Marketing Mix is tool used to determine what product offers when judged on the parameters of 4P’s and 4C’s.
An effect of 4P’s and 4C’s on targeted segment:
• Price–price of the SG5 was determined on the basis of the segments. High prices for the customers who have high purchasing power were given the options of high-end cell phones.
• Product – Older age consumers are not keen on high-end cell phones with several specifications whereas the young and trendy consumers are looking for all types of technology and innovation. Developed countries and metro cities use high-end mobiles with all sorts of technology and innovation. They need specific features that resonate with their lifestyle; therefore, the SG5 will be a perfect fit due to its features.
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The stores should be opened in rural areas. For people in metros and under developed and developed countries the online reach of each and every product should be established.
Q5: Develop a written summary and specific recommendation for the implementation of your plan.
Implementation of the marketing plan can be achieved via Organizing, executing, monitoring and evaluating.
With organizing, the organization needs to have organizational structure in place to implement its marketing plan. The team/groups should be made clear of the team structure as well as the marketing plan and what’s required they need to follow and succeed in make the plan functional. All team members should be clear about their responsibilities. Budget must be decided in the initial stage itself so that it’s not exceeded its limit.
Executing entails each team member to execute his or her assigned job in an effective and efficient way. Updated and required resources should make available to the team to enhance their performance in achieving the marketing plan execution.
Monitoring is the continuous assessment done by management on the progress or delay happening in the implementing of an activity. It is to determine that if the outputs are reaching to their
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Summary
The cell phone industry is essential in any developed/developing country. Many laws and regulations are liberalized and privatization has come in to being in the field of telecom industry to increase the interest and bring in the technology from other countries too. The customer base of cell phones, in particular the SG5 is increasing day by day. New technology that consists of 3G, 4G,Wi-Fi and other value added services are becoming more advanced due to the intensive use of mobile phones now days.
Samsung mobile as a whole is currently the second largest player in the market with the innovation and their cutting edge technology.
Recommendation
SG5 has captured the market with its innovative and technological cell phones. The company now needs to focus more on their market share, as their market share is very limited. Their profit margins are also very low thus the sales and profit earning by keeping the pricing at par is another focusing sector. They should also tap niche market with the high-end cell
Popularity of Phone is seeing a steep rise. It is a communication gadget which can be used for different purposes. One basic reason is that iPhone has a huge storage capacity which allows storage of audio, contacts, photos, videos, and all other important information. Further it can be connected to the internet too. With all these features iPhone has gained prominence globally as a hi-tech mobile phone.
Porters Five Forces Analysis: Samsung Electronics Introduction Samsung Electronics focuses in three specific areas; Consumer Electronics, IT & Mobile Communications and Device Solution. Porter’s Five Forces model has been used to analyse Samsung Electronics competitive position within the global market they operate in. By using this model, an evaluation of their current position will highlight which of the five forces are “affecting the intensity of competition in an industry and its profitability level” (Jurevicius, 2013). Nevertheless, when conducting analysis on an international company such as this, studying of market trends is already carried out thoroughly to ensure that they are fully aware of that market, in order to achieve success and maintain within it. With this in mind, it would be considered that Samsung Electronics would have a relatively good competitive advantage against other rival companies.
2. Analysis of the Marketing Environment Social Forces I. Demographics Samsung phone target audience are age, income and occupation. It is because for age, there might some phone design and functions that does not suit them especially for elderly & children use. However, technology is now advanced, even elderly age more than 50 years old uses smartphone for their own benefits such as health apps and etc. For income, not all people have the ability to purchase better functions and design yet expensive smartphone.
D) Marketing Plan (4Ps) Marketing Mix (4Ps) • Product – Divide product into three categories for different market o High-end function, design, and price – to target high-end group. The function will feature the highest potential such as child protection lock, built-in coffee and toaster maker, rotisserie, new technology
In the beginning, McDonalds was run by two brothers named Richard and Maurice McDonald who not only owned but ran a hamburger restaurant in San Bernardino ,California in the 1950’s. Ray Kroc saw the potential in McDonalds and had ideas to expand it globally so he founded the McDonalds Corporation in 1955. Today, there are more than 33,000 McDonald’s restaurants globally in 119 countries (REFERENCE/web). McDonald’s applies Scientific Management by Frederick Taylor in their management. Frederick Taylor proposed four principles in scientific management that is ‘‘ the replacement of rule of thumb methods for determining each element of a worker’s job with scientific determination, the scientific selection and training of workers, the cooperation
6.0 Marketing Strategies There are different marketing strategies which can be applied for each component depending on organizational objectives or goals. Skillshare need to accomplish the precise equilibrium of the marketing mix to achieve its goals. Figure 1: The 4 Ps of Marketing Mix Marketing mix is an arrangement of four choices which should be taken before propelling any new product or service on the market. These variables are otherwise called the 4 P's of marketing. These four variables help the firm in settling on vital choices essential for the smooth running of any product / organization.
The first step is to make objective for launching a new product and a detailed budget and make a plan for it. Review the final product attributes. Provide training to the marketing management team. Analyze competitors in that industry.
What makes the Apple product so popular that people buy it even though it’s expensive? Is it only because it looks beautiful? Is it because the technology it uses? What makes Apple the best from the rest?
COST STRUCTURE OF SAMSUNG Low cost structure of Samsung and high responsiveness to economic events has made Samsung more competitive. For example, initially Samsung focused more on volume and domination on market rather than increasing profitability. However, in 1990s, during the Asian financial crisis, Samsung cut costs and reemphasized product quality and manufacturing flexibility, which allowed its consumer electronics move from project phase to store shelves within next six months. Under the resources-based view of strategic management, effective resources available to a firm, as well as the competency of a firm is responsible in affecting competitive advantage received by a firm.
Globalisation is a key factor in today’s modern society with it spreading to even the most remote and poverty ridden continents of the world. It shows how something as simple as a mobile phone can help spread this on a global scale. Africa is the world’s poorest continent with people earning from 75p to £1.50 a day, after taking a closer look and researching into mobile phone use in Cape Town, Zanzibar and The Gambia it shows how local people’s lives are being changed due to the use of a mobile phone. In Africa alone the use of the mobile phone has increased by 65% in the last 5 years[1], this being the first method of ICT that has actually been adopted by locals due to the low price of a handset. Mobile phones are a technologic advancement that have been around since the early 1980’s, they were first seen as a fashion accessory in countries with good economic climates that could afford the very expensive handsets.
6.1 Marketing Mix Marketing mix is a set of controllable marketing tactics used by business to promote their product and achieve its marketing objectives. (L. Lake, 15 June 2017) Marketing mix is also called the 4Ps which consist of Promotion, Place, Product and Price. (M. J. Baker, 2001, p.54) 6.1.1 Product
Today, almost every person caries a smart phone with them and some can’t survive the day without it. There are many companies and manufacturers who build smart phones like the popular ones such as Htc, Nokia, Samsung, Apple, Huawei, Motorola, Sony and many more, but what makes those companies not alike are the phones they release through the years, but are they that different? To compare, let us take an example of two leading rival companies in the field of smart phones, Samsung and Apple, who newly released their flagship devices, the Samsung Galaxy Note 4 and the Apple iPhone 6 plus. The Samsung Galaxy Note 4 features a 5.7 inch Super Amoled touch screen, a 16 megapixel back facing camera, an octa core processor with 3 gb of Ram and a 3220 mah battery whereas the Apple iphone 6 plus comes with a 5.5 inch retina display touch screen, an 8 megapixel back facing camera, dual core processor with 1 gb of Ram and a 2915 mah
Sensitive market to these kinds of products are commercial line and offices those has to get technological interface to attain day to day tasks. Samsung has contributed in so many innovative products to make users life easy such as tablets, mini laptops, and televisions to provide with the wide range of technology for personal use. Samsung is known for its colors and picture quality in the
First, from the beginning of the classes I was able to design and implement marketing/business strategies in particular areas only. After that, I am able to create long-term and mutually beneficial exchange relationships between an entity and the publics with it interact. Moreover, the strategic marketing analysis & planning process such as internal & external situation assessment, strategy formulation, positioning and marketing mix were taught during lessons in detail that integrated my marketing knowledge. And as a result I also became aware with a range of new issue of marketing management and the marketing tactics in particular that were resulted from the product and branding strategy. I found strategic marketing analysis and planning of this project more challenging than
As technology continues to improve, the usage of cell phones continues to increase too. The increase in using cell phones over the last decade has been unbelievable; and the cell phone itself has become a common facilitate for all ages all around the world. When people hear about the cell phone,majority of them usually see the positive sides and its benefits, but ignoring the risks of this small device which isquite serious and somehow dangerous. It has bad effects on health, it is a disturbing tool, because some people talk so loud in the public places which may annoy others and also sometimes it may be the cause that we forget about some works, and etc. So, majority of people who became aware of these disadvantagesin European and American countriesbegan using their cell phones less than before.