Marketing Plan: Product and Performance Essay

Executive SummaryMobility, up-to-the-minute trends and technologies argon three nearly signifi finisht factors that guest seek today when they walk-in in an electronic items outlet. Years before the excursion of applied science started out from the calculator the just just well-nigh basic computer as we c only it. Today that applied science has emerged and the most a la mode(p) is PDA (Personal Digital System), full computer in a fiddling whatsis to per underframe all of the tasks. New Nokia Mobile ph maven has all the features of a desktop computer, no gather up of a laptop. The phone is easy to carry, manages schedules, and can perform all the business related tasks. The size itself has bring to pass pregnant a realm from mobility. The concept that we are launching is of a radio and medical specialty participant which is latest in the sense that you can wear it as a fashion accessory. intercommunicate is considered to be one of the most important media apart from t elevision and internet. The major extraction in mapping during cricket matches, usage in the morning and during traveling for work or school. 73% of college going women (18-25) days of age surveyed aura into radio, although the channel loyalty is not there. The most frequent listening occurs after dinner judgment of conviction.This is un kindred from antheral radio listeners as the FM channels are replacing cas plentytes as a practice of medicine source while driving, an other(a)(prenominal) survey destines that one of the popular source of medical specialty are the FM stations, FM 89, 91 and 106.20 are extremely popular within the tar labour commercialize. The major target market for our merchandise is the age between 15 and 26. According to the statistics, 30 million Pakistanis are aged between 15 and 24. Considered in the context of total population (approx. 180 million), 16.667% of Pakistanis are young. Statistics shows that 60% of population is low 25 that is 2/ 3rd and nearly 10 million are in the urban areas. GEN X and GEN Y is the most experiencedand accessed generation in the human history.This generation is the technologically accessorized generation, with everything hanging from their clothes, from cell phones to CD frauds, and computers are a way of life. This is a suckered generation, brand names, association with the great life and other symbols are important. The emerging concept of brand association amongst teens and adults, and certainness will pack our crossing more than than(prenominal) appealing to the customers. Our Primary objective is to achieve get our produce recognized and practise the consumers to get accomplishment of the intersection way better than their expectations. Our Secondary objective is to make good profits and make more wares corresponding this with working hand in hand with the fashion and our way would be walking from earrings to necklaces, bracelets and other fashion accessories.Marketing Re searchMethods of selective information collectionBasically there are two methods of information collection1) Primary Data2) Secondary DataPrimary Data CollectionPrimary Data is that information which is collected specifically for the project at hand. The primary data for our assignment resulted from the unstructured interviews that we conducted from different friends and family members and excessively many st look-alikers.Secondary Data CollectionSecondary Data is that data, which has already been collected for nearly other purpose but can be used as reference material. The secondary data for our assignment came from the internet, newspapers and magazines.Current Market SituationThe current market situation is that from the cheapest of phones to the most expensive, every hopeful phone has at least a radio in it that works from earphones that do the job of an advance or the smart phones carry wireless radio connectivity. Other than that most phones have music pseuds. In such a market where energetic phones are treated as a necessity from quite a a long while wed enter with a increase that has a lot of familiar retrospect, long batter and works hand in hand with the fashion. In other words, the market we are making is new where fashion and engine room work together but a relatively alike market of mobile phones has a situation that cares more roughly apps and memory than on radio and/or music player. So, we are going to come in with focus on music players and radios that would even make consumers look different by the fashion of earring theyd carry. A new market but has connect with the provideing strong market of mobile phones.The point of intersectionIntroduction of productNow days, mobility is becoming an important factor in electronic devices. The concept that we are launching is of an earring radio and music player which is latest in the sense that you can wear it as a fashion accessory. We arelaunching it under the brand name LAPCA. Radio is considered to be one of the most important media apart from television and internet. The major source in use during cricket matches, exercising in the morning and during traveling for work or school.Technical and Functional Aspect of the ProductThis product would be an earpiece connected to a player that would be smaller than a phone. Both the devices would be connected via Bluetooth. Their range of connectivity would vary to more than 20 square meter so the consumer doesnt need to keep the device near and playlist functions would augment the ability of product to play songs as per the mood of the consumer. Reason of using earrings with the wireless earpiece is to make the product easier for sight to wear and extend the range of our target market. People would not need to get their ears pierced to wear earrings and we bring music player and radio attached to such a small earpiece that would not be noticed much (like the other offerings of attached Bluetooth earphones that appe ar too large).Objectives and issues growth the profits by at least 10% in the start-off year of the launch. Issue How to increase the awareness amongst customers intimately this product?To create 10% market per centum for the product and to work to mend it further. Issue What measure to take to identify the potential customers of the product in the market?To identify 5 potential outlets where to belongings the product initially. Issue How to identify the potential outlets?Mission statementWe are the followers of the latest trend we strongly believe that fashion develops, we permit the best and quality is never compromised. scientific flexibility and innovation are the key factors that we emphasize on while shaping a ascendent for our customers. Vision statementInnovationOur product Oriented DefinitionWe manufacture earrings radio with music playerOur Market Oriented DefinitionTo the trendy and tetchy, Moby X is the radio and music player that provides mobility and a finis hed blend of fashion and technology that makes you feels different and latest than others.Target MarketMoby X will form a major share of its market amongst those people who are attracted towards the product with scoopful appearance, unique functionality, look and design. We will market our product through multiple incision strategy, as we are be targeting GEN X and GEN Y belong to upper class and upper middle class of our society. Through multiple marketing, Moby X can achieve market position as because it is a product which provides mobility, behavior and fulfills the needs of the consumers.Moby X is a part of the most reliable and trusted technologies belonging to LAPCO which is using Nipponese latest technology in it which would further streng indeeds the reputation it would acquire. Now days, there is a growing trend of adopting the inimitable style which people will definitely feel after purchasing the product. The mini chip radio and music player in the earrings itself is fascinating and will communicate on its own towards the people who are plunge through mini products. localisationProduct PositioningMoby X would provide grittyer(prenominal) frequency range compared to other radios available in the market, will have a long lasting barrage and the most important advantage that our product provides is the mix of fashion and technology that forms our distinctive attribute.Value PropositionMoby X is a better quality product providing distinctive feature and being a leader makes it more special and different from other competing products.LAPCO using latest Nipponese technologies is most reliable and durable. Market PositioningMoby X has been positioned in the customers mind as a part of their lifestyle it impeccable suited their personality. It has positioned on the following groundsMade for you exclusivelyLifestyle and technologyEarrings with variety of colors and design better-looking wrapping and easy to carryStatementEnjoy with Style Character istics affecting Adoption Relative reward The front of its kind is being introduced in the market the concept itself will attract the customer. Compatibility Moby X higher range of frequency will make it easier to add channel and thus more value to the product. Secondly, memory of 20GB to carry your songs and making of playlists. Complexity Moby X is easy to use and the demo CD provided with the product provides the correct guide and features to use the product. Divisibility Moby X is an expensive product and initially no discounted rates can be offered. Communicability The experience that customers take with them will make its use and difference spread amongst customers.Market Analysis arse of SegmentationDemographic segmentationDemographics refer to the characteristics of population including such factors as size, distribution and growth, because people organise market, demographics are of special interest to market executives.AgeOur product caters to women ranging from age 15 -26 yrs old. Moreover, through our advertisements we have represent an active woman who is working out or busy in kitchen chores.OccupationMoby X targets women belonging to each and every type of occupation whether it is a housewife, student and working women.IncomeOur product Moby X caters to upper class and upper middle class. Any one lying in the income bracket of Rs 50,000+ can hand this productPsychographic SegmentationThe psychographics of the Moby X can be analyzed by reviewing the advertisement. The lifestyle shown in Moby X advertisements portray successful, sophisticated, professional women who are active energetic and full of life. Behavioral SegmentationUnder this facial expression LAPCO Company has based their segmentation on the basis of customer desired benefits. People would prefer get our product because its the first ever product to be launched by LAPCO with radio and music player facility which is easy to use, and more over its attractive mix of not only radio and music player but also as a fashion accessory.SWOT AnalysisStrengthensBeing first of its kind to be launched in the marketThe smaller sizeThe mobilityThe attractive package and demo include in the gadgetThe exquisite location of electronic gadgets outlets in different malls simple to useIn accordance with the latest fashionAttractive mix of radio and music player hand in hand as a fashion accessory Japanese technology, one of the most reliable manufacturesWeaknessLimited warrantyRequires proper maintenanceBatteries are to be charged concord to usage level thus requires address to keep the gadget workingOpportunitiesThe customers are fond of accessories which can assistance extend our accessories from earrings to rings, bracelets and necklace Hearing radio can replace the care tapes as being mobile and fashionable in nature Being a new product creating a new market the competition is minimized to a great extent The distinctive attributes will outweigh the element of high price The opening of the new malls throughout the country with better electronic outlets will provide a better location to display the gadget at that place is an opportunity for eminence extensionNew technology is in its growing spirit level which helps attract customers with its distinctive attributes The interests of teenagers in acquiring latest technology will further increase the market share Computer system laid at the electronic outlets could help provide free demos of the product at the outlet A survey at the outlet about the buying experience of the product and after sale experience can help make the product more effective and increased customer satisfaction The smaller size and mobility if appreciated could provide line extension for the productThreatsThe electronic market is still under genuine in PakistanThe fluctuating electronic and political conditions of the country can hinder the sale of the product Less awareness amongst the public about the electronic items The tr aining of sales person for the productCompetitors can come up with a convertible and better product before our product is established The higher price of the product could lead to double up products in the market The health conscious people could resist the productThe fashion conscious people may not take the initiative to buy the productThe analytical buyerMarketing Environments (PEST ANALYSIS) semipoliticalThe fluctuating political environment in the country can be dangerous. Since the product being developed is manufactured in another country the support of the government is required to keep the government conditions in import and export stable and to strengthen relationships with the other country to grow the business further. EconomicalThe product that is being launched is an expensive product the economic conditions will determine the national income or the buying authority of the consumer which corroboratoryly will determine whether the people would be willing on the prod ucts that are not part of their basic needs.SocialSince the product is an earring radio and music player which would be fixed in an earring placed quite close to the ear can be considered as dangerous for the ear. Proper awareness about the product and the setting of the frequencies accordingly so not to affect the ear would have to be reassert to the people.TechnologicalPakistan is developing technologically and further awareness and development will assist in improving the products functionality.Competitor AssessmentCOMPETITOR ANALYSISMoby X is competing in portable media industry. study CompetitorsOur major competitors are all those manufacturers who are specialized in and dealing with microelectronic items, who believe in size and design of product with quality. Moby X direct competitors are small radios (ear piece) and mp3 players that can fit in ear easily.COMPETITIVE ADVANTAGEMoby X is not just a FM radio with music player but it is also a blend of fashion and technology. L ong lasting Japanese battery gives it an edge over other mini radios and music players that have maximum life of 2-48 hours on ceaseless use. Providing maximum FM band range from 87-108 megahertz among its competitors who offer mini radios with FM band 88-108 MHz Furthermore, adding value to the music player with 20GB built-in memory which wouldnt look small for at least 10-15 years from now.COMPETITIVE STRATEGIESDifferentiationMoby X is an innovation in the arena of radios and all kinds of music players. It gives connectivity to the outside(a) world in a way that adds value and beauty to the face.FocusMoby X is designed particularly for upper middle class and upper class urban population including GEN X AND GEN Y, fashion followers and trend setters.COMPETITIVE POSITIONMultiple MarketsWe are following the multiple market strategy for Moby X by focusing more towards the upper class and upper middle class of the society.Channel and logisticA value delivery network is made up of th e company, suppliers, distributors and ultimately customers. Here will be a layer of intermediaries that will perform work in bringing our product and its ownership close-hauled to the final buyer. For our earring radio and music player we will have both a direct and indirect marketing channel. We will have a customer marketing channel. Since our product is new we need to do personal selling and convince consumers to buy our product. Then eventually as we gain a seat hold in the market we will have retailers selling our product.Marketing StrategyMARKETING desegregate harvesting CLASSIFICATIONMoby X is broadly classified as consumer product and under this category we find out it as a specialty product because it is a perfect mix of style and technology. It involves strong brand preference and loyalty, special purchase efforts by consumers, little comparison of brands and low price sensitivity. LEVELS OF PRODUCT nub ProductMoby X provides a solution to its users that connect them to the global world and at the same cartridge holder add value to their beauty. It is smallest in size but greater in quality and style thats what the consumers want. Actual ProductMoby X, an earring radio and a music player.Augmented ProductCustomers are provided with the free demos of the product on computer system installed at the outlets and for further understanding, instruction folder is also provided with Moby X. It includes 3 years money back warranty and a orthodontic braces of fabulous earrings along with the product. Customers are encouraged to share their views about the buying experience of the product and after sale experience through surveys conducted at the outlets. An exclusive website is designed to cater its customers for solving alltheir queries regarding the product. Online purchasing service is also available.PRODUCT COMPOSITIONProduct QualityMoby X works great, everywhere in the world, under brand name LAPCO using Japanese microchip technology and providing the FM band from 87 to 108 MHzs Stereo-sound is really excellent irrefutable 3-years money back warranty is also given. Product FeaturesPush-button Auto Seek Microchip Technology so you can immediately and perfectly tune in stations (Automatic FM Tuning).Provides high quality stereo system sound.Long last Japanese battery included.3 years (Limited) Warranty.Size (1/3x 1/3 x 3/8) mm is the size of radio chip. 30 x 20 x 5 mm is the size of the earring. Weight 1/2 oz is the weight of the earring radio.Ideal for use in parties, sports, travels, hiking, working, Jogging, bike riding, boating, fishing, picnics, reading, camping, glide boarding, gift giving, foot and vehicle surveillance, to pass the time while waiting for subject, anywhere, everywhere, in the form of earring as simple microchip (radio). A music player memory of 20GB built-in.Product Style and DesignIt comes in many splendid colors with different style for female. It is designed in a way so as to increase portability .BRANDINGBrand EquityMoby X will establish it with the passage of time because of its good quality and better understanding of customer needs.Brand Name SelectionMoby X is selected as the brand name because it defines the mobility and easy to carry feature of the product and X signifies the extra factor that weprovide to our customers in the form of earrings (fashion accessory).Brand SponsorshipLAPCO is manufacturers brand.Brand DevelopmentNo extension.PackagingMoby X comes in a square and heart shaped gift box.LabelingAll the important information is mentioned on the label. The label contains the name of the product, name of the manufacturer and distributors, warranty limit, warnings, guidelines on usage.Product SupportA booklet on guidelines regarding the product is provided with Moby X. Free demo CD is also given. Product MixInitially Moby X is introduced in the form of earring but with the passage of time it will offer in other versions also like in the form of bracelets, rings, and lockets.Product Life CycleOur product is at the introductory stage of product life cycle stage.PRICEMarketing ObjectivesTo create a market share and to stand out as distinct product amongst the other competitorsMarketing Mix StrategyThe price has been unconquerable based on the competitors and customer needs and requirements.The price is aligned with other marketing mix covert the promotion, placement and product.CostThe organization has tried to achieve economies of scale but not the address of quality. The cost is being monitored and is kept to a minimum by choosing the best deals given by the supplier and managing the cost accordingly.Organizational ConsiderationsThe price set has been influenced by different functions of the organization including the finance, manufacturer, sales and marketing and the highermanagement.PRODUCT PRICING STRATEGYComparing competitors pricingCompetitorPriceSinclair XI only ifton RadioRs. 2304.93FM miniskirt Radios Rs.719.44ZI AM Radio Rs. 8 405Tiny FM Radios (China Toy Factory Inc)Rs.1200Mini Mp3sRs. 1500 (starting from)Competition Based setWe are following the growing rate pricing according to which we fix our price after considering all the factors as to Rs. 3500.PLACEMENTThe product would be sold through Indirect Marketing Intermediary. The product will be sold through push strategy that is product would be first distributed to the wholesalers and then to retailer. The retailers would assist in creating contact with the other retailers which would expand the network and add value.PROMOTIONMoby X being a new product in the market would require intensive advertising. The positioning and the idea can buoy the brand selection would be used as a basis for advertisements and the advertisements would be informative.ADVERTISINGRadioRadio FM channels would be able to attract the major cream who could use our product and create a positive word of mouth for others. Since they being the regular radio listeners would be mad t o use this product as they could carry the radio with them. intelligence agencypaperMoby X is an expensive and new product. There is need to create awareness amongst people that such a product exists. Dawn newspaper would be a better choice to advertise being one for the most popular newspapers in Pakistan. A full page would be dedicated to advertise the product providinga detail know how of the features and distinctive attributes. Apart from Dawn the other newspaper that the product would be advertised in are The News and Daily Times.MagazinesMoby X being a technology product it would be advertised in magazines as SHE a leading magazine. Another magazine that is famous amongst out major target segment the teens is Young Times. It is Dubai based magazine is especially for kids. Since it is a fashion product also magazines like SHE, STYLE, SYNERGYZER and MAG would also be used to advertise the product.BillboardsThe locations where we have decided to place our advertisements are all t he upper class areas in the populated cities of Pakistan. For instance the major areas identified all the other malls where highlife electronic items outlets are available advertising would be done by placing billboards. In Karachi, at Teen Talwar, Boat Basin, Shahrah e Faisal and other markets like Tariq road, Saddar Mobile mall and the road that leads to Jinnah worldwide Airport.TelevisionThe few major channels as HUM TV and GEO TV will be given the task to advertise the product.WebsitesMsn.com/Click on line a website providing information regarding new technologies, funmaza.com a famous website viewed by most of the Pakistanis and Apniisp.com that offers all the latest songs.Sales PromotionOne free pair of earring apart from the one already provided in the package would be given with the product.Public relationsBrochures providing enlarge of the safety of using the product would be distributed in public places. Articles about the working and flexibility in use would be publi shed in a leading magazine to inform the public about the safety in using this product.Action ProgramsJuly We will launch a sales promotion case in Karachi city which should be estimated at around RS. 2 Million. During this period our aim is to make the consumers aware of the product through excessive adverts it isessential for us to educate our dealers and consumers properly. Our main awareness campaigns will be concentrated toward the television and internet it will fix in a relatively low and efficient budget.August Increase our relative market share and launch our product in other major cities of Pakistan i.e. Lahore, Islamabad.September We will start an integrated internet campaign targeting young college students. The campaign will show the functions of Mob X. This campaign will be supported by online ads.October We will hold a plenty sales contest offering bonus to retailers who sells the most Moby X during one month period.November We will be launching our online store th at will enable us to make direct sale with customer. Anyone can place an order via email and we will deliver the product at the given address and payment on delivery. Furthermore, customization over earring designs would be launched.December We will look forward to enter the international market and depending on the situation we face at that time we will alter our marketing strategies.Implementation and Control innovationGoalsAfter the launch we will look out the awareness and recognition of Moby X among the target customer. The targeted sales, profits, availability and elevated market share are also major parts contributing towards achieving our goals.Performance appreciate the performance and activities of the outlets, their interactions with our target customers. We will measure the performance by setting different tests after the first launch of Moby X. Tests will be encompassed of surveys, personal interviews, focus groups and via e-mails.EvaluationThe results of the surveys, mails and others will be then synchronized for the evaluations. Evaluation is conducted to identify the gap between the expected and actual performance.Corrective ActionsThis is the last control which is set and applied if there is a difference amongst the expected and actual performance Moby X and we then differently will take the corrective actions to close the gap.Contingency PlanWe have launched this earring radio and music player under the brand name LAPCO so value and prestige is associated with this product. We have used the latest Japanese Technology in our product through which frequency and signal of radio can be cached easily. But the problem can occur in our product is that at some places user might not find tune into radio and their might be some problem in signal catching. To charge with this problem, we have used the latest Japanese technology as stated before and will use more advanced technology in our product in future in order to play our customers and provide them with a delight of getting to hear news and be updated in an area where most signals dont even work.