MKT 421 Week 3 Learning Team Assignment Marketing Plan Phase II
MKT 421 Week 3 Learning Team Assignment Marketing Plan Phase II fin571
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Date Created: 11/11/15
Running head MARKETING PLAN PHASE 11 Marketing Plan Phase 11 Team MKT421 Instructor April 4 2011 MARKETING PLAN PHASE II 2 Marketing Plan Phase II In phase two of the Universe OS smartphone s marketing plan for Best Buy the next step is discussing the segmentation criteria that will affect the selected target marketing and identifying the smartphone s target market The differentiation and positioning part will describe the buyers and consumers of the Universe OS and factors in uencing the purchasing decisions along with the factors affecting the strategy The last part of the marketing plan is the four stages of introducing growth maturity and decline in the product life cycle of the Universe OS while analyzing current competitors and defining the smartphone s competitive landscape Segmentation Criteria Best Buy will be able to approach the geographic demographic psychographic and behavioral segmentation variables the for consumer market with the Universe Smartphone Despite marketshare gains the company still only has about six percent of the mobile phone market for the United States Canada and Mexico Russolillo 2011 To spread the word about the new smartphone Best Buy will first launch a series of YouTube videos about six months earlier than the release date Then three months from the release date the company will start a series of television commercials these commercials will start in time for the after Thanksgiving sales To coincide with the release of the new phone this will make it the perfect time for the holiday season The phones will first be offered in the United States Canada and Mexico Research will be conducted to determine where it will be most effective to expand location at the various countries in which we conduct business Best Buy will continue to open more mobile only stores that will help us to meet the needs of our consumers in various counties or states by providing a quick convenient location just around the corner MARKETING PLAN PHASE II 3 The demographic variable will be easy enough to cover considering the product has so many features that will appeal to all First let us start with the Chameleon technology that changes colors with the skins temperature This feature is sure to attract the young child through the young adult Next is the candy bar design with the touch screen keyboard which make it light weight and easy to use The magnesium frame with Gorilla glass makes the phone virtually indestructible which makes the phone attract to a variety of ages With the availability of Open Office RDP remote desktop and server and data center monitoring and control we are sure to reach the professional business person The psychographic and behavioral variables will be covered by providing a truly Universal Smartphone Applications are virtually endless so a customer will be able to customize their phones so they can include work home and play This is sure to meet the needs of all social classes no matter their lifestyle or personality Best Buy will be able to attract the consumer with excellent customer service convenience and quality no matter the consumer s user status or usage Target markets The initial break out for the universal smartphone will be just as the name suggests universal The actual phone has been designed along the lines it can be customized by each person that purchases it Even though the hardware will be the same for each phone enabling mass production making it seem this product is only for a select few the software customizes the phone for the individual For teens and young adults who have grown in a mobile age this it just the next logical step in development Allowing them to continue with text messaging and song downloading this market is growing the fastest LevRam 2007 Positioning shops in malls along with the regular best buy stores will appeal to the teens and young adults With no fear of technology this market MARKETING PLAN PHASE II 4 will discover new ways to use the universal smartphone and continue the social networking like Facebook and Twitter Parents of the teens will be part of the target market with family pricing plans enabling them to receive one billing statement for all the lines under their account The universal smartphone apps being virtually endless they will no dough find applications to fit their needs like streaming video or music banking apps to check balances on the go Finally business and business people can purchase the universal line for their employees tracking apps for merchandise and the employees working with the GPS systems of the phone will be able to streamline deliveries keep track of meeting notes and presentations Because of the power of the Universal Smartphone the target market is large and will include anyone that currently owns a mobile phone This versatility allows a smartphone to pinpoint a single person and be customized for 20 people in an office building to share a document at the same time even though they are in different states Differentiation and positioning Best Buy will become a carrier of Smartphone s and a reseller The market for phones is diverse and though some manufacturers choose to be exclusive this will not be the case for Best Buy and the Universe line of phones they will be producing Best Buy will have groups of organizational buyers which will purchase the phones directly from the manufacturing company and sell them to retailers such as ATT Verizon and various online retailers The Universe line of phones will be sold to more than just consumers but also to organizations of all sizes as a business tool Organizational buyers will be targeted by the marketing department of Best Buy to educate them on how to use the Universe operating system and hardware package can enhance business processes The buyers can use this knowledge base to sell to their clients and customers Since the phone has many technological advances and MARKETING PLAN PHASE II 5 would be a benefit to various IT professionals and large organizations it may be challenging to convince a large market to transition to new unproven technologies It may be beneficial for Best Buy to allow the buyer to make modifications to the phone s software and hardware to meet individual needs of clients A health care facility may have different requirements and needs than an automotive manufacturer Many manufactures cater to the needs of organizational buyers Consumers typically crave the new and trendy devices For the basic consumer the needs are simple Functionality and ease of use are very important consumers want a device with a low learning curve so that they are able to start utilizing the basic features of the device quickly The price for performance ratio is ideal as most consumers do not have unlimited income to spend on a new device every year or two Finally consumers crave phones that are stylish and sleek The day of the brick phone is over users prefer devices that have multiple functions and can fit easily in the pocket Stage of the product life cycle According to Perreault Cannon and McCarthy 2009 a product life cycle consists of four phases market introduction market growth market maturity and sales decline Although the smartphone market is in the market growth phase the Universe Smartphone is currently in the market introduction phase of the product life cycle Best Buy has the prototype and is nearly ready to launch the marketing campaign virally but it has not yet been introduced to the public Consumers do not yet know about the Universal Smartphone and although it is a superior product compared to its competitors people do not know that they need or want it yet Smartphone competitive landscape is fierce and the market for the product is crowded with competitors such as the iPhone DROID Eris Palm Pre and Blackberry Storm However the marketing scheme for the Universal is anticipated to be very successful in educating consumers about the new smartphone and helping consumers to come to the conclusion that the MARKETING PLAN PHASE II 6 Universal Smartphone is the best choice for their business or family The Best Buy product is superior in it service pricing data and quality Phase two of the marketing plan for the Universe OS smartphone discussed the segmentation criteria such as the geographic variables of introducing in the United States Canada and Mexico demographic variable is for any individual and the psychographic and behavioral variables will provide a universal smartphone with many applications In identifying the target market the Universe OS will appeal to a large range of individuals at any age and businesses because of the universal and versatility of the smartphone The differential and positioning of the smartphone will make Best Buy a carrier and reseller using organizational buyers to educate and sell to outside sources plus satisfying the consumers craving for sleek stylish and trendy new devices with multiple functions In the product life cycle the Universe OS is in the market introduction stage and the competitive landscape is fierce because of many smartphones currently on the market In phase three of the marketing plan the discussion on the Universe OS smartphone will look at the product and price in the marketing mix References Russolillo S 2011 March 24 2nd UPDATE Best Buy 4Q Above Views But Challenges Persist Morningstar Retrieved from httpwwwmorningstarcomnewsview1DJ 201 103241201DOWJONESDJONLINE000423 univxml shtml MARKETING PLAN PHASE II 7 LevRam M 2007 A smartphone39s BFF Teens and tweens CNNMoneycom Retrieved from httpmonevcnncom20070823technoloEVDersonaltechthirdscreen smartphonesbizZ indexhtm Perreault W D Cannon J P amp McCarthy E J Jr 2009 Basic marketing A marketing strategy planning approach 17th ed New York NY McGraW Hill
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