Effective Marketing Plan
Effective Marketing Plan
Introduction
For any company to introduce a new product successfully, it must develop an effective marketing plan. Through the marketing plan, it is easier to analyze the prevailing trends in the market. Additionally, the marketing plan forms a baseline for developing effective promotional strategies (Lamb, 2008). This paper provides a marketing blueprint for a new improved iPhone. Apple Inc has a tremendous history of innovativeness. Over the past few years, the company has introduced unique models of iPhones consistently.The new model seeks to continue the company’s trend of innovativeness. The new brand is a personal digital assistant with multi-operative functions. It will not only offer high speed connectivity but also exquisite entertainment for users. The marketing blueprint for the new product also encompasses an examination of organizational mission. Other critical perspectives of consideration include market segmentation as well as promotional strategies. These are essential components of the marketing plan since they form the basis of marketing mix.
Business Situation
Organizational Strengths
The company has various strengths that serve as an advantage for the introduction of the new product. Firstly, this organization has a fantastic technical team. This team comprises of information technology professionals. Consequently, they are conversant with the current technological innovations in mobile communications. These professionals will play a great role in developing and introducing the new PDA device (Pride, 2011).The company has excellent technological systems. These facilities are critical components in the development of the new product. The company’s image is recognizable all over the world. This serves as a massive advantage with regard to the new product. However, it is necessary to establish a promotional strategy that does not rely so much on the company’s image.
Organizational Weaknesses
The company’s top executive controls all decision making processes. This is a shortcoming because it limits the standards of innovativeness within the workforce. This approach can also slow the speed of decision making in the organization. In previous years, this company has a history of unethical marketing tactics (Lamb, 2008). This is a weakness with regard to the introduction of the new PDA devices in the market. This is because potential clients might be apprehensive about the new product. Another organizational weakness pertains to market research. The company does not have an effective team for conducting credible market research in comparison to other firms (Day, 2011).
Environmental Opportunities
The global market for iPhones is relatively unexploited. This mostly applies to the developing countries. In these nations, most people are reliant on conventional mobile phones. Through the new product, this organization will seize the opportunities in the emerging markets. In this sector, there are few companies that offer high quality PDA (Engel, 2011).This highlights the shortage of innovative iPhones in the market. This presents an exceptional chance for the business to market the new product. Population growth is another aspect that serves as an environmental opportunity for the new product. The world’s populace has experienced tremendous growth in recent decades. This provides new marketing opportunities for the new product. The company can capitalize on the population growth by promoting the product to new mobile users. Another opportunity with regard to the new product pertains to technological innovations. There are numerous technological innovations in the digital sector. The company can capitalize on these innovations in order to streamline the efficiency of the new product (Mohr, 2009).
Environmental Threats
Although there are numerous opportunities, the environment also presents various threats with regard to introduction of the new product. Firstly, there are numerous market regulations in this sector. Such regulations are not only evident in the United States but also from an international perspective. These regulations can hamper the company’s capacity to maximize on revenue generation. It is also vital to note that there are numerous personal digital assistant devices available at cheaper prices. This might make it difficult for the organization to market the new product in the market (Narayanan, 2009).
Industry Trends
Currently, the industry for innovative technologies like iPhones is highly volatile. This mostly results from the highly level of unpredictability in the markets. However, the extent of competition is minimal compared to other industries. This might serve as an advantage in company’s quest to introduce a new iPhone in the market. However, there is indirect competition from other technology giants such as Microsoft. This firm has been researching on a new operating system for incorporation into PDA devices. This provides an indirect competition for the new product (Mohr, 2009).
Organizational Mission
The company’s mission is to offer high quality products that depict the highest standards of innovativeness. The company’s mission also encompasses the use of modern technological systems to spearhead communications across the globe. The new iPhone will thus help in enhancing the company’s mission.
Performance Goals
The first performance objective is the attainment of a substantial market share for the new product. Through this market share, the new product will enhance the generation of revenues in the organization. The second performance objective is the maintenance of customer loyalty. In order to maintain loyalty, customers should easily associate with the new product. It is also essential to establish the new product in the national markets as well as international markets. This will form the basis for an extensive market reach.
Marketing Strategy for the New Product
Target Customers
The intended clients for this invention are in different segments. The first segment comprises of high-end consumers. These are high income earners who can afford expensive personal digital assistants. The company will establish unique iPhones for such clients. For instance, the product will integrate custom features in accordance with the customer’s preferences. The second segment comprises of middle-income earners. These are consumers with average spending capabilities. The low-income consumers will form the third segment of customers. Apart from the spending power, demographic characteristics will also form an essential aspect of segmentation. The preferences for the younger generation are different from the older generations (Ataman, 2010). This will be a crucial aspect while designing the features of the new product.
Integrated Marketing Mix
Promotion
This is the first component of the marketing mix. In order to clarify to potential clients about the innovative product, it is vital to develop a comprehensive marketing plan. Without an effective promotional plan, the company would struggle to attain the various performance goals. Social media is the first component of the promotional strategy for the new product. Millions of people use the social networks like Twitter on a frequent basis (Engel, 2011).This is an excellent platform for promotion since the company can reach numerous clients. Advertising on social media is also relatively cheap in comparison with other platforms. Internet adverts on popular websites like Google and Yahoo will also come in handy for the new product. Through these websites, the company can take advantage of the extensive online traffic.
Pricing
This is another vital element of marketing mix. In order to attract new customers, it is crucial to devise an effective pricing strategy. The customer segmentation for this product will have massive implications on the pricing framework. For instance, the products for low income earners will be cheaper than the PDA devices for high income earners. This perspective is vital in enhancing affordability of the new product. Favorable prices for the new product will also enhance its competitiveness in the market. However, it is vital to establish a pricing mechanism that does not compromise the company’s capacity to make profits (Day, 2011).
Distribution and Location
The distribution mechanisms are also critical elements that influence the success of a new product. The new iPhone will incorporate a comprehensive supply chain system at both international and national levels. This approach will help in reaching all potential clients. Communication is another vital element of an effective supply chain system. Through effective communication platforms, it will be easier to avoid logistic breakdowns. Major cities in United States will serve as the main distribution points for the new product. This is because majority of the target audience lives in urban areas (Narayanan, 2009).
Product
This is the first step in the development of a marketing strategy. It encompasses an evaluation of the specific needs of customers. Such a perspective is vital since it helps in streamlining the quality of the new product. The design of the new iPhone encompasses slick features that conform to the users’ expectations. For instance, this phone is ultra-thin and it thus occupies minimal space. Another unique feature of the new iPhone is that it has different applications for entertainment. These features include music players, 3D games and video player among others. Additionally, users can stream and listen to videos over the internet. This feature is extremely unique in comparison to other iPhone models. It is thus an excellent innovation for all customers. The new product has an in-built GPS tracking device. The GPS tracker is vital in establishing the location of the device in case it is stolen.
Summary and Recommendations
The paper provides an assessment of a marketing plan for a new improved iPhone. The organization has a fantastic technical team. This team comprises of information technology professionals. Consequently, they are conversant with the current technological innovations in mobile communications. In previous years, this company has a history of unethical marketing tactics. This is a weakness with regard to the introduction of the new PDA devices in the market. This is because potential clients might be apprehensive about the new product.Through the new product, this organization will seize the opportunities in the emerging markets. Apart from the spending power, demographic characteristics will also form an essential aspect of segmentation. The preferences for the younger generation are different from the older generations. Social media is the first component of the promotional strategy for the new product. Millions of people use the social networks like Twitter on a frequent basis. This is an excellent platform for promotion since the company can reach numerous clients.
References
Ataman, M. B. & Mela, C. F. (2010). The Long-Term Effect of Marketing Strategy, Journal of Marketing Research: 47(5)
Day, G. S. (2011). Closing the Marketing Capabilities Gap, Journal of Marketing: 75(4) 183-195
Engel, C. J. &Martin, M. J. (2011). Young consumers in the new marketing ecosystem, Academy of Marketing Studies: 15(2)
Lamb, C. W. & Hair, J. F. (2008). Marketing, Mason, OH: South-Western
Mohr, J. J. & Slater, S. F. (2009). Marketing of high technology products andinnovations, Upper Saddle River, NJ: Pearson Education
Narayanan, S. (2009). Marketing communication for new products, Marketing Science: 28(3)
Pride, W. M. & Ferrell, O. C. (2011). Marketing principles, Mason, OH: Cengage Learning
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