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New Monika Mobile phone has all the features of a desktop computer, no need of a laptop. The phone is easy to carry, manages schedules, and can perform all the business related tasks. The size itself has become important apart from mobility. The concept that we are launching is off radio and music player which is latest in the sense that you can wear it as a fashion accessory. 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. 3% of college going women (18-25) years of age surveyed tune into radio, although the channel loyalty is not there. The most frequent listening occurs after dinner time. This is different from male radio listeners as the FM channels are replacing cassettes as a music source while driving, other survey shows that one of the popular source of music are the FM stations, FM 89, 91 and 106. 20 are extremely popular within the target market. The major target market for our product 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 (approve. 180 million), 16. 667% of Pakistanis are young. Statistics shows that 60% of population is ender 25 that is 2/3rd and nearly 10 million are in the urban areas. GENE X and GENE Y is the most experienced and accessed generation in the human history. This generation is the technologically accessories generation, with everything hanging from their clothes, from cell phones to CD players, and computers are a way of life. This is a branded generation, brand names, association with the great life and other symbols are important.
The emerging concept of brand association amongst teens and adults, and awareness will make our product more appealing to the customers. Marketing Plan: Product and Performance By Chair-Baas Our Primary objective is to achieve get our product recognized and make the consumers to get performance of the product way better than their expectations. Our Secondary objective is to make good profits and make more products like this with working hand in hand with the fashion and our way would be walking from earrings to necklaces, bracelets and other fashion accessories.
Table of Contents 2 Table of Contents 3 Marketing Research 4 The Product 5 Market Analysis 8 Competitor Assessment 12 Marketing Strategy 14 Action Programs 20 Forecast and Budgeted Implementation and Control Plan Contingency Plan 24 Methods of Data collection: 3 Basically there are two methods of data collection: 1) Primary Data 2) Secondary Data Primary Data Collection: Primary Data is that data 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 also many strangers.
Secondary Data Collection: Secondary Data is that data, which has already been collected for some other purpose but can be used as reference material. The secondary data for our assignment came from the internet, newspapers and magazines. Current Market Situation: The current market situation is that trot the cheapest to phones to the most expensive, every smart phone has at least a radio 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 have music players.
In such a market where mobile phones are treated as a necessity from quite a long while we’d enter with a product that has a lot of internal memory, long batter and works hand in hand with the fashion. In other words, the market we are making is new where fashion and technology work together but a relatively alike market of mobile phones has a tuition that cares more about APS 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 they carry.
A new market but has links with the standing strong market of mobile phones. The Product Introduction of product: Now 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 are launching it under the brand name ALPACA. 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 Product: This 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 doesn’t need to keep the device near and plastic functions would increase 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 people to wear and increase 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 appear too large). Objectives and issues: Increase the profits by at least 10% in the first year of the launch.
Issue: How to increase the awareness amongst customers about this product? To create 10% market share for the product and to work to improve 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 place the product initially. Issue: How to identify the potential outlets? Mission statement: “We are the followers of the latest trend we strongly believe that fashion develops, we provide the best and quality is never compromised.
Technological flexibility and innovation are the key factors that we emphasize on while shaping a solution for our customers. ” Vision statement: “Innovation” Our product Oriented Definition: “We manufacture earrings radio with music player” Our Market Oriented Definition: To the trendy and tetchy, Mob X is the radio and music player that provides mobility and a perfect blend of fashion and technology that makes you feels different and latest than others. Target Market Mob X will form a major share of its market amongst those people who are attracted towards the product with exclusive appearance, unique functionality, style and design. We will market our product through multiple segment strategy, as we are be targeting GENE X and GENE Y belonging to upper class and upper middle class of our society. Through multiple marketing, Mob X can achieve market position as because t is a product which provides mobility, style and fulfills the needs of the consumers.
Mob X is a part of the most reliable and trusted technologies belonging to LAPTOP which is using Japanese latest technology in it which would further strengthens 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 engrossed through mini products. Positioning ;Product Positioning:
Mob X would provide higher frequency range compared to other radios available in the market, will have a long lasting battery and the most important advantage that our product provides is the mix of fashion and technology that forms our distinctive attribute. Value Proposition: Mob X is a better quality product providing distinctive feature and being a leader makes it more special and different from other competing products. LAPTOP using latest Japanese technologies is most reliable and durable.
Market Positioning: Mob X has been positioned in the customers mind as a part of their lifestyle it impeccable suited their personality d : Made for you exclusively Lifestyle and technology It NAS posit Earrings with variety of colors and design Fine-looking wrapping and easy to carry Statement: “Enjoy with Style” ; Characteristics affecting Adoption: ion deed on the tolling ground s ; Relative Advantage: The first of its kind is being introduced in the market; the concept itself will attract the customer. Compatibility: Mob X higher range of frequency will make it easier to add channel and thus more value to the product. Secondly, memory of BIBB to carry your songs and making of playbills. ; Complexity: Mob X is easy to use and the demo CD provided with the product provides the proper guide and features to use the product. ; Divisibility: Mob 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 Basis of Segmentation Demographic segmentation: Demographics refer to the characteristics of population including such factors as size , distribution and growth, because people constitute market, demographics are of special interest to market executives. Age: Our product caters to women ranging from age 15-26 hrs old. Moreover, through our advertisements we have portrayed an active woman who is working out or busy in kitchen chores.
Occupation: Mob X targets women belonging to each and every type of occupation whether it is a housewife, student and working women. Income: Our product Mob X caters to upper class and upper middle class. Any one lying in the income bracket of RSI 50,000+ can afford this product Cryptographic Segmentation: The chirography’s of the Mob X can be analyzed by reviewing the advertisement. The lifestyle shown in Mob X advertisements portray successful, sophisticated, reflections women who are active energetic and full of life.
Behavioral Segmentation: Un ere this aspect O Company NAS based their segmentation on the basis to customer desired benefits. People would prefer buying our product because it’s the first ever product to be launched by LAPTOP 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. SOOT Analysts Strengthens Being first of its kind to be launched in the market The smaller size The mobility The attractive package and demo included in the gadget
The exquisite location of electronic gadget’s outlets in different malls Easy to use In accordance with the latest fashion Attractive mix of radio and music player hand in hand as a fashion accessory Japanese technology, one of the most reliable manufactures Weakness Limited warranty Requires proper maintenance Batteries are to be charged according to usage level thus requires cost to keep the gadget working Opportunities The customers are fond of accessories which can help extend our accessories from earrings to rings, bracelets and necklace Hearing radio can replace the care tapes as Ewing 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 There is an opportunity for line extension New 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 system placed at the electronic outlets old 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 product Threats The electronic market is still under developed in Pakistan The 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 training of sales person for the product
Competitors 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 health conscious people could resist the product The fashion conscious people may not take the initiative to buy the product The analytical buyer Marketing Environments (PEST ANALYSIS) Political: The 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 table and to strengthen relationships with the other country to grow the business further.
Economical: The 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 indirectly will determine whether the people would be willing on the products that are not part of their basic needs. Social: Since 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 o not to affect the ear would have to be Justified to the people. Technological: Pakistan is developing technologically and further awareness and development will assist in improving the product’s functionality. Competitor Assessment COMPETITOR ANALYSIS Mob X is competing in portable media industry.