Phil Company Marketing Plan - Research Paper Example

? PHIL COMPANY MARKETING PLAN Phil Company aims at establishing a substantial market share in both local and international markets. Other strong electronics manufacturing companies operate in the principal market segments. All these companies in the electronics industry produce almost similar products. Therefore, the aspect of marketing determines the competition of the limited market share, both in the US and overseas (Julie & Claire, 2011). Phil has to employ effective marketing strategies in order to acquire a substantial market share. Apart from the limited market of electronic products, these markets subscribe to forces of free enterprise. There is liberalization of production processes. Therefore, companies within this industry produce whatever electronic product they want and of whatever quantity. In this regard, consumers are at liberty to decide what and when to purchase these products. This means that electronics manufacturing companies like Phil have to be considerate of consumers’ interests during the production process. A company should avail products that respond to what the consumer market needs (Julie & Claire, 2011). In order to address customers’ needs, a company may have to carry out research exercises that will supplement information about customers’ tastes and preferences. Phil aims at expanding its marketing practices at the US and international markets. In order to penetrate these markets, Phil adopts the principles of product differentiation and quality service delivery. In this regard, the values of product differentiation and quality feature in the primary characteristics of the electronics produced. Type of Product At the inception stages, Phil started by manufacturing television sets and radios. However, expansion exercises led to development of cell phones and production likes for hardware components. Currently, Phil produces all the four products in equal proportions. However, this marketing essay focuses on the company’s activities of producing and marketing of cell phones and computer hardware components. Phil will focus its efforts in responding to the consumers’ needs with respect to type of phones and hardware equipments. With respect to phones and hardware components, Phil plans to expand its products market to any potential market that proves to be economically feasible (Alfred & Andrew, 2005). Based on the market statistics, the company plans to avail the desirable product meant to satisfy the needs and considers the purchasing power of consumers in every market segment. In the context of cell phone marketing, Phil will avail medium and low end phones, especially to the African market. In addition, the company will market low end computer components to the African market. Phil will also produce and supply superior phones targeting the affluent members of the identified market segments. These will include smart phones and high-end computer hardware components. Physical Characteristics To address consumers’ preferences in every market segment, Phil produces and markets products of responsive primary characteristics (Alfred & Andrew, 2005). Cell phones meant for the African market possesses characteristics meant to address the consumers’ needs in that segment. Electronic products statistics shows that consumers’ prefer medium size cell phones. According to respondents in an African market context, consumers’ perceives that small cell phones get lost easily while large phones hinder the element portability comfort. In this regard, Phil introduced a medium sized phone in the market. The size of the phone is determined as per the standards of cell phone sizes. Most of the company’s phones in the market are rectangular in shape with rounded edges. In addition, Phil used polymer materials for making the hardware components of the new phone. The polymer materials respond to the hardware preferences of consumers’ in both the African and even American markets (Alfred & Andrew, 2005). Phil avails phones with varied surface finishes in its markets. Most phones in the African market, which experiences tropical climate throughout the year, have brightly colored or silvery surface finishes. Phones in the American market have surface finishes ranging from dark to bright colors. Computer hardware components are of medium sizes with monitor screens having a size ranging from 10-21 inches. Just like cell phones, these computer components are made of hard plastic materials or purposes of durability and conformity to prevailing environmental conditions in subject markets. In a practical perspective, the company employed these characteristics in producing the new product varieties in the market. Service Provision Modern market environments are becoming more versatile than before. The forces of free enterprise are proving influential in business aspects like marketing (Julie & Claire, 2011). In this regard, business organization may consider adjusting their business strategies in order to respond to the needs of consumers. Most product manufacturers are considering articulating service provision into their business strategies. Contemporary markets demand articulation of both product and service provision aspects in ensuring an effective marketing strategy. Incorporation of services to product marketing has proved effective in developing a strong marketing strategy that facilitates realization of numerous marketing objectives. In this regard, Phil Company plans to integrate service provision activities to their electronic products in the market. Cell phone and computer hardware customers need supplementary services after purchasing their products. Some of these services include installation of components and repair services. Phil Company plans to establish repair workshops in all the current and potential market segments. These workshops ensure the provision of repair and technical assistance services to the company’s customers during and after purchase of electronic products (Alfred & Andrew, 2005). In addition, the company plans to offer installation services upon purchase of computer hardware components. The company will also develop an online assistance service whereby customers can seek ask questions present issues relating to the companies electronic products. Phil plans to implement these service programs in every market segment they capture. The main aim of integrating service provision activities into product marketing is to enhance the value of Phil’s products (Alfred & Andrew, 2005). Currently, electronic products are the business base of the company. Sales from electronic products accounts for the largest percentage of company’s revenue generation. In this regard, Phil would not want to affect the future of product sales. In order to maintain of even improve sales trends, the company has to incorporate services meant to enhance products value in the market. Development of online assistance services facilitates participation of customers in the company’s marketing strategies. In addition, services like installation and repairing extensions enhance development of excellent customer relationship. Good customer relationship ensures that the company keeps current customers for a long time. Good customers stay with a company even at adverse business periods (Julie & Claire, 2011). The baseline is that provision of extension services and encouraging customers’ participation in marketing enhances the products’ value in the market. Therefore, incorporation of the above mentioned services will enhance the value of Phil’s electronic products. Integration into the Product Line Just like the other companies in the electronics manufacturing industry, Phil makes products various products, which make a deep and a wide product line. With respect to product line breath, Phil produces and markets products of five different types. These products include television sets, radios, computer hardware component, cell phones and microwave ovens. Within these products, the company offers numerous varieties in the market. For example, Phil produces about 9 varieties of phones. In addition, the company has 7 varieties of computer hardware components in the market. Based on these facts, Phil has a considerably wide and deep product line. Phil has a substantial market share in the local market. In addition, the company plans to execute a successful marketing strategy in Africa. The brand positioning and marketing strategies employed by the company has enhanced reputation of its product line (Julie & Claire, 2011). Therefore, introduction of new varieties of products into the company’s product line will be an effective marketing the products. Phil will take advantage of its reputable product line in establishing a market for the new phone and computer hardware components. In its marketing practices, Phil should inform the consumer population that these new entries into the market belong to respective categories in its product line (Julie & Claire, 2011). This will enhance sales since people are familiar with the brand. Changes in Industry and Market Electronic industry operating in a versatile economy may undergo rapid changes in its production structures (Alfred & Andrew, 2005). In this essay, we will acknowledge the fact that US is a capitalism economic environment. This means that any economic forces may result in a change within various industries. Actions of competition, which entails process of product differentiation and creativity in marketing strategies, can cause a change in an industry, especially at an industry’s markets. Introduction of new products in the electronics manufacturing industry causes some consumer dynamics. In the process, some companies in the industry may lose their market share while other increases their market share. Employment of effective marketing strategies by one partner in the electronic industry elicits responses from other partners within the same environment (Alfred & Andrew, 2005). When Phil integrates service provision in its business practices, other companies within the same industry will consider following suit. In addition, the other companies within this industry may consider introducing a new product variety and articulating it into their product lines. Therefore, change of production and marketing strategies results in a corresponding change in the core business within any given industry (Julie & Claire, 2011). Reference List Alfred, D. C. & Andrew, V. (2005). Inventing the Electronic Century: The Epic Story of the Consumer Electronics and Computer Industries. New York: Harvard University Press. Julie, T & Claire, G. (2011). Marketing Strategies: A Twenty-First Century Approach. New York: FT/Prentice Hall Read More