The latest technical devices have gained tremendous popularity in the last couple of years and the clients are eager to try out services and services. Considering the increasing demand of touchscreen alarm clock as recognized by Brandon (2010), our company will be presenting this product on the market and will ensure it successfully meets certain requirements of each customer by charging realistic price for the product range.
Market Research findings
Since the business environment is becoming fierce and competitive, it is becoming vital for the companies to handle a market research before starting the product in the market (Ranjhita, 2011). With the help of the study, it was discovered that touch screen alarm clock has huge potential for the new entrants and accessibility barriers are relatively low (Cako, 2005). In US, every top ranked brand offers its products but there are a few areas where folks have limited usage of these clocks.
The three areas discovered by our company are Ohio, Florida and California; the geographic segmentation has been done to obtain a clear picture of the sort of customers that the business will be focusing on. From the research of the research findings, it is set 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 intensely high technical features. The other aspects of the marketing plan are discussed below in detail.
In order to attain the right market, it is important that the prospective market is set beforehand that will ensure that you will see certain volume of consumers who would be happy to choose the product (Flink, 2011). The mark market of the new touchscreen Alarm Clock is as follows:
Gender: Guy and Female
Age: 8 years and above
Income: $30, 000 and above
Lifestyle: Depending on the life cycle level; young children and men and women are fun-loving, ambitious and technologically savvy. Older people i. e. 40 years and above prefer to have simple specialized gizmos with easy to comprehend features.
Occupation: Depends upon the life cycle level but would mainly comprise of students, part-time or full-time hired people, specialists and housewives
Since every brand is developed with the purpose of creating distinctive image in the market, its positioning needs to be effectively done so that the customers are communicated the message properly (Ferrell & Heartline, 2008). The positioning assertion of Express NOISY ALARMS 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 all over easily and with extreme ease. "
Initially, you will see two models launched in the market to meet up with the demands of the touch screen noisy alarms market. Every customer wants affordable touchscreen alarm clocks, so the company will expose two models; one will cost for inexpensive customers and other will cost for brand conscious and high quality product customers. Both types of product offerings with the descriptions are given below:
Simple Express Alarm Clock - The product will be used simply for alarm environment purposes. It will be undertaking only this function and maximum five alarms can be easily occur this clock. The main target because of this clock is the elderly who are looking for touch screen security alarm clocks with easy to use features so that they can use the device quite easily.
LED Express Alarm Clock - This model will have all the features that the clients want for in such security alarm clocks. The design of the model has been done with perfection so that the customers love its design and style and get drawn to the product at once. The amazing top features of the clock are Music player, Built-in FM radio and Wi-Fi along with alarm clock setting.
As there are so many rivals in the touch screen alarm clock industry such as Sony, Apple, Clear, Timex, Android, Westclox and so many more, it's important that the costs strategy is picked in accordance with the challengers. As the company is new in the market, it should either follow competitive costs or cost plus rates (Ernst, Hoyer& Rbsaamen, 2010).
Both of the models will observe competitive pricing so the customers can certainly compare the merchandise features and all the aspects and ensure that they make adequate purchasing decision. The price tag on Simple Express Alarm Clock will be $10 and LED Express Alarm Clock will be $25. Simple Express NOISY ALARMS will be accessible in Dark, Blue and Green colors and LED Exhibit Alarm Clock will be accessible in Blue, Red and Dark colors.
The syndication strategy is one of the main element components of the entire marketing plan as the only path to reach the prospective market is to choose appropriate distribution locations (Sikdar & VEL, 2010). The products of the company will be available in two places to ensure that each customer has easy access to them. First of all, the merchandise will be available at the consumer shopping centers and shops such as Wal-Mart, Aim for, Costco and many more.
The other syndication network that will be used is the business's website. Any customer who is looking for the touch screen noisy alarms online will have to just visit our site, review various possibilities for the kids and make ultimate decision after carefully analyzing all options offered by the business. However, the syndication will be done only in Ohio, Florida and California. After success of the products, the company might broaden into other areas after carefully surveying the market segments.
The promotional strategy will ensure that the desired subject matter is communicated to the prospective audience with exactness so the sales level can be effectively achieved (Flink, 2011). The foremost goal of the campaign strategy is to generate awareness about the company's presence on the market and it'll use complementary mediums so the customers can form a link with the brand.
Initially, the advertising mediums that will be used are Tv Commercials, advertising in papers and billboards along with flyers, posters and adverts in the leading magazines. Similarly, a trade show will be planned on the commercial road so that it can create consciousness about its existence in the market. In order to be present on Internet, the store's website will be developed and all information about the business will be provided on the website.
As the latest pattern on the market is of social media, our company will develop a website on communal 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 many discussion message boards as well where people accumulate and discuss about the products and services of different companies and give their viewpoints about them as well. The cultural multimedia will be good for our company as it'll enhance our online existence and boost the sales amount at an accelerating rate (Weber, 2007).
In order to get our customers, we will offer you various attractive packages such as discount packages, gift ideas for purchasing products of more than $100, arrange contests to disperse various awards to the clients and give special offers to the dedicated customers. We will expose loyalty cards for our customers who'll keep on purchasing new products that are launched by our company on constant basis.
The marketing attempts of the company will be evaluated once a month as the scientific advancements take place on an ongoing basis and services are created quickly as well. The initial source of evaluation for the company will be the difference in the approximated and real sales of the product (Ferrell & Heartline, 2008). On the site, the customers will be allowed to give their responses about the merchandise features and the prevailing customers will be asked to take part in the survey of the touchscreen alarm clocks.
Sales and Service Strategy
As the touchscreen security alarm clocks will be developed with most advanced technology and can have new and unique features, it is vital for our company to own an efficient after sales and customer support strategy. By using this plan, we will have a well-trained and skilled sales force who'll ensure that each customer's complaints are properly handled and they are provided instant answers to their problems.
After selling the products to our customers, our sales staff will call them after one month of purchasing to get their opinions about the merchandise. With the help of this survey, we are able to monitor the performance of our products and it'll ensure that people take appropriate step in circumstance of any problems so the customers are relieved of their worries. In order to make certain that each of your customers is content with his/her purchasing decision, we will offer you one year warranty card and will amuse our customers aptly so that they become our dedicated customers.
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