Master Plan For Marketing During The Event-Myassignmenthelp.Com

Question: Discuss About The Master Plan For Marketing During The Event? Answer: Introduction: The aim of the current study is to prepare a marketing plan for a smart phone, which is one of the popularly sold electronic gadgets of the modern days. The report will aim to prepare a marketing plan for the Jio Company, which is one a rising smart phone brand based in India. The marketing plan will help the Jio smart phones to make their market in Singapore. As the Smartphone is one of the fastest growing business sectors of the modern days, it is important for the Jio Company to make use of the business opportunity. The product pipeline of Jio smart phones will include Wi-Fi routers and smart-watch that will help in the better operational process of the smart-phones. In a world of tough market competition, it is important for every business organization to explore the internal and external aspects of the market, in order to increase their popularity among the target customer groups. The marketing plan is one of the basic tools of business that consists of the blue print of all the business objectives that needs to be achieved within definite time frame. The entire growth of the business depends on the efficiency of the marketing plan that can help a business organization to identify their target groups of customers with the help of the market segmentation policy. The various parameters of the product like the price and also the place of promotion are also decided with the help of the marketing plan. Market Segment: Market segmentation is one of the most important steps within the marketing plan that aims to divide the entire consumer market into different groups depending upon the potential customers. Each segment of the target market consists of customers with similar characteristics and buying choice. It can be said in the context of mobile phone market that has increased at tremendous rate with the introduction of smart phone almost a decade earlier (Czinkota Ronkainen, 2013). Hence, a huge number of customers are included within the target group of smart phones as it is one of the popularly used electronic gadgets of the market. As the smart phone is one of the widely used products in the society, the market segment of the product will include all groups of people within the society (Parente Strausbaugh-Hutchinson, 2014). It is important for the Jio Company to make use of different parameters of market segmentation in order to identify the potential target groups of customers. According to Pagani Otto (2013), there are four different parameters that are used by various business organizations that can help in their marketing plan: Geographic segmentation: With the help of this parameter, it is possible to divide the market on the basis of the geographical locations. The market operational area of a company decides upon the geographic segmentation that includes the country or city or the area within a particular postal code. In case of the Jio smart phones, geographic market segmentation includes the entire region of Singapore as they are used by people from every corner of the nations. It can be said in the context that the entire region of Singapore is technologically advanced and all the people are highly reliable on the use of different types of smart phones. Demographic segmentation: This type of segmentation of the target market is divided into age, gender, income level, social class, size of family and many more (Baker Saren, 2016). It is one of the popular elements of segmentation that can help all the business organization to easily communicate with their target group of customers.In case of the Jio Smartphone, the demographics section will mainly include the people of the middle and lower level of income as the price of the phone is fixed at much lower level compared to other popular smart phones within the market of Singapore. Moreover, as the Jiosmart phones have much less features compared to most of the other smart phones brand, it very easy to use. Thus, the target market groups for this Smartphonewill include people mainly from the aged groups, who may not be comfortable to use other smart phones that have complex features. Psychographic segmentation: With the help of this type of segmentation, it is possible to deal understand the psychology of the target group of customers. It is also possible to divide the entire market with the help of parameters like the lifestyle and the culture of the customer groups (Laroche Park, 2013). It is important to note that most of the parameters of the psychographic segmentation are based on the interest of the target group of customers that can include their hobbies and passions. In case of the Jio Smart phones, the target group f customers will include all the customers, who are passionate about the use of the latest mode of technology. There are also several groups of people, who have the interest towards the use of the latest forms of the software and technology that can be regarded as one of the important part of their lifestyles. Behavioral segmentation: This type of parameter is used to divide the customers purely on the basis of the behavior displayed by the customers while making decisions about the choosing of the brands. The companies also segments the market based on the ways the customer uses the products. The level of loyalty that is displayed by the customers towards a particular brands can also be used as one of the major criteria to divide the target customer groups. The Jio Company is new in the market of Singapore and hence, it is important for them to select the target groups, who will be able to display high level of customer loyalty that can help them to develop their target customer groups. Market Analysis One of the main aims of the market analysis is collect more information about the internal and external condition of the market of a particular place that can help them to prepare better level of marketing plan. It is also possible to collect quantitative and qualitative form of information from the Marketplace with the application of several marketing tools that is aimed to analyze the business environment within the market. The Jio Company needs to analyze both internal and external condition of the Singapore market in order to make effective plan that can help them to capture the Smartphone industry of the nation. According toGssling et al., (2015), the current day is the Smartphone industry is one of the fastest growing business sectors that have tremendous opportunities for all business organization. Moreover, the high development technological infrastructure of Singapore can be considered as an added advantage for all smart phone companies, who can make use of the business opportunity. Hence, the mobile industry of Singapore can be considered as one of the hottest destination for all Smartphone manufacturers. As more number of smart phone companies is attempting to penetrate the domain in the Singapore market, the level of competition within the sector is getting tougher. In this context, it is important for the Jio smart phone company to use effective marketing tool in order to analyze the internal and external condition of the smart phone industry. It is important for the newly launched product to follow the steps of the Product Life Cycle (PLC). There are four stages of the PLC: Introductory phase: In this stage, the Jio Company will aim to increase the level of brand awareness among the customers of Singapore about their newly launched smart phone. Keeping a low level of price is one of the best ways that can be incorporated to make market penetration. Growth Phase: In this phase, the company will aim to increase the market share by offering extra features to the product that can help to attract more customers. Maturity Phase: In this phase, the company will aim to defend the market share that has been built over several years. In this phase will help to protect the market share of Jio from all other competitors. Decline Phase: The Company faces this stage during the time when a strong competitor will capture their market share thereby leading to the decline of the market share. The Jio Company is currently within the introductory phase in the Singapore Smartphone industry, where they are investing huge capital for the growth of the market. For the first 6 months, the company is planning to make major investment and hence, they cannot expect any profit. For the next 6 months, the Jio smart phone will attempt to reach the next stage of the PLC, where the product will aim to grow within the market of Singapore. This will in turn help them to raise the level of market share and thus allow the product to reach the maturity phase. During the time of the growth phase, the company will neither make profit nor suffer loss (Refer to Appendix). The company will also use the BCG matrix that will help in the growth and developmental phase of the sales model. The business opportunity can also be utilized with the help of different stages within the matrix. The Jio smart phone is currently at the question mark stage, which is regarded as the stage of low market share encountered by a company, while entering new market or any region. This is the crucial stage for the Jio Company, as the fate of their smart phone and their future in the Singapore market will depend upon the companys performance in the question mark phase (Refer to appendix). External Market Analysis: PESTEL As mentioned by Wirtz et al.,(2014), the PESTEL analysis tool is the most popularly used tool for accessing the external business environment of a location. With the help of this analysis tool, it is possible to monitor the Macro environmental condition of business within the smart phone industry of Singapore. With the help of this tool, it is possible for the Jio Company to analyze the political, economic and social factors which are some of the major domains that can influence the business. Political As far as the political background is concerned, Singapore is considered to be one of the politically stable Nation is there has been no past history of political violence. The parliamentary constituency system within the nation has insured that the government has enough power to maintain peace and harmony among the society. This can encourage all business organization to develop their market among the consumers and also help to expand their business. The policies that are implemented by the government have also encouraged business organization to easily develop and expand the range of their business. This political opportunity can be used by the Jio Company in order to implement effective marketing policies. Economic The economic condition of Singapore primarily depends upon the import and export business from all the neighboring Nations. Without having any natural resources, the country has to export its entire requirement from other Nations. The GDP of the nation is primarily dominated why the contribution of the service sector. It is said that nearly 75% of the total GDP is contributed with the help of the service sector. The initiative from the government to encourage more flow of foreign cash and investment have also help to improve the overall economic condition of the nation and also ensure that there is no cause for the unemployment among the society. The high level of income among the people is also one of the major causes of strong economy of Singapore. With the strong economy of the nation will help to improve upon the business of luxury products like smart phones. This opportunity can be used by the Jio Company in order to gain popularity among the smart phone market of Singapore. Social Socially, the people of Singapore are equally developed like any major nations of Europe and America. The fast growing and advanced Society of Singapore have fascination towards latest form of smart phone Technology. The culturally advancement of the society also encourage them to make the most used of the technological advantage in everyday life. High level of literacy rate is also one of the major influencing factors that can help the Jio Company to expand their business. Technological The highly advanced technological infrastructure that has been implemented by strong governance and economic condition of Singapore is one of the major advantages that can be used by the Jio Company to initiate a marketing plan (De PhD, 2013). The advanced level of IT sector can also assist the growth of the Jio Company and help them in the implementation process of the marketing plan. The government not the nation has also encouraged implementing policies to encourage the growth of technological business. This highly developed infrastructure can help the Jio Company to make use of the digital marketing techniques. Environmental Singapore is considered to be one of the most environment friendly nations in the world. People of the society are also highly aware about the facts related to environmental degradation that is caused due to all activities of modernization (Borshalina, 2015). Hence, it is important for the Jio Company to respect the environmental laws that are implemented by the Singapore government to ensure full safety of the local environment. It is essential for Jio Company to use ecofriendly materials in the manufacturing unit of the smart phones that will not cause any harm to the local environment. Legal The Jio Company also needs to consider the legal policies and business laws of Singapore in order to ensure that the marketing plans are implemented in free and fair manner. This will ensure that the smart phone company is able to build a strong reputation within the nation. Internal Business Environment: SWOT Analysis Yeoh et al.,(2013), have mentioned the importance of the SWOT analysis tool that can be used by Jio to analyze the internal business environment of their organization. With the help of this tool, it is possible to evaluate the internal strengths and weaknesses along with the threats and opportunities that the company needs to encounter. Strength The strong reputation of the Jio Company that they have gained in the telecommunication industry of India after the introduction of their Smartphone and mobile network is the biggest strength of the company that can help them to penetrate the tough market of the Singapore smart phone industry. In Spite of the fact that the Jio smart phone do not have many higher level of specifications available in most of the smart phone, the aggressive level of pricing is also one of the strong points. This will encourage people from all section of the society to buy the Jio smart phone. The company is also offering extra period of manufacturing warranty that can ensure longer durability. Weakness The lower rate of brand popularity among the people of Singapore is one of the major weaknesses of Jio Company. Moreover due to the fact that in the current days within the industry of smart phone it is important for all the manufacturers to provide advanced level of features and the features of the Jio smart phones are not among the most advanced in their domain. Opportunity Nevertheless, low level of pricing of the Jio smart phone can provide them high opportunity in the top level of competition in their respective domain. Additionally, the user friendly nature of the Smartphone will ensure that people from all age groups can make use of the Smartphone. Threats Jio Company has to face tough level of competition from all other major smart phone brands that have currently occupied the smart phone industry of Singapore. Moreover, being a new brand in the nation, there is the threat of facing financial loss especially during the initial stages. Marketing Mix The elements of marketing mix are certain parameters that help to define the value of the product within the market. According toBabin Zikmund (2015), there are four elements or 4Ps of marketing mix that can help the companies to define the importance and value of the product within the market. Product The given case the product refers to the smart phone that the Jio Company is planning to launch in the consumer market of Singapore. One of the main features and highlighting points about the smart phone is that it is much less Complex and user-friendly compared to most of the other smart phones that are available in the market of Singapore. It is important for the company to provide detailed description of the smart phone in all their marketing campaigns. Price Pricing of the Jio smart phone is one of the major highlighting points due to the fact that it is meant for people of all section of the society. Hence, the company has fixed the price of the smart phone at a much lower rate compared to most other popular devices within this segment. It is important for the Jio Company to keep a reasonable level of pricing in order to gain competitive advantage in the tough competition within this segment. Promotion This element includes all the marketing campaigns that are used by business organization in order to promote and raise the popularity of their product among the target group of customers. Jio Company is mainly using the digital form of marketing in order to communicate with the target group of customers. The bill board advertising and press reports are also few of the other techniques used by the company to raise their popularity. Place The Jio Company is planning to introduce your smart phone in all regions of Singapore in order to gain maximum benefit and profit from the business. The company is also planning to sell the device through online and offline market that will help them to increase the total amount of sales within a definite period of time. Reference: Babin, B. J., Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning. Baker, M. J., Saren, M. (Eds.). (2016). Marketing theory: a student text. Sage. Borshalina, T. (2015). Marketing strategy and the development of Batik Trusmi in the regency of Cirebon which used natural coloring matters. Procedia-Social and Behavioral Sciences, 169, 217-226. Czinkota, M. R., Ronkainen, I. A. (2013). International marketing. Cengage Learning. De PhD, S. (2013). A diagnosis of inherent problems in enhancing service quality through internal marketing and organizational identification in Macau and Singapore casinos. UNLV Gaming Research Review Journal, 17(1), 31. Gssling, S., Scott, D., Hall, C. M. (2015). Inter-market variability in CO 2 emission-intensities in tourism: Implications for destination marketing and carbon management. Tourism Management, 46, 203-212. Laroche, M., Park, S. Y. (2013). Recent advances in globalization, culture and marketing strategy: Introduction to the special issue. Pagani, M., Otto, P. (2013). Integrating strategic thinking and simulation in marketing strategy: Seeing the whole system. Journal of Business Research, 66(9), 1568-1575. Parente, D., Strausbaugh-Hutchinson, K. (2014). Advertising campaign strategy: A guide to marketing communication plans. Cengage Learning. Wirtz, J., Tuzovic, S., G. Kuppelwieser, V. (2014). The role of marketing in today's enterprises. Journal of Service Management, 25(2), 171-194. Yeoh, E., Othman, K., Ahmad, H. (2013). Understanding medical tourists: Word-of-mouth and viral marketing as potent marketing tools. Tourism Management, 34, 196-201.