile phones.The ProductIntroduction of product:Now days, mobility is becoming an important factor in electronic devices.A superb product isnt simple to define since itll mean things.Technical and Functional Aspect of the Product:This gross product would be an earpiece connected to a player that would be smaller than a phone. Both the devices would be connected via Bluetooth. Their range of connectivity would vary to many more than 20 square meter so the consumer doesnÃ¢â¬â¢t need to keep the device near and playlist functions would increase the ability of gross product to play songs as per the mood of the consumer. Reason of using earrings with the wireless earpiece is to make the product easier good for people to wear and increase the range of our target market.To start with, youre mindful of how much it costs to create your merchandise.
Issue: How to identify the potential outlets?Mission statement:Ã¢â¬Å"We are the followers of the latest trend we strongly believe that fashion develops, we provide the best and quality is never compromised. Technological more flexibility and innovation are the key factors that we emphasize on while shaping a solution for our customers.Ã¢â¬ Vision statement:Ã¢â¬Å"InnovationÃ¢â¬ Our product Oriented Definition:Ã¢â¬Å"We manufacture earrings local radio with music playerÃ¢â¬ Our Market Oriented Definition:Ã¢â¬Å"To the trendy and tetchy, Moby X is the radio and music player that provides mobility and a perfect curious blend of fashion and technology that makes you feels different and latest than others.Ã¢â¬ Target MarketMoby X will form a major share of its domestic market amongst those people who are attracted towards the product with exclusive appearance, unique functionality, style and design.Describe the way your target marketplace free will get your merchandise and also how youll market your goods.The mini chip radio and music player in the earrings itself is fascinating and will communicate on its own towards the people who are engrossed through mini products.PositioningÃ¢â¬ ¢Product Positioning:Moby X would provide higher frequency range compared to other radios available in the market, good will have a long lasting battery and the most important advantage that our product provides is the mix of fashion and technology that various forms our distinctive attribute.Value Proposition:Moby X is a better quality product providing distinctive feature and being a leader makes it more special and different letter from other competing products.Ã LAPCO using latest Japanese technologies is most reliable and durable.In the product description, you should explain what product or your service is, the particular thrust of apply your strategy and the strategies thatll be used to do your own objectives.
Ã¢â¬ ¢ Complexity: Moby X is easy to use and the first demo CD provided with the product provides the proper guide and features to use the product.Ã¢â¬ ¢ Divisibility: Moby X is an expensive product and initially no discounted rates can be offered.Ã¢â¬ ¢ Communicability: The experience that customers take with them will make its use and only difference spread amongst customers.Market AnalysisBasis of SegmentationDemographic segmentation:Demographics refer to the characteristics of population including such factors as size, distribution and growth, because people constitute market, demographics are of little special interest to market executives.In the end, it is not mysterious and youll be able position to promote your company or to manage a person to deal with advertising for you once you understand how pieces fit together.Any one lying in the income bracket of Rs 50,000+ can afford this productPsychographic Segmentation:The psychographics of the Moby X can be analyzed by r eviewing the advertisement. The lifestyle shown in Moby X advertisements portray successful, sophisticated, professional women who are active energetic and full of life. Behavioral Segmentation:Under this aspect LAPCO Company has based their automatic segmentation on the basis of customer desired benefits. People would prefer buying our product because itÃ¢â¬â¢s the first ever product to be launched by LAPCO with radio logical and music player facility which is easy to use, and more over its attractive mix of not only radio and music player great but also as a fashion accessory.The plan has to be accessible to any employee at any given moment.
Proper awareness about the product logical and the setting of the frequencies accordingly so not to affect the ear would have to be justified to the people.Technological:Pakistan is developing technologically and further awareness and further development will assist in improving the productÃ¢â¬â¢s functionality.Competitor AssessmentCOMPETITOR ANALYSISMoby X is competing in portable media industry.Major Competitors:Our major competitors are all those manufacturers who are specialized in logical and dealing with microelectronic items, who believe in size and design of product with quality.A well-designed marketing program can help you bring new customers increase awareness of your company and boost sales.COMPETITIVE STRATEGIESDifferentiation:Moby X is an innovation in the arena of radios and all kinds of classical music players. It gives connectivity to the outside world in a way that adds value and beauty to the face.Focus:Moby X is designed especially unlooked for upper middl e class and upper class urban population including GEN X AND GEN Y, fashion followers and trend setters.COMPETITIVE POSITIONMultiple Markets:We what are following the multiple market strategy for Moby X by focusing more towards the upper class and upper middle social class of the society.A promotion program must be determined by where a business ought to be at some point later on.
Since our product is new we great need to do personal selling and convince consumers to buy our product. Then eventually as we gain a foot hold in the market we will have retailers selling our product.Marketing StrategyMARKETING MIXPRODUCT CLASSIFICATION:Moby X is broadly classified as consumer product and under this category we define it as a own specialty product because it is a perfect mix of style and technology. It involves strong brand preference and loyalty, special purchase efforts by consumers, little comparison of brands and low price sensitivity.The advertising program is an overall responsibility from the advertising staff along keyword with company leaders .It includes 3 yearsÃ¢â¬â¢ money back warranty and a pair of fabulous earrings along with the product. Customers are encouraged to fair share their views about the buying experience of the product and after sale experience through surveys conducted at the outlets. An exclusive website is designed to cater based its customers for solving allÃ their queries regarding the product. Online purchasing service is also available.Face it is a chore.
3 years (Limited) Warranty.Size Ã¢â¬â (1/3x 1/3 x 3/8) mm is the size of radio chip. 30 x 20 x 5 mm is the size of the earring. Weight Ã¢â¬â 1/2 oz is the low weight of the earring radio.Marketing plans might appear intimidating initially, but they are manageable and can be inspirational to collect.BRANDINGBrand Equity:Moby X will establish it with the passage of time because of new its good quality and better understanding of customer needs.Brand Name Selection:Moby X is selected as the brand name because it defines the mobility and easy to around carry feature of the product and X signifies the extra factor that weÃ provide to our customers in the form of earrings (fashion accessory).Brand Sponsorship:LAPCO is manufacturerÃ¢â¬â¢s brand.Brand Development:No extension.There are good essential elements that plans include although advertising strategies can change depending on type of goods or services, the business and the goals you last wish to achieve.
Free demo CD is also given. Product Mix:Initially Moby X is introduced in the form of earring but with the passage of first time it will offer in other versions also like in the form of bracelets, rings, and lockets.Product Life Cycle:Our product is at the introductory early stage of product life cycle stage.PRICEMarketing Objectives:Ã¢â¬Å"To create a market share and to stand out as distinct product amongst the other competitorsÃ¢â¬ Marketing Mix Strategy:The price has been decided based on the competitors logical and customer needs and requirements.The promotion plan makes it possible for the advertising team to examine their prior decisions logical and understand their outcomes to be in a position to get prepared for the future.PRODUCT PRICING STRATEGYComparing competitorÃ¢â¬â¢s pricingCompetitorPriceSinclair XI Button RadioRs. 2304.93FM Mini Radios Rs.719.3500.PLACEMENTThe product would be sold through Ã¢â¬Å"Indirect Marketing IntermediaryÃ¢â¬ . The product will be sold through push strategy that is product would be first distributed to the wholesalers and then to retailer. The retailers would assist in creating contact with the other retailers which would expand the network and add value.
Newspaper:Moby X is an expensive and new product. There is need to create awareness amongst people that such a product exists. Ã¢â¬ËDawnÃ¢â¬â¢ newspaper would be a better choice to advertise being one for the most popular newspapers in Pakistan. A full page would be dedicated to advertise the product providingÃ a detail know how of the features and distinctive attributes.Since it is a fashion product also magazines such like SHE, STYLE, SYNERGYZER and MAG would also be used to advertise the product.Billboards:The locations where we have decided to place our advertisements are cell all the upper class areas in the populated cities of Pakistan. For instance the major areas identified all the other malls where luxury electronic itemÃ¢â¬â¢s outlets how are available advertising would be done by placing billboards. In Karachi, at Teen Talwar, Boat Basin, Shahrah Ã¢â¬â e Ã¢â¬â Faisal and other foreign markets like Tariq road, Saddar Mobile mall and the road that leads t o Jinnah International Airport.com that special offers all the latest songs.Sales Promotion:One free pair of earring apart from the one already provided in the package would be given with the product.Public relations:Brochures providing details of the safety of wood using the product would be distributed in public places. Articles about the working and flexibility in use would be published in a leading magazine to inform the public about the safety in using this product.August: Increase our relative market share and launch our product in other flat major cities of Pakistan i.e. Lahore, Islamabad.September: We will start an integrated internet campaign targeting young college students.