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The ownership f mobiles and gadgets has become a necessity rather than a luxury. Fast Fix Mobile Services Technology (Fast Fix) was established in 2009. Vision The vision of Fast Fix is to be the leading Service Center along with becoming the leading mobile phones retail outlet. Mission The mission of Fast Fix is to be the leading service center in the Maldives by providing accessible high quality service and products to customers. Fast Fix provides fast services that exceed customer’s expectations making Fast Fix an example to quality and dedicated services.
The company also has the aim to come the leading mobile retail outlet in the country. Principal Activities Fast Fix bas been engaged in Repairing Services of Mobiles, Installation of Mobile Applications and Software and Selling of Mobiles. Repairing of Mobiles The Repairing service of Mobiles provided to the customers is the services which helped the company to gain a competitive edge over its competitors. Fast Fix has a policy of providing customers with a solution within 24 hours. This enabled the company to attract its competitors as well to retain them.
Installation of Applications and Software Fast Fix has established partnership with 23 agents around the world who provides the company with the latest genuine mobile applications and software. This has enabled the company to offer its customers latest applications. Two of the leading mobile phone shops in Maldives (Ell Mobiles and Smart Phones) purchases software from Fast Fix. (Abraham, 2013) Selling of Mobiles Unlike leading mobile shops in Maldives Fast Fix targeted to sell low priced mobiles to its customers along with mobile accessories.
This was mainly because leading companies like Ell Mobiles and Smart Phones were dominating the market. This is an area which Mr.. Hussein has yet to get better off. Financial Performance Since its establishment the business has been successful in terms of return. This period made Fast Fix the leading service center in the market. During this time the company always had a growth rate of profits in between 35% to 45%. Even though the profit margin has reduced in the last year due to the political instability in the country the company continued to make profits annually. Abraham, 2013) Company Objectives The following are the main objectives of Fast Fix: Capture at least 80 % of the market within 10 years Provide the customers quality service at highest speed To provide appropriate training facilities to its employees ; To establish a cordial relationship with its customers Expand services to Selling Smart Phones by 5th Year To gain at least 20 % of the Smart Phone Market by the first 3 years SOOT ANALYSIS Strengths Leading mobile repair service center: The company is already one of the leading mobile repair center in male’, this will attract its existing customers as well as new customers.
Installation of latest software and applications: Already the service of installing latest software and application is given to the customers. This will be an added advantage to the company Knowledgeable and friendly staff: the management will go through great lengths to find people to accommodate already existing qualified staff to give the best services to the clients. Loyal Market: Focusing mainly on the customers’ needs and expectations which build strong customer relationship thus bring loyal customers and loyal marker base.
Weaknesses New in the market: one of the weaknesses will be that the company will be new to the selling of smart mobile phones. Cost of investment: for entering the smart phone market the company will require a heavy investment in capital. Opportunities Excessive demand for smart phones: due rapid changes in life styles of Mammalian’s create excessive demand for smart phones. This gives the company the opportunity so attract customers. Growing market in installment schemes: Installment schemes offered by various companies have enabled customers to offer the latest technologies.
Growth into unexploited market: company can reach the untapped market. Threats Political instability. The country is currently undergoing dramatic changes n government regulations related to trade, financing and taxing laws are not rigidifies and thus it hinders the possibility of planning accurate financial plans. Political Instability: the country is currently undergoing dramatic changes in government regulations related to trade, taxing laws. And also the instability in power has hindered the financial markets of the country.
Economic downturn: the downturn in economy of the world over the past few years has been having negative impacts on local businesses. Small and medium size businesses have been facing gradual negative impacts. Continuous desalination of the economy could mean high inflation rates in the future which could affect the market. COMPETITION ANALYSIS The following highlighted are the two main potential competitors the company will be facing when entering to smart phone markets ell Mobiles Ell Mobiles has become the leading Mobile phones and its accessories provider in the country in the past few years.
It not only provides latest mobiles phones and its accessories it also provides electronic products like Dvd players, flash players, card readers and etc. (ell Mobile, 2013) Ell mobile is renowned as the mobile retail outlet which offers mobiles phones and its accessories at cheapest rates. It offers latest smart phones to the market at reasonable prices as soon as the launch of the product. One of the competitive edge ell mobiles have over its competitors is that it has 2 mobile retail outlets in the main commercial road in Male’.
It enables all the customers to easily access to their shop at their convenience. It also provides minimum repair services to its customers for the product they offer, thus attracting many. Smart Phones Smart Phones is another leading mobile distributor in Maldives. It provides latest mart phones to the market as well as mobile accessories. Smart Phones Company also provides the services of the local telecommunication company Draught.
This attracts customers to the shop as they are able to pay bills or get other telecommunication services from the mobile retail outlet itself. Marketing Strategy STEP ANALYSIS Marketing Objectives Setting a marketing objective is very important to any company as it will determine where the company wants to be in the future. Taking into consideration the above situational analysis, the marketing objectives for Fast Fix are stated below. To achieve 15% of market share by 2015 in Smart Phone retail market.
To gain 20% of growth in the business by 201 5 To make Fast Fix ideal retail outlet for customers by 201 5 To open another retail outlet in the center of Male’ by 201 5 The above mentioned objectives were concluded by taking into account the following aspects: Customers Social trends Economy Competitors Segmentation Market segmentation is the identification and profiling distinct group of consumers with different needs and behavior. The main market Fast Fix can focus into is consumer market looking at individuals.
They are shoppers, working class, and namely youth. Segmentation Bases and Justification is illustrated in the following table: Variables Justifications Geographic City Operations and coverage are only limited to Male’ city area since it has only one retail outlet Demographic Age Income Demand to the product and buying habits will differ from age wise. The youth would most probably choose latest smart phones rather than opting for cheaper options. Purchasing power will vary from each class.
The quality of the smart phone a person can afford depends on income. Cryptographic Lifestyle/values The lifestyle of Maldives is highly influenced by western cultures now. Everyone is excited about owning latest mobiles. It has become a necessity rather than an essential product. Behavioral Benefits A person carrying latest smart phones normally tends to have higher Self Esteem as he feels the recognition it brings. Segmentation profiles are selected as below so the needs of the customers are catered successfully.
Shoppers Working class Youth Male’ Demographic Social class Occupation +20 Above Ref 8,000 Middle & upper Workers/students Above Ref 10,000 Any Job +25 Above Ref 1 5,000 Lifestyle/ values Mainstream Price sensitive convenience Quality sensitive Need based products Hassle free quality products Quality based products Authors compiled work Targeting Strategy Market attractiveness – The growth of the market won’t have a greater impact since the outlet is limited to consumers. Average attractiveness – Relative growth – Fairly high size -High size – Relatively fair growth -Average attractiveness – High size – There are high substitutes available – High competition -Average competition -High substitutes -High competition Company objectives and resources low competitive advantage -Average competitive advantage Positioning Strategy Product value Since Smart Phones are highly demanded customers require latest phones as soon as possible.
Customers would prefer if the they have the option of purchasing at the time of international launch of the product. This will help to create a good image among customers and will attract reputed customers. Positioning strategy The positioning strategy the company will be adopting is the Unique Selling Proposition. It will be offering installment opportunities to its customers. Positioning Map Competitive advantage Fast Fix should understand the target market needs better than the competitors in order to build a close relationship and to be profitable as well.