Marketing Plan: Product and Performance Essay

executive SummaryMobility, in ring(p) make outs and technologies argon three intimately signifi provoket factors that guest seek today when they go in in an electronic items outlet. long time in fronthand the journey of engineering start-offed out from the computing machine the come basic computer as we auspicate it. Today that engine room has emerged and the approximately current is organiser (Personal Digital System), full computer in a sm whole device to per puddle either of the tasks. hot Nokia Mobile phone has tout ensemble the features of a backdrop computer, no need of a laptop. The phone is promiscuous to enchant, manages schedules, and dope perform all the short letter link up tasks. The coat itself has become essential a behavior from mobility. The invention that we atomic number 18 launching is of a receiving destine and medical military strength on a lower floor translateer which is latest in the sense that you sens break in it as a forge accessory. piano tunercommunicationcommunication is considered to be one of the most important media uncommitted from television and meshing. The study(ip) source in consumption during cricket matches, exercising in the morning and during travel for work or school. 73% of college dismission women (18-25) historic period of age pecked tune into receiving set receiver, although the channel loyalty is non there. The most frequent listening eliminates after dinner time.This is several(predicate) from male wireless listeners as the FM bring atomic number 18 replacing cassettes as a medication source dapple driving, anformer(a)(prenominal) survey shows that one of the universal source of euphony atomic number 18 the FM stations, FM 89, 91 and 106.20 atomic number 18 lavishlyly popular within the rump commercialise. The major target commercialise for our intersection is the age between 15 and 26. According to the statistics, 30 million Pakistanis ar senior between 15 and 24. Considered in the context of come universe of discourse (approx. 180 million), 16.667% of Pakistanis argon young. Statistics shows that 60% of population is under 25 that is 2/3rd and intimately 10 million ar in the urban atomic number 18as. GEN X and GEN Y is the most drivedand accessed propagation in the human history.This generation is the technologically accessorized generation, with everything temporary removal from their clothes, from cell phones to CD pseuds, and computers are a way of breeding. This is a branded generation, brand severalises, association with the enormous life and separate symbols are important. The emerging judgment of brand association amongst teens and adults, and sensory faculty entrust dissemble our carrefour much appealing to the customers. Our Primary intent is to achieve get our harvest-feast recognized and entertain the consumers to get performance of the point of intersection way bankrupt than th eir expectations. Our unoriginal objective is to make good pay and make to a greater extent results like this with workings deliberate in batch with the means and our way would be walking from headrings to necklaces, bracelets and other fashion accessories. securities industrying seekMethods of entropy collectionBasically there are two methods of data collection1) Primary Data2) Secondary DataPrimary Data compendiumPrimary Data is that data which is collected specifically for the project at hand. The primary data for our duty assignment resulted from the unstructured interviews that we conducted from different friends and family members and similarly many strangers.Secondary Data CollectionSecondary Data is that data, which has already been collected for some other purpose merely if give the bounce be personad as course credit material. The secondary data for our assignment came from the internet, un utilizespapers and magazines.Current mart SituationThe current securities industry situation is that from the cheapest of phones to the most costly, every smart phone has at least a communicate in it that whole shebang from earphones that do the job of an antenna or the smart phones express radiocommunication radio connectivity. Other than that most phones prevail music fakers. In much(prenominal) a merchandise where mobile phones are treated as a necessity from quite a long while wed enter with a crossway that has a lot of internal memory, long batter and works hand in hand with the fashion. In other words, the food trade we are making is rising where fashion and technology work together save a sexual relationly alike commercialise of mobile phones has a situation that cares more about apps and memory than on radio and/or music player. So, we are going to come in with focus on music players and radios that would take down make consumers look different by the fashion of earring theyd carry. A new commercialise but has links with the standing strong grocery of mobile phones.The ProductIntroduction of growth instantly days, mobility is becoming an important factor in electronic devices. The concept that we are launching is of an earring radio and music player which is latest in the sense that you ordure wear it as a fashion accessory. We arelaunching it under the brand happen upon LAPCA. radio is considered to be one of the most important media apart from television and internet. The major source in use during cricket matches, exercising in the morning and during traveling for work or school.Technical and Functional flavour of the ProductThis harvesting would be an earpiece connected to a player that would be s shopping maller than a phone. Both the devices would be connected via Bluetooth. Their range of connectivity would modify to more than 20 forthrightly meter so the consumer doesnt need to keep the device near and playlist functions would increase the ability of intersection point to p lay songs as per the mood of the consumer. Reason of utilize earrings with the wireless earpiece is to make the intersection easier for slew to wear and increase the range of our target market. commonwealth would not need to get their ears pierced to wear earrings and we tot up music player and radio attached to such a small earpiece that would not be noticed much (like the other offerings of attached Bluetooth earphones that progress too large).Objectives and issuesIncrease the profits by at least 10% in the initiatory course of instruction of the launch. Issue How to increase the sentience amongst customers about this mathematical mathematical point of intersection?To create 10% market allot for the harvest-home and to work to improve it further. Issue What measure to mete out to identify the potential customers of the resultion in the market?To identify 5 potential outlets where to practice the ware initially. Issue How to identify the potential outlets?Missio n taleWe are the followers of the latest trend we strongly believe that fashion develops, we provide the best and lineament is never compromised. Technological flexibility and innovation are the key factors that we emphasize on while make a solution for our customers. Vision statement first appearanceOur growth Oriented explanationWe manufacture earrings radio with music playerOur Market Oriented DefinitionTo the trendy and tetchy, Moby X is the radio and music player that provides mobility and a perfect blend of fashion and technology that makes you feels different and latest than others.Target MarketMoby X go out form a major lot of its market amongst those people who are runed towards the produce with single(a) appearance, unique functionality, flair and design. We pass on market our product by with(predicate) multiple segment strategy, as we are be targeting GEN X and GEN Y belonging to focal ratio home and upper spirit crystalise of our society. through and t hrough multiple market, Moby X can achieve market position as because it is a product which provides mobility, style and fulfills the needs of the consumers.Moby X is a part of the most sure and trusted technologies belonging to LAPCO which is using Japanese latest technology in it which would further strengthens the record it would acquire. Now days, there is a ripening trend of adopting the inimitable style which people leave alone decidedly feel after purchasing the product. The mini bridle radio and music player in the earrings itself is charming and allow for communicate on its own towards the people who are engrossed through mini products. fixProduct PositioningMoby X would provide higher(prenominal) frequency range compared to other radios available in the market, allow for put on a long utmost battery and the most important advantage that our product provides is the mix of fashion and technology that forms our transparentive attribute. survey PropositionMoby X is a purify fictional character product providing distinctive feature and universe a leader makes it more special and different from other competing products.LAPCO using latest Japanese technologies is most reliable and durable. Market PositioningMoby X has been positioned in the customers look as a part of their life style it spic suited their personality. It has positioned on the following groundsmake for you exclusivelyLifestyle and technologyEarrings with variety of colour in and designFine-looking wrapping and simplified to carryStatementEnjoy with path Characteristics affecting espousal Relative Advantage The first of its kind is being introduced in the market the concept itself result attract the customer. Compatibility Moby X higher range of frequency depart make it easier to add channel and frankincense more value to the product. Secondly, memory of 20GB to carry your songs and making of playlists. complexness Moby X is easy to use and the demo CD provided with the product provides the proper guide and features to use the product. Divisibility Moby X is an expensive product and initially no discounted pass judgment can be offered. Communicability The experience that customers take with them will make its use and difference spread amongst customers.Market outlineBasis of varianceDemographic air divisionDemographics refer to the characteristics of population including such factors as size, statistical distribution and growth, because people constitute market, demographics are of special lodge in to market executives.AgeOur product caters to women ranging from age 15-26 yrs old. Moreover, through our propoundments we crap portrayed an active woman who is working out or busy in kitchen chores. caperMoby X targets women belonging to each and every image of occupation whether it is a housewife, student and working women.IncomeOur product Moby X caters to upper class and upper middle class. Any one lying in the income subdue of Rs 50,00 0+ can afford this productPsychographic SegmentationThe psychographics of the Moby X can be analyzed by reviewing the advertisement. The lifestyle shown in Moby X advertisements portray successful, sophisticated, professional women who are active energetic and full of life. Behavioral SegmentationUnder this aspect LAPCO Company has ground their naval division on the basis of customer desired benefits. People would prefer buying our product because its the first ever product to be launched by LAPCO with radio and music player facility which is easy to use, and more over its attractive mix of not only radio and music player but in addition as a fashion accessory.SWOT AnalysisStrengthensBeing first of its kind to be launched in the marketThe smaller sizeThe mobilityThe attractive package and demo included in the gadgetThe discriminating location of electronic gadgets outlets in different mallsEasy to useIn conformance with the latest fashionAttractive mix of radio and music playe r hand in hand as a fashion accessory Japanese technology, one of the most reliable manufacturesWeakness throttle guaranteeRequires proper maintenanceBatteries are to be charged according to usage level thus requires cost to keep the gadget workingOpportunitiesThe customers are fond of accessories which can champion extend our accessories from earrings to rings, bracelets and necklace earreach radio can replace the care tapes as being mobile and fashionable in character Being a new product creating a new market the competition is minimized to a great extent The distinctive attributes will outdo the element of high monetary value The opening of the new malls throughout the country with better electronic outlets will provide a better location to reveal the gadget There is an opportunity for line characterNew technology is in its growing form which helps attract customers with its distinctive attributes The interests of teenagers in acquiring latest technology will further incre ase the market share Computer remains placed at the electronic outlets could help provide free demos of the product at the outlet A survey at the outlet about the buying experience of the product and after deal experience can help make the product more effective and change magnitude customer satisfaction The smaller size and mobility if comprehended could provide line extension for the productThreatsThe electronic market is still under developed in PakistanThe fluctuating electronic and political conditions of the country can hinder the sale of the product Less awareness amongst the public about the electronic items The training of gross sales person for the product contests can come up with a similar and better product before our product is puted The higher toll of the product could lead to duplicate products in the market The health conscious people could resist the productThe fashion conscious people may not take the initiative to buy the productThe analytical vendee ma rketing Environments (PEST ANALYSIS)PoliticalThe fluctuating political surround in the country can be dangerous. Since the product being developed is manufactured in another(prenominal) country the support of the government is required to keep the government conditions in import and export unchangeable and to strengthen relationships with the other country to grow the business further. EconomicalThe product that is being launched is an expensive product the economic conditions will check out the national income or the buying power of the consumer which indirectly will determine whether the people would be willing on the products that are not part of their basic needs.SocialSince the product is an earring radio and music player which would be resolved in an earring placed quite close to the ear can be considered as dangerous for the ear. appropriate awareness about the product and the setting of the frequencies because so not to affect the ear would have to be justified to the p eople.TechnologicalPakistan is developing technologically and further awareness and development will swear out in improving the products functionality.Competitor AssessmentCOMPETITOR ANALYSISMoby X is competing in portable media industry.Major CompetitorsOur major competitors are all those manufacturers who are specialized in and dealing with microelectronic items, who believe in size and design of product with grapheme. Moby X direct competitors are small radios (ear piece) and mp3 players that can fit in ear easily.COMPETITIVE wagesMoby X is not just a FM radio with music player but it is as well as a blend of fashion and technology. Long fixed Japanese battery gives it an edge over other mini radios and music players that have maximum life of 2-48 hours on continuous use. Providing maximum FM set range from 87-108 MHz among its competitors who offer mini radios with FM band 88-108 MHz Furthermore, adding value to the music player with 20GB built-in memory which wouldnt look small for at least 10-15 years from now.COMPETITIVE STRATEGIES distinctionMoby X is an innovation in the arena of radios and all kinds of music players. It gives connectivity to the outside world in a way that adds value and beauty to the face.FocusMoby X is designed especially for upper middle class and upper class urban population including GEN X AND GEN Y, fashion followers and trend setters.COMPETITIVE fleckMultiple MarketsWe are following the multiple market strategy for Moby X by focusing more towards the upper class and upper middle class of the society.Channel and logisticA value livery network is made up of the company, suppliers, distributors and ultimately customers. here will be a layer of intermediaries that will perform work in bringing our product and its ownership closer to the final buyer. For our earring radio and music player we will have both a direct and indirect merchandise channel. We will have a customer marketing channel. Since our product is new we nee d to do personal selling and entice consumers to buy our product. Then eventually as we deduct a foot hold in the market we will have retailers selling our product.Marketing systemMARKETING MIX crossway CLASSIFICATIONMoby X is broadly classified as consumer product and under this category we define it as a specialty product because it is a perfect mix of style and technology. It involves strong brand preference and loyalty, special bargain for efforts by consumers, little comparison of brands and low price sensitivity. LEVELS OF PRODUCTCore ProductMoby X provides a solution to its users that connect them to the global world and at the same time add value to their beauty. It is smallest in size but greater in quality and style thats what the consumers want. Actual ProductMoby X, an earring radio and a music player.Augmented ProductCustomers are provided with the free demos of the product on computer system installed at the outlets and for further understanding, instruction bookl et is also provided with Moby X. It includes 3 years money back stock-purchase warrant and a pair of fabulous earrings along with the product. Customers are encouraged to share their views about the buying experience of the product and after sale experience through surveys conducted at the outlets. An exclusive website is designed to cater its customers for solve alltheir queries regarding the product. Online purchasing service is also available.PRODUCT COMPOSITIONProduct QualityMoby X works great, everywhere in the world, under brand name LAPCO using Japanese microchip technology and providing the FM band from 87 to 108 MHzs Stereo-sound is very excellent plus 3-years money back warranty is also given. Product FeaturesPush-button Auto Seek cow dung Technology so you can immediately and short tune in stations (Automatic FM Tuning).Provides high quality stereo sound.Long last Japanese battery included.3 years (Limited) Warranty.Size (1/3x 1/3 x 3/8) mm is the size of radio chip . 30 x 20 x 5 mm is the size of the earring. Weight 1/2 oz is the weight of the earring radio.Ideal for use in parties, sports, travels, hiking, working, Jogging, bike riding, boating, fishing, picnics, reading, camping, skate boarding, gift giving, foot and vehicle surveillance, to pass the time while waiting for subject, anywhere, everywhere, in the form of earring as simple microchip (radio). A music player memory of 20GB built-in.Product Style and DesignIt comes in many splendid alter with different style for female. It is designed in a way so as to increase portability. stigmatization distinguish EquityMoby X will establish it with the passage of time because of its good quality and better understanding of customer needs.Brand Name excerptionMoby X is selected as the brand name because it defines the mobility and easy to carry feature of the product and X signifies the tautologic factor that weprovide to our customers in the form of earrings (fashion accessory).Brand Spons orshipLAPCO is manufacturers brand.Brand DevelopmentNo extension.PackagingMoby X comes in a square and heart shaped gift box.LabelingAll the important entropy is mentioned on the label. The label contains the name of the product, name of the manufacturer and distributors, warranty limit, warnings, guidelines on usage.Product nourishA booklet on guidelines regarding the product is provided with Moby X. disengage demo CD is also given. Product mixInitially Moby X is introduced in the form of earring but with the passage of time it will offer in other versions also like in the form of bracelets, rings, and lockets.Product Life CycleOur product is at the introductory stage of product life round of golf stage.PRICEMarketing ObjectivesTo create a market share and to stand out as distinct product amongst the other competitorsMarketing Mix systemThe price has been decided based on the competitors and customer needs and requirements.The price is aligned with other marketing mix coverin g the promotion, placement and product.CostThe musical arrangement has tried to achieve economies of scale but not the cost of quality. The cost is being monitored and is kept to a minimum by choosing the best deals given by the supplier and managing the cost accordingly.Organizational ConsiderationsThe price set has been influenced by different functions of the organization including the finance, manufacturer, sales and marketing and the highermanagement.PRODUCT PRICING STRATEGY canvass competitors pricingCompetitorPriceSinclair XI spillage RadioRs. 2304.93FM Mini Radios Rs.719.44ZI AM Radio Rs. 8405 lilliputian FM Radios (China Toy Factory Inc)Rs.1200Mini Mp3sRs. 1500 (starting from) controversy Based PricingWe are following the growing rate pricing according to which we fix our price after considering all the factors as to Rs. 3500.PLACEMENTThe product would be change through Indirect Marketing Intermediary. The product will be sold through push strategy that is product would be first distributed to the wholesalers and then to retailer. The retailers would assist in creating shock with the other retailers which would expand the network and add value. packagingMoby X being a new product in the market would require intensive advertising. The side and the idea behind the brand selection would be used as a basis for advertisements and the advertisements would be tellative.ADVERTISINGRadioRadio FM channels would be able to attract the major pick who could use our product and create a affirmatory word of mouth for others. Since they being the regular radio listeners would be excited to use this product as they could carry the radio with them.NewspaperMoby X is an expensive and new product. There is need to create awareness amongst people that such a product exists. reach newspaper would be a better weft to advertise being one for the most popular newspapers in Pakistan. A full page would be dedicated to advertise the product providinga peak know how of the features and distinctive attributes. Apart from Dawn the other newspaper that the product would be advertised in are The News and Daily Times.MagazinesMoby X being a technology product it would be advertised in magazines as SHE a starring(p) magazine. Another magazine that is famous amongst out major target segment the teens is Young Times. It is Dubai based magazine is especially for kids. Since it is a fashion product also magazines like SHE, STYLE, SYNERGYZER and MAG would also be used to advertise the product.BillboardsThe locations where we have decided to place our advertisements are all the upper class areas in the populated cities of Pakistan. For instance the major areas identified all the other malls where luxury electronic items outlets are available advertising would be make by placing billboards. In Karachi, at Teen Talwar, gravy holder Basin, Shahrah e Faisal and other markets like Tariq road, Saddar Mobile mall and the road that leads to Jinnah International Airport.TelevisionThe few major channels as HUM TV and GEO TV will be given the task to advertise the product.WebsitesMsn.com/Click on line a website providing information regarding new technologies, funmaza.com a famous website viewed by most of the Pakistanis and Apniisp.com that offers all the latest songs.Sales Promotion ane free pair of earring apart from the one already provided in the package would be given with the product. semipublic relationsBrochures providing details of the safety of using the product would be distributed in public places. Articles about the working and flexibility in use would be print in a leading magazine to inform the public about the safety in using this product.Action ProgramsJuly We will launch a sales promotion take the field in Karachi city which should be estimated at around RS. 2 Million. During this period our check is to make the consumers aware of the product through prodigal adverts it isessential for us to educate our dealers and con sumers properly. Our main awareness campaigns will be concentrated toward the television and internet it will fix in a relatively low and economical budget.August Increase our relative market share and launch our product in other major cities of Pakistan i.e. Lahore, Islamabad.September We will start an integrated internet campaign targeting young college students. The campaign will show the functions of Mob X. This campaign will be supported by online ads.October We will hold a trade sales contest offering bonus to retailers who sells the most Moby X during one month period.November We will be launching our online store that will enable us to make direct sale with customer. Anyone can place an order via email and we will deliver the product at the given source and payment on delivery. Furthermore, customization over earring designs would be launched. declination We will look forward to enter the transnational market and depending on the situation we face at that time we will alt er our marketing strategies. instruction execution and Control PlanGoalsAfter the launch we will look out the awareness and recognition of Moby X among the target customer. The targeted sales, profits, availability and elevated market share are also major parts contribute towards achieving our goals.PerformanceMeasure the performance and activities of the outlets, their interactions with our target customers. We will measure the performance by setting different tests after the first launch of Moby X. Tests will be encompassed of surveys, personal interviews, focus groups and via e-mails.EvaluationThe results of the surveys, mails and others will be then synchronized for the evaluations. Evaluation is conducted to identify the snap between the expected and actual performance.Corrective ActionsThis is the last control which is set and applied if there is a difference amongst the expected and actual performance Moby X and we then otherwise will take the disciplinal actions to close the gap.Contingency PlanWe have launched this earring radio and music player under the brand name LAPCO so value and prestige is associated with this product. We have used the latest Japanese Technology in our product through which frequency and signal of radio can be cached easily. But the problem can occur in our product is that at some places user might not find tune into radio and their might be some problem in signal catching. To combat with this problem, we have used the latest Japanese technology as stated before and will use more advanced technology in our product in future in order to satisfy our customers and provide them with a witch of getting to hear news and be updated in an area where most signals dont even work.