Description of the Startup Company and Its Product - Assignment Example

Marketing Plan Marketing Plan of the company and its Product The startup company discussed in the paper mainly deals with the manufacture and sale of computer PCs and provision of mobile computing services. These products will be deigned to suit the needs of the consumers in the market in a cost effective manner (Ferrell, 2008). The company’s mission statement will be focused on achieving customer loyalty and gaining the customers’ loyalty by providing the highest value to make enough profits. Through this, the company states that they will make products that meet the customers’ needs and wants. Their mission statement is to become a market leader by coming up with innovative products and services that are in line with the current market demands. The company aims to be at the top of the competition by producing high quality products and services (Wong, 2010). As earlier stated, the company will be involved in the manufacture of PCs and offering of computing services to their future clients. In order to stand out in the market, the company will use their own unique operating system to stand out in the market and improve its competitiveness. The company will be very exclusive in provision of computing services to its customers. The products and services offered in the company will be highly marketable as the company will be involved in the sale of unique and affordable PCs. The computer market is diverse and highly competitive hence the company’s product will be highly marketable in the local and international markets (Ferrell, 2008). SWOT Analysis of the Company within the Industry The company plans to expand its presence in the international market by exploiting its strengths. It plans to invest heavily on branding as customers go for products with a prominent brand name in the market (Ferrell, 2008). The company also aims to establish strong relationships with retailers to boost their sales. Consequently, the business models and consumer products will be stripped off the product to attract customers looking out for affordability. The company will launch a branding initiative to integrate the products and services offered in the market (Wong, 2010). The company aims to produce well-designed products that are in line with the customers’ needs. Finally, the company aims at establishing a loyal customer base to stay at the top of the competition. There are various weaknesses associated with the introduction of the company’s product in the global market. To start with, the company will be mostly involved in production of computer PCs that are not suitable for the everyday needs of the consumers (Wong, 2010). PCs are commonly used in offices and this will limit their market share. Secondly, the company is likely to suffer from poor market segmentation integration (Ferrell, 2008). It is clear that the company fails to address some of the most obvious market segments, for example, it lacks important management and consulting services and software services when compared to other well established competitors in the market. There are numerous opportunities present in the market that can be exploited by the company (Ferrell, 2008). The computer and technology industry has grown rapidly over the years and this provides numerous opportunities for the company. The company can develop its presence in the cloud-computing sector owing to increasing demand for the cloud computing services (Wong, 2010). Finally, the company can use the internet for marketing its products and establishing a prominent presence in the global market. The company should anticipate various threats in the market (Ferrell, 2008). There are expected decreases in the IT markets in the international markets that can be blamed on the global economic slowdown. Secondly, the IT market is highly competitive as a result of the well established firms present in the market and other start up firms. Furthermore, these companies have a larger market share and better relationships with the retailers and consumers. Marketing Objectives The main objective of the company will be to establish a significant market share in the local and global market (Ferrell, 2008). Secondly, the company aims to produce products and services that suit the customers’ needs at affordable prices. Finally, the company aims to compete with other major players in the computing industry. Potential Customer Profile The company targets customers that lead busy lifestyles and work hard to balance the time they spend at work and at home (Ferrell, 2008). Additionally, the company aims to provide mobile computing services to busy individuals who need to access computer services at all times and they can do so from their mobile phones. The company will also be targeting designers and gamers who need computers with high speed and memories to perform their tasks. Market Segmentation The company will mainly target major companies that use PCs for their daily operations. The company will also be targeting individuals who work from and those who use PCs for gaming purposes and for graphic design purposes (Ferrell, 2008). The products are designed based on the needs of these major groups of customers. Manner used to conduct the Market Research It is important for the startup company to conduct adequate market research as it gives important information about the market. It helps to identify the needs and wants in the market, pricing decisions and distribution channels that are appropriate for the products and services (Ferrell, 2008). Quantitative research methods will be adopted to do this. The startup company will issue questionnaires and online surveys to the target consumers and find out how they feel about the introduction of the products. Additionally, test marketing will be conducted on a number of cities and the findings will be used to project sales. Marketing Goals The most important marketing goal is to create awareness of the company’s presence in the local and global markets and about the products and services available. The second goal is to come up with competitive prices that are pocket friendly and will generate profits for the company (Ferrell, 2008). Thirdly, the company hopes to put in place entry barriers in the market and ensure protection of their products through non-disclosure agreements and patents. The marketing mix is used to reach the target market as company will be targeting companies as well as well established businesspersons. Therefore, the marketing mix will be designed in a way that suits the targets of these two major clients (Wong, 2010). This is by employing the latest technology to offer solutions that suit the needs of these clients. Methods used to implement the Marketing Mix In order to get a better understanding of the methods used to implement the marketing mix, analysis of the 4Ps strategy adopted by the company is evaluated (Ferrell, 2008). The basic elements in the marketing mix include product, place, price and promotion. Product As earlier stated, the company will be involved in the business of computer PCs and mobile computing services (Ferrell, 2008). The products and services offered by the company will be aimed at making life easier for their consumers. Price The company’s goal is to provide their goods at services at affordable prices to establish a considerable market share (Ferrell, 2008). The company also offers a variety of products at reasonable prices that match the customers’ needs. Place The products will be available in the company’s headquarters and major subsidiaries in the target market (Ferrell, 2008). The products will also be available on the company’s website to enable sale to customers in different parts of the world. Promotion The company plans to launch a branding initiative to better incorporate the goods and services offered by the company. One of the most effective ways of creating awareness about an existing product is through magazines ads, televisions ads and promotions and the company plans to use them to penetrate the international market (Ferrell, 2008). Online marketing has proven to be the most effective form of marketing in the modern world and the company plans to advertise its products on the company’s website and different social media platforms. The company plans to offer special discounts and friendly price offers in order to promote the sale of its products. References Ferrell, W. C. (2008). Marketing. Cengage Learning. Wong, K. (2010). Approved marketing plans for new products and services. iUniverse. Read More