An Inventor Company Marketing Mix - Essay Example

? MARKETING TOOLS by + Introduction This marketing plan/tool focuses on an inventor’s product/brand’s micro and competitive environment through the use of PESTEL and SWOT analysis of the businesses. In addition, the report details the 7Ps of marketing/mix that a company applies currently including, people, product, price, promotion, place, process, physical evidence and recommendations. Micro Environment Analysis This entails the analysis of the immediate external environment in which an inventor operates. In this regard, the analysis focuses on a wireless mini Hair dryer market, competitive environment and the costs involved. This can only be achieved by continuous surveys of the product competitors’ actions in this market. Under an inventor’s strategic marketing plan/approach, it will continuously monitor potential benefits/opportunities offered by the new line of products/a wireless mini Hair dryer to ascertain its financial viability ((Errigo & Zempol 2011, p. 64). Ansoff’s Model In order to meet the above objectives, Knowledge Store can use the Ansoff’s matrix / model to make decisions regarding a wireless mini hair dryer marketing growth strategy. It will used to ascertain strategic priorities regarding the launch of this new product line to attract more customers, expand the existing market share and to increase sales revenue earnings (Errigo & Zempol 2011, p. 72). It helps in creating a logical platform on which the above objectives are developed, following different mix categories shown in the diagram below. Fig. 1.0: Ansoff’s Model Moreover, Ansoff’s matrix is employed to determine a wireless mini hair dryer marketing strategies that will help in meeting the objectives of increasing the customer base and market share. This will be facilitated by the use of internet services, which reach more customers segments in different geographic markets across the globe. SWOT Analysis of an inventor’s company An inventor SWOT can be analyzed in terms of strengths, weaknesses, opportunities, and threats, as outlined in the following table. STRENGTHS 1. A company operates many stores across the globe, thus present in the global market. 2. Strong control over its distribution channels. 3. An inventor’s product has a strong brand identity/name. 4. Its diversification strategy has larger brands portfolio. 5. Expansive market product line. WEAKNESSES 1. Weak financial health caused by higher debts and decline in profitability margin. 2. Unstable management caused by family conflicts of interest. 3. Weaker brands portfolio from some items sold by an inventor. 4. Limited target customers, especially the professionals. 5. The prices of an inventor product are relatively higher. OPPORTUNITIES 1. An inventor has a higher market growth potential in other areas, especially in the UK and USA. 2. A company is capable of consolidating other brands for the establishment of a stronger competitive advantage in various segments. 3. Presence of e-marketing/e-commerce makes it possible for an inventor to carry out online transactions. 4. Presence of multi-media technology developments for marketing/advertising. THREATS 1. A company currently faces stiffer competition from other market players in a company, which are companies that offer medium brands that are capable of advancing towards the premium brands such. 2. An inventor is facing the threat of takeover that is likely to affect its capital ownership in a company. 3. Presence of both local political shakeups and economic slowdown. 4. Fake company’s products. PESTEL Analysis of an inventor’s company/business There are various factors that would affect the decision making processes. The PESTEL analysis technique has been used in an effort to analyze some of these factors. The PESTEL model usually covers the political, economic, social, technological, legal and environmental factors that are likely to influence the decision making processes while planning for an event some of these factors might result in various changes being made in the planning process (Belch & Belch 2009, p.52). POLITICAL 1. An inventor operates under the UK law. 2. Identifying the different groups that a company serves, and managing them is a political process that threatens its existence. ENVIRONMENT 1. An inventor Company is keen on environmental protection so that its operation could prolong. The environmental consciousness of a company is to make sure that its business processes become sustainable. 2. A company has high regard for the environment/ecosystem. SOCIAL 1. An inventor has huge capital base, it increased the corporate social responsibility initiatives to give back to the people. 2. The Corporate Social Responsibility agenda enables an inventor familiarizes itself to the communities and globally. TECHNOLOGY 1. A company is based on the technological innovation and creativity of its employees. It invests in the workers’ creativity and innovativeness since it was the founders’ talent that led to its creation. 2. An inventor relies heavily on technology advancement to sale most of its products. ECONOMIC 1. Globalization has enabled an inventor to compete internationally. 2. Economic slow down impacted negatively on a company’s operations. LEGAL 1. An inventor obeys the UK legal framework under which it operates. Indeed, a company has the necessary licenses, which the government outlines for such international retail/wholesale outlets. 2. A company follows the outlined rules so that its operations take place without the government interference. An inventor’s a wireless mini hair dryer Marketing Objective I. To increase a company’s customer base, both locally in the UK and internationally. II. To increase an inventor’s market share for its product in the UK. III. To enhance market/product diversification IV. To increase an inventor’s revenue earnings. An inventor Company Marketing Mix The 7Ps of marketing that a company applies currently include, people, product, price, promotion, place, process, and physical evidence. They determine the success of the business if well articulated. In business, the 7ps are called the marketing mix and are available to the authority managing a company affair. Primarily, the marketing mix combines the product and service aspects, thereby making the 7ps (Belch & Belch 2009, p.59). For the case of an inventor, the marketing mix is considered in the situation of a wireless mini Hair dryer marketing. The report outlines the various ways, in which inventor/company has used the elements in improving a wireless mini Hair dryer and marketing plan for the business operations. People The people are the most important aspect of the marketing mix, an issue that a company had recognized. For instance, the use of a wireless mini hair dryer is capable of altering the dynamics, which surround those delivering the new product. Product Through improved a wireless mini hair dryer technology, a company has provided a means of delivering new and unique products, which are intended to match many other available products. Besides, the purely new products are presumed to develop new business opportunities for a company. Some of the products they make are in line with the technological development Price Pricing of a wireless mini Hair dryer that an inventor intends to supply is very significant in determining the overall sales volume. Promotion Carrying out promotion is one of the means through which an inventor can create awareness on its new products line. For An inventor Company, a wireless mini hair dryer provide them with many opportunities for doing promotion to sensitize young women and men from ages 18 to 30 on the product. Place An inventor can create a new interaction place for their consumers so that the communication between them could be cordial, easy and with maximum efficiency, especially on its new product line/ a wireless mini hair dryer. Process The issues relating to the process involve the channel through which An inventor follows in delivering its a wireless mini Hair dryer to customers. It also outlines the various ways through which the customer should follow to receive the products. For the case of An inventor/company, the management understands and outlines the other ways of making the customers have personalized knowledge about the a wireless mini hair dryer that an inventor offers. Physical Evidence A wireless mini hair dryer can offer numerous substitutes for purposes of offering physical evidence that is useful in quality service delivery. An inventor can make use of faster means of delivery, for instance, aircraft flights to deliver a wireless mini hair dryer to its international customers, in safe conditions (Errigo & Zempol 2011, p.115). An inventor Marketing Segmentation The criteria that a company uses to classify its customers are measurable, responsive to marketing mix and reasonable (Grewal & Levy 2011, p.197). Therefore, the segmentation criteria that a company applies include economic, geographic, demographic, behavioural, and psychographic. Under economic segmentation, this market can be categorized according to the levels of income. This classification has people contain people from high-income, medium-income and low-income categories. Geographic segmentation acknowledges variables climate, population growth, region, and population density. An inventor Company invests more on regions with high population growth and density. Moreover, demographic segmentation relies on human variables including age, ethnicity, gender, occupation, education, and family status. These variables are different aspects and a company applies then only on areas deemed essential, in the sense that those factors do not affect the consumer choices and preference (Belch & Belch 2009, p.63). Behavioural segmentation enables a company to use variables such as price sensitivity rate of usage; benefit sought, and brand loyalty. In this area, an inventor uses such attributes to improve on the quality of its products. In addition, psychographic segmentation helps a company determine the consumers’ lifestyle, attitude toward the product and value he/she attaches to it (Grewal & Levy 2011, p.164). It can be proposed in this plan that through this segmentation, An inventor is able to understand the customers’ preference and desires, thus making informed choices during distribution of the a wireless mini hair dryer. An inventor New Product Line/A wireless mini hair dryer Marketing Plan Budgeting Marketing Plan Cost and Price Summary Estimate ref: GC II Marketing plan Title: An inventor – 787 Case Number: II Client/Customer: XXXXXXXXXXX Date: 12/03/2013 Labour cost by standard grade 1 hour at ? 70 = ? 70 2 hour at ? 60 = ? 120 4 hour at ? 55 = ? 220 6 hour at ? 50 = ? 300 8 hour at ? 45 = ? 360 Total labour cost (for 2years) ?7,200,000.00 A wireless mini hair dryer ingredients, equipment and bought-out service ?243,089,944.00 Other expenses (professional fees, licensing, etc.) ?3,600,000.00 Prime cost ?253,500,000.00 A wireless mini hair dryer ingredients burden at 23 % (if any) ?105,000,000.00 Overseas cost and handling charges (if any) ?20,000,000.00 Basic estimated project cost ?351,840,000.00 Total estimated project cost ?351,840,000.00 Indicated selling price ?500,000,000.00 An inventor Marketing Plan Monitoring Earned value Analysis Earned Value analysis is a method of performance measurement. It is a program management technique that uses “work in progress” to indicate what will happen to the marketing plan in the future (Belch & Belch 2009, p.87). Earned Value goes one step further and examines the actual accomplishment of the marketing plan. This allows the marketing managers to have a greater insight into the potential risk areas. It’s a set of guidelines that guides the inventor/company’s management control system. I. Budget at Completion (BAC) = ? 14,660,000 * 24 = ? 351,840,000 II. Actual Cost (AC) = ? 172,450,000 III. Planned Completion = 12/24 = 50 % IV. Actual Completion = 55 % Therefore, I. Planned Value = Planned Completion (%) * BAC = 50% * ? 351,840,000= ? 175,920,000 II. Earned Value = Actual Completion (%) * BAC = 55% * ? 351,840,000= ? 193,512,000 III. Cost Performance Index (CPI)= EV / AC = ? 193,512,000 / ? 172,450,000= 1.12 IV. Schedule Performance Index (SPI)= EV / PV = ? 193,512,000 / ? 175,920,000= 1.1 V. Estimate at Completion=Budgeted Actual Cost+ AC–EV=351,840,000+172,450,000-193,512,000= ? 330, 778,000. Risk management Defining an inventor and learning about the activities it goes through in a planned manner, aids in measuring and evaluating it. There are two types of risk management issues to be considered about a wireless mini hair dryer new product line. Growth risk These are expected from the future performance of a company, the overall growth risk score is determined by amalgamating the scores for recent its growth and forecast, detailed analysis should be provided to discuss the reasons for the growth. Sensitivity risk This arises from forces external to an inventor, the overall sensitivity risk score is determined by identifying the most significant external factors and weighting them to represent how significant the sensitivity is to the performance of a company. Some of the external sensitivities: 1. Current Market 2. Interest rate 3. Commodity prices 4. Government regulations Risk Factors Risk factors can arise from transportation and delivery of a wireless mini hair dryer. I. Damage to a wireless mini hair dryer while being delivered. II. Faulty workmanship causing the failure of a transport system in a wireless mini hair dryer in flight after it has been returned to the customer. III. Injury to customers or other personnel while loading a wireless mini hair dryer at an inventor’s go-down/warehouse. An inventor Marketing Plan for Launching a wireless mini hair dryer Evaluation Major achievements from the marketing plan I. Extended the reach of a company into a wireless mini Hair dryer line. II. Was able to establish new base in the UK. III. Introduction of new make up line/a wireless mini hair dryer. IV. Developed company’s infrastructure to handle high grade composites of a wireless mini hair dryer. Primary resources required for the completion of the marketing plan 1. Machinery 2. Work Force 3. Raw ingredients 4. Finance Performance Management Evaluations and Analysis In order to analyze the performance of an inventor’s a wireless mini hair dryer, its achievements were measured in three stages: 1. Input Indicators Initially the parameters taken into consideration were the financial and work force. 2. Output Indicators The parameters that were taken into consideration after the marketing plan was the quality of a wireless mini hair dryer ingredient and was it up to the standard of the ISO mark. Impact Indicators The external factors that can affect our business would be the current market, the political unrest in the region. In addition, the internal factors are, during the product’s planning, and the efficiency of the workforce can also affect the production. Performance Measurement Evaluations and Analysis The evaluation process consisted of analyzing the performance of an inventor C through the feedback that was given from the customers as well as timely evaluation within a company from the collection of data and information. This helps us to take more effective decision as compared to the previous decisions through data analysis (Grewal & Levy 2011, p.204). During the course of this planning process, cost was also taken into consideration to make sure that we were not going over budget and the cost was in an effective manner. The impact of the new product line/a wireless mini hair dryer provided by an inventor in the market was inspected by questionnaire and survey. Conclusion and Recommendations In summary, SWOT and PESTEL analysis have been employed in this marketing plan to ascertain whether an inventor would be successful in its new product line/a wireless mini hair dryer. Regarding this, a marketing plan has fully applied the various options, which are available for integrating the marketing mix, or the 7P’s of marketing. When such marketing options are integrated to An inventor’s a wireless mini Hair dryer products’ use and experience, the customers would be willing to buy more, thus increasing a company’s sale and expected revenue, both from its domestic and international retail stores/outlets. Moreover, to meet the objective of product diversification, increased revenue and customer base, an inventor should offer the best and highly competitive a wireless mini hair dryer in the market. References list Belch, G & Belch, M 2009, Advertising and promotion: An integrated Marketing Communications Perspective (8th Ed.), McGraw-Hill, Boston. Errigo, J & Zempol, E 2011, A Lean Marketing Revolution: The Timeless-Know How Principles, Kindle eBooks, Boston. Grewal, D & Levy, M 2011, Marketing, McGraw-Hill, New York. Read More