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Management MM (1)

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Marketing Mix: Once the target market is selected as mentioned previously, Symphony will establish the product to the current market in Bangladesh. The company will introduce the four tools of the Marketing Mix accordingly to get response from the selected target market. Product : In order to make the product simple, specific more realistic and to keep up with the market Symphony Pager T will not only provide their customers with the benefit, rather they would also assure their custom
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  Marketing Mix: Once the target market is selected as mentioned previously, Symphony will establish the product to the current market in Bangladesh. The company will introduce the four tools of the Marketing Mix accordingly to get response from the selected target market. Product : In order to make the product simple, specific more realistic and to keep up with the market Symphony Pager T will not only provide their customers with the benefit, rather they would also assure their customers about the value for it. The product itself has latent demand, which is according to the writers of the book Marketing Management (2013 ), “It is the type of demand  where by the needs of consumers is not get satisfied due to non-existent of the desired product or good” (  para. 1).   Since there are hidden demands present, but the introduction of the gap will be declared by Symphony to fulfill the gap in the market. Core Product:  Symphony will introduce the product for specifically working parents who can have access and track to take updates of their children or they may not have to get too concerned about the safety of their school going children as the product Pager T will help parents to get all the updates and get their children ’s schedule . Actual Product:  The product itself is portable and very easy to use since it will be used by the selected age group, mostly the school going children. The product is going to be completely new and it is going to be a start up to the market it might be a bit challenging thus Symphony might keep up with the challenge using reference account, i.e. Symphony may give away a sample of the product to a selected group of people that will help Symphony to concentrate the feedback and testimonial regarding their experience with the product. The product will come in a well  protected box similar to the normal phone boxes, with other accessories for example the charger and the cable, it will be of only two shapes oval or rectangle, contain few important buttons; each will play its different features. Parents may get all updates and may have video conference with their children. The product will contain more functions as follows: * * *    Price: The product is made in such a way that Symphony will be able to serve a wide target market. Symphony Pager T is going to be a completely new and a distinct device in the market in addition it doesn’t have any competitor so far nor any close substitute which will lead a higher chance for buyers to have very little knowledge about the price nor they will be able to determine and compare the price with any other  products. There are two types of products as mentioned previously (Type I- simple and colorful, Type II- Trendy and contemporary). Almost two-third of Bangladesh population falls in the middle class thus the price will be set in such a way that middle class families may also own the device. For both Type I and Type II, the parent company may use value-based pricing which will indicate a price that most customers may easily pay. Hence, the price will be set using value based pricing that will concentrate on what the consumers will be willing to pay for the value of the product. As the writer of the book believed that: Most experts recommend value-based pricing because it hinges on the perceived value of a product or service rather than cost-plus markup, which, as stated previously, is a formula that ignores the customer (Barringer and Ireland, 2011, para. 4) According to the value of each product Type I product will be offered in the market with in a range of 3,000TK to 6,000 TK, whereas Type II will be offered in a range of 7,000TK to 10,000TK.. Thus, buyers will be able to afford the products if their price range is kept within this price range mentioned. Thus in future they may also cut down cost to offer at a lower price than the current price once they will have competitors in the market. Place (for distribution): Geographically the product will be available in Dhaka, Chittagong, Sylhet, Khulna inall the existing Symphony outlets. All brand outlets and their addresses are mentioned in the additional reference section, these outlets will keep samples of products so that they can sell the product in all the four geographical areas. In addition they can also show case the new product in the electronic retailers as well that will represent the product. This will help to aware people about the product; in addition to that they will have the ability to reach and serve the product to more customers. This is true as writer Barringer and Ireland  has also mentioned, “A start -up must often pitch wholesalers and distributors much like it pitches an investor for money to win their support and cooperation” (para. 4) Thus they must sell products directly to the customers and also sell through intermediaries. Promotion: Since it is a start-up firm it will choose different medias for instance they may use the followings:    Billboards- They may put up billboards in busy areas where the billboards are going to be visible to more people and cars that passes by. They will mention a little message and a  picture of the product with a little information as well.    TV commercials- TV is another wise media to reach the mass. Commercials will be mostly played on prime times for example in the morning at breakfast times and at night, as parents and children watch TV on these times mostly. A commercial with a good  background music or a jingle may create a space in consumers and most importantly the children’s minds the most.       Newspapers- this also one of the most important and a better way as most people start up their daily morning with the news paper on hand. Thus Symphony can also place advertisements on weekly newsletters which are mostly read by the kids. Some are Lifestyle by The Daily Star, Noksha by Prothom Alo etc.    The Internet- Web marketing is cheap, easy and one of the useful technique to promote the strengths and success stories of newly introduced products including after sales services. Social networking site for example Facebook is another system that initially appeals almost all age to who usually are at the stage of perusing an opportunity and  amplify their message. According to the idea of the Pager T can put up details of the features, price and benefits, extra information’s, post offers and also can manage to engage, influence thoughts and actions. All these will help to aware people about the newly introduced product, explain people the benefit and features of the product and finally create associations between a product and a certain lifestyle. Symphony should keep service contracts and give warranties that will act as extension help. They will keep m aintaining price and add value for example they may come up with same product with different style with all new functions. They can come up with big ideas for instance they may start up their promotion by advertising the product in schools. They may put up a dummy or a model of the product made out of colorful paper and Styrofoam that will grab attention of both the children and the parents. This will help Symphony to reach their target audience specifically.
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