MKT500
Strayer University
November 10,2018
Marketing Plan
Description of the feedback received on Part A
The feedback received features communication. Presentation of the Smart Homes Company to the general public, channels of communication, the interaction of employees with the customers and amongst themselves and the customer opinion. Firstly, the firm will ensure the communication and channels for communication is well developed for client feedback. Secondly considering the move to internet marketing, it is critical to note that client feedback requires measures to ensure the clients stay satisfied (Armstrong et al., 2015). This will be achieved through quick responses and dissemination of information. All these changes will ensure that the firm survives the competition in the market by caring for the most important asset; the customers.
Branding strategy for the product
The branding strategy selected for Smart Homes is to build the brand by utilizing the social media. This is because social media has become one of the most efficient business resources. The internet has connected the entire world into a global village localizing the market to the vicinity and reach of companies. The company aims at creating literature materials such as brochures and other marketing materials to escribe the benefits and services the Smart Homes offers as well as why the customers should choose us despite the competition in the market (Patrick et al., 2014). Similarly, Smart Homes will have a full-blown marketing strategy aimed at reaching the target market and beyond. Internet marketing will be utilized because of the cost-effectiveness as well as the efficiency in keeping the existing clients to date with our latest properties. Internet marketing also provides an easy way to reach new clients. The firm will take advantage of the resources available to ensure that the strategy succeeds.
Most importantly the official logo will be displayed continuously on the company website, social media pages and other internet platforms, our headquarters and all the literature that has been created including the flyers and brochures (Martinez, 2010). The popularity and recognition of our logo will also be increased through the use of the logo without the company name. This will ensure that the customers and potential clients identify it and align it with our services (Patrick et al., 2014).
Smart Homes will also utilize brand extensions. This refers the ability of the firm to utilize the brand equity which leverages the good name to clients prompting them to buy a new property or hire. The company will target the younger people through brand extensions (Miller, 2015). At Smart Homes we want young people to understand how important it is to own a home at a young age. This will be achieved through rapid campaigns, emailing, social media interactions among other methods. Salespeople will also be utilized to explain the properties and services offered in detail (Miller, 2015).
Primary and secondary markets to be targeted
The primary target market for the Smart Home company is the general public considering that shelter is a basic need. This is because anybody provided, they are above the legal age can purchase and own a house or rent one. This also means that the firm is targeting a rather general target market. However, it is critical to note that in this category most of the buyers or customers are the newly married, settling individuals or growing families. It is therefore critical to launching marketing campaigns in areas where such people are likely to be. The secondary market for the properties is the younger population. These include the youth from 18 years to at least 35 years. This category of people is tech-savvy and also need their space. Smart Homes gives this market both privacy and a technological home. Most importantly it offers a way for young people to invest in assets earlier in life. It is also critical to note that the houses do not fit the given criteria; there is a wide range of products for the clients to choose from.
Positioning statement and a perceptual map that shows the company’s position against its competitors
After six months of implementing the marketing campaigns, additional market research will be conducted. The results of these researchers will then be charted on the firm's perceptual map to help inform on the increase or decrease in the different business segments (Zanella et al., 2014). The primary focus would be on products or services that had been identified as not doing very well. The results will help project for the future target and goals with regard to the areas that need help. The current data will also show the quality of the Smart Home company products. From an analysis of the previous year's data compared to this year, it was noted that Smart Homes had an improvement in terms of product quality rated at 9 out of ten from the previous year’s 6 out of ten. It was also noted that the clients were unanimous with the feedback and how they perceived the firms pricing method. As much as the price does not change in this year, customers will see more value in the product due to the added product offerings, education, literature, and alerts as well as posts on internet platforms. The previous marketing plan was also successful in increasing the client base by 40% with a basic focus on social media.
Smart Homes set itself apart from the competition through the rare products and services that are offered. This provides not only value but the beneficial use of the products/ this is one of the aspects that the firm has already attracted a large following. The following perceptual map shows the firms goals and the results expected after the initiation of the marketing strategy. The map shows how much social media will influence the target goals by the end of the first year.
An Examination into the relevant consumer behavior for the target market
Our current target market at Smart Homes is very diverse. It is critical to note that the company does not appeal to a single segment of the people mainly because the products and services offered are for everyone regardless of the economic group, age, and other factors. Regardless of the social and demographic factors, the world is slowly becoming technological by day. The media, in this context, has ensured that the technologies present continue to get smaller less expensive than before and even more powerful (Armstrong et al., 2015). Online marketing has been growing in the recent past because of convenience and portability of devices across different generations. These platforms contain identities and the relative's friends and people that we frequently contact. These present the primary portals and channels to interact and market the Smart Home products. In other words, this is the primary method of sharing information to the clients and potential clients. Most importantly the technological advancements allow the firm to become both voyeurs and exhibitionists through the posting of photos as evidence of property as well as a reference point to the potential clients (Armstrong et al., 2015). This creates an opportunity to not only market the firm and the products but also to reduce requests and dead-effort which results from taking clients around the different properties. People can easily select what they want through social media platforms.
References
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction.
Martinez, M. (2010). How to make money in real estate in the new economy. (1st ed.). New York, NY: McGraw-Hill Education
Miller, M. (2015). The internet of things: How smart TVs, smart cars, smart homes, and smart cities are changing the world. Pearson Education.
Patrick, K. J., Snyder, R., Margolis, M., Alahverdian, M., & Barbera, S. (2014). U.S. Patent Application No. 13/670,238.
Zanella, A., Bui, N., Castellani, A., Vangelista, L., & Zorzi, M. (2014). Internet of things for smart cities. IEEE Internet of Things Journal, 1(1), 22-32.
Increase Customer Social Media engagement by 90%
Facebook 25%
Twitter 15%
Youtube 20%
Instagram30%
Psychwiz
Week6MKT500Assignment.docx
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