The Tablet Market in USA - Assignment Example

Section/# Marketing PlanContents: -Executive Summary: -Competitive Analysis and Market Summary: -Determine who the target market would be: -SWOT Analysis: -Outlining the Marketing Mix: -Determination of the type of marketing research needed: -Summarization of marketing strategy: Executive Summary: The following marketing plan and analysis is contingent upon providing leadership with an overview of entering the tablet market within the United States; specifically directing the product to individuals over the age of 60. The ultimate benefit of this is contingent on the fact that even though the tablet market within the United States is saturated, there are relatively few offerings that place simplicity and ease of use for older individuals at a premium over design or technological proficiency. As this is a difficult market and key challenges and opportunities exist, the discussion will provide the analyst with an overview of problems, discussion of target market, SWOT analysis, discussion of marketing mix, analysis of the type of marketing research required, a discussion of product positioning, and a final summary of the marketing strategy. Through such a level of analysis, it is the hope of this stakeholder that leadership can come to be more informed with respect to this potential future direction that is being proposed. Competitive Analysis and Market Summary: From a competitive analysis point of view, it must be recognized the tablet market is ultra saturated. Samsung, Sony, Asus, Acer, Lenovo, MSI, Panasonic, Sanyo, Kyocera, and a litany of other recent entrants into the market, such as Microsoft and/or Nokia, have already established a degree of market share and successfully engaged potential consumers. From a competitive analysis standpoint, it would require tens of millions of dollars in order for our firm to engage with the market to the same level, degree, and focus that the companies which have already been listed have done. Instead, by recognizing the fact that there are limited offerings with respect to older individuals and how they require technology to perform for their own individual needs, the competitive analysis is Develop a entirely different. As none of the aforementioned companies have placed any level of emphasis upon seeking to promote the needs of this particular demographic, the competitive analysis that can be performed with respect to this market focus is one in which this analysis believes our firm has the potential to capture a high level of market share. Determine who the target market would be: As indicated previously, the target market for this particular product would necessarily be individuals over the age of 60. The underlying rationale for choosing this particular target demographic is ultimately contingent upon the fact that the needs of this particular group have not yet been met by existing entrants into the market. Moreover, as this particular demographic champions ease of use and simplicity over requiring the product to represent the cutting edge of technology. Likewise, production costs and development costs for the product can drastically be reduced. An additional benefit to this particular target market is contingent upon the fact that this particular demographic is expected to grow at a very fast rate over the next several years; as the baby boomer generation enters retirement. Develop a SWOT Analysis Strengths: A noted strength for the approach that has thus far been promoted is with respect to the fact that none of the other products suppliers within the current market are pursuing this particular goal. As such, this will be a primary and proprietary market interest that could potentially gain of the firm a strategic advantage with respect to this particular demographic. Weaknesses: Similarly, a noted weakness is with respect to the fact that the cost of entry into this particular market is extraordinarily high. As such, an additional weakness that is represented is contingent upon the fact that it could be relatively easy for an existing product provider to change their method of production and/or marketing approach to represent a better overall good that fulfills the very same demographic determinants and marketing scope of the product in question. Accordingly, the ultimate benefit of being an industry leader can quickly evaporate if the likes of Microsoft, Sony, Asus, or any of the other tablet manufacturers were to utilize their financial reserves and brand name recognition as a function of accomplishing the very same goal. Opportunities: Likewise, distinct opportunities exist with respect to this particular plan is that our firm could encourage Google to produce a version of android that would be specifically amenable to individuals within an older demographic. Not only with this create a level of proprietary potential; it would also maximize the scope and degree to which the product could be recognized as a verifiable substitute for many of the other products that are currently on the market (Leonard, 2010). Threats: Beyond the weaknesses that have been listed above, and identifiable brand has to do with the overall level of investment this particular project will require the overall amount of time that will be needed until it can potentially return sufficient revenue to be sustainable. If the economic market becomes worse over the next several months - the ultimate ability of such an entry-level product to succeed will drastically be reduced. By much the same token, in the event that a breakthrough in technology were to occur, the scope of financial resources that this particular firm could erect towards engaging with this technological shifts and integrating it with the new product would also be extraordinarily limited. Outlining the marketing mix for this new product and positioning: In terms of the marketing mix, the following section will discuss the relevance of the 4Ps (price, product, promotion, and place). Firstly, the price of the product should be commensurate with other tablet offerings. As it has been denoted that the product will cost approximately 150 to build and sell for 200, this puts it perfectly in line with the other tablet offerings that are currently on the market. Likewise, in terms of the product and the promotion, it is absolutely integral to utilize traditional marketing, inclusive of television and radio/print; as this will be the most likely avenue by which the target demographic will engage with an understanding of the product. Finally, place is of importance as the product must have existing agreements with big box retailers to stock and promote the product within their stores; as the older demographic will be unlikely to purchase it online and have it shipped to them. Determination of the type of marketing research needed: Marketing research will need to be contingent upon the ultimate needs that the users have for the product. Whereas it is also necessary to gauge the scope of interest, the ease of navigation and the most important components of the OS for the tablets is of primal marketing importance; as these widely desired attributes can be utilized to craft an effective marketing strategy (Shinn, 2011). Summarize your marketing strategy and explain why it will be successful: Whereas it is doubtless true that the current market for tablets is saturated, the marketing strategy and approach for this particular product offering is a high potential for success; due mainly to the fact that there are no alternative goods for the particular niche market that is being targeted. With this in mind, effective marketing, analysis of test groups, agreements with existing stores, and other marketing strategies will serve a primal role of the ultimate success that this particular product offering could exhibit. In tandem with a large market that has remained untapped for many years, another potential reason that this marketing strategy is highly lucrative is contingent upon the fact that the cost of production for these units will not increase as time goes on. As other tablet manufacturers are continually in price wars and seeking to promote cutting-edge technology to their users, this particular marketing strategy can continue to utilize older technology, charge the same cost, and still engage with the needs of the consumer. References Shinn, S. (2011). The Medium, The Message, The Method. Bized, 10(2), 26-31. Leonard, T. S. (2010). Coming Out Strong from the Economic Downturn. (Cover story). Energy Litigation Journal, 9(3), 1-14. Read More