This paper includes the analysis of the market situation, marketing and communications objectives, recommended strategy, targeting/segmentation issues, tactics and actions plans, and people resources implications; lastly, is the deployment of the budget and rationale, the critical path of the plan activities and a crucial part of monitoring and measurement activities.
The digital audio device market constitutes an annual growth rate of 25% in the hi-fi product market. “Portable digital audio devices...are becoming very popular with young people, with a projected worldwide market size of 20 million units by 2005” (Mourjopoulos, 2005, p.303).
Blackberry maker Research in Motion (RIM) is the chosen based company that will enter the hi-fi audio market. In terms of market gap, Blackberry is stable and one of the fastest growing companies in the consumer electronics market. In the recent Smartphone market shares survey, Blackberry is in the second place with a market share of 17.8% (What hi-fi? Sounds and Vision, 2010). In the worldwide mobile phone market, Blackberry is at the fourth place with a 100 millionth shipped device. There are many predictions that Blackberry will be left behind by its competitors because “RIM services are pretty left behind with less attractiveness as well as loyalty from both developers and customers” (TMart Es, 2010). Because competition is very tight, Blackberry is now in total market share protection mode just like by making some of its product inexpensive (Dunewood, 2010). With this kind of performance, rest assured that it would not be difficult for RIM to introduce the new range of hi-fi audio products under Blackberry’s brand name.
Blackberry’s usual target market is the business professionals and high income executives; however, the younger age groups will be added as the new target consumer group for hi-fi equipments. The range will be targeting the young generation because these