Marketing Plan: Product and Performance Essay

Executive SummaryMobility, modish trends and technologies argon triple most signifi dismisst factors that customer seek today when they walk-in in an electronic items outlet. Years before the journey of engineering science canceled out from the calculator the most basic computer as we betoken it. Today that applied science has emerged and the most latest is PDA (Personal Digital System), wide of the mark computer in a sm tout ensemble device to per diversity entirely of the tasks. New Nokia Mobile phone has all the features of a desktop computer, no assume of a laptop. The phone is golden to carry, manages schedules, and gage perform all the business related tasks. The size itself has be tote up important apart from mobility. The notion that we be dismissing is of a wireless and medicament fraud which is latest in the sense that you can wear it as a spirt accessory. receiving set is considered to be one of the most important media apart from television and inte rnet. The major reservoir in substance abuse during cricket matches, exercising in the offset light and during traveling for exploit or school. 73% of college going women (18-25) historic period of age surveyed tune into tuner, although the channel loyalty is not thither. The most obsess listening occurs after dinner time.This is different from male receiving set listeners as the FM channels argon replacing cassettes as a practice of medicine source while driving, some some other survey steers that one of the popular source of medical specialty atomic number 18 the FM stations, FM 89, 91 and 106.20 are extremely popular within the fall guy mart place place. The major target market for our harvesting 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 commonwealth (approx. 180 million), 16.667% of Pakistanis are young. Statistics shows that 60% of cosmos is under 25 that is 2/3rd and nearly 10 million are in the urban areas. GEN X and GEN Y is the most stickdand accessed generation in the forgiving history.This generation is the technologically accessorized generation, with everything hanging from their c foldhes, from cell phones to CD players, and computers are a way of biography. This is a soiled generation, brand depicts, association with the bang-up life and other symbols are important. The emerging construct of brand association amongst teens and adults, and cognisance impart make our fruit more appealing to the customers. Our Primary fair game is to achieve get our crossroad recognized and make the consumers to get work of the intersection point way better than their expectations. Our alternative objective is to make smashing profits and make more proceedss like this with working ease up in hand with the mode and our way would be walking from earrings to necklaces, bracelets and other expression accessories. groceryin g ResearchMethods of breeding collectionBasically there are two methods of information collection1) Primary Data2) Secondary DataPrimary Data CollectionPrimary Data is that data which is placid specifically for the project at hand. The primary data for our assignment resulted from the uncrystallised interviews that we conducted from different friends and family members and in any case many strangers.Secondary Data CollectionSecondary Data is that data, which has already been collected for some other purpose but can be utilise as reference material. The secondary data for our assignment came from the internet, youngspapers and cartridge clips.Current Market SituationThe current market view is that from the cheapest of phones to the most constitutely, every smart phone has at least a radio receiver in it that works from earphones that do the job of an antenna or the smart phones carry wireless radio connectivity. Other than that most phones occupy harmony players. In su ch a market where alert phones are treated as a necessity from quite a grand while wed enter with a intersection that has a lot of internal storage, 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 akin market of mobile phones has a situation that cares more around apps and recollection than on radio and/or music player. So, we are going to come in with focus on music players and radios that would charge make consumers run across different by the fashion of earring theyd carry. A new market but has links with the standing strong market of mobile phones.The harvest-homeIntroduction of resultat once days, mobility is becoming an important factor in electronic devices. The concept that we are founding is of an earring radio and music player which is latest in the sense that you can wear it as a fashion accessory. We are dunking it under the brand name LAPCA. tun er 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 growthThis harvest-feast would be an telephone connected to a player that would be miniatureer than a phone. Both the devices would be connected via Bluetooth. Their range of connectivity would deepen to more than 20 square meter so the consumer doesnt need to keep open the device near and playlist functions would increase the ability of growth to play songs as per the mood of the consumer. Reason of utilize earrings with the wireless earpiece is to make the crossing easier for populate to wear and increase the range of our target market. People would not need to get their ears pierced to wear earrings and we bear music player and radio given up to such a small earpiece that would not be noticed much (like the other rearings of at tached Bluetooth earphones that appear too large).Objectives and issuesIncrease the profits by at least 10% in the first year of the launch. Issue How to increase the sensation amongst customers most this crossroad?To create 10% market share for the convergence and to work to improve it further. Issue What visor to take to identify the electric potential customers of the product in the market?To identify 5 potential outlets where to couch the product initially. Issue How to identify the potential outlets?Mission statementWe are the pursuit of the latest trend we strongly think that fashion develops, we interpret the best and quality is never compromised. technical flexibility and innovation are the key factors that we emphasize on while shaping a stem for our customers. Vision statementInnovationOur product Oriented DefinitionWe constrain earrings radio with music playerOur Market Oriented DefinitionTo the stylish and tetchy, Moby X is the radio and music player that pr ovides mobility and a perfect pop off of fashion and technology that makes you feels different and latest than others.Target MarketMoby X depart form a major share of its market amongst those mint who are attracted towards the product with exclusive appearance, unique functionality, hyphen and design. We go out market our product through twofold segment scheme, as we are be targeting GEN X and GEN Y belonging to hurrying berth come apart and upper center field class of our society. Through multiple market, Moby X can achieve market position as because it is a product which provides mobility, style and fulfills the needs of the consumers.Moby X is a part of the most reliable and trusted technologies belonging to LAPCO which is victimization Nipponese latest technology in it which would further streng thuss the reputation it would acquire. Now days, there is a growing trend of adopting the inimitable style which hatful impart definitely feel after buying the product. The mini microprocessor chip radio and music player in the earrings itself is fascinating and exit decease on its own towards the people who are engrossed through mini products.Positioning yield PositioningMoby X would provide high absolute frequency range compared to other radios available in the market, will switch a long lasting barrage and the most important advantage that our product provides is the flick of fashion and technology that forms our distinctive attribute.Value PropositionMoby X is a better quality product providing distinctive feature and universe a leader makes it more finical and different from other competing products.LAPCO development latest Japanese technologies is most reliable and durable. Market PositioningMoby X has been positioned in the customers mind as a part of their lifestyle it spic suited their personality. It has positioned on the fol firsting groundsMade for you exclusively life style and technologyEarrings with variety of change and designFine-looking wrapping and easy to carryStatementEnjoy with Style Characteristics affecting Adoption coition Advantage The first of its kind is organism 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, keeping of 20GB to carry your songs and making of playlists. Complexity Moby X is easy to use and the demonstrate CD provided with the product provides the proper guide and features to use the product. Divisibility Moby X is an dearly-won 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 AnalysisBasis of partitionDemographic segmentationDemographics refer to the characteristics of population including such factors as size, distribution and growth, because people constitute market, demographics a re of special interest to market executives.AgeOur product caters to women ranging from age 15-26 yrs old. Moreover, through our advertisements we draw outlineed an active woman who is working out or occupy in kitchen chores.OccupationMoby X targets women belonging to each and every theatrical role 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 afford 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 aspect LAPCO Company has based their segmentation on the can of customer desired benefits. People would prefer purchase our product because its the first ever product to be launched by LAPCO with r adio and music player facility which is easy to use, and more over its entrancing pleat of not only radio and music player but overly as a fashion accessory.SWOT AnalysisStrengthensBeing first of its kind to be launched in the marketThe smaller sizeThe mobilityThe attractive package and demo included in the gubbinsThe exquisite posture of electronic gadgets outlets in different mallsEasy 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 manufactures failingLimited stock-purchase warrantRequires proper maintenanceBatteries are to be aerated according to usage level thus requires cost to keep the gadget workingOpportunitiesThe customers are fond of accessories which can help extend our accessories from earrings to rings, bracelets and necklace audition radio can replace the care tapes as being mobile and fashionable in nature Being a new product creating a new mar ket the competition is minimized to a great extent The distinctive attributes will outweigh the element of high outlay The opening of the new malls throughout the country with better electronic outlets will provide a better location to display the gadget thither is an opportunity for line accessoryNew technology is in its growing stage which helps attract customers with its distinctive attributes The interests of teenagers in acquiring latest technology will further increase the market share Computer clay situated at the electronic outlets could help provide justify demos of the product at the outlet A survey at the outlet about the buying experience of the product and after cut-rate deal 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 developed 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 gentility of sales person for the productCompetitors can come up with a similar and better product before our product is established The higher price of the product could lead to duplicate products in the market The wellness conscious people could resist the productThe fashion conscious people may not take the initiative to buy the productThe analytic buyer selling Environments (PEST ANALYSIS)PoliticalThe fluctuating political environment in the country can be heartrending. Since the product being developed is construct 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 power of the consumer which in unmediatedly will determine whether the people would be impulsive on the products 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 justified to the people.TechnologicalPakistan is developing technologically and further awareness and development will countenance in improving the products functionality.Competitor Assessment foe ANALYSISMoby X is competing in portable media industry.Major CompetitorsOur major antagonists 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. warlike va lueMoby X is not just a FM radio with music player but it is also a blend of fashion and technology. long lasting Japanese battery gives it an edge over other mini radios and music players that have supreme life of 2-48 hours on continuous use. Providing maximum FM band range from 87-108 megacycle among its competitors who offer mini radios with FM band 88-108 MHz Furthermore, adding value to the music player with 20GB built-in reminiscence 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 world in a way that adds value and hit to the face.FocusMoby X is designed especially 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 cl ass and upper middle class of the society.Channel and logisticA value delivery network is made up of the company, suppliers, distributors and ultimately customers. present will be a layer of intermediaries that will perform work in bringing our product and its ownership closer 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 win over consumers to buy our product. Then eventually as we gain a tush hold in the market we will have retailers selling our product.Marketing StrategyMARKETING MIXPRODUCT CLASSIFICATIONMoby X is mostly classified as consumer product and under this category we define 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, belittled comparison of brands and low price sensitivity. LEVELS OF PRODUCTCore ProductMoby X provides a solution to its users that connect them to the global world and at the uniform time 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 arrest, instruction leaflet is also provided with Moby X. It includes 3 years money back warranty and a pair 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 n ame LAPCO using Japanese microchip technology and providing the FM band from 87 to 108 MHzs Stereo-sound is really excellent plus 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 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 lean of the earring radio.Ideal for use in parties, sports, travels, hiking, working, Jogging, bike riding, boating, fishing, picnics, reading, camping, skate boarding, gift giving, pes 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 design ed 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 senseless 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. openhanded 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 othe r 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 decided based on the competitors and customer needs and requirements.The price is aligned with other marketing mix covering the promotion, placement and product.CostThe organization has tried to achieve economies of case but not the cost 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 determineCompetitorPriceSinclair XI Button RadioRs. 2304.93FM Min i Radios Rs.719.44ZI AM Radio Rs. 8405Tiny FM Radios (China Toy Factory Inc)Rs.1200Mini Mp3sRs. 1500 (starting from) argument Based PricingWe are following the growing rate pricing according to which we fix our price after considering all the factors as to Rs. 3500. berthThe product would be sold through Indirect Marketing intercessor. 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 sink in 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 behind 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 slash who could use our product and create a positive word of backtalk for others. Since they being the reg ular radio listeners would be excited to use this product as they could carry the radio with them.NewspaperMoby X is an expensive and new product. There is need to create awareness amongst people that such a product exists. Dawn publisher would be a better quality to advertise being one for the most popular wordpapers 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 day-to-day propagation.MagazinesMoby X being a technology product it would be advertised in cartridge holders 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 h ave decided to place our advertisements are all the upper class areas in the populated cities of Pakistan. For instance the major areas identified all the other malls where prodigality 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 International Airport. tv setThe 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 details of the safety of using the product would be distributed in public places. Articles abou t the working and flexibility in use would be published in a leading magazine to inform the public about the safety in using this product. consummation ProgramsJuly We will launch a sales promotion campaign in Karachi city which should be estimated at around RS. 2 Million. During this period our pop the question 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 economical 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 trade sales contest offering grant to retailers who sells the most Moby X during one month period.November We will be launching our online store that will enable us to make direct sale with customer. Anyone can place an frame 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 stick outGoalsAfter the launch we will look out the awareness and recognition of Moby X among the target customer. The targeted sales, profits, handiness and elevated market share are also major separate contributing towards achieving our goals.PerformanceMeasure 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 intervie ws, 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 evaluate 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 otherwise 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 commence tune into radio and their might be some problem in signal catching. To combat with this problem, we have used the latest Japanese technology as stated before and will use more move on technol ogy in our product in future in order to satisfy 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.