marketing plan for new innovative product earring radio
Post on 18-Nov-2014
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DESCRIPTIONMarketing Plan for New Innovative Product Earring Radio
Marketing Management Project(Sony MobyX)
Submitted to: Miss Ayesha Khalid
Submitted By: Ayesha Karim Afifa Ali Anum Masood Ayesha Arif Butt Saira Bano Fatima Aziz Sanaa Usman
Section: D BBA III
AcknowledgementsWe would sincerely like to thank Miss Ayesha Khalid for being so cooperative and encouraging through out the semester, she has delivered the course very loyally and sincerely due to which we have a good understanding of our course, this project has given us a wider and informative prospect, it was really a reflective and a thought provoking project.Finally, we would like to thank our family and friends for supporting us during the research of this project and for contributing valuable inputs to the research work.
Table of Contents2|Page
The Product ( Good or service) and Business Idea
Forecast and Budget
Implementation and Control Plan
Mobility, latest trends and technologies are three most significant factors that customer seek today when they walk-in in an electronic items outlet. Years before the journey of technology started out from the calculator the most basic computer as we call it. Today that technology has emerged and the most latest is PDA (Personal Digital System). Full computer in a small device able to perform all of the tasks. New Nokia Mobile phone has all the features of a desktop computer, no need of a laptop. The phone is easy to carry, manages schedules, and can perform all the business related tasks. The size itself has become important apart from mobility. The concept that we are launching is of a radio which is latest in the sense that you can wear it as a fashion accessory. 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. 73% of college going women (18-25) years of age) surveyed tune into radio, although the channel loyalty is not there. The most frequent listening occurs after dinner time. This is different from male radio listeners as the FM channels are replacing cassettes as a music source while driving, other survey shows that one of the popular source of music are the FM stations, FM 89, 91 and 106.20 are extremely popular within the target market . The major target market for our product is the age between 15 and 26. According to the statistics, 25 million Pakistanis are aged between 15 and 24. Considered in the context of total population (approx. 150 million), 16% of Pakistanis are young. Statistics shows that 60% of population is under 25 that is 2/3rd and nearly 10 million are in the urban areas. GEN X and GEN Y is the most experienced and accessed generation in the human history. This generation is the technologically accessorized generation, with everything hanging from their clothes, from cell phones to CD players, and computers are a way of life. This is a branded generation, brand names, association with the great life and other symbols are important. The emerging concept of brand association amongst teens and adults, and awareness will make our product more appealing to the customers.
Marketing ResearchMethods of Data collection:Basically there are two methods of data collection: 1) Primary Data 2) Secondary Data4|Page
Primary Data Collection: Primary Data is that data which is collected specifically for the project at hand. The primary data for our report resulted from the questionnaires filled by girls and adult women belonging to a different age group and income level and some unstructured interviews were conducted. Secondary Data Collection: Secondary Data is that data, which has already been collected for some other purpose but can be used as reference material. The secondary data for our report came from the internet, and magazines.
THE PRODUCTIntroduction of product:Now days, mobility is becoming an important factor in electronic devices. The concept that we are launching is of an earring radio which is latest in the sense that you can wear it as a fashion accessory. We are launching it under the brand name SONY. 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.5|Page
Objectives and issues: Increase the profits by at least 10% in the first year of the launch. Issue: How to increase the awareness amongst customers about this product?
To create 10% market share for the product and to work to improve it further. Issue: What measure to take to identify the potential customers of the product in the market?
To identify 5 potential outlets where to place the product initially. Issue: How to identify the potential outlets?
Mission statement:We are the followers of the latest trend we strongly believe that fashion develops, we provide the best and quality is never compromised. Technological flexibility and innovation are the key factors that we emphasize on while shaping a solution for our customers.
Vision statement:Innovation Our product Oriented Definition: We manufacture earring radios
Our Market Oriented Definition: To the trendy and techy, MobyX is the radio that provides mobility and a perfect blend of fashion and technology that makes you feels different and latest than others.
Target MarketMoby X will form a major share of its market amongst those people who are attracted towards the product with exclusive appearance, unique functionality, style and design. We will market6|Page
our product through multiple segment strategy, as we are be targeting GEN X and GEN Y belonging to upper class and upper middle class of our society. Through multiple marketing MobyX 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 reliable and trusted technologies belonging to Sony which is using Japanese latest technology in it which would further strengthens the reputation it would acquire. Now days, there is a growing trend of adopting the inimitable style which people will definitely feel after purchasing the product. The mini chip radio in the earrings itself is fascinating and will communicate on its own towards the people who are engrossed through mini products.
Positioning Product Positioning:
Moby X would provide higher frequency range compared to other radios available in the market, will have a long lasting battery no recharging is required and the most important advantage that our product provides is the mix of fashion and technology that forms our distinctive attribute. Value Proposition: Moby X is a better quality product providing distinctive feature and being a leader makes it more special and different from other competing products. Sony using latest Japanese technologies is most reliable and durable. Market Positioning: Moby X has been positioned in the customers mind as a part of their lifestyle it impeccable suited their personality. It has positioned on the following grounds: Made for you exclusively Lifestyle and technology Earrings with variety of colors and design Fine-looking wrapping and easy to carry Statement: Enjoy with Style Characteristics affecting Adoption:
Relative Advantage: The first of its kind is being introduced in the market; the concept it self will attract the customer.7|Page
Compatibility: Moby X higher range of frequency will make it easier to add channel and thus more value to the product. Complexity: 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 rates can be offered Communicability: The experience that customers take with them will make its use and difference spread amongst customers.
Market AnalysisBasis of Segmentation Demographic segmentation: Demographics refer to the characteristics of population including such factors as size, distribution and growth, because people constitute market, demographics are of special interest to market executives. Age:8|Page
Our product caters to women ranging from age 15-26 yrs old. Moreover, through our advertisements we have portrayed an active woman who is working out or busy in kitchen chores. Occupation: MobyX targets women belonging to each and every type of occupation whether it is a house wife, student and working women. Income: Our product MobyX caters to upper class and upper middle class. Any one lying in the income bracket of Rs 50,000+ can afford this product. Psychographic Segmentation The psychographics of the MobyX can be analyzed by reviewing the advertisement. The lifestyle shown in Moby X advertisement portrays successful, sophisticated, professional womens who are active energetic and full of life. Behavioral Segmentation: Under this aspect Sony Company has based their segmentation on the basis of customer desired benefits. People would prefer buying our product because its the first ever product to be launched by Sony with radio facility which is easy to use, and more over its attractive mix of not only radio but also as an fashion accessory.