Marketing Plan For Launch The New Pen Drive
|✅ Paper Type: Free Essay||✅ Subject: Marketing|
|✅ Wordcount: 1563 words||✅ Published: 27th Apr 2017|
The following marketing plan forms the basis for the introduction of a range of innovative new products in the pen drive category. The analysis allows us to outline the best strategies to follow for the achievement of the company’s strategic goals. “Pen drive will be marketed as a unique functional pen drive. The Indian external data storage market is estimated at roughly Rs 900 crore, growing at over 20 per cent since 2007. The main principal objective is always to be a Customer driven company, we focus our objectives on providing the superior quality products that fits high – tech lifestyle. The project is on creating a marketing plan for pen drives which involves the creation of the brand and brand elements along with the suitable integrated marketing communication for the product. It also includes various studies like the market analysis, competition analysis and competition pricing to find out the feasibility of the product in the market. Then the entire segmentation, targeting and positioning for the product is designed with the complete product mix and product variants with their respective pricing and the logic behind the pricing. Next the marketing plan talks about the entire distribution channel that will be followed for an effective reach of the products to the end users through various channel partners.
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We offer a wide range of pen drives such as low end, popular and the luxury which caters to different segments of the target group. In Low end segment we offer USB flash drives/pen drives that are priced below Rs 300. It will be of low price with the basic features, medium size and easy to hold. In Popular segment we offer those pen drives which have some special features like Bluetooth and Expandable memory. In luxury segment we offer those pen drives which have some special features like LCD displays, MP3 player and Camera.
INTRODUCTION : As pen drives come under the consumer electronics industry, which is one of the largest segments in the electronics industry in India. With a market size of $4.7 billion in 2008 catering to a population of more than one billion people and significantly a low penetration of CE products. Competition which creates fire to success for every company, as it is FMCE (fast moving consumer electronic) product the scope for the growth rate is also good which creates to chance for international players like Smart Modular, A – Data, Ramaxel, and Apacer to enter and expand their business in this competitive market. But since it would carry the competitive advantage of the first company to introduce the expandable USB flash drive and Bluetooth USB flash drive to the Indian market with various product mix combinations Best Quality Control,
INDUSTRY ANALYSIS: One industry that defied the slowdown and went on to grow at a pace of over 50%is the ever burgeoning market of storage peripherals. It includes devices such as flash/pen drives, flash memory cards and sticks, external hard disks, MP3/MP4 players, and digital cameras. Important changeover that took place with the introduction of duty structure is the gradual decline of gray market that until previous fiscal, formed a large chunk of the market.
MACRO ENVIRONMENT: As pen drives come under the consumer electronics industry, which is one of the largest segments in the electronics industry in India. With a market size of $4.7 billion in 2008 catering to a population of more than one billion people and significantly a low penetration of CE products. The consumer electronics industry in India promises huge potential in the years to come. The double digit compound annual growth over the next five years will be aided by various factors such as growing household incomes, local manufacturing and expanding distribution networks.
The main competitors are Transcend, SanDisk, Kingston and I Ball are the major players who have occupied the Indian market with their offerings, but since we found out that Kingston and Transcend are occupying the strong positions in the market perception level about product, price and quality, and offerings, the major successful factor which driven them to this level is creation of demand for the product. Kingston and Transcend carries the advantage of product innovations in the Flash Drive market, by launching innovative and stylish product ranges, attractive channel and end user schemes, and marketing activities as well as defining new market segments, which lead them to success in the Indian competitive market.
COMPARISON OF Transcend v/s Kingston
1 G B – 6 4 G B
1 G B – 1 6 G B
2 Y ears
5 Y ears
Mostly P referable B
Certification To Co.
ISO 9001 ISO 14001: 2004
In S elected S hops
1. Competitors market
2. Advancing technology
3. Market expansion
2. New players
OBJECTIVE: objectives set out what we are trying to achieve, and our marketing objectives can be defined at two different levels:
âž¢ Corporate Level
Commitment to dealers, retailers, and employees
âž¢ Functional level
Stable, Growing Market
Financial Objectives that helps the company to make its products set even more technological advanced at all market places, for organization the ultimate goal of the marketing plan is the effect it will have on the bottom lin. Measures reflect income statement items and common ratios.
Tactical Action Plan
When it comes to customers we keep in mind the importance of target marketing. The reason this is important is that only a proportion of the population is likely to purchase any products or service. By taking time company have to pitch the sales and marketing efforts to the correct market so that it will be more productive and not waste of efforts or time.
1) Product / Service Benefits: Product Management communicates the market opportunity to the executive team with business rationale for pursuing the opportunity including financial forecasts and risk assessment.
Product width: We offer 3 categories of our product i.e. luxury, popular and low end to the consumers.
A) Low end : Low end segment of USB flash drives/pen drives refers to those pen drives which are priced below Rs 300. It will be of low price and basic features, medium size, easy to hold.
B)Popular : Populer segment of pen drives refers to those pen drives which has some special features like Bluetooth and Expandable memory.
C) Luxury: Luxury segment refers to those pen drives which has some special features
like LCD displays, MP3 player and Camera.
Product differentiation : As our peer competitors are providing just simple products from the range of 2 GB to 64GB, we would carry the competitive advantage of introducing Pen Drives with
features like MP3 player, expandable memory, camera, LCD display and simple.
2)Price: When marketers talk about what they do as part of their responsibilities for marketing products, the tasks associated with setting price are often not at the top of the list.
3)Distribution : To reach end users, businesses need a well knitted network. The network includes Manufacturers, Dealers, Distributors and Retailers that are in business lingo named as “Channel Partners.”
4)PROMOTIONAL : Promotional methods it is about stimulating customers to buy a product. It is not designed to be informative – a role which advertising is much better suited to.
Price Promotions :Price promotions are also commonly known as” price discounting” These offer either (1) a discount to the normal selling price of a product, or (2) more of the product at the normal price. We would bring “Introductory Offer” which a consumer get pen drive at affordable price and quality than its competitors, and other price promotion method we adopt, having tie ups with Consumers electronic manufacturers such as Videocon, Onida, Computer and Laptop manufacturers too, where consumers would get special discounts when purchasing our products along with any of these manufacturers products.
ADVERTISING: The consumer market has become highly competitive with a new brand being born almost every day.
1) Print Advertising – Newspapers, Magazines, Brochures
2) Outdoor Advertising – Billboards, Kiosks, Tradeshows and Events
EVALUATION AND CONTROL
The activities of the marketing and sales team will be reviewed at the end of each month on terms of targets reached and what is proposed plan for the next month, if they want any changes in the existing system, problems faced by them etc.
1) Periodic Review
2) Revenue Assessment
3) Reviewing the Supply-chain and Dealer meet
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