Exploring Corporate Strategy - Statistics Project Example

I. Objectives & Mission ment A. Objectives To enable the discriminating and dynamic consumer market to experience the latest level of intelligence and functionality through the innovative design in mobile printers combined with the wireless connectivity of Bluetooth. B. Mission Statement Our mission is to provide wireless printing solutions for dynamic people who require printers while on the go. This will enable the market to enjoy a high level of freedom and flexibility of wireless connectivity through the ImaJet with Bluetooth. II. Target Markets and Competition Aside from the significant rise in sales of personal computers, the new ways by which PC owners has also stimulated demand for peripheral supports and components. Mintel's Digital Cameras and Peripherals - UK, Market Intelligence, May 2006, shows that two-thirds of consumers own a digital camera. This is a significant increase from the less than 5% of digital camera owners in 2001. PCs are now used to edit, print and send photos. Aside from the increasing popularity of peripherals, there is also increasing demand for wireless technology. Demand for wireless technology experienced rapid increase since 2004 and continues to this day. However, among printers, price erosion has reduced demand for these peripherals. To remedy the situation, companies have concentrated their production on Multi-Function Printers (MFPs) rather than Single-Function Printers (SFPs). The performance of MFPs for the period 2001-05 is shown in Figure 1. Source: Mintel Target customers are the specific segments or groups of the market to which your product is geared to. Before you are able to do this you must first identify "needs" for your product. Many professionals who are required to work outside the office are constantly looking for ways to make their job more portable and convenient. Our target customers are busy professionals who do not always have access to a desk and standard desk sized printer. Because more and more people are opting to work in other places besides an office, this sort of technology is a must. We believe that the ImaJet with Bluetooth fits this market need. We have divided our target customers into two main categories: 1) Professional Users; and 2) Non-Professional Users. These two main categories are further divided into two categories each. For Professional Users, the subcategories are: a) Photographic and Visual Industry Professionals and b) Corporate Users. For Non-Professional Users, the subcategories are: a) Hobbyists and Home Applications, and b) Students. 1. Professional Users Professional users who would be in need of the ImaJet with Bluetooth would include the following: a) Photographic and Visual Industry Professionals This would include professional photographers of all types, such as those engaged in portrait photography, landscape, architecture, wildlife, etc. This category would also include newspapers, magazines, printing presses, and similar establishments. The ImaJet with Bluetooth will also be useful for interior designers, theatrical and cinematic designers, etc. b) Corporate Users Some of the examples of these professionals who would be interested are: Attorneys, police officers and inspectors. For the attorney, the printer allows for printing in and out of the courtroom for last minute reports and e-mails that were forgotten or destroyed, or when extra copies are needed for someone else's file. For the police officer -Law enforcement saves time and hassle by allowing them to print citations and any reports on drivers right on the side of the road from the safety of the car. Because of its size it does not get in the way inside of the vehicle. For the inspectors - This machine is handy especially for home inspectors; they are able to print out a quality hard copy of the inspection for the customer immediately after they are finished. Water inspectors would also find these useful because they will be able to print out copies of the work area to use for consulting with repair crews and customers without going back to the office in the middle of the day. 2. Non-Professional Users a) Hobbyists and Home Applications Hobbyists would include amateur photographers and other visual practitioners who do not necessarily need the equipment as an integral part, but require high resolution, high quality, flexibility and innovativeness in their craft. This is also applicable for home use bridging the geographic distance between information source and the printer. b) For the student - This is handy for students who are on campus but do not have access to a computer lab. They will no longer have to make a dash to the nearest printer and hope that it is compatible with the disk or jump drive the paper is located on. Students will be able to print all papers or notes at their leisure with a quality they can trust. III. Advertising Campaign A. Product Messages The advertising and promotion campaign will use the campaign slogan: "Wireless technology for everyone anywhere anytime." Among the major messages that would be included and conveyed by the promotional campaign are: 1. Technological compatibility: This device is compatible with different operating systems including Windows 95 (IRDA only), 98, Me, 2000, CE/CE.NET, XP, Symbian/EPOC, PocketPC/Windows Mobile, PalmOS, RIM, Linux, and Mac OSX. 2. Portability: ImaJet with Bluetooth offers a portable printing solution which is compatible with various devices such as laptops or handheld devices. The size of the device is: Height: 1.18" (30 mm), Width: 10.04" (255 mm), Depth: 2.17" (55 mm). The Weight - 1.12 lb. (513 g) including battery, .89 lb. (403 g) without battery. In contrast, competitor's products are more expensive equipment offering less substantial computational capacity. Two variants of the product are possible: Imajet with Bluetooth Kit (200 dpi) and Imajet Plus with Bluetooth Kit (300 dpi). 3. Speed of printing: The speed of printing is up to three pages per minute at normal (5% density) page coverage, which is higher than the speed of competitors. 4. Free Supports: All drivers for this device are available free on line. If a customer has some problems with installation, he can find instruction on the web-site or contact support. 5. Warranty One (1) year warranty To summarizes, the benefits of the product are:low cost-per-page; fast full-page portable printingup to 3 pages-per-minute, ultra-lightweight; unlimited OS compatibility; no ink cartridges to replace, 1-year warranty and virtually maintenance-free mechanism with very few moving parts. The battery of the device is a 3/3Plus Rechargeable nickel-metal hydride (NiMH), it allows to print 100 pages per charge which takes about 2 hours to fully charge the battery. Power Usage is 37 watts continuous, standby: 1.1 watts. 6. Pricing According to our pricing objectives, the best pricing strategy would be parity pricing or going rate. We will set the price that is almost equivalent to the price, which was set by Competitors. Such pricing strategy will positively influence consumer's choice because it is obvious that our product offers more benefits than the products of our competitors; however, its price is the same as the competitor's price. Therefore, the chosen pricing strategy will stimulate sales growth. To summarize, the main benefit of this device is portability. These product characteristics will attract professional users and home users. ImaJet with Bluetooth has a wide range of accessories for all tastes and needs. All products are available in difference sets. PJ3/3 Plus USB cable - 3 ft, PJ3/3 Plus Rechargeable Ni-MH Battery, PJ3/3 Plus AC adapter/charger - 100v/220v, PJ3/3 Plus Power Cable 110V, PJ3/3 Plus 12v DC car adapter/charger - 8 ft., Desktop Caddy, Carrying Case (Imitation leather printer carrying case), Documentation Set - PJ 3 & PJ 3 Plus. These additional products make the use of ImaJet with Bluetooth easier and help to satisfy the need of different target groups. Different type of paper are also available such as, A4-size paper (210mm X 297mm) 100 sheet box or U.S. Legal-size paper 100 sheet box, letter, continuous roll, perforated letter roll, and perforated letter fanfold papers. B. Core Strategy The main strengths of this strategy are clear identification of the product advantages and potential target audience. This strategy will result in a plan that can assist the company in selecting and positioning of the product. Product differentiation strategy will help to create entry barrier for other companies and creates a unique market proposition. This strategy makes sense because of a product's perceived uniqueness. Differentiation should be achieved as a result of unique product attributes and effective marketing communications. In the case of ImaJet with Bluetooth, product differentiation and brand loyalty increase for would-be industry entrants who would be required to make substantial investments in R&D or advertising. As the first tactical marketing element, differentiation should create a truly different and unique product for customers. ImaJet with Bluetooth not only has to be perceived differently by customers (positioning), it has to be really different in content, context, and infrastructure (differentiation). In addition to differentiation strategy, product positioning will help to establish trustworthiness, confidence, and competence for customers. If ImaJet with Bluetooth has those elements, customers will then have the "being" of the company within their minds. It is about earning customers' trust to make them willingly follow ImaJet with Bluetooth. Because customers cannot be managed, they have to be led. In order to successfully lead customers, ImaJet with Bluetooth has to have credibility. So positioning is not just about persuading and creating image in the consumers' minds, it is about earning consumers' trust and loyalty. Positioning strategy should support differentiation strategy in order to widen product potential market. It will help to occupy the consumers' minds with unique offerings and will lead the customers' credibly. C. Promotions Mix: Communications and Promotions Communicating the message goes a long way in the success of any kind of advertising. Each media vehicle has its positive and negative points, with a different reach and impact. Therefore, our company has to be very clear about its target audience. This device will be marketed to two specific groupsthe tech-savvy, working class and service oriented businesses. Have you ever found yourself in one of these situations You are in the process of closing a major deal and discover critical documents are in your office and you are off-site Imagine a similar scenario, but from a service perspective. You have just delivered a package and need to leave your customer with proof, and the service ticket is in the office. How about today's business traveler Have you ever been in the airport without a means to print updates to projects that occurred during your flight This new technology enables the user to print from wherever they are. D. Specific Promotional Strategies These days both electronic as well as print media are overflowing with ads. People have no time to read advertisements in local newspapers. The following media will be used for tech-savvy customers: a. Internet The number of businesses and individuals who purchase equipment and other products through the Internet is steadily increasing. Thus, the company should advertise through major Internet shopping websites such as Google and E-bay. This entails the creation of a dedicated website for ImaJet with Bluetooth. Likewise, this dedicated website should be linked to major technology websites. b. Rebates In order to arouse interest we will use familiar avenues. We will attract our customers by using rebates on purchases of existing PDA's, laptops, and mobile devices. c. In-store demonstrations In-store demonstrations of our device at large office and electronic suppliers, such as, Staples, Best Buy, Office Depot, and Circuit City along with product promotion and sales will provide positive reinforcement of our products abilities. To some extent economies of scale exist between the printer and PC businesses due to the similarity in the manufacturing process. A single sales force can sell bundled products to end customer and brings economies of scope. In-store demonstration teams are composed of two personnel, with one explaining the details of the product while the other is operating it. d. Television advertising Although the hectic lifestyle of many people prevent them from spending too much time watching television, the medium still remains to be a strong source of consumer information. Although executives may not have the time, their wives and children may often have ample exposure such that the product advertisement will still reach the target audience through them. Television exposure should be daily for a period of 13 weeks during primetime. Exposure will be twice an hour, four five hours each day from 6:00 p.m. to 10:00 p.m. e. Radio advertising The commute or drive from home to work and vice versa is a prime opportunity to catch the attention and interest of the primary target audience. In essence, they are in a captive environment being on the road or navigating heavy traffic. Radio plugs should be played daily for a period of 13 weeks during morning primetime slots. Exposure will be three times an hour, five hours each day from 5:00 a.m. to 10:00 a.m. It will also be repeated during afternoon and evening primetime slots. Exposure will be three times an hour, five hours each day from 5:00 p.m. to 9:00 p.m. f. Print advertising Although less and less people are reading newspapers, those who do often occupy high positions in businesses and companies. These individuals are part of the target market, and they can be exposed to product information using newspapers. Newspaper advertisements will made in the three major dailies. Full page ads will be printed for 2 consecutive weeks or a total of 14 days, including 2 Sunday supplements. Half-page ads will also be printed for 2 consecutive weeks or a total of 14 days, including 2 Sunday supplements, in local dailies. g. Pamphlets and Mailers Pamphlets and mailers can be sent to corporate accounts and their executives and representatives can be invited to demonstrations and exhibits conducted by the company. We will create a list of the top 1000 companies in all the major cities. These companies will be included in the mailing list. Pamphlets and mailers will be sent to these companies and their representatives will be invited to the in-store demonstrations and technology exhibits. h. Technology Exhibits There is no better way to motivate a buyer to purchase than to have him touch and try-out first-hand the product you are selling. Thus, the company will participate in both local, national and international technology and industry exhibits. Company representatives of prospective client companies and businesses will be invited to the exhibit. References: Cnet.com staff. (No date). 4 portable printers. Retrieved on 12/8/05 from Golden, CO: Pentax Media. Retrieved on 12/8/05 from Whenham, T.O. (2005, Nov. 18). Pentax pocketjet - portable printers with bluetooth. Johnson, G., Scholes, K. (1998). Exploring Corporate Strategy. Hemel Hempstead: Prentice Hall. Lynn R. A. Price Policies and Marketing Management. Homewood, IL: Richard D. Irwin, 1967. Pentax PocketJet 3 with Bluetooth retrieved 4 th December 2005 at http://www.pentaxtech.com/Products/PJ3BT/PJ3BT_menu.html Martin, M. (2005, Nov. 16). Pentax offers freedom and flexibility with bluetooth printing. McDonald M., Christopher M. (2003). Marketing: A complete Guide. Palgrave Macmillan. MobileMag. Retrieved on 12/8/05 from Winer, Russell S.(2004) Marketing Management 2nd edition. Pearson Prentice Hall. Upper Saddle River, NJ http://www.askmen.com/toys/mrtech_150/154_tech_gadgets.html. http://www.canon.com/ http://www.epson.com/ Read More