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Running Head: MARKETING PLAN 1

MARKETING PLAN 3

Marketing Plan

Tamico Little

MKT500 Marketing Management

Strayer University

Dr. Dotty Heady

February 1, 2016

Introduction

The company in question deals as a consumer electronics company whose major line of product is the mobile phone and particularly the Smartphones. It is a family based business which is aimed at providing low price mobile phones to cater for the lowly in United States and also a large number of people in the developing nations. The company will be located in Virginia Beach, Virginia. It expects to grow and develop in the coming years to become a major threat to the big consumer electronics companies all over the world... The following report provides the environmental forces affecting the company, SWOT analysis and also critical information surrounding its target market (Swan, 2011).

Environmental Analysis

Political

Environmental analysis as stated above involves the analysis of various forces which will influence the profits and revenue in which this company is yet to gain. To start with political environment, the company is expected to operate in a very conducive political environment as a result of political stability associated with United States. However, there are minor barriers which are anticipated to result into negative implications within the company. Some of these barriers have highly been witnessed in India where a lot of political instability exists. In addition to this, political instability parts of Africa and Latin America will also result into unbearable political conditions for the operations of this corporation.

Economic

The economic environment is very critical for this company. This is due to the fact that the company is actually opening markets not only in United States but also in other developing countries. This will therefore mean that the company can enlarge its global operations and thus gain more profits. This environment is however a subject to worry as a result of the uncertainties associate with the economy of different countries. The economy is normally subjected into various events such as inflation and deflation and this may positively or negatively affect the performance of the company. Profit and revenue gain is dependent upon the economy of the nation in which the company is operating in.

Socio-Cultural Forces

On socio-cultural environment, it is important to note that the company will be primarily from United States of America. It is a family owned company and therefore despite its appearance globally, its operation is primarily the American culture. In order to survive globally, the company will be forced to act locally in order to gain more market share. Other than acting locally, the company will also try to make products which will favor the customers of a particular region. People from different parts of the world have different tastes and likes. This company will therefore use this strategy in ensuring it remains relevant locally and therefore gain globally.

Technological

The company is expected to use some of the latest technologies that will stimulate the target market to purchase this product. The company believes that it is only through innovation that its products will remain relevant to the people. The company aims at making very slim, low weight and versatile smartphones using various technologies currently available. The power to harness such technologies will ensure the company obtains a competitive advantage that for a long period of time that will result into sustainability. This will also make the company to dominate most of its rivals who already exist in this industry. Concerning the competitive environment the company is expected to compete fairly with the existing companies due to the technology and innovation it uses in making its main product (Solis, 2011).

Legal

The legal environment in which this company will operate in is subject to various challenges. For instance, being a new company in already existing industry may result into issues of fraud and theft of intellectual property. For instance no company is supposed to copy or imitate another company’s product. In some scenarios, it becomes a bit difficult to avoid such factors. This will therefore act as a major challenge in the legal environment of this company.

Primary and Secondary Target Markets

Consumer electronics are currently on demand among many people of different ages. The company in question however focuses majorly on the people forming the middle class of any economy. The products for instance mobile phones in which the company is dealing into are majorly meant for the people in the middle class and ensure they can purchase the phones without any strains. This therefore forms the primary market for this company.

In the future however, the company is aiming at also coming up with very expensive consumer products that will also include the rich as their top targets within the market. This therefore forms the secondary market for this company.

4Ps (Product, Price, Place, Promotion)

The company will uses the common marketing mix which is composed of the 4Ps of marketing. Currently, the company is dealing in mobile phones as its main product. In the coming years, the company is anticipated to venture into other consumer electronics such as computers, laptops, televisions, among other products. The company will use various pricing strategies. Some of these pricing strategies include skimming price and competitive pricing which the two most common types. Skimming price involves setting a higher price for a product at first and then lowers the price over time. Competitive pricing on the other hand involves setting price of a product based on what the competitors are charging. Concerning place, the company will use various channels in order to reach its market. The concept of channel marketing is used and in this case, three major segments are involved. These include distributors, sales dealers and the modern retail. The company is also expected to use various forms of promotions. The company believes in pulling the potential customers to themselves and this is only possible through the use of adverts. At the same the company uses very strong tactics to push the product to the customers by ensuring the product satisfies their wants and requirements (Keller, 2012).

5Cs (Customer, Company, Competition, Collaborators, Context)

Concerning the 5Cs, the company operates currently in one product line which is mobile phones. The company will collaborate with various distributors in different countries for the purposes of proper distribution of its goods. The company has the low class individuals forming its customer base. This includes individuals in United States and also those in other countries globally. The company will also use various buying process including online services to ensure the product reaches the customers. On competitors, the company is anticipated to face a stiff competition from other consumer electronics company such as Samsung and Apple which have already established their markets. The climate or context of this company’s operations is based on the environmental analysis that outlines the forces affecting activities carried out by this company.

STP (Segmentation, Targeting, Positioning)

The company will have three major segmentations it uses for its operations. They include strategic segmentation, operational segmentation and managerial segmentation. On targeting, the company has the options of targeting single segments, selective segments and the extensive segments. Concerning positioning the company will focus upon the brand of its Smartphones and ensure it provides the customers with experience they need.

Main Goal (Short-Term) and Main Goal (Long-Term)

One major short term goal in which this company wants to achieve is the extension of its market in other places of the world. The company is aiming at studying various cultural features that will make it to act more locally with its products. On long term achievements the company has decided to go environmental friendly and this by reducing the emission of greenhouse gases. The company recognizes the responsibilities in which companies have towards addressing the major climatic issues (Shaw, 2012).

Measurement of Short and Long-Term Goals

To measure both long term and short term goals will require the company to come up data forms which records all the stages that should be implemented towards the realization of the goals. This will ensure the company remains focused as it will know what has already been achieved and also lay strategies towards achieving the remainder.

SWOT Analysis and Needs Analysis

Strengths

· Excellence in producing hardware parts

· Low production cost

· Having a deep focus on the environment

· Design and innovation

Weaknesses

· The company lacks its own operating system

· It only has one product line

· The company experiences low profit margin

· Low market share as per now

Opportunities

· High number of poor people

· Smartphone market for many nations globally are developing

· There is a demand for cheap and effective Smartphones

· Mobile advertising industry is also growing

Threats

· The company experiences price wars

· There rapid changes in technology

· Existing companies in this industry are many

· Probability of breaching patents is high

References

Keller, L. (2012). Marketing Management 14e. Pearson Education Limited.

Solis, B. (2011).Engage! The Complete Guide for Brands and Businesses to Build, Cultivate, and

Measure Success in the New Web. John Wiley & Sons, Inc

Shaw, E. (2012). Marketing strategy: From the origin of the concept to the development of a

Conceptual framework. Journal of Historical Research in Marketing.

Swan, K. S. (2011). Perspective: The Emergence of Product Design as a Field of Marketing

Inquiry. Journal of Product Innovation Management