Marketing unit VII essay and DQ question

Marketing Plan

William Fiedler

Columbia Southern University

Marketing Plan

Segmentation and Target market analysis

Segmentation

Segmentation involves determining the type of consumers and recognizing their different requirements and needs. It includes identifying and dividing the market into clear segments that may be classified according to various features such as tastes, demands, and needs (Babin, & Zikmund, 2015). This strategy will assist in designing a precise marketing mix that will serve to meet different customer expectations in their respective segments. Marketing segmentation and positioning can be enhanced through using demographic, psychographic, as well as behavioral features in the market.

Targeting strategy

This situation involves deciding the markets to focus on determining the most attractive market segment. The best target market can be considered in determining the profitability of the sector where the anticipated gains must be more than the extra costs of marketing; the segment must be vast and accessible. Smartphones Technology Company will identify various target markets such as the special occasion customers, premium clients who find the product in its stores, malls, stalls, and other retailers and people at homes and working premises.

Positioning strategy

This involves the process of implementing the segmentation and target strategies. It is used to map the defining elements of the market segmentation, targeting and positioning process. For instance, products can be used to position the firm as customer -friendly and best premium smartphones technology in the market (Babin, & Zikmund, 2015). Finally, the company will also seek to establish a premium brand, which will be available for all occasions and to every customer in the market.

Additional features of the technology

The business idea that is under the proposal is about smartphones technology. The smartphones technology will be in the form of small electronic devices which can be used by the elderly mainly for communication purposes and in doing extra things such as finding lost items such as keys. This is one of the perfect ideas for people that have a habit of misplacing things, and it aims to help people to be orderly and organized. The smartphones technology will be designed only to operate once an object is lost or when it has been misplaced (Babin, & Zikmund, 2015). The owner of the lost item will use an application on their phone to trace the lost item by clicking on the lost item. After clicking on the lost item, the smartphones technology will start to ring hence tracing the item (Babin, & Zikmund, 2015). In cases where the sound cannot be heard, the smartphones technology will be able to show the last location where the lost object was seen hence enabling easy tracking. Also, if the phone is misplaced, it can be found by pressing down and holding a device on the other object leading the smartphones technology on the object to ring hence it will be found.

Marketing plan

This product will market through several channels, and this section explains the objectives, mission and SWOT analysis.

SWOT analysis

SWOT analysis can be used to determine the various risk factors to be used that can help ensure that there is safety among the employees and clients of the smartphones technology in several setups.

Demographic Characteristics and the Target Market

Identification our first target market is elderly people consumers

• Demographic characteristics include gender, age, income, occupation, education, ethnic background as well as the family life cycle (Hollensen, 2015). The company will be operating in a region with a cosmopolitan population. With comprise of people with different culture, age among other demographic features.

• Geographic characteristics: location, accessibility, climate, density, resources. The climate, of the town, is favorable to the business line that has been taken by technology consumers (Babin, & Zikmund, 2015). The location of the business should be in a strategic location that is accessible and highly dense in matter population.

Psychographic characteristics: attitudes, opinions, interests, motives, lifestyles

The attitudes and the lifestyle of the area should include the demographics of a working population (Mooij, 2015). This attitude is significant for a company like a consumer business as it implies that the income of the people is high which boosts the purchasing power of the people.

Needs Analysis

The needs analysis segment of the promotion plan shows the needs of the targeted market and shows how the company products are working to help to address the needs and look into the efforts of our competitors to address the needs (Stelzner, 2014). The analysis of the current market target of the company is products that will be sold at a relative price. It is evident that most of the technology market is filled with products that are very expensive.

How well are our current product offerings meeting these needs?

The products that are offered by the Technology Company are playing a significant role in ensuring that the needs of the consumers are met. The company is offering cheap products that substitute the high technology products from established companies in the market.

How well our competitors’ offerings meeting these needs

The company’s efforts to meet the market demands have been boosted by the company’s competitors (Noort, et al. 2015). The competitors have provided the much-needed cheap detergents and skin care products to ensure that the needs of the consumers are met.

The needs of our target market expected to change in the near future and the potential changes in the near future

The market needs are expected to shift to the right, which will increase the demands for the products that are offered by the industry. This is estimated to be so because of the high rate of unemployment that will make it harder for them to go for factory-manufactured products.

References

Babin, & Zikmund. (2015). Exploring marketing research. Cengage Learning.

Hollensen. (2015). Marketing Management: A relationship approach. Pearson Education.

Mooij, D. (2013). Global marketing and advertising: Understanding cultural paradoxes. Sage Publications.

Noort, Willemsen, Kerkhof, & Verhoeven. (2015). Webcare as an integrative tool for customer care, reputation management, and online marketing: a literature review. Integrated communications in the postmodern era, Integrated communications in the postmodern era.

Stelzner. (2014). Social Media Marketing Industry Report. Social Media Examiner, 1-52.