Wk6submission

Segmentation.docx

1

Strategic Marketing

Student name

Faculty name

Due date

Segmentation

The product I have selected is Binga, a state-of-the-art gadget that functions as a smart speaker and utilizes Bing's voice assistant technology to provide consumers with convenience, entertainment, and information. The production of the product is carried out by Bing Technologies, a subsidiary of Microsoft.

Conducting effective primary research is essential for identifying the target client. The three most effective primary research methodologies for our product are:

Survey instruments and questionnaires: These tools will facilitate the gathering of quantitative data regarding consumer preferences, awareness of smart devices that have the capability of offering a high level of entertainment, and specific features that the customers seek from products such as Binga.

Survey data collection methods provide a substantial capacity to effectively reflect a diverse population. The obtained data provides a more accurate representation of the characteristics of the overall population involved in the study, owing to the typically high response rate of survey participants (Huang & Rust, 2021). Surveys will be effective in gathering data that closely reflects the real characteristics of the target population, as compared to other methods of data collecting.

Among the most crucial ethical issues surrounding the collection of data through surveys are privacy and informed consent from the people.

Focus groups: Focus groups provide qualitative customer behavior, attitude, and perception insights. By exploring their deep emotions and motivations, it is possible to better understand the target audience.

Observation: Observational research involves the systematic observation of consumers in authentic environments to acquire useful data regarding their actual usage patterns (Quesenberry, 2020). This method will allow the identification of prospective requirements or issues that may not be readily evident through surveys alone.

Key ethical considerations encompass securing explicit consent and upholding privacy standards throughout the observation procedure.

Due to the high representativeness of these research methodologies, it is typically easier to find statistically significant results compared to other data collection approaches.

Target Customer and Value Proposition:

Bing, a subsidiary of Microsoft’s Binga device is designed for consumers who are enthusiastic about entertainment through technologically advanced devices such as smart speakers, excited to discover new information for continued enlightenment, and also convenience. The value offer is centered around delivering a comprehensive, convenient, and user-friendly smart speaker. (Rintamäki & Saarijärvi, 2021). Consumers will be entitled to experience sophisticated entertainment from the exceptional audio quality and variety of appealing designs that define Binga smart speakers.

Product Strategy

Bing Technologies’ brand is built on consumer satisfaction sustainability and innovation. The company stands out by offering a product with a high level of quality in both design and performance. The differentiating impact is in the brand's capacity to emotionally affect consumers, cultivating a feeling of relaxation and enjoyment. Enhanced consumer loyalty is one factor. Brand equity can increase consumer loyalty because people prefer brands they trust. Recurring purchases and consumer resilience may result. Additionally, value is perceived as higher. Brands with strong equity can charge higher costs because consumers value them more (Cakranegara et al., 2022). Since consumers prefer well-known brands, a company with a strong brand can gain an advantage. Consumers choose renowned brands over competitors, which can help the company grow its market share. Brands with high equity often have a good reputation and can provide high-quality products and services, which boosts customer happiness.

Ethical Implications: Bing Technologies strictly adheres to an ethical approach to the development process and life cycle management of its product. The company places a high importance on producing user-friendly products, following ethical production procedures, and employing responsible disposal methods throughout the whole product lifecycle. This devotion not only corresponds with consumer values but also establishes a strategic advantage by fostering trust and cultivating enduring brand loyalty.

Product Positioning Statement: Bing Technologies caters to entertainment-conscious consumers who are looking for a comprehensive and sustainable solution for their enjoyment needs. The existing demand is for smart speakers that are both user-friendly and functionally perfect in providing top-notch entertainment. Product concept: seamless integration of energy-efficient gadgets with cutting-edge technology. The capacity of the device to utilize renewable sources of energy as a source of power that contributes to environmental sustainability and a simple, efficient user interface are points of differentiation.

References

Cakranegara, P. A., Kurniadi, W., Sampe, F., Pangemanan, J., & Yusuf, M. (2022). The Impact Of Goods Product Pricing Strategies On Consumer Purchasing Power: A Review Of The Literature. Jurnal Ekonomi, 11(03), 1115-1120.

Huang, M. H., & Rust, R. T. (2021). A strategic framework for artificial intelligence in marketing. Journal of the Academy of Marketing Science, 49, 30-50.

Quesenberry, K. A. (2020). Social media strategy: Marketing, advertising, and public relations in the consumer revolution. Rowman & Littlefield Publishers.

Rintamäki, T., & Saarijärvi, H. (2021). An integrative framework for managing customer value propositions. Journal of Business Research, 134, 754-764.

Week6submission.docx

Week 6: Draft 3

Pricing Strategy

Recommend value-driven pricing for your company's product.

· Estimate the BEP for your company's product. What pricing implications does your BEP present for achieving a short- or long-term ROI?

· Is your product's price relatively elastic or inelastic, and what implications does price elasticity present for your product? For example, how might its price elasticity affect sales volumes, inventory costs, price adjustments, and so forth?

· What is the best pricing strategy for your product and why?

Distribution Strategy

Recommend a distribution plan for the new product.

· Considering your company's product from a strategic perspective, would you recommend creating a wholesale distribution channel, focusing on retail distribution, or using a multichannel approach that incorporates both wholesale and retail distribution?

· What types of retailers or wholesalers (or mix of both) would you recommend using?

· Given your recommended distribution channel strategy, what decisions about the retail or wholesale marketing mix must be made to form a viable retailer or wholesaler marketing strategy?

Strategic Marketing Brief

The Course Project is a strategic marketing brief and summary presentation for a new product. Similar to a complete marketing plan, the brief includes topics such as the marketing mix and promotional mix. In contrast to a marketing plan, the strategic brief communicates these and other topics to a different audience. It addresses senior executives and investors rather than managers and frontline workers. As such, your brief will focus on why your marketing organization is doing what it is doing, rather than the details of what it is doing and how.

Although you will discuss tactical activities such as advertising and breakeven point, strive to communicate a high-level strategic perspective with your writing. To help gain that perspective in the context of marketing, be sure to watch the Week 2: PlayPosit, which discusses strategic leadership using marketing examples that have turned into goods, services, and ideas that are still in market today. As you watch the PlayPosit, focus on the question posed: Why does a product exist?

Begin by selecting a product and company to use as an example throughout the brief. By using one product and company, the research, organization, and presentation of your recommendations will be easier. Your product and company can be imaginary, or a business you would be interested in starting, or an existing product and company that are in market today. The product can be B2C or B2B, and the company can be any organizational structure. The product and company are not important, because they will merely serve as examples. That is to say, you'll include the what and the how, but you'll focus your writing about the why.

Marketingstrategy.docx

5

Strategic Marketing Brief

Student’s Name

Course

Due Date

Strategic Marketing Brief

The product that was chosen is a brand-new device known as Binga, a smart speaker that uses Bing's voice assistant technology to offer users convenience, entertainment, and information. Microsoft subsidiary Bing Technologies is responsible for producing the product.

Marketing Environment

Marketing Mix

The product is Binga, a smart speaker with an excellent sound quality and an assortment of other features such as a sleek design that set it apart from other smart speakers on the market. It sells at $299.99 which is slightly higher than the average cost for smart speakers in the market. However, the pricing is line with the company’s value proposition and its its superior quality and functionality. It can be purchased from a variety of physical and virtual retailers, such as Walmart, Amazon, Microsoft, Bing, and other shops in the U.S, Canada, Australia and India. It employs a variety of integrated marketing communication techniques, including word-of-mouth, social media, advertising, and public relations, to promote the product.

The main concern for Binga is to meet the needs and desires of its clients instead of just making and marketing products. In order to achieve this, it carries out in-depth market research and analysis in order to recognize and comprehend the inclinations, customs, and expectations of its target audience in addition to the market's opportunities and risks.

Microenvironment

The actors in Binga's microenvironment include vendors, rivals, and customers. The most influential actor is the customers since they make the final decision on whether to buy the product or not (Rosli & Nayan, 2020). The success of Binga also depends on their satisfaction and loyalty.

Macroenvironment

The political, economic, social, technological, legal, and environmental elements comprise Binga's macroenvironment. Technology is the most powerful force because it has an impact on customer expectations and demands as well as the development, performance, and functionality of a product.

Buyer Behavior

Purchase Process

Binga is a business-to-consumer (B2C) product because it is sold directly to customers who use it for their own needs and desires. Its purchasing process entails problem identification, information search, alternative assessment, purchase decision, and post-purchase behavior. A consumer will search for information to compare and assess various products if they find that their current circumstances do not meet their needs or desires. Binga influences these stages by creating awareness and curiosity about its product and providing relevant and accurate information about the product.

When customers embark on evaluation of alternatives, Binga influences this stage by emphasizing its value proposition and competitive edge. Binga then incentivizes and rewards the buyers through discounts, and warranties that are useful in influencing their post purchase behaviors. Of the five stages, the most crucial are the information gathering and the evaluating solutions stages. This is because these are the phases in which consumers become familiar with the various features and options available for smart speakers and evaluate and contrast them according to their requirements and preferences.

Strongest Buying Influences

Personal factors, such as individual preferences and motivations, and psychological factors, such as mental processes, attitudes, and perceptions, have the greatest purchasing influences on consumers. These elements have an impact on how customers view, assess, and choose the product. Binga can strategically benefit from this understanding by positioning, targeting, and segmenting its product based on the psychological and personal characteristics of its target market.

Diffusion of Innovation Curve

Binga is a new and innovative product that appeals to customers who are willing to take chances and try new things, placing it in the early adopter stage of the diffusion of innovation curve (García‐Avilés, 2020). This suggests that in order to influence the adoption of Binga by larger market segments, Binga should concentrate on attracting and satisfying its early adopters. It should also make use of the social networks and communication channels used by early adopters.

References

García‐Avilés, J. A. (2020). Diffusion of innovation. The international Encyclopedia of media psychology, 1-8.

Rosli, N., & Nayan, S. M. (2020). Why Customer First?. Journal of Undergraduate Social Science and Technology, 2(2).