The latest technological gadgets have gained immense popularity in the last few years and the customers are eager to try out new products and services. 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.
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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 touch screen alarm clock has huge potential for the new entrants and entry barriers are relatively low (Cako, 2005). In US, every top ranked brand is offering its products but there are some areas where people have limited access to these clocks.
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 less features and other will be with complicated and extremely high technical features. The other aspects of the marketing plan are discussed below in detail.
In order to reach the right 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 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
Since every brand is developed with the aim of creating 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 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.”
Initially, there will be two models launched in the market to meet the demands of the touch screen alarm clock market. 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:
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.
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.
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. As the company is new in the market, it should either follow competitive pricing or cost plus pricing (Ernst, Hoyer& Rübsaamen, 2010).
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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.
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. 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.
The other distribution network that will be used is the company’s website. 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 options offered by the company. However, the distribution will be done only in Ohio, Florida and California. After success of the products, the company might expand into other regions after carefully surveying the markets.
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 so that it can create awareness about its presence in the market. In order to be present on Internet, the store’s website will be developed 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 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 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 who 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.
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