Components of a Marketing Plan Part 2: Price, Promotion, Environment, and the Concept to Commercialization Process

Description


purpose of Assignment


The purpose of this assignment is to continue to have students place themselves in the role of a marketing research and planning team leader while completing the last half of the team’s project that was started in Week 3. Students will be researching and making decisions on price setting, promotion strategies, environmental forces/scanning, and steps to bringing their company’s product from concept to commercialization.


Assignment Steps



Resources:


Marketing:

Ch. 1: pg. 4-10; Ch. 3: pg. 72-92; Ch. 8: pg. 210-223; Ch. 10: pg. 274-281; Ch. 13: pg. 350-352; Chapter 17: pg. 472-475; Ch. 18: pg. 519-526; Ch. 19: pg. 556-558


Scenario:

Using the same organization and product/service you used in the Week 3 learning team assignment and the same scenario, you will be presenting the following analyses to the board of directors and stakeholders. They will be using these analyses to make their final decision on how, and if, to launch your company’s new and unique product/service.


Develop

a minimum 175-word analysis addressing the following:

  • Select and describe the price strategy your company will use to launch its product/service. Why is that strategy the best choice and will it need to be adjusted over the duration of the Product Life Cycle (PLC)? Why or why not?


Cite

a minimum of three peer-reviewed sources.At least one source should be from the course materials and at least one source from the University Library.


Format

your paper consistent with APA guidelines.


here is a little info from the first part:

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Eccentric Tech’s Marketing Plan for Pantech
Cherish Owens-Taylor, Jihan Richardson, Sharon Gabriel, Makenzie Fontenot, George Obwaka,
Sovutha Ung, Samantha Evanson
MKT/421
March 11, 2018
Michael Stutler
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Eccentric Tech’s Marketing Plan for Pantech
Have you ever been afraid, felt the uneasiness of fear, thought your heart was beating out
of your chest? These are what we feel as humans, when we are in a dark corridor alone, in a busy
mall and we have lost our child, or you see someone coming toward you on an empty street.
Many of us have found ourselves or others we love in these situations. We are always looking for
any machine, gadget, or utensil to help keep us safe. One example of this, is the invention of the
pull lever that is now used for trunks to help people who are locked in accidentally, or on
purpose, get out. There are also many inventions that can help with the safety of our property
like our car and home alarms. Today you will be introduced to an invention that can help keep
everyone safe. This invention will help protect children and adults. Our company, Eccentric
Tech, is a new start-up company that has a new product that will be so discreet that no one will
expect or realize its protection. The new “Pantech”, will keep you fashionable and safe. Pantech
is a panic/tracker button that can be implanted into a piece of jewelry or attached to your
clothing. It can be used to help parents keep track of their children in a busy mall, and help men
and women feel safer when alone.
Our Company: Eccentric Tech
Eccentric Tech is a security/technology startup company and we have had an outstanding
experience in the security tech industry thus far. Our first product to hit the market is Pantech,
which is a security device equipped with a loud alarm, video camera, and GPS which will be
activated as soon as the button is pressed.
Industry of Operation
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With the growing need for security monitoring at home, job places and all economic
sectors, the security/technology industry has grown. The products in this industry include video
surveillance, alarms, and access control. Small companies and startups face massive competition
from well-established companies who can supply the market at comparatively low prices. As a
result, Eccentric Tech has established a niche that has not been over-exploited to try and mark
out its business territory in the security/technology industry.
Our Mission and Values
Our technology will provide security video surveillance for clients using the panic button. As
a result, removing worries to clients for both domestic and business purpose. Eccentric Tech was
founded on the following values:
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Commitment to innovation
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Dependability of our security solutions
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Reliability to our clients
•
Loyalty and service for privacy protection
Marketing and Branding Strategy
Many people are inclined to buy products that they believe will satisfy their needs and
wants. Keeping in mind the company target audience for the Pantech device will be parents,
caregivers, and young adults. The market strategy will be to have a strong campaign to bring
awareness to the new and unique product to the public through effective marketing campaign
including branding, labeling, and packaging.
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The company decided to go with the name Pantech because it makes the device stand as
an innovative piece of security used to create an image and position the product in the mind of
the consumer’s mind. The company ensures that the brand product is registered as a trademark as
well as prioritizing the Pantech branding and positioning of the device in a way it stimulates the
minds of the consumer when they see an advertisement associated with the product to remember
it. The focus of the branding would include the company’s campaign slogan “Working with you
to keep your children safe.” According to (Davis 2010. Pg.7) “slogans developed and marketed
correctly, provide a sufficient means of making the product being marketed more memorable.”
On the other hand, the packaging design for Pantech will include the brand name
prominently displayed on the product that is different in shape and look compared to those of the
competitor’s products to avoid any lawsuits. Also, the packaging of Pantech ensures that the
product is protected from damage and tampering during shipment and that the labeling is within
the laws, displaying the required government warnings and any critical labeling required
information.
Eccentric Tech’s Target Market
Our product will be purchased by the individual consumer or parent that wants to prevent
child abductions, kidnapping, or potential rape. No matter the income level or geographic
location of our children’s parents, they could all benefit from our device. As price of living
continues to rise, we see more parents going into the workforce full time while leaving their
children to be watched by others. We will target parents that are interested in security and home
safety equipment since these are similar fields our product falls into.
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Radio ads could be effective in the morning commute when driving into work or
dropping the kids off at daycare. Product placement within toy stores and Best Buy will attract
parents who might not know a device exist. Setting up test booths at kid’s events can showcase
the features when a child gets too far away from their parent and make a quick sell with on-site
set up. Utilizing all the capabilities will be a catalyst of word of mouth between other parents that
tell their PTA groups and other friends. The best recommendation always comes from someone
you are acquainted with and want our product to have the same effect.
With the panic button feature, this device easily becomes a product men and women can
use to feel safe as well. Traveling alone for women seems to a growing fear for most, targeting
single females in magazine ads, Facebook, and shopping centers would make the most sense.
Targeting travelers after they have purchased a flight with an email discount to purchase could
be an easy campaign as well.
SWOTT of Eccentric Technology
Strengths
One of the major strengths of the security-equipped organization like Eccentric Tech is
that it is a growing business model in today’s era where the need for security has increased for
the buildings, critical infrastructure and personal requirements. This is important especially after
the wars and terrorist activities that have gained momentum in the recent times. People are
searching for more security options that operate in real time, and this is going to be a major
strength for the Pantech technology that will help the company to capture the market in less time.
There are many government and non-government organizations that are willing to opt for the
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security measures to avoid unforeseen circumstances and take security measures beforehand. The
security companies like Eccentric Tech stand a strong chance because there are many start-up
organizations in the security businesses that are willing to cater to small-medium sized
organizations. This would help them with instant access to the private security button options
that are placed at various points in the company for easy access.
Another strength of the security organization like Pantech is that they can directly access
the target market, for example, the areas where the crime rate is very high. This would help in
gaining the market share and penetrate into the market at the right time. There are big
organizations and small-medium businesses that would utilize their services and give them good
business. Apart from these, there are higher risk individuals like politicians, celebrities,
bureaucrats and lawyers who would use the button in this case.
Weaknesses
One of the major weaknesses of the organization is that since it is a start-up business,
they will have limited financial resources and the potential strength to gain the market share as
compared to the competitors. This can become difficult to handle at times because gaining the
trust of the clients and penetrating into the market for more businesses is a difficult task for the
new start-up businesses as compared to the already established ones.
Opportunities
Since the target market and areas are still flourishing, many business opportunities exist
for the company. They can hire the most well-trained staff and officials along with the most
advanced and high technology security equipment to provide the best facilities to their clients
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since the very beginning of the business. This would help in developing the trust and faith on the
business organization. Another opportunity that exists is to cater to the retail and home-based
clients who would want to avail the security that is accessible when they are at home. The third
opportunity that exists in this market is to provide the real-time quick customer services, which is
the key to hold the security business in the market because the better the customer service is, the
more trust and faith is developed in the mind of the customer.
Threats
The main threat is from the already existing competitors who have developed their
credibility within the market, and it becomes difficult to capture their market share once the
credibility is already established. Most of the competitors are unbeatable and unreachable
because of the existing and advanced technology they have installed.
The Top Three Real Business Industry Competitors
The top three real business industry competitors are First Alert, Shieldtech Inc., and
Buddytag. All three of these companies make a different version of our personal panic button.
First Alert produces many safety products from carbon monoxide detectors, fire alarms, safety
ladders, flashlights to a personal panic alarm with flashlight, (First Alert, n.d.). First alerts
personal panic alarm is a button on a keychain. It’s only features are a noise alarm and flashlight.
SHIELDtech inc. is a safety company that is aimed towards the safety of college students on
campus. Their product is SHIELDkey, a wireless panic button is on a keychain. It only has three
features that include a GPS tracking device and a button, that alerts college campus security. The
SHIELDkey application receives alerts, calculates the student’s location, and sends the collected
information from the student’s profile directly to campus security, (Company Overview of
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SHIELDtech Inc., n.d.). LE VISE PRODUCTS LLC. product is My Buddytag. The company is
aimed to the safety of children. My Buddytag offers a Safety Wristband in a type of panic button
for a child. The parents download an application to their phone and connect the child’s wristband
to their phone application. Buddy tag alerts the parents when the child moves to far away from
their parents. Other features include emailing parents the child’s last location via Google maps.
Children also can alert their parents by a press of a button (My Buddytag, n.d.).
Our product, Pantech, goes above and beyond when it comes to a person’s personal
safety. We dominate the industry. We stand out compared to our competitors because in our
panic button we offer many features. Our product includes: A loud alarm when the button is
pressed, GPS locator that is sent to a smartphone, and a video camera that starts to record when
the button is pushed. All our competitors only offer one or two features and their panic buttons
only come as keyrings or child wristbands. We stand out above the rest because our panic button
is discreet and not noticeable. Our panic button comes in many different forms from jewelry such
as a pendent, ring, necklace, a keychain to a clip that can clip onto most things. For example, a
wallet or backpack. Unlike our competitors our product is geared towards all ages and gender,
not just children or college students.
Conclusion
While Eccentric Technology is just a startup company in the industry, our Pantech panic
button is going to help catapult us to the top. The core values and mission to help end violence
and keep our customers safe and secure that our company was founded on will give the
customers piece of mind that they are buying from a company that really cares about them. Our
product provides a great benefit that our competitor’s products don’t have with the video
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surveillance and GPS locator; and that will help us to sell these buttons to our targeted market;
which will help put their minds at ease when leaving the comfort of their own homes.
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References
Chawla, K. (2015). BUSINESS PLANNING ESSENTIALS: PREPARING A BUSINESS
PLAN. Journal of Advances in Business Management, 1(3), pp.93-99.
Company Overview of SHIELDtech Inc. (n.d.). Retrieved from
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapid=268307011
Davis, J. A. (2010). Competitive success, How branding adds value. John Wiley & Sons
First Alert. (n.d.) Retrieved from https://www.firstalert.com/
Lusch, R. (1981). Making organizations work. Journal of Business Research, 9(2), pp.241-242.
McWhinney, I. (1998). Primary care: core values Core values in a changing world. BMJ,
316(7147), pp.1807-1809.
My Buddytag. (n.d.) Retrieved from https://mybuddytag.com/
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