Market Size and Growth Rate for EasyConnect - Assignment Example

Marketing Plan Part1: The and Market Profile Intro to the product - service concept. 2  What need (want or desire) are you satisfying? 3   Who is your target market?   4     Market size and growth rate? 5  Characteristics of customer buying decision  6   What are the influencers on purchase process?  7 How clear is your value proposition? 8  What are the characteristics of this industry?  9  Who are the competitors? 10  What environmental forces impact success? Introduction to the Product The world of 21st century is very different from that of the earlier decades. Faster means of connectivity facilitated by widespread availability of the high speed internet technology along with smooth integration and faster acceptability of highly developed and extremely sophisticated technological products like laptops, smart phones are changing the modes, in which organizations around the world increasingly carry out their daily operations and communicate with its employees as well as stakeholders like consumers, suppliers and manufacturers. The faster and better means of connectivity to consumers and masses around the globe have increasingly provided the seeds of birth to a highly popular virtual world, thanks to the widespread popularity provided by the massive surge of online social networks and various micro blogging sites. The rise of the virtual world is strong and its presence is being actively felt by individuals around the world, as they increasingly try to gather information, work or even relax in their daily lives, irrespective of their physical presence in diverse geographical locations around the world. However, it is of utmost importance to address the fact that the access to the virtual world is only restricted by the process of accessing the World Wide Web from various highly sophisticated and latest technology based digital gadgets like Smart phones and laptops. It is of utmost relevance in this case to state that all these technological gadgets are essentially is dependent on electrical battery, which in turn acknowledges electricity as the primary source of power. Hence charging up of the electrical gadgets is highly important for the purpose of maintaining connectivity with the entire world through the access of World Wide Web (http://travellingtwo.com/resources/keeping-gadgets-charged). However, while talking in terms of charging up of the electrical gadgets, it can be increasingly said that the customers all over the world face various issues while travelling, due to the non compatibility of the charging devices with the electricity outlets. Most of them increasingly resort to the process of carrying separate connectivity devices like universal Adapter and reverse voltage charger. Hence, a new product named ‘EasyConnect’ is being introduced in the market, which will help in the process of charging of technological gadgets in the market. The most unique advantage that is being provided by the new product ‘EasyConnect’ is that it will have the dual and integrated combinations of having both universal adapters and reverse voltage charger integrated in one. The product is designed while keeping in mind the need to style and class on the part of the consumers. Hence, in an attempt to make the product compatible with all categories of customers, the product is increasingly made available in four colors like black, red, white and pink. Need Fulfillment ‘EasyConnect’ focuses on the prospect of providing a unique advantage to the consumers. It helps the customers of the product to stay free from worries related to charging of their gadgets, while increasingly taking on all the advantages that are associated with the process of usage of technological gadgets for their own individuals’ needs and purpose. The ‘EasyConnect’, because of high flexibility and design based advantages will increasingly provide the customers with the ability to charge their products and stay connected while travelling in various places, thereby by extending the customers’ ability to explore the world outside of his usual setup of home or office space. Target Market Though the product is mainly produced with the aim of providing homogeneity regarding issues and problems related to gadget charging across multiple countries, yet the product ‘EasyConnect’ is mostly targeted towards the mass markets. The reason for selecting the mass markets is because that customers all over the world and of all categories travel in various times, though with varying frequency. A majority of the customers, residing in most of the developing and developed countries travel on a daily basis to the workplaces, while the business class customers communities travel to various countries all over the world for the pursuit of their business related activities and processes. Connectivity and charging related issues of gadgets can crop up at any time, irrespective of the location. However, the age factor is an important factor while targeting the mass markets. The target group of consumers for this product, on the basis of age classification is mostly the customers falling within the band of 25 - 40 years. Market Size and Growth rate In an attempt to evaluate the size of the market for this particular product, it has been increasingly assumed that the statistics of the airline industry should provide a better and clearer picture, since most of the customers of the this particular product is expected to be travelers of the business class and tourists who will be using the airline services for travelling from one region or country to the other. Now talking in terms of the size of the number of customers present in the market, the Bureau of Transportation statistics of US Department of Transportation revealed that the airlines carried an estimated 69.2 million domestic and international passenger as of the time line of July, 2012.( http://www.bts.gov/press_releases/2012/bts048_12/html/bts048_12.html) The US Travel association also reported that as of the entire year of 2011, around 101.6 million passengers has availed the services of the airlines sector. (http://www.ustravel.org/sites/default/files/Forecast_Summary_11012012.pdf) Now talking in terms of the growth rate of the market, as per the estimates of IATA Annual Review, 2012, it can be said that passenger traffic in the airline sector all over the world rose by around 5.9% over the previous year of 2010 (http://www.iata.org/about/Documents/annual-review-2012.pdf, p.10). Characteristics of customer buying decision Influencers on purchase process Value proposition The value proposition for this product is to eradicate problems of the customers related to gadget charging which they face during the process of travelling. The new product aims to provide classy, colorful as well as stylish solutions in regards to the customer’s worries of recharging of their gadget batteries. Characteristics of the industry One of the most important characteristics is the fact that the industry is dependent on the economic condition of the globe, since it is a key predictor to the amount of travel being made by the people all over the globe. Apart from the global travel made by the people, another important characteristic is the ability and the mindset of the people to spend on availing this particular product. The second characteristics is also hugely related to the macroeconomic factor of which has a key relation in determining the demand for the product ‘EasyConnect’ in the market. Competitors Though this product is new in the market due to the application of an innovative concept of merging two products in one, yet the product has the potential to gather and generate a significant number of competitors in a very short time frame. The competitors might increasingly comprise of various well known electrical companies who have consumer based product offering in its product portfolio. Apart from that, popular computer based brands like Lenovo, who increasingly try to focus on solving customers’ technological problems with their advanced lineup of gadget charging solutions can come up as strong competitors in the same market (http://shop.lenovo.com/SEUILibrary/controller/e/web/LenovoPortal/en_US/catalog.workflow:show-category-with-items?acc=true&category-id=FB655FA7A2834E04AED9731463CD174E&&page-size=500#.UJTc42_Mg2B). Also, a large number of competitors will be emerging from manufacturers based in the Chinese region, which will be responsible for bringing in saturation of the product in the market by the process of their introduction of low cost, poor quality products. (http://laptop.china-direct-buy.com/v/4/product_detail/4565974/Universal_Adapter.html). Apart from that, the process of development and evolution of newer technology or better alternatives related to charging of gadgets will lead to the process of increase in competition for this particular product (http://www.amazon.co.uk/Duracell-Mobile-Phone-Portable-Charger/dp/B005EF2TG4). Environmental factors impacting success The impact of the environmental factors can be best analyzed by a PEST analysis Political Though political factors are not directly in this case, yet maintaining of political stability in various parts of the world as well as development and application of various laws and fair policies will contribute positively to the product success Economical The macro economical factors related to the factor of the economical boom and recession, health of the world economy and prosperity of the business environment, will be a key factor in the process of influencing product sales while targeting the international as well as domestic travelling customers. Social The social factor like the customer’s mindset to try out new, innovative and gadget friendly products will also contribute positively to the process of success of this product in the market. Technological The development of new technological products which will provide alternative solutions related to the problems of gadget charging will pose a significant amount of threat to the market for this particular product. Read More