Entrepreneurial Idea - Marketing Analysis and Its Operations - Essay Example

For Marketing Analysis I. Opportunity marketing analysis G 21 Tech Initiatives offers an innovation in the motorcycle industry through the introduction of its key ring fob, which is capable of detecting the proximity of the bearer from the motorcycle ignition keys. The concept is relatively new to the market, thus the owners are optimistic that the product would be able to create a niche market among motorcycle enthusiasts. G 21 Tech Initiatives identifies no direct competitor in the area and is confident that the product would generate interests and sales from among its target market. II. Marketing Strategy G 21 Tech Initiatives will initiate partnerships with motorcycle manufacturers and dealers to be able to capture its target market. Since motorcycle users are the primary target market, the company will do the following: 1. Tie up with motorcycle dealers to bundle the key ring fobs for every motorcycle unit sold. G21 Tech Initiatives shall subsidize the product costs and search for other partners for the production of advertising materials to be used to announce the offer. Bundled product shall be offered for a limited time only, and will also serve as sampling effort to be able to let the target market experience the new product. 2. G 21 Tech Initiatives will also undertake partnerships with motorcycle manufacturers such as Ducati, BMW, Benelli UK, among others. The goal is to be able to maximize these companies’ marketing activities to be able to convey the desired message to the target market. Similar to the company’s efforts with motorcycle distributors, G 21 will offer its Key Ring Fob product at a discounted cost to be bundled with their motorcycle units. 3. In partnership with motorcycle clubs, G21 Tech Initiatives will sponsor events that cater to motorcycle enthusiasts. This includes motocross events, road shows, and exhibits. It will host a segment in each event, whereby the benefits of the new product will be highlighted. 4. G21 Tech Initiatives will conduct promotional gimmicks that aim to raise the interests of the target market. Premium items associated with the brand shall be produced and used as give aways during events. These materials will serve as walking advertisements for the brand – there will be shirts and jackets, mugs, other accessories that will be given out as premium items during events. III. Advertising and Promotional Plans Roughly about 35% of G21 Tech Initiative’s monthly operational budget shall be allocated to Advertising and Promotional strategies alone. This includes expenses to be incurred in utilizing mainstream media particularly print advertising; other alternative media; and design and production of merchandising and promotional materials. Specifically, G21 Tech Initiatives shall undertake the following strategies: Internet Marketing Internet Marketing has become popular because Internet access is becoming more widely available and used. Well over one-third of consumers who have Internet access at home report to using the Internet to make purchases (What is Internet marketing 2004). Since G21 Tech Initiative’s target markets are motorcycle and gadget enthusiasts, who are also internet-savvy and spend time surfing the net, it chooses to primarily utilize internet marketing to promote its products. In their website are various links for updates on the motorcycle industry. Professionals and hobbyists alike will have the benefit of gaining access to the latest news in the motorcycle industry because of this website. G21 Tech Initiatives will partner with other distributors and manufacturers of motorcycle accessories that complement the product to be able to give the viewers full access to the latest in motorcycle technology. G21 Tech Initiatives will also initiate a tie up with magazines that cater to this niche market. Samples of these magazines are UK-based magazine Bike and US-produced Cycle World. The objective is to reach these publications’ already captured audience. G21 Tech Initiatives shall arrange to create a sub page or hyperlink in partner magazines web page, create a link therein which automatically directs browsers to G21 Tech Initiative’s official website upon clicking. Merchandising and Promotional Materials G21 Tech Initiatives shall further convey its message Biker 4 Life to its target market through using posters, leaflets and mini billboards as its media. These materials shall carry the company’s brand message and shall feature teasers of the products that G21 Tech Initiatives carries. These materials shall be strategically placed in key areas in London, and in targeted areas where the target market is present. Key distribution point would be in London, and eventually to the rest of the United Kingdom IV. Operations: This start up company is confident in securing a fair market share because of its highly feasible and sustainable marketing strategies. Firstly, this is a new product and a perfect innovation to the widely-accepted and used key ring fob. But whereas the traditional item only protects the motorcycle unit, this new product offers more the buyer: it saves him the trouble of losing his ignition keys by its state of the art technology of being able to detect its partner ignition keys from beyond 2 meter-range. To be able to carry out its business objectives, there are future plans of patenting the technology and applying it to many other innovations that do not only cater to motorists but to other members of the society. G21 Tech Initiatives will thrive by promoting one of the most basic needs of the market, which is safety. G21 Tech Initiatives is very dependent on technology in order to sustain the business. It therefore invests on a research team that will continuelsy seek for ways to improve the product. As it also plans to eventually expand, the company will explore business relations with other countries, not only for distribution, but for manufacturing as well. Initially, the production team will also be based in London. However, future plans include moving the production crew proximal to regions where most of the raw materials are sourced. It also aims to consequently distribute the products to these other countries as well. V. Support and Manpower G21 Tech Initiatives will also invest heavily on the customer service crew that will perform after-sales activities and to ensure that the products are at par with global standards. Quality control and customer service are the basic roles of this particular Customer Support Team. The company’s workforce will consist of well-trained engineers who will develop the product further and handle business development; a sales team who is well-versed in the industry; a marketing team who is knowledgeable in terms of advertising and promotions and a support crew to handle accounting and administrative requirements. Reference List What is Internet Marketing 2004. Retrieved March 6, 2009 from http://www.what-is-net.info/what-is-internet-marketing.html?gclid=COCs9JiE5YoCFQQeTAod5w7UyA Read More