The Various Aspects of Marketing Management

Introduction This paper aims at shedding light on the various aspects of marketing management by focusing on the development and marketing of a new product. It will begin by describing the newly developed product. The product in this case is a new model of a personal digital assistant (PDA).Advertising We will write a custom essay sample on The Various Aspects of Marketing Management specifically for you for only $16.05 $11/page Learn More The new product will then be evaluated in terms of its ability to compete effectively with other PDA models so that the expected sales revenue can be realized. The paper will end by explaining the marketing plan that will be used to launch and market the product in the targeted markets. The Product The new personal digital assistant model will be referred to as the marble 100 PDA. It is an improvement on the current PDA models. This means that the product will have more features and superior capabilities in order to me et the specific needs of the customers. Thus its outstanding capabilities will be used to differentiate it from its competitors. The products overall goal is to give its users more value for their money by offering additional features at low prices. The marble 100 PDA is a handheld multimedia gadget that is Wi-Fi enabled. It uses the Linux operating system. The Linux operating system has been chosen due to the fact that it is less vulnerable to security risks. Thus the users will be able to avoid losing their data due to attacks by viruses and hackers. It will have a standard storage capacity of 20 gigabytes. This will enable it to store more information than the current models. Besides, its memory can be supplement by external storage devices such as flash disks. The standard features of the product include a touch screen that will be used for data entry. It has a web browser that will enable the users to connect to the internet. It is also equipped with an event organizer, calcula tor and an address book that can store up to 1000 contacts. The additional features that differentiate the marble 100 model from other PDAs include the following. First, it has the fastest processor with a speed of 2.1 GHZ. This enables it to handle more applications such as digital music and video playback. Second, the high speed also facilitates dual-mode telecommunication and TV program storage. Third, the marble 100 is equipped with an advanced word processor, FM radio and GPRS capabilities. Finally, it is compatible with several peripheral devices and software. The functions of the device include the following. First, it can be used to record and transfer information. Second, it can be used to access or update medical records. Third, the device enables the users to interact with others through the social media. Finally, the device can be used for entertainment and navigation purposes.Advertising Looking for essay on business economics? Let's see if we can help you! Get yo ur first paper with 15% OFF Learn More Due to its capabilities, the device can be used by professionals such as physicians to manage their records and schedules. It can also be used by students to access and share information. The entrepreneurs will also find it useful in organizing their work, communicating with clients or partners and accessing information. Evaluation Customer’s Need Technological advancement in the information and communication industry has led to the development of various communication and data storage devices. For example, cell phones have been developed to facilitate wireless communication. Digital music players such as iPods have also been introduced to enable their users to entertain themselves on the go. The need to access and share information as well as organizing tasks led to the introduction of laptop computers. Since each of these devices performs a specific task, an individual is compelled to curry several devices at the same time in order to perform all tasks. This has been very difficult due to two reasons which are as follows. First, it is expensive to buy and operate several gadgets that perform only one or two functions. Second, it is cumbersome to curry several devices at the same time due to the weight involved and lack of enough space. Consequently, consumers in the industry prefer to own a single device that can meet all their communication and entrainment needs. The marble 100 seeks to fulfill this need by giving the users the opportunity to perform all their communication tasks such as calling, accessing the internet and sharing information. Besides, it gives the users a wide range of entailment options. Due to the high costs of purchasing the other PDA models, many potential users have not been able to acquire them. Thus the marble 100 is lowly priced in order to make it affordable in the mainstream market. Differentiation and Market Appeal The marble 100 PDA is superior to the existing models due to the fact that it has the fastest processor. This makes it more efficient and effective to use. Unlike the current models, the marble 100 has additional features such as a word processor and compatibility with a variety of software and peripheral devices. Consequently, it is likely to compete effectively with the other models in the market. Competition The PDA market is currently characterized by intense competition. Even though this is a threat to growth, it indicates that there is a demand for PDA products. In order to overcome the competition, the new model has been equipped with additional features. Besides, its recommended retail price of $ 250 per unit is the lowest in the market. This will make it more attractive to the customers.Advertising We will write a custom essay sample on The Various Aspects of Marketing Management specifically for you for only $16.05 $11/page Learn More Growth Possibilities The PDA market is likely to grow rapidly in the future due to the following reasons. First, the on-going research and development in the industry will lead to advancement in technology. Consequently, it will be possible to produce high quality PDAs at low costs in order to encourage purchases through low prices. Second, the modern economy requires effective and convenient communication devices. This will lead to a rise in the demand for marble 100 PDAs in future as the economy becomes more complex. How: Marketing Plan Marketing Objectives The main objective in the first year is to create a market for the product. Consequently, the product is expected to achieve a market share of 4 percent in the US market. This will be achieved by selling at least 250,000 units of the product at a wholesale price of $ 200. Thus the projected sales revenue in the first year is $ 50 million. In the second year, the main objective will be to break-even after selling at least 300,000 units of the product. Segmentation and Niche The marble 100 PDA is associated with the mainstream niche since it targets a large demographic audience. The primary consumer target includes the middle income earners and the upper incomer earners. This segment consists of professionals who require a single gadget to help them organize their schedules and to interact with others. The secondary consumer target includes students in various learning institutions who need multi-media devices for communication and entertainment purposes. This segment consists of persons in the age bracket of between 15 to 30 years. The primary business target includes medium sized and large sized organizations that intend to promote efficient communication and sharing of information among their employees. The organizations in this segment have an annual sales volume of at least $20 million and over 50 workers. The secondary business target includes small sized organizations and physicians who need to access medical information or records frequently. Positioning The positio ning strategy is based on product differentiation. Thus the marble 100 will be positioned as the best model with the highest level of versatility, added value and convenience. This makes it a suitable model for both office and personal use. The other features of the product that will be emphasized include multiple communication and entertainment capabilities. These features will be used to differentiate the product from its competitors in the market. Marketing Mix Product The product to be marketed is the marble 100 which is a new PDA model. The features of the product as discussed above will be used to differentiate it in the market. Each unit of the marble 100 will be entitled to a warranty that will last for one year. Besides, the customers will be entitled to free repairs and technical advice for six months.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Pricing The pricing strategy will focus on positioning the product as the cheapest in the market in order to facilitate market penetration. This is based on the fact that the main marketing objective is to achieve a market share of 4 percent in the first year. Consequently, the recommended retail price will be $ 250 while the wholesale price will be $ 250. These prices are the lowest in the industry at the moment and will encourage potential clients to purchase the marble 100 PDA. Where: Distribution Since the marble 100 PDA is a new product, selective distribution will be used to reach the customers. This means that the product will be distributed through distributors or retailers who are well established. As the product gains popularity in the market, new distribution channels will be added especially in the first year. The implementation of this strategy will continue until all the targeted markets are covered. The possibility of distributing the product through mobile phone outl ets will also be explored. The decision to use mobile phone outlets is based on the fact that PDAs are related to cell-phones thus the cell-phone customers are likely to buy the marble 100 PDA. Demonstration products and brochures will be given to the distributors to support their marketing activities in regard to the marble 100 PDA. Promotion Research will be done on the effectiveness of various types of media in reaching the customers. This will help in choosing the most appropriate media and time to reach the potential customers through adverts. The chosen media will then be used to popularize the brand through messages that highlight the features that differentiate it in the market. Public relation activities will also be used to promote the brand. This will involve creating brand awareness through press releases and articles about the product. Video contests among customers will also be organized in order to attract clients. Trade sales promotions will be used to motivate the d istributors or retailers. When: Product Launch The product will be launched on 3rd of May 2011. The following activities will take place in preparation for the product launch. First, industry shows and education programs will be used to educate the distributors on the features and advantages of the product. Second, samples of the product will be reviewed by celebrities, opinion leaders and selected consumers. Their feedback will be used to modify the product if necessary. Marketing Evaluation Research will be done on the performance of the product in the market. This will be done on the sixth month after launching the product. The research findings will help in understanding the product’s features that are highly valued by the customers. It will also help in assessing the effectiveness of the advertising and sales campaign activities. The degree to which the customers are satisfied with the product will help in assessing the markets’ response. Conclusion The marble 100 PDA model aims at giving customers more value for their money through additional features and low prices. The success of the product in the market is based on the fact that the demand for a single device with multiple communication and entertainment capabilities is on the rise. Besides, the product’s superior quality differentiates it from its competitors and positions it as the best. By focusing on market penetration through low prices, the product is expected to achieve a market share of at least 4% in the first year and break-even in the second year. Promotional activities such as advertising and contests will be used to create brand awareness. This essay on The Various Aspects of Marketing Management was written and submitted by user Rosa Barrera to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.