Consumer Electronics as the Product of Choice - Assignment Example

Developing a marketing plan Plan From time to time, companies resolve to introduce a different product into the market since for them to continue thriving; they must seek methodologies of acquiring and keeping customers. Due to this vein, marketing and sales has revolutionized the way companies handle both products and customers. These two factors have become so demanding such that it is today an area of increased focus for every single company of any particular size (Alcock, 2003:4). Devising a course of action that can give a detailed description of a product proposed by a firm may be a complex matter since the plan has to incorporate market segments, have a clearly defined data that is relevant to the identified market, and compose of an implementation plan (Steinberg, 2011:5). The task of this is to plan and describe a research programme to identify attractive market segments relevant to a product that I will propose and estimate the size of the relevant to it. After analysing a number of factors such as category involvement, product preference motivators, product purchasing patterns and media habits, this research paper resolved to propose consumer electronics as the product of choice. By use of market planning tools that include market segmentation indicators such as psychographics and psychographics, the identified plan described this market as suitable for selling consumer electronics (Steinberg, 2011:8). This is because, upon dividing the estimated total population of the market into subsets using demographic indicators, research identified a variety of market segments that include light, heavy, and medium consumers of consumer electronics (Miller, 2010:6). Given the fact that this identified market portrays a taste for increased personalization, some methodologies employed in the research predicted that this market subset has potential clientele equal to the number of products intended for tasting the market. Potential target According to the research programme, the relevant market segment for these types of products comprise of light users. To make this more understandable, the plan identified that as light since it comprised of users aged between 18 to 49 years and as heavy due to presence of consumers aged beyond 56 years. The plan also identified who belong to the same age pattern but exhibit more streams of concurrent customers (Alcock, 2003:7). As such, by use of a computer assisted personal interviewing (CAPI), this research essay managed to produce the following data. There are older men and women who consume the proposed product excessively; there are people who look like concurrent customers, people who would not use the product, while there are others who would buy the product upon spotting it on the market (Steinberg, 2011:11). Additionally, when the research changed its planning methodology and used face-to-face interviews, it established that 10 percent of the overall population aged between 18 and 49 would buy the product if it had promoting incentives (Miller, 2010:9-10). On the other end, 9 percent of the market population, just as illustrated by the demographic measures, would buy the product if satisfied their needs in terms of quality and durability. Using the same methodology of data collection, this research paper found out that there are five different benefit segments and five diverse personality segments as well as six unique attitude segments (Steinberg, 2011:15). This data is relevant to the proposed product because, in this age and date, as far as marketing and sales goes, there is increased personalization whereby some people might even argue that the product offers some potential target markets that are equal or uniform to the identified population. Marketing mix After setting research results, the research team deployed polls about public beliefs whereby it found out that this market segment is democratic and people belief in preferences and media information (Kline, 2006:5). After that, recommended marketing mix incorporated product, price of the commodity, place of location, and methods of promoting the item. While bearing in mind that among the marketing mix, only the price that brings in sales revenue to the business, the marketing plan set out knowing the rest are just but costs. It is agreeable that the price of a product determines at what pace the product will sell since price assesses the value of an item (Alcock, 2003:11). Therefore, with the help of data collected by use of questionnaires, it was easy to identify that if the proposed product entered the market possessing the perceived values of a product by the targeted customers, it would attain maximum sales within a very short period. Upon researching and identifying the consumer’s opinions regarding pricing of the product it indicated that they were willing to pay an amount, which is considerable with reference to time and circumstances. With that data documented, the research discovered a policy that varied and valued the needs and potential of the target market hence considered matching competition and addressing aspects sensible to seasonal fluctuations (Steinberg, 2011:18). As a result, the convenient marketing mix surveyed the target market and established that despite the fact that figures may vary widely, probably a fifth of the total cost of the proposed product will go to get it to the customer. As a result, the place where the identified and targeted consumers reside would work best if transportation and storage costs were cheap and reasonable (Miller, 2010:13). This would ensure the product is available to the clients at the right place and time thus making the distribution system effective. Surprisingly, identifying a promoting mechanism in order to set an effective mode of creating awareness and reaching the targeted clientele subsequently, more that just a decision is vital (Kline, 2006:7). According to the collected information, using media as the most dependable means of promoting consumer electronics proved advantageous and beneficial since infrastructural development as well as market awareness is crucial in this market segment (Tellis, 2006:10). Cognitively, the best marketing mix of this product will involve online advertising and sales, various promotional activities and incentives such as free key rings, t-shirts, programmes, and many other small items useful in promoting product. In addition, it will also involve relocating, repositioning or positioning the product whereby in this case the marketing team will initiate methods of locating the product with a particular segment of the market, for instance presenting the product as a downmarket or upmarket product as well as presenting the product for younger or older generation and so forth (Alcock, 2003:14). Implementation plan and a brief budget The implementation process of the proposed product will involve a number of ingredients that will include merchandising and a range of memorabilia items. Preferably, the set mode of implementing the marketing mix of the proposed product will initiate ways suitable for changing the tastes of customers. This is congruent since it has the ability to make the product seem and sound unique thus diminishing cases of stiff competition (Kline, 2006:9). The implementation ideas will also consider the prevailing economic circumstances in order to avoid instances of over pricing, a factor that has the worst effects on every single product relinquished for marketing (Tellis, 2006:15). Following the fact that the target market covers a comparable demographic resemblance, a brief budget of the marketing mix would have the following costs. Advertising will cost a rough amount of $ 2000, transport $800, road shows $5000, door to door marketing $1200 while billboards will cost a total of $8000. A research programme to monitor the effectiveness of the marketing mix In order to keep grip of the market or stay at the top of every possible threat, a marketer must monitor every single aspect of the marketing mix as well as make the necessary changes. These kinds of efforts require a marketer to develop a marketing plan that will refine the product on regular bases (Miller, 2010:17). In this paper, this research paper resolved to engage the product life cycle (PLC) and Marketing Planning tutorial, which are factors of paramount importance in determining the changes in market strategies and revisions (Alcock, 2003:19). These set policies of a product also determines the changes expected in a life cycle of a product giving the marketer a humble time and opportunity to device measures necessary to factor in technological advancements. In conclusion, developing a marketing plan is hard decision that every corporate company must undergo. Setting up research methodologies is even a much difficult task however, time spent while developing a marketing plan for your company is time effectively utilized since a campaign plan can also act as a plan addendum (Kline, 2006:16). Nevertheless, it is worthwhile noting that the relationship between a marketing plan and a business vision or plan should reflect the existence, survival, success, and returns of the proposed product (Tellis, 2006:19). Bibliography Alcock, S., 2003. Pedagogical documentation: Beyond observations. Available from http://researcharchive.vuw.ac.nz/bitstream/handle/10063/882/paper.pdf [Accessed May 22, 2012]. Kline, J., 2006. Defining an economics research program to describe and evaluate ecosystem services. Available from http://www.fs.fed.us/pnw/pubs/pnw_gtr700.pdf [Accessed May 22, 2012]. Miller, B., 2010. Policy research programme summary final report form. Available from https://www.wp.dh.gov.uk/prp/files/2012/02/0020025-SFR_Brian-Miller.pdf [Accessed May 22, 2012]. Steinberg, S., 2001. Human research program integrated research plan. Available from http://www.nasa.gov/pdf/651214main_hrp47065_revC_IRP.pdf [Accessed May 22, 2012]. Tellis, G., 2006. Modelling market mix. Available from http://www-bcf.usc.edu/~tellis/mix.pdf [Accessed May 22, 2012]. Read More