Marketing Plan of Nokia Lumia 2020 Tablet - Research Proposal Example

? Marketing Plan of Nokia Company (Nokia Lumia 2020 Tablet) al Affiliation Marketing Plan of Nokia Company (Nokia Lumia 2020 Tablet) Company Summary Nokia is one is one of the leading electronic and telecommunication companies in the world today. The success of Nokia is attributable to the high quality of the products and services it provides. However, the company faces stiff competition from its main rivals such as Apple, Samsung, Techno, LG, and Sony Erickson. The only way for Nokia to remain competitive by introducing new innovative products in the market and relying on a marketing plan that is capable of luring customers to its products. Presently, Nokia intends to launch its new the Nokia Lumia 2020 Tablet in the market. However, the success of this tablet will depend on the effectiveness of the marketing plan developed by the company. This marketing plan contains an analysis of the current situation, customers, and competitors that may affect the performance of the product after launch. The plan also analyses the strength, weaknesses, opportunities, and threats. In addition, the marketing plan also analyzes the macro-environmental factors, as well as the marketing mix of Nokia product. Situation Analysis Nokia operates in a very competitive market. The industry has several players that compete against each other for the limited customers available. To attract customers, every company in the industry tries to improve the quality of services provided to the customer by using the latest technology. The competition is stiff to the extent that months seldom pass without the existing or new players introducing a new plan aimed at luring additional customers (GRIN Verlag, 2012). Some Nokia’s main competitor in the industry includes Apple, Samsung, LG, Techno, and Sony Erickson. Customer Analysis This marketing plan targets all segment of the population. The product will be available to anyone, including students and business people who are in need of the latest tablet. In addition, we intend to provide tablets that are accustomed to the need of customers. We strongly understand that the needs of teenagers may be quite different from those of the business people or adults. As such, we intend to introduce tablets that satisfy the need of all potential customers in the market. So far, the company’s Nokia Lumia 2020 Tablet has all the functionalities accustomed to meet the needs of the company’s potential customers. Some of the features of this tablet include being only 8-inches and operates on Snapdragon 800. In addition, the tablet is designed with 1080p resolution display, making it the best tablet in the market (Pratap, 2013). Further, the tablet has additional functionalities, including a high PPI display and comes with the stylus support. The company believes that these features will satisfy the needs of customers and help attract a huge demand. Competitor Analysis As aforementioned, Nokia operates in a very competitive environment. The industry has many players most of which have a very strong brand. Currently, Nokia’s main competitors in the industry include Samsung, Apple, LG, Techno, and Sony Erickson (Pratap, 2013). As such, to maintain gain a competitive advantage over its rivals, Nokia must come up with a marketing plan that will help lure many customers to its products. In addition, it must ensure that products are attractive and of high quality. SWOT Analysis SWOT analysis stands for strengths, weaknesses, opportunities, and threats. Strengths Nokia being a well-established brand across the global has a number of strength that has made it a brand of choice for many consumers in the world. Firstly, Nokia commands a huge market share in the mobile industry. Secondly, the company has one of the best research, design, and engineering team (GRIN Verlag, 2012). This has enabled the company to be innovative and produce high quality products that sell well in the market. In fact, one of the major reasons why Nokia phones sells well in the market is because of the quality of the phones. At the same time, the company enjoys a global relationship with all major mobile phone firms globally. For instance, the recent cooperation between Nokia and software-giant Microsoft acts as a plus to Nokia in its effort to win additional market share (Fox, 2013). In addition, Nokia ranks the fifth most valuable brand in the world. Today, almost every household in the U.S. has a Nokia brand. Further Nokia has a strong management team that that ensures that ensures the realization of the goals of the company. Weakness Like many other companies in the world, Nokia also has certain weaknesses that require improvement. To begin with, Nokia has lost a significant ground in the development of Smartphone and tablets to companies such as Samsung and Apple (Davis, 2013). Evidence has shown that when business loses their customer basis, they end up lagging behind in the technological race or lose their reliability as a firm, as well. Secondly, Nokia is likely to lag behind due to its bureaucratic management style (Davis, 2013). Thirdly, Nokia has lost its credibility as a good and healthy employer, as demonstrated during its retrenchment effort. For instance, Nokia was adversely affected when Jo Harlow lay off hundreds of its engineers in the U.K. as part of its strategy to discontinue the Symbian operating system. The company has also begun incurring huge losses, which might affect its operations in the near future. Opportunities There has been a growing demand for tablets in recent years. GRIN Verlag (2012) observed that the demand for tablets, especially in the developing countries has been massive. As such, Nokia intends to explore the developing countries such as China, which offers a great opportunity. To increase its sales volume, Nokia will also consider exploring Africa, which offers a great market for its Nokia Lumia 2020 Tablet. Threats Nokia faces the threat of stiff competition from major companies such as Apple, Samsung, Techno, LG, and Sony Erickson. In addition, poor management style based on bureaucracy is also threatening the survival of Nokia in the near future. Macro Environmental Analysis The macro economic analysis commonly known as PEST analysis includes political, economic, sociological, technological, environmental, and legal factors that affect Nokia. Political Factors The political factors that affect Nokia operation include legal issues and government regulation. These factors define the formal and informal rules that govern how a firm operates. These include tax policy, political stability of the country, trade restrictions, employment laws, and environmental regulation (Applegate and Johnsen, 2007). The Political environment of China where Nokia targets with its new Nokia Lumia 2020 Tablet is very conducive for doing business. China is one of the most peaceful and democratic country in the world today. This favors conducting business. In addition, China has minimal entry and trade restrictions. This will make it easy for Nokia to venture in the market without difficulties. Economic Factors Economic factors affect consumer’s purchasing power and the company’s cost of capital. As such, Nokia must consider the factors before venturing in the market. Some of the macro-economic factors that need to be taken into consideration in a given country or market include economic growth, the inflation rate, the employment rate and exchange rates (Aaker, 2004). China is currently one of the fastest growing economies in the world today. In fact, it is the second largest economy in terms of purchasing parity and GDP after the U.S. It also has a high number of people who are employed. This implies that China has a large number of people with a greater purchasing power. As such, China offers a great market for Nokia Lumia 2020 Tablet. Social Factors The socio-cultural environment also affects greatly the performance of an organization in a given market. Sociological factors include the cultural and demographic aspects of the external environment. The socio-cultural factors affect the needs of customers and the size of a market (Applegate and Johnsen, 2007). Some of the social factors that need consideration in a given market include age distribution, rate of population growth, career attitudes, and safety issues. China is the second populated country in the world after India with over one billion people. This certainly makes the country a suitable market for the Nokia Lumia 2020 Tablet. Technological Factor Technological factors are also another macro environmental factor that affects the operation of the company. Technological factors can reduce the operation of the company, lower barrier to entry and impact on the outsourcing decisions of a company (Applegate and Johnsen, 2007). China is one of the countries that have made tremendous strides in terms of technology. It has one of the most educated labor forces in the world today. In addition, the country has good network connectivity in the country that will promote the sale of Nokia Lumia 2020 Tablet. Market Segmentation Geographic The Nokia Lumia 2020 Tablet will be targeted at the students and business people. This is because the Nokia Lumia 2020 Tablet has features that make it suitable for students and business people. This includes fast internet connectivity, e-mailing services, mega pixel cameras among other exciting features. Demographic The Chinese demographic that will be targeted by the Nokia Lumia 2020 Tablet are mainly those living in urban centers such as Beijing and Hong Kong plus other cities in the country. In addition, the product will also be sold in rural areas to those with an interest in the Nokia Lumia 2020 tablet. Part 2 Marketing mix Product The Product is one of the most fundamental elements of the marketing mix that must take into consideration when making a marketing plan (Kumar, 2011). The Nokia Lumia 2020 Tablet that Nokia intends to introduce in the market has exciting features that will enable it attract huge demand once it is launched. Some of the features of this Nokia Lumina 2020 tablet include being only 8-inches and operates on Snapdragon 800. The tablet has a 1080p resolution display, has PPI display, and is fast in terms of speed, according to Pratap (2013). Price Price is the second element of the marketing mix that must be taken into consideration when making a marketing plan. Price in this case refers to the amount charged on a given product in the market (Tehrani, 2008). Nokia Lumia 2020 Tablet will sell for $250. This price is relatively cheaper than those of competitors are. We believe that this will help attract many customers Distribution Getting the product and services to customers is very important undertaking. One of the main reasons of producing a product or service is to sell them to customers. As such, customers must be given products and services at the right place and time (Tehrani, 2008). According to Nokia’s marketing plans to distribute it’s the new Nokia Lumia 2020 Tablet to customers using vendors, suppliers, supermarkets, and retailers who will ensure that products are availed to customers near their places of residence. In some instances, Nokia will build tents outside offices, colleges, schools and in remote rural areas to distribute the products. Promotion Promotion plays a critical role as far as customer satisfaction is concerned. Promotion in this case implies creating awareness of the existence of the product to customers (Tehrani, 2008). Promotion also involves effectively and efficiently communicating marketing strategy decisions. As such, Nokia will use a variety of promotional strategies to market its new the Nokia Lumia 2020 Tablet. The strategies will include TV ads, social media, road shows, Radio, and personal selling and sales representatives. Conclusion Nokia is one of the leading phones and tablets manufacturers in the world today. However, the company faces stiff competition from other major players in the industry. As such, to market its product well, it must develop a marketing plan that will enable it penetrate the market with its new product. This is achievable through the implementation of this marketing plan that has factored in all the threats, opportunities, risks, and customer needs. References Aaker, D. A. (2004). Strategic market management. Hoboken, NJ: John Wiley and Sons. Applegate, ? E., & Johnsen, A. (2007). Cases in advertising and marketing management: Real situations for tomorrow's managers. Oxford, UK: Rowman & Littlefield. Davis, B. (2013). Referral marketing: How Nokia sends brand traffic to retail partners. Retrieved from http://econsultancy.com/ke/blog/63582-referral-marketing-how-nokia-sends-brand-traffic-to-retail-partners. Fox, Z. (2013). Nokia has lost 20% of Smartphone market since Microsoft partnership. Retrieved from http://mashable.com/2013/09/03/nokia-microsoft-partnership/. GRIN Verlag (2012). Diversification strategies of Nokia. Norderstedt, Germany: GRIN Verlag. Kumar, N. (2011). Nokia: Channels of distributions. Norderstedt, Germany: GRIN Verlag. Pratap, K. (2013). Nokia Lumia 1820 smartphone, Lumia 2020 tablet due at MWC 2014. Retrieved from http://gadgets.ndtv.com/mobiles/news/nokia-lumia-1820-smartphone-lumia-2020-tablet-due-at-mwc-2014-445066. Tehrani, N. (2008). Contemporary marketing mix for the digital era. Bloomington, Indiana: AuthorHouse. Read More