Touch Screen Alarm Clock Marketing Plan - Term Paper Example

Touch Screen Alarm Clock Marketing Plan AFFILIATION: Touch Screen Alarm Clock Marketing Plan Introduction Advancements in technology have impacted the lifestyle of various people and many of the consumers prefer technological solutions over manual work. Products of advanced technology have been flooded in the consumer market. The latest technological gadgets have gained immense popularity in the last few years and the customers are eager to try out new and innovative products and services instantly. Considering the increasing demand of touch screen alarm clock as identified by Brandon (2010), our company will be introducing this product in the market and will ensure that it successfully meets the requirements of every customer by charging reasonable price for the product range and provide features in the alarm clock accordingly. Market Research findings Since the business environment is becoming fierce and competitive, it has become vital for the companies to carry out a market research before launching the product in the market (Ranjhita, 2011). With the help of the research, it was found that the touch screen alarm clock has a huge potential for the new entrants and entry barriers are relatively low (Cako, 2005). The new entrants can be very challenging to deal as the competition via new entrants gets fiercer in the business market. In US, every top ranked brand is offering its products but there are some areas where people have limited access to these clocks. This limited access creates an opportunity for other organizations to market their products. The three areas identified by our company are Ohio, Florida and California; the geographic segmentation has been done to get a clear picture of the type of customers that the company will be targeting. From the analysis of the research findings, it is decided that the brand name will be “Express Alarm Clock” and it will comprise of two models on the basis of features. One model will be simple with fewer features and other will be with complicated features and it will consist of extremely high technical features. The two models are decided upon according to the needs and demands of the target market. The other aspects of the marketing plan are discussed below in detail. Target Market In order to cater the right target market, it is important that the target market is decided beforehand which will ensure that there will be certain number of consumers who would be willing to buy the product (Flink, 2011). The target market of this new touch screen Alarm Clock is as follows: Gender: Male and Female Age: 8 years and above Income: $30,000 and above Lifestyle: Depending on the life cycle stage; young children and adults who are fun-loving, adventurous and technologically savvy. Older people i.e. 40 years and above prefer to have simple technical gadgets with easy to understand features. Occupation: Depends on the life cycle stage but would mainly comprise of students, part-time or full-time employed people, professionals and housewives Positioning Statement Since every brand is developed with the aim of creating a distinctive image in the market, its positioning needs to be accurately done so that the customers are communicated the message appropriately (Ferrell & Heartline, 2008). The brand message is delivered to the target market according to the way the product is positioned in the market. The positioning statement of Express Alarm Clock is “to be the number one touch screen alarm clock with simplistic features, durable quality and advanced functionalities that will allow the users to carry the gadget everywhere easily and with utmost ease.” Product offerings Initially, there will be two models launched in the market to meet the demands of the touch screen alarm clock market. The target market consists of both young and old customers; therefore the two models will address the needs of both the target segments. Every customer is looking for affordable touch screen alarm clocks, so the company will introduce two models; one will be priced for economical customers and other will be priced for brand conscious and high quality product customers. The two types of product offerings with their descriptions are given below: 1. Simple Express Alarm Clock – This product will be used simply for alarm setting purposes. It will be performing only this function and maximum five alarms can be easily set in this clock. The main target for this clock is older people who are looking for touch screen alarm clocks with easy to use features so that they can use the gadget without difficulty. The old generation is not highly technology savvy and majority of them do not even prefer to use such high tech product, therefore a simple touch alarm clock would cater their needs. 2. LED Express Alarm Clock – This model will have all the features that the customers are looking for in such alarm clocks. The design of the model has been done with perfection so that the customers love its style and design and get attracted to the product at once. The amazing features of the clock are MP3 player, Built-in FM radio and Wi-Fi along with alarm clock setting. For the young generation, such an alarm would be appealing and attractive and they would prefer to buy it. Pricing Strategy As there are so many competitors in the touch screen alarm clock industry such as Sony, Apple, Sharp, Timex, Android, Westclox and many more, it is important that the pricing strategy is selected in accordance with the competitors. The market price needs to be considered while setting the price of the touch screen alarm clock. As the company is new in the market, it should either follow competitive pricing or cost plus pricing (Ernst, Hoyer& Rübsaamen, 2010). This type of pricing strategy will allow the product to make its place in the consumer market. Both of the models will follow competitive pricing so that the customers can easily compare the product features and all other aspects and ensure that they make adequate purchasing decision. The price of Simple Express Alarm Clock will be $10 and LED Express Alarm Clock will be $25. Simple Express Alarm Clock will be available in Black, Blue and Green colors and LED Express Alarm Clock will be available in Blue, Red and Black colors. Reasonable prices may also allow the customers to try out the product out of curiosity and interest. Such products can be used for gift items as well. Distribution Strategy The distribution strategy is one of the key components of the complete marketing plan as the only way to reach the target market is to choose compatible distribution locations (Sikdar & Vel, 2010). The products of the company will be available in two places to ensure that every customer has easy access to them. The location needs to be decided after analyzing the market potential of the consumers in the area and also the convenience level of the consumers for arriving at the location. First of all, the products will be available at the consumer shopping centers and retail stores such as Wal-Mart, Target, Costco and many more. Consumers visit these retail outlets for fulfilling their various shopping needs, hence the availability of touch screen alarm clocks in such retail outlets may be convenient for the customers to buy it. The other distribution network that will be used is the company’s website. Websites are a highly convenient source for the customers to gain information about any product and also place their orders online. Any customer who is looking for the touch screen alarm clock online will have to just visit our site, review various options available for them and make final decision after carefully evaluating all assortments of products offered by the company. However, the distribution will be done only in Ohio, Florida and California. After the success of the products, the company might expand into other regions after carefully surveying the markets. Promotion Strategy The promotional strategy will ensure that the desired message is communicated to the target audience with accuracy so that the sales level can be successfully achieved (Flink, 2011). The foremost aim of the promotion strategy is to create awareness about the company’s presence in the market and it will make use of complementary mediums so that the customers can develop an association with the brand. Initially, the advertising mediums that will be used are Television Commercials, advertisements in newspapers and billboards along with flyers, posters and advertisements in the leading magazines. Similarly, a trade show will be organized on the commercial street in each region so that adequate awareness about its presence in the market is developed. In order to be present on the Internet, the store’s website will be created and all information about the company will be provided on the site. As the latest trend in the market is of social media marketing, our company will develop a webpage on social networking sites such as Facebook, MySpace, LinkedIn and Orkut so that the customers can start talking about the products on our community page. There are various discussion forums as well where people gather and discuss about the products and services of different companies and give their viewpoints about them as well. The social media will be beneficial for our company as it will enhance our online presence and increase the sales amount at an accelerating rate (Weber, 2007). In order to attract our customers, we will offer various attractive packages such as discount packages, gifts for purchasing products of more than $100, arrange contests to distribute various prizes to the customers and give special offers to the loyal customers. We will introduce loyalty cards for our customers who will keep on purchasing new products that are launched by our company on a continuous basis. The marketing efforts of the company will be reviewed monthly as the technological advancements take place on an ongoing basis and new products are introduced quickly as well. The initial source of evaluation for the company will be the difference in the estimated and actual sales of the product (Ferrell & Heartline, 2008). On the website, the customers will be allowed to give their feedback about the product features and the existing customers will be asked to participate in the survey of the touch screen alarm clocks. Sales and Service Strategy As the touch screen alarm clocks will be developed with the latest technology and will have new and unique features, it is vital for our company to have an effective after sales and customer service strategy. With the help of this strategy, we will have a well-trained and competent sales force that will ensure that each customer’s complaints are properly handled and they are provided instant solutions to their problems. After selling the products to our customers, our sales representatives will call them after one month of purchasing to get their feedback about the products. With the help of this survey, we will be able to monitor the performance of our products and it will ensure that we take appropriate step in case of any problems so that the customers are relieved of their worries. In order to make sure that each of our customers is satisfied with his/her purchasing decision, we will offer one year warranty card and will entertain our customers aptly so that they become our loyal customers in the long term. Conclusion For launching any new product in the market, a proper research and marketing plan needs to be devised so that the desired results can be achieved from the product. With the help of a marketing plan the needs and demands of the customers can be retrieved and accordingly the features can be inserted in the manufacturing of the product. Products that have a market demand tend to make the organization successful rather than those that are produced without any market research. The chances of the product failing in the market are high for the products produced without any market research. The market plan for the touch screen clock has been devised keeping in view the needs and demands of the customer and the target market. References Brandon, J. (2010). 8 clever alarm clocks that do more than just wake you up. Retrieved December 5, 2012 from http://www.techradar.com/news/world-of-tech/8-clever-alarm-clocks-that-do-more-than-just-wake-you-up-689574 Cako, D. (2005). Ig Nobels honor amusing, yet educational research. Retrieved December 5, 2012 from http://tech.mit.edu/V125/N45/ignobel.html Ernst, H., Hoyer, W.D., & Rübsaamen, C. (2010). Sales, Marketing, and Research-and-Development Cooperation across New Product Development Stages: Implications for Success. Journal of Marketing, 74(5), 80-92. Ferrell, O.C., & Heartline, M.D. (2008). Marketing Strategy. 5th ed. USA: Cengage Learning. Flink, P. (2011). Strategic framework for utilization of social media: Establishing link between strategic marketing and social media. Retrieved December 5, 2012 from http://epub.lib.aalto.fi/fi/ethesis/pdf/12561/hse_ethesis_12561.pdf Ranjhita, G. (2011). Evolution of gadgets and their impact on kids. Retrieved December 5, 2012 from http://articles.timesofindia.indiatimes.com/2011-08-15/parenting/29889047_1_mobile-phones-alarm-clock-touch-screen Sikdar, A., & Vel, P. (2010). Getting the customer interested in your innovation: role of distribution and promotion strategies. Business Strategy Series, 11(3), 158-168. Weber, L. (2007). Marketing to the Social Web - How digital customer community build your business. 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