Marketing Plan and a Factious Company Term Paper

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Marketing Plan

Trendy Electronics, Inc., is a small company that is family owned and which is just about to celebrate its five-year work anniversary. Trendy Electronics sells the latest electronics ranging from computers to television screens, stereos and fridges and microwaves to companies and organizations for their use. The forty employees of Trendy Electronics face plenty of marketing challenges because more and more companies are opting to purchase electronics from supermarkets. In the past few months the employees have been quite idle. The biggest test that Trendy Electronics faces is to come up with better marketing techniques to retain its customers and also attract new clients as well. An assessment and appraisal of the business's internal strengths and weaknesses and external opportunities and threats functioned as the basis for this strategic examination and marketing plan. To be more precise, the marketing plan places emphasis on the business's growth strategy, signifying manners in which it can exploit and utilize prevailing affiliations with consumers, and on the provision of new products or goods targeted to specific customer preferences (Dickson and Ginter, 1987).

Environmental Analysis

Established or instituted as a small profit-making store, Trendy Electronics has grown and advanced into a marketing company that is of great quality, electronic supplier with consumer preferences and related business to business electronic goods and items. Arnold Ferguson took over the company three years ago from his father and has advanced it into a fruitful and efficacious operation that is family-run. Ferguson's young sons help with the running of the business and in the forthcoming it is expected that they will take over from their father as well.

The Marketing Environment

1.

Competitive Forces

The level of competition in the electronics industry is very strong not just on a local level where Trendy Electronics operates but on a regional level as well. It is difficult to make comparisons of the sales amounts for the whole industry because there are very minimal undertakings done on a national level. In addition, there are several companies and businesses that retail electronics, and this increases the level of competition faced by Trendy Electronics. The company has to ensure that it offers range of products which can compete with rival companies. There is also easy entry into the electronic industry by new companies.

2.

Economic Forces

One of the major trends in the nation is that companies continue to reduce their budgets in order to cater for all of their costs and expenses. However, while resources are being minimized, companies are continuing to use a large proportion of their budgets on advertising.

3.

Political Forces

Currently, there are no anticipated political influences or occurrences that could have an impact on how Trendy Electronics operates. The only political decision that could have an influence on the business' operations would be banning of importing electronics into the country as this would hamper the whole operation of the company.

4.

Legal Forces

There are a number of legal and regulatory aspects that Trendy Electronics has to consider. To begin with, the company has to ensure that all of the products and goods the company imports are legal and have been paid for in terms of import duty or taxation. Another aspect is the warranty that is offered for products bought by the consumers. The company has to ensure that it follows through with the warranty offered to the consumers (Shaw and Goodrich, 2005).

5.

Technological Forces

With the advancement and progression of technology in the present day world, Trendy electronics is greatly affected by the level of technology that comes about. In the contemporary electronic industry, phones, televisions, laptops and gadgets are created instantly making them become obsolete in a fast manner. This implies that Trendy Electronics has to ensure that it has the latest gadgets and electronics that the market has to offer. This is to ensure that it attracts new clients and is able to retain the company clients and providing their electronic preferences. More so considering that gadgets such as phones easily get retailed because of prefer ability, it is important for the business to have diversity and range in its goods and services in order to retain consumers (Warner, 2010).

6.

Sociocultural Forces

In the present day society, consumers have a great preference for flashy products and goods. Being based in the electronic industry, this force is greatly heightened. This is for the reason that several consumers prefer having the newest and the trendy electronic products such as televisions, phones, laptops, fridges and even stereos.

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The trademarks of today's efficacious products are suitability and ease of use. In other words, if the product is not easy to use and is not suited to the preferences of the consumer, then it will not be bought a lot. For instance, if a mobile phone does not have features such as access to Wi-Fi, access to email and good cameras, then the clients will not have the urge to purchase it.

Target Markets

By placing emphasis on obligation and guarantee to quality goods and services, Trendy Electronics has in an effective way executed a standout differentiation strategy in an industry and marketplace that is very diverse. The ability of the company to offer a diverse range of goods and products has enabled Trendy Electronics to generate high annual revenues. The target market of the company encompasses companies and establishments that require electronics for its employees that use the products for their everyday work. The most profitable goods or products retailed by the company are televisions and computers. This is because companies make tenders to purchase several computers for their employees. They also sell television screens for them to used for entertainment. Trendy Electronics ensures that it has the latest and trendy products in the market so that the preferences and wants of the consumers are met and satisfied. For instance the company ensures that it has the lasts television sets or the newest phones in the market.

SWOT Analysis

1.

Strengths

Trendy Electronics strategy of having diverse and differentiated products is due to a strong marketing alignment or positioning, guarantee of providing high quality goods or products, and customization of products.

The company offers proper salaries and compensation to its employees and for this reason there is barely any minimal turnover amongst the personnel of the company. The sticking together of the employees enables to work much more effectively and efficiently.

Trendy Electronics has managed to keep majority of its clients and suppliers as well. This has helped the company in having mutual understanding of the requirements of the products, loyalty to quality ideals, and a shared vision all through the expansion and manufacturing process.

Trendy Electronics has had a great customer base from the loyal fans it has kept ever since it started building its reputation. This customer base in return brings about almost twenty five percent of the revenues of the company.

2.

Weaknesses

In as much as the company has amity and good relations due to its small number of employees, this can also hinder the growth of the company as well as its development.

Trendy Electronics has not undertaken any form of advertisement which is a weakness to the company as it is dependent on word of mouth to gain new clients. This can also ruin the business because one negative remark could end up costing the company its entire customer base.

3.

Opportunities

With the advancement and progression in technology, Trendy Electronics has the chance to grow and become one of the largest retailers of electronics not only locally but also regionally.

As companies or businesses consider ways and means to cultivate customer relationships instead of just making sales or revenues, prompts of this association could come in the form of adequate bonuses or discounts that are valuable to the customer (Kotler et al., 2009).

Electronics are easily circulated and transported countrywide and internationally. The globalization of commercial operations generates a chance to institute new customer relationships in overseas markets.

4.

Threats

Trendy Electronics is very much centralized as Ferguson is deemed as the leader of the company. To add on to that, the lack of a manager or supervisory abilities may hinder the company from greater development and growth. This is because very minimal individuals of the leadership positions have small knowledge.

Regardless of having a lengthy association with the dealer or seller, could result in the company being susceptible to lack of goods if something happens to the supplier. The company has to consider having several options for suppliers.

The ease of goods and products becoming obsolete is a threat to the viability of the company. If the company is not able to come up with the newest and trendy goods it stands a risk of losing its clients as well as its revenue.

Ease of competition within the industry as well as ease of entry into the industry poses as a threat to Trendy Electronics......

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