Marketing Matrix for SenseFly - Case Study Example

Marketing Matrix for SenseFly Name Institution Introducing the Innovation The product’s name is eBeeSenseFly. This innovation is a collaborative product of parrot and SenseFly. The two companies which are Parrot Group and SenseFly partnered in 2012 to come up with this innovation. The partnership was aimed at developing high-level manufacturing to facilitate rapid growth as well as new product innovation. As a result of the partnership, the company managed to come up with one of the most amazing innovations, which is eBee. It has the ability to fly 45 minutes in 45km/hr. wind. The main function of this product is to enable users to take aerial photos and come up with excellent 3D models. The market performance of the product since introduction into the market is simply amazing. The efficiency of this product in taking aerial photos is definitely unquestionable. Its use extends beyond mere photography and goes to activities like emergence response, remote sensing, archeological surveying, regional planning, mine and quarry surveys, etc. External Opportunities (O) Increased expenditure on research & development by most governments in the world Rapid innovations in the field of technology Availability of global markets for the products Global integration Increased level of access to education Access to highly diverse and gifted workforce Liberalization of trade worldwide The overall increase in population bears a direct impact on the demand External Threats (T) The threat of new entrants into the market ranks high based on the current ease of entry and exit policies High levels of competition can easily render a product irrelevant on the market Cultural diversities may directly hinder acceptability of a product Internal Strengths (S) It is a unique innovation and therefore minimal direct competition The product is used in diverse disciplines of the economy Existence of strong base of global resellers The ease of using the product Very high degree of efficiency and effectiveness High compatibility rates with related technological innovations It is easy to carry out maintenance on the innovation High accuracy levels Ease of accessing financing options SO- Maxi-Maxi Strategy Since this is a unique innovation, move with a lot of speed to exploit the global market before it is saturated With high compatibility, the company can partner with other inventors to design pace-setting innovations Seek financing to support research & development function in connection with this product With increase in access to education and the ease of using the product, it is very easy to dominate the international market Exploit global reselling networks to rapidly increase the presence in the international market ST- Maxi-Min Strategy Since the product is used in diverse disciplines, the company can use this to regulate competition from new entrants in the market The company ought to use its global reselling networks to break through the cultural barriers. The numerous benefits of the product like efficiency, ease of maintenance can be used to deal with existing competitors Use its excellent features to appeal to different cultural orientations around the globe Internal Weaknesses (W) The innovation does not have a stationary fly mode There is no takeoff and landing on confined areas WO- Mini-Maxi Strategies Take advantage of the rapid innovations to address the concern about stationary fly mode Exploit the diversity in workforce and its talent to come up with the solution to takeoff and landing concerns WT-Mini-Mini Strategies Focus on rebranding strategies that will exploit the advantages that come with lack of stationary fly mode Market Space Matrix – 1 Awareness Exploration Commitment Dissolution Product Focus the new product to the most ideal target group Redesigning of the SenseFly product is important in order to appeal to particular segments Customers must be guaranteed of availability of the product if and when it is needed. Price Set medium prices so that the company attract customers easily Ensure consumers receive the value for their money through price setting strategies. Target customers must be communicated over the same so that they understand the value being derived from the price being charged Communication Use automatically generated SMS to subscribed customers Ensure email update Provide information on the website Magazines The company can take advantage of special events like trade-shows to market the product Community Target communities where people practice large scale farming and explain to them how this technology works Offers that give some guarantee on the effectiveness of the product will work well at this stage to bolster the relationship with the target customers Distribution Limit the number of distribution outlets to specific depending on the nature of the target group Summary of Market Space Matrix 1 The first matrix is basically focused upon introduction strategies for this unique innovation. The marketer is concerned about acceptability of the product and must be careful to put in place appropriate strategies to attain this specific goal. Part of these strategies is setting of prices. This is very critical since the price of a product communicates a lot in terms of value accorded to the service or product. Apart from the price, other elements like distribution and product have also been carefully evaluated with the wider focus of creating brand awareness. Creating brand awareness is important because the decision making process of the customer is directly influenced by brand recognition and brand recall. This explains the determination behind creating a strong brand in the market as the key strategy in ensuring competitiveness. Awareness Exploration Commitment Dissolution Product Focus the new product to the most ideal target group Increase or rather diversify in order to sell more products to the specified group Redesigning of the SenseFly product is important in order to appeal to particular segments Focus on ensuring that potential customers seeking any information about the product get what they want. The different types and features of the SenseFly must be easily accessible from the website Customers must be guaranteed of availability of the product if and when it is needed. More information must be given in relation to the uniqueness and superiority of the product. This could be through providing a video clip explaining the benefits of SenseFly products. This acts to provide more assurance to the customers of the usefulness of the product. Price Set medium prices so that the company attract customers easily At this level, using special offers and promotions is very important. These promotions are used to stimulate instant demand for the products Ensure consumers receive the value for their money through price setting strategies. Target customers must be communicated over the same so that they understand the value being derived from the price being charged Seek to evaluate the effectiveness of the offers and promotions preferred in order to ascertain means of expanding the base so as to give the customers inexpressible experience In order to reinforce commitment from customers, it is important to include delivery offers either to certain segments of consumers or all the segments in general. Communication Use automatically generated SMS to subscribed customers Ensure email update Provide information on the website Magazines The special purpose blogs that discuss technology related to SenseFly will be of great importance. Through such blogs, a variety of products will be discussed hence increasing the level of awareness of this innovation. Open special Facebook fan pages that discuss technology related to this product with the aim of enabling target customers to know the product better. At the same time, it is important to sign-up for specific Twitter handles to communicate the information regarding the product The company can take advantage of special events like trade-shows to market the product Design more websites that can easily reach the diverse segments of the target customers for this product. For instance, there must be a particular strategy of reaching agriculturalists which could be different from that one used to reaching photographers with the same product. Use newsletters to communicate the products and plans of the company. Through this, get to hear from customers through their feedback. In order to track customers who have shown signs of being committed, they are required to sign-up into the membership system. Through this, they can receive notifications about products and offers as they happen Community Target communities where people practice large scale farming and explain to them how this technology works Seek means to be assured of communicating to the locals effectively. In this scenario, the choice of language matters greatly Offers that give some guarantee on the effectiveness of the product will work well at this stage to bolster the relationship with the target customers Links to social media pages will ensure continuous communication with a wide range of customers Distribution Limit the number of distribution outlets to specific depending on the nature of the target group Strategic alliances with other companies is very critical in ensuring effective distribution Summary of Market Matrix 2 The progression in relation to consumer relationship is clearly demonstrated in the above matrix. The company is focused on using the online platform to mobilize global market for its products. The various online platforms that have been enabled are important for providing different categories of information about the product to customers around the globe. The critical element at this point is how well to communicate with the customers around the globe. The websites and other related platforms have been enriched to ensure customers access the required information about the product all the time. Awareness Exploration Commitment Dissolution Product Focus the new product to the most ideal target group Increase or rather diversify in order to sell more products to the specified group Redesigning of the SenseFly product is important in order to appeal to particular segments Focus on ensuring that potential customers seeking any information about the product get what they want. The different types and features of the SenseFly must be easily accessible from the website More diversification is required to increase the number of products on the market Customers must be guaranteed of availability of the product if and when it is needed. More information must be given in relation to the uniqueness and superiority of the product. This could be through providing a video clip explaining the benefits of SenseFly products. This acts to provide more assurance to the customers of the usefulness of the product. At this point, it is important to consider reinventing the product in order to deal with fierce competition Price Set medium prices so that the company attract customers easily At this level, using special offers and promotions is very important. These promotions are used to stimulate instant demand for the products Ensure consumers receive the value for their money through price setting strategies. Target customers must be communicated over the same so that they understand the value being derived from the price being charged Seek to evaluate the effectiveness of the offers and promotions preferred in order to ascertain means of expanding the base so as to give the customers inexpressible experience In order to reinforce commitment from customers, it is important to include delivery offers either to certain segments of consumers or all the segments in general. Readjust discounts but maintain the discounts Seek options of adjusting the price downwards further in order to maintain the sales level of the products Communication Use automatically generated SMS to subscribed customers Ensure email update Provide information on the website Magazines The special purpose blogs that discuss technology related to SenseFly will be of great importance. Through such blogs, a variety of products will be discussed hence increasing the level of awareness of this innovation. Open special Facebook fan pages that discuss technology related to this product with the aim of enabling target customers to know the product better. At the same time, it is important to sign-up for specific Twitter handles to communicate the information regarding the product The company can take advantage of special events like trade-shows to market the product Design more websites that can easily reach the diverse segments of the target customers for this product. For instance, there must be a particular strategy of reaching agriculturalists which could be different from that one used to reaching photographers with the same product. Use newsletters to communicate the products and plans of the company. Through this, get to hear from customers through their feedback. In order to track customers who have shown signs of being committed, they are required to sign-up into the membership system. Through this, they can receive notifications about products and offers as they happen Promotion at this level ought to focus on newly-invented products. For the products that have been on the market for a long period, most promotional activities must be discontinued to save on cost. Community Target communities where people practice large scale farming and explain to them how this technology works Seek means to be assured of communicating to the locals effectively. In this scenario, the choice of language matters greatly Offers that give some guarantee on the effectiveness of the product will work well at this stage to bolster the relationship with the target customers Links to social media pages will ensure continuous communication with a wide range of customers Continue with blogging and use of websites At this point, it is important to exploit the online forums in order to understand the changing needs of customers. The dynamic business environment requires that information is gathered on the emerging or changing trends regarding use of the product. This will enable the company to design proper methodologies of modifying future products to suit customer needs. Distribution Limit the number of distribution outlets to specific depending on the nature of the target group Strategic alliances with other companies is very critical in ensuring effective distribution Broker more partnership to continue facilitating distribution of the products on the market. Summary of Market Matrix This matrix is for an already mature product. The product has gone through the various stages of product life cycle and this requires different strategies to avoid dissolution stage. This seeks to understand the prevailing trends that define product performance on the market and subsequent customer relationship. The strategies used focus on dealing with the decline in the performance of the products. This explains perfectly the change in promotional activities at this stage. In addition, distribution strategies as well as pricing are critically important in ensuring the product’s survival. References Blattberg, R.C., Getz, G. & Thomas, J.S. (2013).Marketing Mix. New York: McGraw-Hill. Ceteora, P., Gily, M. & Graham, J. (2010).International Marketing. New York: McGraw-Hill. Czinkota, M.R. (2012). Principles of International Marketing. Mason: South-Western College. Ferrell, C.O. & Hartline, M. (2010).Marketing Strategy. Mason: Cengage Learning. Fifield, P. (2007). Marketing Strategy. Amsterdam: Routledge. Kotler, P. (2013). Principles of Marketing. New York: Pearson. Read More