|Company Electronics Strategic marketing Business strategy
The idea is to ensure that there is a proper marketing strategy for the new mobile product that will consider potential customers to target and carefully analyze. The case for Mobile Manufacturing, Inc. is such that the first successful product and initial public offering (IPO) in 2003 raised sufficient capital to support the firm in developing new products. However, since then, many companies and technology giants have caught up with them. MM has realized the importance of adapting to the changing market trends by focusing on new means or exploiting every available opportunity before its competitors (Chernev, 2020). The company will focus on business growth by utilizing modern methods or options, which helps maintain a strong customer base and good company brand.
By evaluating the organization's shortcomings, the performance will be improved. It allows the organization to provide better services, more effective services and permits your items to be promptly accessible to buyers. It makes this approach the ideal method for picking up a competitive edge against the opposition. If an organization were to discharge another stepping stool at regular intervals, it is far-fetched that the new item will bring about business sector cannibalization.
The company is aware that a marketing plan is key to gaining potential customers, and no, it is not enough to design a good phone. The phone needs to meet the needs and wants of those craving the latest and greatest technology in their mobile phones. All marketing activities will be aimed at targeting the appropriate customers (Perreault, 2018). The new mobile product that MM will offer will be necessary to meet the desires of the customers or clients. They are the ones that not only purchase the products or services but also help promote the same. The success or failure of any marketing activity is reliant on its target audience, that is, the customers.
Concept Development and Testing
The concept of development and testing is based on marketing strategies that aim at the utilization of the organization's resources to help meet the objectives set. The two primary components of MM's marketing strategy include the target market and the marketing mix. The target market is determined, vis-à-vis the undifferentiated approach. It will involve a group of persons or organizations that have similar characteristics or needs. We will partner with companies that have the same goals as us and will help us reach our ultimate success.
The marketing mix will refer to a mixture of four manageable variables, which include product, place, promotion, and price. Product entails the services offered or the tangible goods that are satisfactory to the customers; in this case, it is the new mobile product (Damnjanovic et al., 2016). Place revolves around where the customers can access or have the products availed. Promotion refers to any advertising, public relations, event marketing, online marketing, personal selling, etc. Finally, price entails any policies on competitive upgrades, prices on listings, actual selling price, etc. These elements are referred to as the four variables since one can choose on any of them and determine the extent of its use.
Marketing Strategy and Development
The company's marketing positioning for the new phone is based on superior innovation, reliability, ruggedness, and security. Using essential features of the marketing mix, supported by internal and service marketing, MM will educate the channel partners and the market as a whole about the new product's benefits and features to spur purchases. Television advertising is not often affordable in this start-up situation; therefore, MM will use creative messages on their website, in magazines, in social media, and in other media to attain targeted segments. The company will also closely monitor the competitive progress to determine whether and when adjustments are needed, especially the pricing strategy.
Marketing will also involve the strategy of E-marketing that is often based on customer data that is customized and personalized. As a result, the interactions are personalized, and the finalizing of transactions is simplified. Further, it is easier to reach the customers at the right time, as well as in the right place. It takes advantage of the global marketplace and can help in creating beneficial market campaigns. It is easier to assess customer satisfaction; as such, necessary improvements can be made based on the customers' preferences.
Another strategy to develop marketing is that of market segmentation that will include the partitioning of existing or potential customers in the market into different groups or segments, owing to different qualities or characteristics. After that, the marketing strategy is tailor-made to suit the needs or demands of each of the groups. In the case of MM, the company will ensure that the market is segmented according to the potential customers such that more products are delivered to regions that highly demand them.
MM will consider the objectives and goals of the business to maximize profits ultimately. The company seeks to attain customer satisfaction, customer awareness, a large market share, and realize profitability. The new product will have functions and features that give many benefits highly valued by the specific and targeted segments (Westwood, 2013). MM will provide a product that the clients will be willing to purchase because it will cater to their needs and will have benefits that have minimal impact on the environment and a device that has long use the time when charged.
In achieving customer awareness, the marketing plan is such that MM will perform a multimedia brand-building campaign that distinguishes the new product from competing products. A high priority will be given to social media marketing, given the need to build buzz cost-effectively. MM will grow the market share by using the selective distribution for marketing the new product through two central channels. The first channel consists of major retailers like Target and Amazon.com, widely known for their selection of technology products and electronics, and for gaining customer-friendly prices to complement MM's penetration pricing strategy.
Information systems reassessment and execution of changes when need be are measures to be considered every time there have been changes. One essential aspect of Information systems is that it gives an organization an upper hand in the market place. For example, if you are surveying your business model and understand an opportunity in your appropriation and logistics, would it not be logical to investigate the current Information System and conceivable distinct options for measuring the upsides and downs? If a new framework has an initial cost and a circulation of about twenty percent, the overall impact will outweigh the disadvantages.
Even though MM had some achievement with other products, it has found it challenging to distinguish itself from its rivals and match its initial success. After several failed attempts at new products, the company has designed a new product. However, the marketing plan is the key. Therefore, this marketing plan will meet the needs and wants of consumers who crave the latest and greatest technology in their mobile phones. The new product will get MM back to a market share if it survives in a fiercely competitive environment.
The test marketing will be performed by using social media to create posts that alert the users of the new mobile product. The product will include promotion strategies for the first few people in that when one gets to buy the new mobile product, they will get something else like earpods, water bottles, or a Bluetooth speaker. This way, it will show statistics of the people interested, and thus other channels can be used to sell the product.
The organization must choose the correct form and social media type to incorporate in their operations. Being proficient about the various social media platforms currently under existence, a business must ensure the only site with the highest exposure is chosen for social IT. Since social media is linked to a vast number of users worldwide, there is a high likelihood of providing exposure to an enormous amount of potential buyers (Musyoka, 2019). Through instant access to information on buyers' preferences and trends, a business can revise their marketing logistics to suit customers' needs. Therefore, by relying on social IT analytic information, companies can develop a plan of action to counter their rivals and stay ahead in the market.
MM will need to ensure that they have a process to manage and run the sale and purchase of the new mobile product for financial gain. The company has carefully planned the handset and technology to meet multiple needs, not being met by the existing smartphone products. Rather than competing on the broader smartphone market, the company chose to precisely target segments that, according to the study, put a high value on the new product's features and benefits.
The company will be exercising control to realize breakeven, another fundamental performance indicator. It will monitor its metrics during and after implementation; this includes weekly and monthly costs, weekly and monthly sales, weekly and monthly sales by channel, quarterly awareness levels, and the number of various marketing factors for making special purchases. Quarterly financial models will incorporate return on sales, return on marketing investment, and sales by channel.
Chernev, A. (2020). The marketing plan handbook. Cerebellum Press. https://www.amazon.com/Marketing-Plan-Handbook-4th/dp/1936572397
Damnjanovic, V., Filipovic, V., & Janicic, R. (2016). The planning process of integrated marketing communication. International Scientific Days. https://ojs.bilpublishing.com/index.php/jbar/article/view/1014
Musyoka, R. (2019). Marketing Planning (market analysis, goals, and Marketing Strategies. http://erepository.uonbi.ac.ke/handle/11295/106900
Perreault, W. D. (2018). Essentials of marketing. New York: McGraw Hill. https://www.nima.today/wp-content/uploads/2018/11/Essentials-Of-Marketing-William-D.-Perreault-Joseph-P.-Cannon-And-E.-Jerome-Mccarthy.pdf
Westwood, J. (2013). How to write a marketing plan. Kogan Page Publishers. https://www.koganpage.com/product/how-to-write-a-marketing-plan-9780749484835
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