Marketing Strategy for a Real Business Marketing Plan

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Marketing Plan

Product / Service Concept

The multifunctional remote device is designed to enhance convenience of most functionalities for electrical/electronic equipments used by consumers. This product offering enables consumers to access and control different electronic devices and equipment through a single remote device. This will facilitate communication with different servers linked to the organization. The benefit of this product is that it will enhance the convergence of technology used within an organization. This is a user-friendly device purposed to increase the level of convenience for end-users. In addition, this will increase the level of consumer satisfaction. The introduction of this product offering offers a substitution to the use of different remotes for different electronic devices. For instance, within the hospitality industry, the multi-function remote device will facilitate different conveniences such as audio and video devices, room temperature controls, lighting, room printers, television, and even bed movements.

Product Mix

Products

The new product offering markets not only a better working space for an individual but also increases convenience for businesses and companies in general. The imperceptible merits of this product offering are its capability to meet or exceed customer outlooks consistently. Nevertheless, the disadvantage to this is that other corporations can simply imitate these qualities. Still, being the pioneer will enhance the competitive advantage of Logitech.

Price

Logitech offers a high-grade domain- marketing product custom-made to its customers' needs. The worth of this product and service is exhibited in its medium to high price. Nevertheless, the company should be aware and cognizant of the price elasticity of its product and overall consumer demand.

Distribution

Direct marketing distribution will be used for this product offering. This is takes into consideration the fact that new product is solid, portable, and nonperishable. Therefore, the product can be distributed from a chief location direct to satellite outlets of Logitech spread over the globe. The ability to distribute the product to different locations worldwide is an added advantage for the company (Proctor, 2000).

Promotion

Logitech needs to take part in comprehensive promotion and marketing activities. In particular, the company will need to generate a new budget for the incorporated marketing strategy that encompasses promotion and advertising activities for the fruitful initiation of the product offering. The promotion message of the initiation of the new product offering has to be generated in tandem with marketing goals, the target market, and other features of the product. Logitech will also need to concentrate in industry print media encompassing industry sector journals and magazines. More so, Logitech will have to establish a sequence of presentations and showpieces to participants in the industry, specifically electronic retail outlets, players in the hospitality industry and the like (Roger, 1998).

Target Markets

In essence, the characteristics and needs of the potential groups of consumers encompasses convenience in use of several different devices. This is centered on increasing consumer satisfaction and expediency in the delivery of services. There are different segments of consumers that are linked to this product offering. The product targets not only individuals but also corporations. For individual consumers, the product will enable the convenience in use of different devices within the house as also at workplaces. On the other hand, with regard to companies, the product is targeted for different industries. For instance, in the business sector, the end-users will have convenience and expediency in presentations. On the other hand, for the hospitality sector, the end-users will be able to increase in-room services for consumer satisfaction. The clients will be able to use the product for different services in their rooms such as control of lighting, room temperatures, audio and video devices, their workspace devices and even the door of their rooms.

Kotler's 7Os conceptual framework

Consumer behavior examines the manner in which consumers choose, purchase, use, and dispose off products and services and the notions to satisfy their needs. In order to gain an understanding of the consumers in the target market, Logitech will have to depend on 7O's framework for consumer research. These 7 O's help companies in ascertaining basic customer needs and wants and as a result Logitech will be capable of segmenting the market, target and position the product they provide so as to attain competitive advantage (Kotler, 1997).

1. Object

This will take into account the choice of the consumer with regard to the range of products or services rendered. For instance, Logitech will consider the different devices such as audio devices, video devices, lighting devices and room temperature devices.

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2. Occupants

Logitech will have to consider the psychological needs, demographic profiles and geographical locations of the consumers. For instance, where the consumers will purchase the products, the price preferences of the products and the quantities bought by different consumers.

3. Operations

The company will consider the manner in which the consumers obtain information regarding the product offering. For instance, is it through newspapers, through different forms of media or through word of mouth?

4. Objectives

In this aspect, the company will be able to ascertain the reasons why the consumers often tend to purchase the products. This encompasses inclinations such as prices, brand image of Logitech, accessibility and type of packaging.

5. Organizations

Through this aspect, Logitech will be able to determine the key players who have a major influence in the process of decision-making. This is to ascertain whether the buyers have an influence or the competitors or the end-users influence the decision made.

6. Occasions

This takes into consideration the time-period that consumers seek the product or service. For instance, is it during presentations only, is it on a daily basis, and is it while hosting parties?

7. Outlets

This is considering the locations or channels from where the customers purchase the product. For instance, supermarkets and hypermarkets, retail shops and electronic device shops.

Competitive Environment

Competitive Situation

The competitive situation in this case is that the market is a perfect competition market. This is because there are several buyers and sellers and therefore the actions of one individual cannot have a considerable impact on the market price. In as much as the product offering is distinctive, there is the possibility of having several sellers in relation to the whole market.

Porter's Five Forces Analysis

In accordance to Michael Porter, there are five forces of competition. To start with, there is the threat of new entrants. With respect to Logitech's product offering, the threat of new entry is a major concern because new entrants into the market are easily able to imitate the product and restrict the competitive advantage. In addition, with advancement in technology, there is an increase in the entry of new companies in the industry and this reduces the amount of business for the company (Khosrow-Pour, 2002). Another force of competition is the power of the buyers. In particular, the buyers have a great extent of influence on Logitech and its product offerings. Quantum consumer sales are important for the company to stay in business. End-user experience and increase in convenience largely impact the organization as lack of it adversely reflects on Logitech. Consumer satisfaction is important in order for the company to increase its consumer base. In as much as Logitech has a loyal consumer base, the buyers have a great influence on the company as it is reliant on sales revenues (Porter, 2004).

The third force of competition is the power of suppliers. In this case, the power is suppliers is minimal as Logitech has a large number of suppliers. In particular, there is no absolute control of one specific supplier over the supply chain of Logitech. In addition, with the increase in demand and advancement in technology, it is quite easy to obtain new suppliers for product distribution. The fourth force encompasses the threat of substitutes. Logitech produces technological products and the downside to this is that there is a great threat of substitutes for this product. This is largely because most of the products come with their own remote devices which can easily serve the same purpose. The implication of this is for Logitech to have extensive marketing and promotion and set a fair retail price. Lastly, there is the power competitive rivalry, which in this case has a great influence on Logitech. In the contemporary, there is a great deal of advancement in technology in the industry and this has created intense competition as new and more progressed products enter the market space. Companies such as Samsung which have their own remote devices and upcoming small companies also offer extensive competitive rivalry to Logitech (Kotler and Armstrong, 2004).

SWOT Analysis

In delineation, SWOT analysis is a useful method that is utilized for organizational appraising. This technique is used to examine and understand the strong suits of a business and the weaknesses it is vulnerable to. It also identifies the opportunities open to the business and the threats it is likely to experience (Warner, 2010).

Strengths

1. Renowned products

Its consumers and.....

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