GPS Satellite Technology in Marketing an Asset Management Company - Literature review Example

A Marketing plan for an Asset management company using GPS satellite technology to track mobile assets globally to be launched in the UK market Tableof Contents A Marketing plan for an Asset management company using GPS satellite technology to track mobile assets globally to be launched in the UK market 1 Table of Contents 2 Literature Review 3 Michael Porter Generic Strategic Analyses 3 SWOT Analysis 4 PESTEL 5 New Product Development 6 Research and Development 6 Marketing Plan 7 Market Research 7 References 9 Literature Review GPS technology largely uses a linkage of satellites for keeping a track of the products. GPS devices send a signal to the satellites that can help track down the products with a good accuracy. This technology helps users to track down their products both mobile as well as stationary with the help of a computing device (FieldLogix, n.d., p.2). Haghighat (2008) conducted a research on the usage of GPS technology and noted down examples of numerous industries like airlines as well as logistics that have used this technology to generate competitive advantage. The author has also stated the use of this technology even in areas like agriculture and farming (Haghighat, 2008, p.2). Parsons & Oja (2011) in their research on GPS technology stated the use of GPS towards research purposes and also states the use of this product in areas like policing and tourism (Parsons & Oja, 2011, p.42). Gulati & Paoni in association with the Kellogg School of Management (2003) conducted a research on the use of GPS technology in logistic companies and stated that the use of this technology can largely help firms and suppliers to track down the trucks and other shipments that can help them keep a track on the exact location of the shipments (Gulati, Paoni & Kellogg School of Management, 2003, p.214). Michael Porter Generic Strategic Analyses In order to successfully compete in the competitive business environment Michael Porter proposed a set of generic strategies that can help firms to formulate strategies that can help generate sustainability in the market. Botten (2007) quoted the work of Porter who stated the three generic strategies of cost leadership, differentiation and focus. According to Porter firms can resort to an overall cost based leadership strategy in which firms would offer the lowest price and stay ahead in the competition. Firms choosing a differentiation strategy sell a product that is largely distinct of its kind in the market. Firms adopting this strategy focus on a specific customer segment and charge a premium for its differentiated products and services. Focus strategy is adopted by firms who generally try to attract a very niche customer segment with a very specific product offering to target very specific needs and wants of the selected customer segment. The author largely advocates firms to adopt and implement either one of these strategies so as to help formulate strategies that can use the resources of the organization in the best possible manner to generate competitive advantage for the organization (Botten, 2007, p.263). SWOT Analysis In order to efficiently take advantage of the market opportunities it is necessary to conduct an internal analysis of the firm. Pahl & Richter (2009) conducted a research in this regard and stated the use of SWOT as a tool for internal analysis. SWOT is a tool that can be used by firms to analyze their internal strengths and weaknesses and also identify the external opportunities and threats. According to the authors a SWOT analysis largely helps firms to analyse the extent to which the strategies of the firm can help in maintaining sustainability within the organization. Firms can largely use this technique to identify their areas of strengths, weakness, opportunities and threats and use i8ts strengths to leverage upon the opportunities and to eliminate their weakness and minimise the threats. The authors also stated that this toll can also help firms to prepare a BCG matrix or implement a balanced scorecard as a tool for monitoring and evaluation (Pahl & Richter, 2009, p.27). PESTEL In addition to the internal environment, a firm is also largely impacted by the effect of the external factors. A study conducted by Great Britain Office of Government Commerce (2007) states that analysis of the Political, Economic, Sociological, Technological, Environmental and Legal factors can help in analysing the risk profile of a firm with regards to its external market environment. The use of this tool can help firms launching new products to analyse the market. This would give them a fair idea of the market that can help them in formulating market entry and product launch strategies. The tool also helps firms to analyse the impact of political and economic factors that are very critical for the success of a product or service in the market (Great Britain Office of Government Commerce, 2007, p.92). According to Person (2008) political factors affecting a firm include elections, nature of government, governmental policies and taxation issues. Economic factors include macro economic data that reflect the purchasing power and growth of a nation. Economic factors also include unemployment rates and labour available for a particular job. Sociological aspects mainly analyse the demographics and consumer behaviour of a selected region. Technological aspects include the nature of technological innovations that includes machinery as well as operational aspects. Environmental factors denote the environmental laws and legislations as well as the prevailing public opinion about the environment in a region. Legal factors largely include the aspect of legislations, lawsuits like international laws, labour laws etc. A critical analysis of these factors according to the author can help firms to analyse the external aspects and the risk factors for the firm (Person, 2008, p.26-27). New Product Development The launch of a new product in the market is a very extensive process. A study in this regard was carried out by Saxena (2009) who stated that the product launch process is characterised by eight phases namely idea generation, idea screening, testing of the concept and development, analysing the feasibility of the product, product development, test marketing and finally commercialisation and launch of the product in the market. The idea generation phase includes a stage where a new idea for a product is conceived, this is followed by analysing the different set of ideas and selecting an idea that is to be carried forwarded to the next stages. In the next stage firms undertake a critical evaluation of the concepts including the aspects of patents, Intellectual property and also determine the feasibility of the product in the market. The next stage involves determining the price and sales volume as well as determining the break even point for the product. The next stage involves testing the product in the market with a prototype of the product. The feedbacks from this stage are then incorporated in the next stage where the final product features are selected. The last stage involves the actual launch of the product in the market (Saxena, 2009, p.266-270). Research and Development Research and development is one of the areas that can be used by organizations to gain competitive advantage. Research and development in business involves product and process based innovations. Introduction of new products can largely help firms to gain advantage in the market. Wheelen & Hunger (2010) in their research on the aspect of research and development in business organizations stated that research and development also includes the aspect of generating operational efficiencies that can help in generating cost benefits for a firm. The authors stated the example of Nike that has used technological innovations in for of research and development to gain cost advantage and innovations in product design to beat the competitors in the market. Firms using R&D as a tool for competitive advantage must also ensure diffusion of innovation across the organization so as to gain mileage from the aspect (Wheelen & Hunger, 2010, p.251). Marketing Plan Tiffany & Peterson (2011) define a marketing plan as a document that acts as a guiding template for business organizations that acts as a guiding template for the strategy formulations pertaining to a product or service. According to the authors a marketing plan helps a business organization to identify any shortcomings in the business. It also acts as a framework for a contingency plan for the organization (Tiffany & Peterson, 2011, p.5). Friedlob & Plewa (2006) conducted a research in this topic and stated that a marketing plan also acts a presenting document that reflects the business prospects of a product. The authors stated the use of a marketing plan by business organizations to gain access to credit and loan facilities from lending institutions like banks. Hence it becomes important for firms to prepare a proper marketing plan that can help them guide their product towards success (Friedlob & Plewa, 2006, p.223). Market Research McDaniel & Gates (1998) stated that marketing research is one of the aspects that can help firms to analyse and generate feedbacks about a product and service. The authors also stated that firms largely undertake a market research before the launch of a new product in the market as its gives them useful information with regards to segmentation, targeting as well as analysing the consumer behaviour of the product. It also helps firms to identify the opportunities of a market that can be used for formulating the product mix for a particular product and market (McDaniel & Gates, 1998, p.5). Marketing research can be done by either primary or secondary research. Primary research involves collecting live market data though questionnaires and interviews while secondary research techniques largely use available data for analysis. The results of this analysis can help firms to not only gain a good market share but to generate a long term sustainable competitive advantage in the market (Stoldt, Dittmore & Branvold, 2006, p.44). References Botten, N. (2007). CIMA Official Learning System Management Accounting Business Strategy. Butterworth-Heinemann. FieldLogix. (No date). How GPS Tracking Technology Works. [Pdf]. Available at: http://www.fieldtechnologies.com/docs/How-GPS-Works.pdf [Accessed on June 17, 2011]. Friedlob, G.T. & Plewa, F.J. (2006). Financial and Business Statements. Barrons Educational Series. Great Britain Office of Government Commerce. (2007). Management of risk: guidance for practitioners. The Stationery Office. Gulati, R., Paoni, A. & Kellogg School of Management. (2003). Kellogg on technology & innovation. John Wiley and Sons. Haghighat, K. (2008). Integrating GPS Technology. [Pdf]. Available at: http://kevinhaghighat.com/Papers/IntegratingGPSTechnology.pdf [Accessed on June 17, 2011]. McCormack, B.M. & Hill, E. (1997). Conducting a survey: the SPSS workbook. Cengage Learning EMEA. McDaniel, C.D. & Gates, R.H. (1998). Marketing research essentials. Taylor & Francis. Pahl, N. & Richter, A. (2009). SWOT Analysis - Idea, Methodology And A Practical Approach. GRIN Verlag. Parsons, J.J. & Oja, D. (2011). New Perspectives on Computer Concepts 2012: Brief. Cengage Learning. Person, R. (2008). Balanced Scorecards and Operational Dashboards with Microsoft Excel. John Wiley and Sons. Saxena, R. (2009). Marketing Management 4E. Tata McGraw-Hill Education. Stoldt, G.C., Dittmore, S.W. & Branvold, S.E. (2006). Sport public relations: managing organizational communication, Volume 10. Human Kinetics. Tiffany, P. & Peterson, S.D. (2011). Business Plans For Dummies. For Dummies. Wheelen, T.L. & Hunger, J.D. (2010). Strategic Management and Business Policy. Pearson Education India. Read More