Phil Company Limited Marketing Analysis - Essay Example

? PHIL COMPANY LIMITED Company’s Introduction Phil Company Limited is a private electronic manufacturing company established in April 12 2008. The company was founded by Phil Samuel, when he was a second year student at Harvard University. Its headquarters is located in 123 Way, Cambridge, United States. Phil Company has four industrial sites located at the Heart of Cambridge city. It also has two manufacturing sites in Kingston, Jamaica. Phil Company is one of the many electronics manufacturing companies in the US. The company belongs to the Electronics and Information technology industry. Currently, the company is owned by Phil Samuel, Dick Harry, and other eight partners. The company uses cutting edge technology in designing and manufacturing electronic products like television sets, microwaves, radios, computer hardware and cell phones. Phil has been in the electronic manufacturing industry for the last four years. Improved market share in both the domestic and international consumer environments is as a result of the company's performance and experience in the manufacturing process. Phil manufactures electronics based on orders placed by retailers in the market. The company’s total employee population stands at 2000, both in the US and Jamaican manufacturing sites. Phil’s Mission Statement Phil’s vision is to become the leading manufacturer and marketer of electronic products both in the US and all over the world. We strive to respond to the market demands and consumers’ needs by adjusting appropriately to the technological dynamics prevailing in the industry. We are aiming at responding to consumers’ needs by considering the dynamics and fluctuations in the economic sector. The company’s financial objectives are to maximize profits, optimize the net worth, increase share value and plough back the earnings into initiating wealth growth. Phil works towards providing excellent and outstanding services in terms of product and service qualities. The company will stick to the ethical code of conduct at all times and strive to perform their social responsibilities in one heart (Philip & Michael, 2009). Potential International Market Africa is one of the potential foreign markets for the company’s electronic products. In the recent past, African countries have come to embrace information technology products in their markets. International market research statistics shows that Africa is the leading market of electronic products in the world. In addition, the political systems in the continent have improved over the past years. Most nations in Africa have a functioning democratic government. Therefore, this market has a favorable political climate. African countries are highly populated. Therefore, the high population signifies a potentially large market for the company’s products. Moreover, African nations are at the stage of discovering and mining their natural resources like oil and other minerals. This has improved their macro-economic aspects of living standards and employment rates. Therefore, a substantial percentage of the continent’s population has a high purchasing power. These factors make the continent a potential market segment for the company’s products (Philip & Michael, 2009). Marketing Plan Audience The general public and the shareholders are the potential audiences for the company’s marketing plan. Since the company belongs to 10 individuals, it would be appropriate to supplement a marketing plan to these stakeholders. In addition, government authorities and financial institutions are the other potential audience of the marketing plan. All these three audiences have different needs concerning the contents of the marketing plan. The disparity in their needs is as a result of the different roles played by the three parties during the implementation of the plan. In this case, the ten shareholders need to evaluate the feasibility of the identified segment in terms of profits from the market (Dennis, 2010). In addition, the shareholders want to know the financial forecasts and expenditure of the marketing exercise. This information is necessary to assure the owners that the marketing decision concerning the potential market segment is economically viable. On the other hand, financial institutions are essential during marketing exercises for financial assistances. Banks and other lending institutions may supplement the company’s financial power by providing loans and marketing logistics. In this case, financial institutions need to appraise the economic and financial viability of the plan. Government authorities are involved in the movement of manufactured good outside the national boundaries. Therefore, a marketing plan may be presented to the local and national authorities for approval purposes on export activities (Dennis, 2010). Market Segment The company’s marketing plan will be based on a market segment identified within the most populated and politically stable African nations. Therefore, interests and lifestyle determines a market segment. Lifestyles and personal interests determine the likes and appreciation of electronic devices and equipments. As we mentioned earlier, Africa is starting to appreciate the aspect of communication technology in their social and economic lives. Electronic devices like radios and television tends go with trends of lifestyles and interests (Dennis, 2010). Those members of the society who value the role of music and visual entertainment in their lives will buy entertainment electronic equipments. In addition, those with interests in developing skills and expertise in technology will be receptive to devices like personal computers and computer hardware equipments. The African individuals who might be interested in electronic devices include the young population who are in school or at the early stages of their professional occupations. These individuals appreciate the value of entertainment in their life. Moreover, they are interested of information in their daily activities. These entertainment and communication devices manufactured by the company will find a strong market reception due to the characteristics of the market segment (Philip & Michael, 2009). Target Market Based on the characteristics of the market segment identified, the possible target market bearing such stated characteristics could be the urban areas and the learning institutions (Dennis, 2010). College and high school students are the highest consumers of any form of entertainment. In addition, young adults are known to appreciate the entertainment during their recreational sessions. Young adults are also inclined to information hence they are in need of communication devices. Urban settings in African nations host a large population of these individuals identified as target customers for the company’s products. High population in urban areas, especially the capital cities means that principal social institutions like schools and colleges are located there. Moreover, the capital cities are the economic hubs of these nations. This means that the working group lives in the residential areas of the towns. Residents of urban areas possess a high purchasing power that their fellow citizens in rural settlements. Therefore, the potential target market for the company’s electronic products would be in prime capital cities in the economically strong nations, in Africa (Dennis, 2010). SWOT Analysis Strengths The company has improved its product quality in the past four years in the industry. The increase in manufacturing experience and product quality places Phil in an advantageous competitive position. The company employs cutting edge technologies in its design and production lines. Their machinery and manufacturing equipment are versatile and can be adjusted to respond to any upcoming manufacturing design and modification. In addition, the company has a strong financial basis based on the economic and financial powers of the owners. Phil is proud of its young but experienced workforce comprising of engineers, managers and technicians. The company’s human resources are the greatest company’s strength responsible for innovations and improved productivity in the electronic and information industry (Dennis, 2010). Weaknesses The company entered the electronic industry four years ago. In addition, the company’s products made a debut in the electronic market at the same time. This means the company’s reputation in terms of product quality and brand fame is still one of the weaknesses with respect to competition in the industry. Moreover, Phil has an inefficient management structure whereby the owners sit in the company’s board. Therefore, most decisions made are out of personal interests and not based on the business objectives of the company (Philip & Michael, 2009). Opportunities One of the opportunities available for this company is the potential international market discussed in the earlier part of the essay. Africa presents a marvelous opportunity to the company’s products. Approach of this market in a systematic manner, which entails blending the appropriate marketing mix and the right target market will result in optimal product marketing. The young workforce also presents an opportunity for the company. Through their working period, the employees gain experience and innovative skills. Therefore, this company is more likely to be steered forward by innovations from its young employees (Philip & Michael, 2009). Threats One threat faced by the company is competition from developed and powerful electronic manufacturing organizations. Large companies are carrying out research processes meant to improve their production and marketing activities. These large companies succeed in innovative production and marketing exercises because of their financial power. As a result, the efforts devoted by the company in carrying out marketing research exercises are over shadowed by their established counterparts in the industry. Another threat is the economic uncertainty hanging over the economic atmosphere in the world. The aspect of globalization has caused uncertainty in economic environments of world super powers. Therefore, any economic hitch like depression or ever inflation may affect the company’s business operations (Dennis, 2010). Product Positioning The market position of the company’s products depends on the target market. Since the target market is any urban town of the politically stable nations, the positioning attributes will be drawn from the current and future characteristics of the market environment in the target towns. The product will occupy a substantial space in the electronic products market. The company’s brand will be advertised trough social activities in those countries (Philip & Michael, 2009). The advertisement exercises aims at placing the company’s brand in a better competitive position with respect to its competitors in the same market. Currently, availability of the company’s brand in those potential markets is limited to online advertisement. In addition, the company’s products are not available in the electronic stores of those nations. In this regard, the company’s products should be placed in a better strategic position, in every potential market. This will facilitate the development of the company’s brand in the minds of consumers in those environments. Brand positioning may entail erection of bill boards in potential market’s streets (Philip & Michael, 2009). Reference List Dennis, J.C. (2010). Marketing: Lifestyle Market Segmentation. New York: Routledge. Philip, K & Michael, H. (2009). Marketing: An Introduction. California: Pearson. Read More