Creating Oriented Executable Market Plan †Myassignmenthelp.Com

Question: Discuss About The Creating Oriented Executable Market Plan? Answer: Introducation Samsung is known as the worlds largest manufacturer of smartphones and other electronic devises. It is also a leading manufacturer of LCD panels and televisions. Samsung has impressive design capabilities; it was able to develop and roll out Samsung Pay in less than a year. The company has long-standing relationships with distributors and retailers all over the world. Samsung Leader 8 is a spectacular modern smartphone marketinghouses a super fast Qualcomm Snapdragon 821 processor, 4GB of RAM and 64GB internal storage plus micro SD expansion. The phone has a classy look due to the golden highlights, gold knobs in an "old school' keyboard and great forte aluminum construction. Leader 8 is run by a 2300 mAh battery that supports wireless charging. The handset has a 12 MP rear camera and a 5 MP front camera. It measures 130.2 62.2 15.9mm and weighs 235g. This beast has Android Nougat software and packs S voice, Samsung Pay and a multi-functional configurable hotkey. Improve product awareness by invigorating interest in the product. Samsungs vision is to inspire the world, create a new future Samsung commits to communities by leveraging its three key strengths, creative solutions, innovative commodities and new technology. Samsung hopes to a richer experience and better world through these efforts. Marketing objectives Build and raise awareness Intensify market and customer knowledge Increase the number of followers on social media Financial goals Generate revenue from the product through various sales methods and advertising Successfully penetrate the local market Track the operational and manufacturing and lower them so formulate a competitive price Situation analysis There are overwhelming opportunities for Samsung in the marketing environment. There are also challenges that the company believes it can meet successfully. A SWOT analysis highlights the strengths, opportunities, weaknesses, and threats of Samsung Leader 8. The SWOT analysis provides a sketch of the products position in the market. Samsung Leader 6 has some impressive strength and looks forward to the various opportunities. Solid financial management, the growing number of brand-loyal consumers and dedicated executives will propel the success of Leader 8 as a new product in the market(Hollensen, 2015). As the company expands internet sales and implements the marketing plan of the new commodity, it will also have to take key measures to safeguard duplication of the product. However, a key strategy of thwarting operations is building strong relationships with suppliers, retailers, and consumers(Pride, 2008). Samsung Leader 8 SWOT analysis Strengths Two 4.2 inches Full HD AMOLED screen on the flip top. One screen is on the front and the other on the inner side of the device. Better camera, 12 MP rear facing c camera and 5MP front facing camera Improved body style, it is built with aviation-grade aluminum Qualcomm Snapdragon high-speed processor Supports wireless charging and has fast charging capability Fingerprint sensor Weaknesses It does not have a waterproof feature Availability is currently limited to China Opportunities Improve on the brand with regular updates Better processors available on other Samsung phones Samsung can export the product to other countries thus expanding its turnover and edges exponentially. Enormous total market potential Increasingly growing online market Samsungs loyal customers are likely to buy the new product Threats The major threat for Samsung Leader 8 is the competition especially from other companies planning to launch flip phones. The mobile phones market has intense price competition Internal competition regarding internet sales may lead to the deterioration of the enterprise's relationship with retailers Competitive analysis of Leader 8 The competitive scenario regarding the IT and technology industry is significant as each IT and technology operator is competing against each other with a view of acquiring market shares of the others. An analysis of the of the industry especially concerning flip phones indicates that the most significant competitor is LG. These two IT and technology companies are competing against each other and the competition is evident mainly in both companies planning to launch flip phones this year. The competitive scenario has been awful, and this has caused a significant drop in the number of shipments. The industry competition is not good, as most Western consumers do not prefer flip phones and at the same time, the highly competitive market environment is highly affecting the IT and technology industry significantly. Marketing strategy Samsung Leader 8 is a high-end smartphone sold, manufactured and designed by Samsung Company. To compete effectively in the market, a marketing strategy for Samsung Leader 8 is necessary. Leader 8 will apply a marketing mix strategy which will put into consideration the 4ps, product, place, price, and promotion. Product strategy Samsung invests a lot in research to develop quality products to its customers. Samsung Leader 8 has features that will make it emerge as the winner in the highly competitive market environment(Luan Sudhir, 2010). Leader 8 exhibits security and helps to optimize work ensuring business continuity. It has a professional style and provides the capability one needs in carrying out business tasks. The phone appeals to the nostalgic trend by the fact that it is a flip phone fitted with a T9 keyboard. Another feature that enables Leader 8 to differentiate itself from an incredibly competitive market is the having two Full HD Super AMOLED screens Place strategy Place strategy refers to the entire management system that ensures that products are distributed to areas where consumers can access them. Samsung works with the concept of channel marketing with segmentsmodern retail and distributors, sales and service dealers(Constantinides, 2006). Samsung Leader 8 will be sold through chains of retailer shops with the aim of concentrating on the demand and expanding in-store share. Sales and service dealers will be involved in corporate sales, and they can also exhibit Leader 8 in their exclusive showrooms. The phone will be distributed using the unique distribution scheme of a single distributor. The distributor will further cater to all retailers in the area(Armstrong Kotler, 2005). Price strategy The pricing scheme of Leader 8 will depend on the demand curve and competition in the market. Samsung will adopt a pricing system that is directly proportional to the demand curve and one that beats the competition in the market. Samsung may either take a skimming price policy or a competitive pricing strategy. The brand may adopt a skimming price strategy to get a high value for the product before competition sets in the market(Cravens Piercy, 2006). Once the commodity is old or any competitor launches a similar product, Samsung will drop the price of Leader 8. Samsung may adopt a competitive pricing technique for Leader 8 to top prevent flanking attacks from its competitors and defend its position in the market. Promotion strategy The promotion strategies for Samsung Leader 8 will involve providing awareness and campaigns. The awareness phase will include providing consumers with information regarding the exceptional features. Schemes will be updated in the media to inform the customers about Leader 8 and its goals. Putting out the new release, public relations and writing articles for trade publication are some of the activities that will be included in the promotional schemes(Frank-Martin Peattie, 2009). Posters, placards, and hoarding will be put up in the main cities. Celebrities will be made its brand ambassadors to improve the global appeal of the product. Samsung will also take advantage of the high number of followers of celebrities to popularize the product. Samsung depends on personal contact with retailers and distributors to launch the product in the market. This connection will help demonstrate Samsung Leader 8 unique qualities, convey the products message and enhance relationships. Samsung representatives will visit shops to offer training on the features of the new product. To meet greater demand as distribution expands, Samsung will employ more sales staff in stores that have high traffic of customers (Peter Donnelly, 2011). Action programs for achieving the marketing and financial objectives Marketing Objectives Action plan Build and increase product awareness Manage mass email communication using free or inexpensive online software Provide existing and potential consumers and stakeholders with information about the product through regular branded newsletters(Davids Newcomb, 2006) Increase market and customer knowledge Conduct regular market survey research with customers regarding product, promotion, service, etc.(Walker, Mullins, Boyd, Larreche, 2005) Collect information from social media platforms Gather data from stockies Escalate social media following Gain social media followers by running promotions Regularly update information about the product and offers(Cohen Haley, 2009) Increase the reach of selected content by embracing paid advertisements on social media Financial objective Action plan Create revenue from the commodity through various sales methods and advertising. Advertise on a range of media including search engines advertising, newsletters, and radio to ensure maximum reach(Mintz Currim, 2013). Conduct marketing campaigns Regularly alter and change prices at target markets to obtain the projected profits Become a market leader within the local market Increase market penetration by offering promotional pricing based on research Conduct advertising and market campaigns to promote awareness of the product Intensify advertising by targeting national media and publications Make the product more price competitive by tracking the projected costs and lowering them Track the manufacturing and distributing costs Offer the best price possible the enables the company to attain the expected profits Reduce advertising costs by using inexpensive or free media platforms Implementation and control of the marketing plan Implementation of the strategic objectives will involve preparing a comprehensive list of activities to be performed, the resources needed and the people who will be responsible for the various functions. In the implementation phase, marketing managers must ensure efficient use of funds, marketing and human resources(Wood, 2011). The Samsung Leader 8 will apply a control strategy that includes monitoring vital thrusts and recognizing milestones for critical tasks and afterward observing setbacks and issues. Monitoring key projects will involve authorizing implementation control focused on examining critical pushes. Milestone reviews will concentrate on a full-scale reassessment of the technique applied and if it is fit to proceed or reevaluate the plan(Jain Haley, 2009). Implementation controls help to maximize the return of the marketing plan(Larreche, 2005). Understanding the controls in the technique utilized helps develop useful performance indicators. Customer feedback, target market sales, and budgeting are some of the indicators that will be used to evaluate the performance of Leader 8. One the control that will be used for Leader 8 is monitoring customer feedback through surveys and polls. One way of conducting the surveys will be hosting online polls on the internet that ask specific questions about the product. The surveys may also be done through individual interviews in person or via phone or with marketing groups. Surveys will determine the revenue generated, and units sold this and at the point of sale with the help of retail partners. Conclusion To achieve its set goals successfully, Samsung needs to evaluate each of its marketing strategies carefully throughout the set period adjusting where necessary. A SWOT analysis of the product shows that Samsung can expand Leader 8 market to other countries. Leader 8 is a unique design, and thus there is limited competition from the same line manufacturer. The handset is new, and so it does lack awareness, creating an image of the commodity in the consumers mindis a necessary (Plan, 2006). It was taken into account that Samsung has not yet announced the price of Leader 8 and therefore it is recommended that the company should use a pricing strategy that will enable it to make the most profit while creating a positive brand image. A marketing plan is essential an essential aid and tool for managing and making well-grounded decisions. References Armstrong, G., Kotler, P. ( 2005). Marketing: an introduction. Prentice Hall. Cohen, W. A., Haley, G. T. ( 2009). Marketing planning and strategy. Cincinnati South-Western Publishing Company. Constantinides, E. ( 2006). The marketing mix revisited: towards the 21st century marketing. Journal of marketing management, 22(3-4), 407-438. Cravens, D. W., Piercy, N. ( 2006). Strategic marketing (Vol. 7). New York: McGraw-Hill. Davids, M., Newcomb, K. ( 2006). Planning for Marketing Success: Turning the Wheel by Creating a Task-Oriented, Executable Marketing Plan. Frank-Martin, B., Peattie, K. J. (2009). 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