Marketing Plan How to sell Bard’s Executive Summary: Compact is a company that wants to be well known by marketing a new Voice Recognition Device (IVR). This company will be able to create, develop, and sell the product to many different customers. The product is used and operated by performing tasks without using keyboards, a mouse, or any buttons. Compact wants to serve as many customers as possible. We are flexible and are willing to work with any customer that comes our way. Our target market is essentially everyone. Specifically groups including mangers, assistants, creators, students, home users, and parents are the market segments.
All of these customers will be able to take our business to the next level as we sell our products to them. Managers need a product with many special commands and high error protection. The managers need the IVR product to do their work. Assistants defiantly need a product that has a high ease of learning. The product will give them time to multicast with many projects at one time. Creators need a product that is quick and able to get the Job done. They don’t really need ease of learning or error protection. These people know how to fix a lot of things. Ђ Students want the best product at the cheapest price. The reduce will allow students to do homework on the go and communicate with teachers. Home users can include everybody from kids to the elderly. For these people this product needs a high ease of learning. In addition, the special commands can be low for the home users because they are Just getting started with technology. The parents are caring and buying the product for their kids. They care about the education of their child and want them to be ahead of the game. They Just want a product with a high ease of learning for their children.
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Our company is trying to serve everyone from the broke students to the high end mangers. We feel like our customers/consumers were willing to shop online and at stores. The major retail store will have the product like Wall-Mart and Target. Online shopping will be convenient for the managers, assistants, and creators. Most of these people are very good with computers. To support our decision with choosing this market, we were able to focus heavily on customer service, advertising, and special commands. Also, we felt since we were targeting everyone in the market that error protection, and ease of learning.
This will give the ability for our company to sell more and maximize our profit. Our company was able to compete against three other companies selling Voice Recognition Device. And we were able to compete against one other company Marketing plan By bandwagon companies made us take a look at how we can improve our business. The company we competed against for DVD was Echo. We were able to use other companies’ choices to figure out some good business decisions. Also, we used other companies to see what mistakes that we shouldn’t make. To increase our profit we had to change and adjust things to fit the customers.
The Compact Company was about profit but at the same time we wanted to sell a great amount of goods. This helped us to determine if our company should change advertising, or customer service, or decrease the price of the product. As the game went on we had to change our market to the higher market in order to make a better profit. This was allowed by watching and understanding the market. The two huge this to make profit was advertising and customer service. The advertising allowed us to promote the product. So with the more promotion we wanted to make sure was had good customer service.
This would allow customers to depend on the company anytime they needed us. There were four types of advertising to choose from and they were; Direct, Indirect, Pioneering, and Reminder. For our company we were Direct for the first eight weeks. The dealers were able to target most of their sales face to face with people. But we soon realized that not everyone works like this and wants to buy. Changing to Reminder would inform the customer but give them the chance to come to us. We didn’t want to force their hand into buying something they didn’t want. For Compact this was the best decision we soon upped the profit and price.
This had a major effect on the sales of the product for us. We found that the right type of advertising is vital. The distribution intensity is the percentage of time that the dealer is selling your product in each of the channels. You want to have the dealers working but don’t want to over work them. Compact’s dealer intensity was 50% in each channel. The dealers in each channel would have a great amount of time to work and personal time as well. As the game went on we ended up with a 60% of dealer intensity Just to push them to sale the product more.