The Customer Need To Be Satisfied by the Nokia Lumia 930 - Case Study Example

Practicals Name Institution Name Date Practical 1 A product is a vital component in all business operations because it is actually the focus of not only the exchange but the marketing concept as well. In addition to that, all other factors are indeed based on the product and therefore its effective comprehension is vital for any successful marketing management. One of the products offered to the Market by the Nokia Company is the Lumia 930 series. This paper therefore conducts a comprehensive analysis of the Nokia Lumia 930 series through observing the various needs that the product satisfies the tangible and intangible features or attributes of this product, the service components available to the product and the most potential determinant attributes that make client s to choose it over the others. The Customer Need satisfied by the Nokia Lumia 930 Apart from being capable of supporting numerous LTE bands, the Nokia Lumia 930 is also identical towards the icon and it is capable of also enticing its users through giving in a wireless charging pad that has not only dedicated AC Adapter but also has different functions. Apart from that, the Nokia Lumia 930 also has an inbuilt storage of 32GB which gives users a lot of space to store different types of files. The tangible and intangible attributes of the Nokia Lumia 930 Some of the tangible attributes of the Nokia Lumia 930 is that it has got a 420 mAh Li-Ion 2 battery, an aluminium frame and it also comes with a wireless DT-900 Charging Plate that is normally included in the retail package. The intangible attributes of the Nokia Lumia 930 is that it has got a 15 GB of free “OneDrive storage”, a Nokia “music streaming service2, 1.2 camera having 720 of video recording among other attributes. The service components of the Nokia Lumia 930 include the chargers, earphones and batteries. Some of the most likely determinants that make the Nokia Lumia 930 to be preferred by users other than other models are the fact that it has got 32GB of inbuilt storage and a 15 GB of One drive storage which is not common in some other phone models. Practical 2 A better comprehension of the market environment that a firm operates in is of crucial importance and thus all operations ought to be viewed based on a broad environment. Some of the marketing environments listed in the text that can have an impact or effect on the Nokia Lumia 930 include the Microenvironment of the company which will require that the Nokia Company should be capable of building relationships with the other departments in the company as well as the competitors, marketing intermediaries, suppliers, customers and publics which actually combine in order to complete the network of value delivery for the company. The Nokia Company’s macro environment will also affect the Nokia Lumia 930 product because the company all the associated actors actually operate in a broad macro-environment comprising of forces which not only shape the opportunities but also pose threats towards the firm. Some of the forces include the changing structure of the population, the demographic environment, generational marketing among others. External and Internal Operations of the Nokia Company There are various external and internal factors which Nokia as a company should actually become aware of. Some of the external factors include political, economic, environmental, Technological and legal factors. Some of the internal factors include the shareholders, employees and suppliers. Nokia’s Competitive Analysis Some of Nokia’s competitors include the Samsung Group, the LG Group and Motorola Incl. Others include the China Mobile which has made the copy Nokia telephone Handsets, Orange, O2 and Vodaphone who are globally or internationally selling their own phone brand products and they have higher import charges. Samsung’s strengths lies in the fact that it actually looks beautiful and the phone designs are also unique. However, Samsung’s weaknesses include the fact that its selling prices have been falling and it does not have lots of suppliers and business as well. The competitors use beauty and fashion as a strategy to win their competitors. The data needed to undertake a detailed SWOT analysis The data that is needed in order to undertake a SWOT analysis includes an organization’s objective and the identification of the external and internal factors. Apart from that, a thorough analysis of the company’s strengths, weaknesses, opportunities and threats should be availed. Practical 3 Market segmentation, Targeting and Positioning There are various ways that a marketer can segment a market and apart from that, here is need to use a combination of different variables of segmentation in order to achieve the beast means of viewing the market structure. Some of the criteria that Nokia’s “Customer base” could be segmented by include Geographic segmentation, Demographic Segmentation, gender segmentation, income segmentation and psychographic segmentation. The most appropriate segmentation that Nokia can adopt in order to properly market and sell the Nokia Lumia 930 is the income segmentation. This is because the marketers of the Nokia Lumia product should target the affluent consumers fond of conveniences services and luxury services. However, Nokia as a company should therefore not target the affluent but it instead, it should segment the market based on the ability of clients in a given place to buy its products. Segmentation of the Nokia Market into distinct segments Despite the fact that there are various types of segmentation like for instance demographic, geographic, benefit and psychographic segmentation, it should be noted that benefit segmentation is also quite vital because majority of the Nokia Consumers actually have a strong loyalty to the products of the company’s products since they are capable of finding the best quality and value for their hard earned money. Among some of the benefits that Nokia as a company has to offer includes the great power life, numerous applications for different wants, needs and practical design. It can truly be asserted that there are various strategies of segmentation that made the Nokia Company to become a global or international phone manufacturer. The major ultimate goal of the company is meeting the expectations of different purchasers of the Nokia Lumia product. A perceptual map in relation to the Nokia Lumia 930 Product Nokia Lumia 930 has become a flagship device for the company because of the premium build and high grade imaging abilities. Despite the fact that the product is just angular like other Nokia Products, its corners are slightly softened and it has gained reputation from both middle and high income earners across various places in the world. Indeed, the Nokia Lumia is not only capable of using the latest Microsoft version of the “Windows Phone Software” but it has also made ne users to appreciate its uses. A positioning Statement for the Nokia Lumia 930 The positioning statement of the Nokia Company is to target the segments and need of Nokia Lumia 930 brand through ensuring that gives users the ability to have a wireless connectivity solution that gives them a more reliable and easier way of people to become connected. Practical Exercise 4 Product Development Product development is of continuous importance for all the marketing managers. The Nokia Lumia 930 product also uses the 3 levels of products. During the first stage in which the question as to what the client is really buying, the buyer of the Nokia Lumia 930 is buying a product which has got numerous features and specifications which cannot be found in other phone models. During the second level, the planners of the Nokia Lumia product must turn its core benefit into a real product and as a result, they will be required to establish the product and service designs, the brand name as well as the packaging of the product. The Nokia Lumia is an actual product and therefore the name, its part, it style the packaging and its general features are actually combined together in order to yield the main value of the client of being connected. During the last level, the planers of the Nokia Lumia 930 should create an “augmented product” around the actual product and the core benefit through offering other additional consumer benefits and services. The Graph for Nokia Lumia 930 Product Life Cycle (PLC) The above graph shows the Product Life cycle for the Nokia Lumia 930 which depicts that above being launched, the model will have higher sales which will start dwindling as time goes by. The Marketing Strategies that will be used in each stage of the Product Lifecycle There are various marketing strategies that are used during each stage of the Product Life cycle namely the introduction stage, the growth stage, the maturity stage and the decline stage and these includes rapid skimming, slow skimming strategy, rapid penetration strategy and slow penetration strategy. During the growth stage, the Nokia Company uses various strategies in order to sustain its rapid growth of the market. For instance, it enhances the quality of the Nokia Lumia product and also adds other new features and enhanced styling. It also enters the new market segments and lowers the price so as to easily attract the next stage of the price sensitive buyers. During the maturity stage, the Nokia Company uses product, marketing and market modification in order to survive while during the decline stage, the company will increase its investments, resolve uncertainties and select relevant niches. The company may also opt to abandon the declining markets in advance and also try to create a system aimed at identifying the weak products. Exercise 5 Pricing Price is usually downplayed as being an integral component of marketing and therefore the way that the Nokia Company will approach the pricing of the Nokia Lumia 930 will actually have a profound impact on its strategic goals. This is because price is not only affected by Nokia’s strategic goals but also by the company’s competitive and various environments as well. The three major pricing strategies include the customer value pricing, the good value pricing and the Value added pricing. In this case, the customer value pricing strategy will be the most convenient and best for the Nokia Lumia Product because it decides whether the company’s price of the product is right. In this case, the buyers’ perception regarding the value as opposed to the cost of the seller is given utmost consideration. As such, a marketer like the Nokia Company cannot therefore design a particular product like the Nokia Lumia 930 and the marketing program as well as set the price. Market Penetration Skimming This will be the best pricing strategy to use for the introduction of the new Nokia Lumia 930 into the new market because it help the company to set low prices for the product in order to attract a large number of buyers and therefore obtain a large market share. Product Mix pricing strategies There are various product mixing strategies that can be used and this includes product line pricing, optional product pricing, captive product pricing, by product pricing and product bundle pricing. The best that can be adopted by the Nokia Company in order to market the Lumia 930 product is the product bundle pricing. Price Adjustment Strategies Among the various pricing strategies like for instance the Discount allowance pricing, segmented pricing, psychological pricing, promotional pricing, geographical pricing, dynamic pricing and international pricing, the ones that will be convenient for marketing the Lumia Nokia 290 product will be international pricing and promotional pricing strategies. Practical 6 There are various market channels that can be use in respect to the Nokia Lumia 930 product and these include among others information, promotion, contact, matching, physical distribution, risk taking, financing and negotiation. The best channel options for the Nokia Lumia product based on the competitors, segment and the technological and social trends are the information and promotion options. This is because information helps the company to both gather and distribute marketing intelligence and research regarding the forces and actors in the marketing environment which eventually helps the company to aid exchange and plan. Practical 7 Promotion, Implementation and Control The promotional strategy for the Nokia Lumia 290 should include advertising in which the product is advertised so as to create awareness among the public across the world. Public relations should also be created to help the public become aware of how the new product is used. Point of sale promotions should also be adopted in order to increase the sales for the company of this new product and direct selling should also be encouraged. Read More