MKT 421 Week 2 Learning Team Assignment Marketing Plan Phase I
MKT 421 Week 2 Learning Team Assignment Marketing Plan Phase I fin571
Popular in Department
This 0 page Study Guide was uploaded by an elite notetaker on Wednesday November 11, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 22 views.
Reviews for MKT 421 Week 2 Learning Team Assignment Marketing Plan Phase I
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 11/11/15
MARKETING PLAN PHASE I Marketing Plan Phase I Team University Of Phoenix Marketing MKT421 Instructor March 26 2011 MARKETING PLAN PHASE I 2 Marketing Plan Phase I The marketing plan is the key to the success of an organization in today s business world The marketing plan applies the strategies the organization will use to reach their organizational goals This marketing plan will give an overview of Best Buy Company Inc and a description of a new product which they plan to develop and sell Organizational Overview In 1966 Richard Schulze opened his first store which was called the Sound of Music In 1983 the company became known as Best Buy and by 1985 it was a publiclytraded company This all came about with a vision of People Technology And the pursuit of happiness Best Buy 2009 2015 which is the mission of Best Buy The employee s concentrate their energy on the customers vendors and shareholders because the success of Best Buy depends on the people The products and services provide the latest in technological advances while the pursuit of happiness is shared within and throughout the company After all the goal is to provide the products and services to meet the customers shareholders and even employee s needs The company began it operation in St Paul Minnesota back in 1966 By 2002 Best Buy had expanded to Canada with the acquisition of Future Shop Today the company has locations in Mexico China and nine European countries with a product line to match Though the store started out as an audio component systems retailer it has grown to include many products and services Products range from video equipment computers office furniture appliances and the list goes on Services range from excellent customer service the geek squad the buyback program tradein center appliance delivery installation and repair service plans and the use of recycling which is beneficial to us all Best Buy 2009 2015 MARKETING PLAN PHASE I 3 Introduction of the Universe Smartphone Best Buy has had a historical presence in the sales of mobile phones but this will soon change as Best Buy will be introducing a new smartphone The RampD Research and Development team has released the new specifications for the phone so that the marketing team can develop a strategy to make the sales of said phone a success The operating system is one of the most important aspects of a new phone which defines the users experience with applications and functionality but not associated with ergonomics or mechanics Best Buy and the research team has developed a new operating system which they have labeled Universe which will not only be standard on the new agship phone but also sold to other phone and tablet PC manufactures The new OS incorporates many of the same features as the competitor products such as touch sensitivity and ease of use but offers other features not common with other OS s Some of the new features included are native office applications such as Open Office RDP remote desktop and for the IT professional will offer server and data center monitoring and control Best Buy has also improved on the phone design and will launching the Universe smartphone which features the Universe OS As far as the esthetics of the phone it is a basic candy bar design which can still fit in the users pocket with the keyboard feature used within the touch screen The new phone offers many of the same features as other phones on the market but has improved upon the strength and durability of the device with a new magnesium frame which is almost indestructible Housed on the new frame will be a new skin and touch screen dubbed Chameleon Chameleon technology changes the color or hue of the device dependant on the user s skin temperature much in the same way mood rings work The touch screen made of Gorilla Glass first developed by Corning which is almost indestructible MARKETING PLAN PHASE I 4 Best Buy has also determined that it is time to enter the service carrier market As a service carrier Best Buy will not only carry contracts and provide services for the Universe line of phones but also for other manufacturers such as Motorola Blackberry and Samsung This new business plan will directly compete with other carriers including Verizon ATT and Sprint Unlike other carriers Best Buy will offer data packages at a significantly cheaper rate and for those transitioning from other carriers Best Buy will offer an additional 10 off monthly charges SWOTT Analysis InternalExternal In analyzing the internal resources and external environment of the new smartphone named Universe OS the following is the assessment of the SWOTT analysis in the strengths weaknesses opportunities threats and trends of the new product The strength for the product is that Best Buy is a multinational retailer with a reputation for the technology and entertainment products and services available with operations in the United States Canada Europe China Mexico and Turkey The weaknesses are the availability of capital to invest in producing the Universe OS because of the current economy plus the release of the earnings statement in March 2011 and the possibility of damaging relationships with current vendors The opportunities are the availability of growth in the mobile phone sales and gaining market shares with the new design of smartphone designed by Best Buy The threats are competing with the reputation of current manufacturers of smartphones such as Blackberry iPhoneOS Android and other competitors plus the change in the economy affecting consumers spending to purchase a new mobile phone and losing current vendors and supplies because of developing a new smartphone The trends of the analysis shows the smartphone is a valuable tool to an owners executives and other individuals who need to communicate in multiple ways to many places with a touch of a finger In the current globalization of the marketplace it is important for an MARKETING PLAN PHASE I 5 organization to have effective communication while traveling for the business to continue the daily activities required by the executive out of office For example a Chief Financial Officer traveling out of town to an audit committee meeting but has a responsible to approve the transfer of money from one account to another and can do this by using the smartphone The best way for the Best Buy research team to determine if a local or global market is best is to perform a competitor analysis One consideration in launching the Universal smartphone in Mexico is the price Residents of Mexico who use competitor s products currently seem unhappy with the price of the plans that are available to use the product para 1 2010 Best Buy would need to determine if it would be more cost effective for the users in Mexico to use our product If the research team decides that we cannot yet provide service for a considerably smaller cost than our competitors then it would likely be in Best Buys interest to launch the Universal smartphone in the United States initially One of the most important strategies in marketing the new phone will be to begin creating a buzz around the world Best Buy will begin with viral videos posted on YouTube and move on to more formal television commercials In order for this to be effective the viral videos must begin 6 months prior to launch with a full television commercial campaign starting 3 months prior to launch It is also important to time the release of the new product during the Christmas or holiday buying season This will ensure that Best Buy will maximize the purchasing power of consumers which are already in stores Marketing Research ConsumerIndustrial Analysis In order for this product line to be successful Best Buy must be able to provide this product across a large demographic Income Age geographic area family size and education Because Best Buy is entering into the market as a service carrier Best Buy will be able to offer multiple plans at different price ranges up to an unlimited plan serving all areas where stores are located in each of the MARKETING PLAN PHASE I 6 various countries Best Buy has a presence The marketing team will be instrumental in the communication to the consumer on the variety of plans available and how those plans can fit any budget The demographics of the product line are important but the larger point the marketing team will make will be the day to day uses of the product Like competitors Smart Phone and iPhone the applications are virtually endless so a customer will be able to customize their phone so they can include work home and play This allows the product to be truly Universal by crossing the psychographics of the verity of people using the phone Marketers will show how the design of the new Universe phone and the operating system will make the consumers life easier both with the physical aspects and the ability to customize applications Contracts for the phone will be managed in much the same way as with other carriers two year contracts with the option of an upgrade post 18 months of service The applications will be available for purchase at any time for download directly to the phone both free and purchased applications will help to expand the life of the phone and lower costs to customers Compiling data from competitor will allow the marketing team to direct popular applications to the customer Geographical considerations must be met in determining how and where to market the new Universal smartphone Best Buy currently has locations throughout the United States Puerto Rico and Mexico BBY Solutions Inc 20032011 The marketing team would need to determine if it would be more beneficial to launch their product in the United States only and then expand its service globally or simply to launch a global campaign to begin with The research team would need to conduct research in each country to determine which would be most effective Similar devices have been around long enough to be able to gather data on how many users there are who use similar products along with what the users most and least favorite MARKETING PLAN PHASE I features are Best Buy can use this information to determine which applications to enhance and Which applications are most popular References BBY Solutions Inc 20032011 Best Buy Retrieved from MARKETING PLAN PHASE I httDIWWWb Stb11VCOl nSitGOISDaEGiSDtVDCCat 201 VampidCat12090 2010 August 28 Get Your Pesos Ready the iPhone 4 is Available in Mexico Msg 1 Message posted to httDZWWWiDhOHGdOWHlO dblOECOl I JZO10082826tV0urDGSOS readytheiphone4isavai1ab1einmexico Best Buy 2015 Investor Relations Frequently Ask Questions Retrieved from htt hxco orateirnet hoenixzhtmlc83192amp IROLFA eneral
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'