Working on the Plan - Essay Example

Type American Intercontinental Type Project Type: MKTG 450 Unit 4 Individual Projects The discussion is on how to develop a working plan for introducing MRD devices in the hospitality industry. The marketing attractiveness, competitive advantage and the marketing mix strategies are elaborated in details. Working On the Plan Introduction The upsurge of technology in the 21st century cannot be ignored. The hospitality industry is among the largest manufacturers in the world, and it needs to adopt the use of technology. This is what has lead to our Company Hos Tech to come up with an MRD (Multi-functional Remote Device) to be used particularly in the hospitality industry. The discussion below outlines the competitive edge and the strategic marketing strategy for MRD. Market attractiveness and competitive position for the product At the inception of every new product, market research is vital to weigh the market attractiveness and competitive position of a product. Market attractiveness is the exciting possibilities of profits obtained from investing in an available market or industry. Competitive position or edge is the set of attributes that an organization develops to surpass its competitors.MRD contains these two components and they are outlined below; MRD is the innovative product, which uses swift technology as its principal component. It has much multifunction that transmits multiple signals of any order. In the process of transmission, the unit with a receiver is activated to send messages to single or multiple data processing modules. The order is finally to a single or multiple hotel controls. What makes the use of this MRD unique? It is easily portable. Hotels staff can receive the customer orders even when they are on the premises. Each employee can own an MRD, so when a client who prefers a service from a certain employee, the employee can know and prepare before the customer arrives. This product integrates technology, and it enables the access to hotel services very easy and simple. The customer only needs to log on the hotels website to know the type of services they offer. The product helps the customer to save time because they can manage the services of the hotel before they arrive after they arrive and within the booked room. Super fast and efficient are the only two words to describe this experience. Previously, the phone could only do these activities; MRD will replace this traditional method entirely. With just a click, a customer‘s access to hotel services will be very swift. Delivery of services by hotels will be efficient and effective. Customers time is saved as they are able to make reservations before they come to the hotel, when they are at the hotel they do not have to raise a cue to the waiter all they do is make an order through their mobile phones. Everyone, when booked into a hotel, detests the experience of having to be served by two different waiters. MRD provides a solution to this by enabling the customer to request their preferred server to offer room service. The product will not only increase the digital experience for the customers it will also lead to increased revenues for the business owners. Exit Strategy and guidelines for its implementation After conducting a market research and outlining the market attractiveness followed by the product competitive position of the product, the next step is planning on the exit strategy. An exit strategy is a way through which investors expect to get out of business in order to mitigate any failures. It is a plan of how to” cash out “on an investment made in the past. It is wise to have a backup plan always before launching a product, and an exit strategy is one. The following is an exit strategy for MRD. The ownership of the application will be transferred 100% to Google Inc. This is because Google Inc. has the widest base of applications in their market and a partner in the development of the product. It will be in a better position to ensure the perpetuity of the MRD in the hospitality industry. This will also lead to the base of other technicians to develop the program further. The product will not be out of the market, and the hotels using it will continue without having to change their systems. The following guidelines are followed in implementing this strategy. 1. Hos Tech will provide in writing of the decision detailing the reasons for the decision. 2. The exit strategy is to stop Hos Tech from providing the MRD application services. The CEO, therefore, is required to call a corporate meeting. The agenda of the meeting is to inform the staff of the decisions and offer alternatives for the staff who had been working in the MRD unit to either transfer to the headquarters of Google or to move to another department within the company. 3. The strategy is to relieve Hos tech from providing the application’s services. Therefore, the tax laws and the Act of joint ventures have to be observed. This includes the members of the board signing a memorandum that will be the evidence of their consent to this transfer. 4. Inform the relevant government authorities. 5. Notify the companies using the product of the decision and introduce them to the partner. 6. Continue supporting the utilization of the application until Google Inc. has completely taken over its maintenance and has endorsed all the users of the product. Part Two. Develop a Tactical Market Mix Strategy. Every organization needs to implement an integrated market mix strategy. This strategy will enable the company access the right users for their products, at the right time when it is required and to provide the information about the product. Marketing strategies focus on six fundamental areas, these are the organization, the product or services offered the customers and the potential ones, pricing plans, the best distribution channels and the best media to carry out the marketing campaign. The most outstanding components of a tactical strategy are product, price, place, promotion and services.MRD will implement all the five elements of its marketing strategy. A good marketing strategy requires planning in terms of objectives to be achieved how it will be implemented and the benefits that will be derived. It is also necessary to consider the barriers that can cause the failure of a marketing strategy. This step is necessary, as it will help to mitigate any failure leading to losses. The following section will cover how Hos Tech will implement the marketing strategy of MRD focusing on the five essential elements. The order of the discussion is product, price, promotion, place and service. Product Strategy This involves making decisions on the product lines, product mix, and individual products. The product line length for the MRD device includes two interfaces. The first interface will be the interaction with the customer; the second interface will be the interaction with the staff. The company has a proposal to increase the product line by including other applications on the device like face-to-face interactions between the customers and the staff. The product mix includes the free Wi-Fi support, which the companies buying the products get at a discount. Price Strategy Price is referred using different names in various economies. There are many internal and external factors, which affect the pricing of a product. Some of the internal factors include the marketing objectives, the cost of manufacturing a product, and the organizational considerations for pricing. The external factors include the nature of the market and demand, the competitor’s costs, prices and offers, the economic conditions, reseller needs, the government regulations and social concerns. However, in the end the customer determines whether the price set is the best. A customer buys a product after ensuring that the quality matches with the product. In developing a marketing strategy for the MRD device to be used in the hospitality industry, the company will use the market penetration pricing strategy. This will enable the introduction of the product to a small number of people first mainly the hotels operating in the neighborhood. The customers will then advice on how they would like the product to be improved. Then after a substantial survey, the company will use versioning to sell the device in various configurations. The initial trial will be at a very low cost but upon its improvement, the prices will be increased. Promotion Strategy Development strategy mainly involves planning the marketing campaigns, promotions and choosing the media to use for advertising. There are many marketing platforms like the social media, virtual media and the use of written materials like banners. In the commercialization of the MRD device, the company will mainly use the internet and social sites like Face book, twitter, Instagram and including Ads on the main websites like yahoo. The plan of the promotions will include giving discounts to customers who will make multiple purchases. The company will also use billboards and banners to promote the devices. The budget for the completely marketing process will be inclusive of the marketing training that will be given o the team that will carry it out. Place Strategy A place to sell a product is also very essential to the marketing strategy. Determining the location ensures that the people get the product at the most appropriate time. The first step is determining the category of people that the product targets second is the distribution channel of the product is it through retailers or direct sales by the company. The target market for the product is the hotel industry and the home movers. This is because they require constant interaction with their customers. The channels of distributions will be from the company to Hos Tech agents who are located throughout the state. Some agents will be relocated to the areas with a high concentration of hotels so that they can have easy access to the customers. The company will also include the details of the product in its website so that clients can be able to purchase it online. Services Strategy. The most overlooked element in the completely marketing mix is services. A successful services strategy includes both the employees and the customers. There are five main essential elements in providing quality services; internal service conditions, customer and employee satisfaction, greater service values and increased profits and benefits. There has to be competitive differentiation, service quality, and service differentiation. The company will ensure that it provides the best services to the customers in the case of MRD devices. There will be a 24-hour support to assist the customers who may experience problems with the methods; Repairs to the devices within the warranty period shall be available in the company. The staff will be given adequate training on how to operate the machines, and get bonuses the set sales targets are achieved. Conclusion In order to achieve the success of the whole process teamwork between the management and staff is very crucial. References Brown, S. W., (2000). The move to soution providers. Marketting management. Spring. Pg 10-11. Darren, G., & Paul, Woodcock, (2003). 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