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Marketing Research (Exam Preparation) - Essay Example
In order to penetrate the market, the company must attempt to find their market segment. The first market that is exploitable is the student body in universities. As a…
Since security is such a focal point for these institutions, it makes logical sense to compete to attract that market niche. Finally, healthcare companies should be able to be amazed at this product. Companies such as Blue Cross must adhere to strict auditing rules of auditing due to data integrity. Hence, this product will accommodate to all their needs. From research that was gathered, it was clear that the product must have conditional and epistemic values associated with the product. Therefore, the focus should be to diversify the product to the Demographic profile that the company wants to accommodate.
Strengths: The prime strength for this product is the fact that of the technological edge that it possesses. For instance, the fire alarm comes with a voice recognition that has dramatically blown its competition. Moreover, the company’s voice recognition is the fastest growing segment in the fire alarm industry. The product itself is an amazing product in the market because it has a special alarm activated voice notify system. No other product can compete with this product in the market. Moreover, the fire alarm industry is an industry that is expected to grow around 10% even though the market is saturated.
Weakness; Although the company is poised to make a strong commitment to its product, its fairly new in the market. Hence, the company must have accumulated to several long-term debt. In addition, it must have solid IT group that specializes n this type of technology because of the product uniqueness. The company does have many opportunities to create new channels for its product. For instance, it can potentially create an application that enables users to open it with the touch of a button from their phone. Moreover, the business itself of the alarm is amazing business as it has the potential to hit $3.5 million. The Company can penetrate different channels of marketing its brand through constant technological avenues. With the ...