Marketing Strategies - Essay Example

Marketing Strategies Inserts His/Her Inserts Grade Inserts (17, April, Introduction Research in Motion is a famous telecommunications company that is famous for its Blackberry phones. The company offers wireless solutions for telecommunication industry all over the world. Blackberry Bold is a famous Smartphone of RIM that was launched in 2008. It is a premium product in the Blackberry product portfolio with better specifications and high quality material. In this paper we will talk about the current marketing mix of Blackberry Bold and show how it matches with the ‘stage’ in which the product is currently located according to the product life cycle. A growth strategy will be chosen and 4 Ps will be proposed alongside with discussion on marketing mix and positioning in the next life cycle stage of the product. Current Marketing Mix Blackberry Bold is a top of the line Smartphone with good features and specifications like 3G services, high speed etc. It was launched by the company in order to cater to the needs of the new developing market of Smartphone in 2008. Today many different models of the product are in the market and they are different in design, features, and prices. Some models launched in 2011also have touch screen technology (Stevens, 2011). Product The product when came out was top of the line Smartphone with all the latest features and specification (Soltys, 2011). Currently the models of Blackberry Bold in the market even have touch screen technology which is an attempt by the company to keep itself at pace with the competitors. The introduction of Blackberry Bold was also to capture the growing market of Smartphone which was estimated in 2009 to grow by 19percent till 2011 (Datamonitor, 2009). Pricing The Smartphone are offered with AT&T connections for one, and two years contract. The latest 9900/9930 is priced at $250 with a 2 year contract (Davies, 2011). These prices are high compared to the previous models of Blackberry because the company has positioned this product as a premium phone. The aim of the company is to cater to the market of iPhone which is a high end market and this is why it is priced at a higher rate. Pricing is kept compatible to services and features the company is offering because it is the first touch screen phone launched by Blackberry. Placement The product is distributed via AT&T network which is quite developed and therefore the company has less to worry about. The network of AT&T is huge in United States and therefore the company gets a well built distribution channel for its products. Apart from the AT&T network the company also uses both physical and online stores to distribute the product the customers. Promotion RIM uses different techniques to promote its Blackberry Bold. It is important for the company to make the customers aware about the product because it is a new addition to the existing product line of the company and it offers new feature. The company uses television advertisement, print media, online advertisements, and direct mailing to promote its product so it is safe to say that promotion is a priority for the company. The promotion is mainly aimed at business executives. Current Stage of Blackberry Bold in Product Life Cycle The Blackberry Bold is currently in the ‘growth’ stage of product life cycle. The company is pushing the products to the customers using excessive marketing. Blackberry Bold is the premium product the company has to offer because this is the time when Smartphone customers can be targeted. The product will continue to be in the growth stage for a couple of more years. Blackberry Bold is a brand that the company uses to sell its premium products to higher end consumers. This is why it can be concluded that the product is in the growth phase of product life cycle. Choosing a Growth Strategy and the new Marketing Mix The company should use product development as its new growth strategy. The industry the company is in it is vital to innovate consistently in order to remain in the market. The market on the other hand is already developed therefore focus should be on product development. Product The company should bring innovative features in the Smartphone so that customers get an experience they don’t get with any other phone. Innovation should also be done to keep the product ahead of the market competition. There is even evidence that RIM is doing exactly this (Caracciolo, 2012). Products should also be designed in a way that in acceptable for the target market. Pricing The pricing of the Blackberry Bold should be kept unchanged. The company has to offer the product at a premium because it offers superior services to the customers therefore high prices should be charged by the company. Placement The company should upgrade its distribution channels to cater to the needs of the customers globally. The focus should also be on the developing countries which is an emerging new market. Promotion The company should use promotions heavily to market the product, since it is a growth stage. Blackberry Bold should be in the mind of every business executive as well as college graduate. Proper utilization of promotion channels and viral marketing campaigns might help the company in this regard. Marketing mix and Positioning Change for the Next Stage of the Lifecycle For the next stage of the life cycle that is the maturity stage, the marketing mix would be different with regards to promotion and product development. Pricing would not change that much and placement might also remain the same. But promotion will become less of a concern for the company and product development will also reduce. Conclusion Research In Motion is a well known name all over the world and its cell phone Blackberry has become a power brand in the industry. Blackberry Bold is a product for the premium segment of the market with excellent features. Currently the product is in its growth phase and therefore the company is spending money on advertisements heavily. The future growth strategy should be based on product development instead of market development. Bibliography Caracciolo, L. 2012. RIM patented Smartphone that recharges itself. T3n. Accessed on April 17, 2012 from http://t3n.de/news/rim-patentiert-selbstaufladendes-376094/ Datamonitor: Research In Motion Limited. 2009. Research In Motion Limited SWOT Analysis, p1-10 Davies, C. 2011. BlackBerry Bold 9900/9930 priced sky-high in US. Slash Gear. Accessed on April 17, 2012 from http://www.slashgear.com/blackberry-bold-99009930-priced-sky-high-in-us-17172370/ Soltys, D. 2011. BlackBerry Bold 9900 and 9930: 5 things you should know. Blogs Blackberry. Accessed on April 17, 2012 from http://blogs.blackberry.com/2011/09/blackberry-bold-9900-and-9930/ Stevens, T. 2011. BlackBerry Bold 9900 and 9930 (Bold Touch) official. Engadget.com. Accessed on April 17, 2012 from http://www.engadget.com/2011/05/02/blackberry-bold-9900-and-9930-bold-touch-official/ Read More