Product Life Cycle
dbibmx744
product.pptxSMART MOBILE SOLUTIONS
Brian Glennon, James murray, alberto colon
University of Phoenix
MKT/421
28 June, 2017
Organizational Description
Smart Mobile Solutions (SMS) operates in the smartphone industry
It is set to launch a technologically advanced smartphone
The industry is saturated but the company has an opportunity of gaining a significant share of the market
The chances of success in a crowded industry depend on the strategies put in place
It is necessary to utilize the most effective strategies (Clow & Baack, 2011)
Smart Mobile Solutions runs its operations in the smartphone industry
The industry is crowded, therefore, the company needs to make use of the best strategies
The ability of a business to make it in the industry relies on the strategies put in place (Clow & Baack, 2011)
2
Cont’d
The mission of Smart Mobile Solutions is to be the market leader in sustainable mobile phone technology
This will be achieved through using sustainable technology
The company is based on two major values; integrity and accountability
The brand is basically differentiated through high levels of customer satisfaction
The company’s mission is to use sustainable technology to be an industry leader
Through integrity and accountability, the company is able to differentiate itself from others due to its high level of customer satisfaction
3
The New Product: SMS Premium
The new product is called SMS Premium
It is a sophisticated smartphone that is designed using the latest technology
It comes with advanced security features as well as a solar-powered charging system
SMS Premium comes is a bright orange package that is intended to attract the customers’ attention
The nature of the packaging affects the interest of the customers in the product
The new product is sophisticated so as to provide a new feeling to the market
New products should be packaged in a manner that attracts the attention of the market
4
Cont’d
Labeling is done in block text to attract the attention of the market
This differentiates the product as it is easily identified among competitors
The product comes along with a 30-month warranty
The period is long enough to convince the customers about the quality of the product
Customers are encouraged to buy the product due to its uniqueness
The labeling is in block text to ensure it is clearly visible even from far
With a 30-month warranty, customers will believe in the quality of the product
This is the major reason why they will be encouraged to buy it
New products should be different from what the market is used to
5
Target Market and Segmentation
The company targets consumers in the age bracket of 18-45
These consumers are targeted since they are interested in technologically advanced products
The product comes in a wide range to suit different classes in the market
This ensures that there is affordability
Businesses should be able to carefully select their target markets
This improves their chances of success due to their specific focus
Additionally, products should be of the right prices to make them affordable
6
SWOTT Analysis
The major strength of the brand is customer loyalty
Customers will remain loyal due to the quality of the product
Customer satisfaction is also an important factor with respect to the strengths
With respect to weaknesses, the brand is comparatively expensive
This limits the share of the market that the business can enjoy
Through customer loyalty, a brand can be highly-profitable in the market
Customer satisfaction is also a significant contributor to the strengths of a brand
A high price is a weakness because it limits the size of the market that a business can enjoy
It is necessary to ensure that the prices are moderate to make them affordable and profitable at the same time (Trout, 2015)
7
Cont’d
Despite the weaknesses, SMS Premium has an opportunity of succeeding in the market
There is a high demand for smartphones in the market
The company has a chance of expanding its market
The greatest threat comes from existing companies
Organizations such as Samsung and Apple threaten the survival of the brand in the market
Opportunities are the chances that a brand has to succeed
In this case, there is increasing demand for smartphones
Despite these chances of making it, the company is greatly threatened by Samsung and Apple
8
Cont’d
The major trend in the smartphone industry is the increasing demand for stylish and sophisticated products
For this reason, it is necessary for businesses to ensure that they catch up with the trend
SMS is doing this by offering products that meet and surpass the expectations of the customers
Business have to keep up with the trends
Top Three Competitors
The first competitor is Samsung
This is a giant in the industry and its presence is a threat to Smart Mobile Solutions
The second competitor is Apple
This also operates in the same industry and targets the same customers
It is necessary to use better strategies to deal with such competitors (Trout, 2015)
Samsung and Apple are the top competitors due to the quality of their products
They operate in the similar industry as Smart Mobile Solutions and this threatens the chances of success for the company
10
Cont’d
The third competitor is LG
It has a significant share of the market, therefore, its presence cannot be ignored
To make sure that there is substantial competition from the new entrant, it is necessary to focus on marketing strategies
The marketing strategies used affect the ability of a business being competitive in the market (Baker & Hart, 2016)
LG is the third competitor that SMS has to figure out how to deal with
It closely follows Samsung and Apple, therefore, its competitiveness is an issue for SMS
For the purpose of brand positioning for competitiveness, SMS has to ensure that it focuses on the quality and the price of its products
This will make it unique in the market and able to attract customers
11
References
Baker, M. & Hart, S. (2016). The Marketing Book. London: Routledge.
Clow, K. & Baack, D. (2011). Cases in Marketing Management. London: SAGE.
Trout, J. (2015). Differentiate or Die: Survival in Our Era of Killer Competition. New Delhi: Westland Ltd.
