In today's scenario, technology has become an integral and indispensible part of the individual’s life. In the world of globalisation, the importance of the advancement in the technology has enhanced. The role of engineering in increasing marketing has been discussed (Michalek et al, 2011). It can be said that technology has bought everyone more closely, specifically if the things associated with the cell phones are considered it appears as if in the coming years, the innovations will make it a device that will be able to meet most of the requirements. Today, what is the biggest problem that the mobile phones are confronting is related to charging. Those individuals who have to travel a lot face the problem of charging due to low battery capacity. Also, capturing the best moments with better picture clarity among the youths has also become an essence of well demanded mobile phones.
The product that has to be designed based on the understanding of the problems faced by the people using the mobile phones at present. The problem that is generally faced by the people is related to the camera of the mobile phones which results in the poor quality of the images which ultimately results in the individual’s dissatisfaction. The other issue is that, the capacity that a general mobile phone has which ultimately gets dead very early. Especially, this problem associated with charging somewhere results as disadvantage of using the mobile phones. Most of the apps, games and other software are also battery consuming. The efforts as an entrepreneur in product development and marketing play a significant role (Morris, Schindehutte and LaForge, 2002).
Whether the problems of low battery capacity and poor camera pixels related to the mobile phones can be overcome and result in enhancing the sales by meeting the customers’ demand.
In relation to the above mentioned problem, it can be said that proper solution to the problem is very much required which will ultimately enhance the usefulness of the product and will result in mobile phone converting into the smart phones that too with better design and better battery. The solution to the problem can be in terms of designing such a mobile phone that will be able to meet the individual requirement along with; it can act as a solution to the problem as discussed above.
Marketing can be defined as the process of selling and promoting the product or services in the market and includes various aspects of marketing research and analysis. Various strategies are used by the organisations through marketing techniques to attract and retain potential customers (Investopedia, 2017).
As per the present scenario’s requirement, the innovations have been done keeping in mind the necessities of the target market. And as per the requirement of individuals in today’s time the focus has been kept over improving the design and camera plus enhancing the charging capacity of the battery of mobile phone.
In reference to the above mentioned and identified problem the innovation that has been inculcated in the mobile phone includes the following-
- The first is to improve the camera mega pixel and the resolution of screen to have a clean and clear view of the display images.
- The second changes in the mobile phone which I have made is the battery capacity, to have a long stand-up of battery usage I just increased the capacity of battery and lithium ion batteries have stand-up in the batteries series. The c-type charger has been placed for the dash charging technology so the device can be charged within 27 minutes for 95% of charger and the mobile phone has the wireless charging technology.
- The third innovation in the mobile phone is the design which indicates the look and feel of the smartphone.
The business is to be based on these developmental and innovative changes to be made in the mobile phone. These will not only lead towards finding a solution to the above problems but also the attractive design of the smartphone will also be able to cater more customers that can ultimately result in development and growth of the business.
Marketing director role is to develop and implement marketing strategies so that the marketing functions can also get smooth (Charter selection, 2017). Understanding based on studying economic indicators, identification of the potential customers, analysis of demand and supply changes and to monitor the competitions all falls under the responsibility and requires the supervision of the marketing director. The promotion of the products also falls on the shoulders of marketing director and his team.
This process in the development of the product is a complicated one. It is an essential process for the business to become successful (Patidar, 2013).The process of development of product includes the following steps-
- Idea generation related to the new innovation to be implemented.
- Then the best ideas have been to be screened up and are inculcated in the product that has to be worked upon by the business.
- The selected three ideas have been pushed into the process of development based on the concept so defined and as per the outcome.
- Later, the step is to make the strategies to analyse the market size, demand for the product, distribution channels, etc. as discussed below in the given assignment.
- Then, the sales have been estimated, the purchases that have to be done, business’s nature has to be taken so as to have the analysis of the business.
- After, the feasibility test is performed and then the product is to be launched in the market so as to check its acceptability. Finally the commercialisation of the product takes place.
Figure 1: Product Development Process
To overcome the problems like early discharge of battery, less picture clarity are some of the problems that can overcome by the product that is to be bought into existence. If not overcome, at least the problems associated to the batteries can be reduced to a certain level.
Functional, Aesthetic & Environmental qualities-
The innovation is done with the aspect of satisfying the customers by the qualities product possesses. The functional qualities inculcates in terms of camera that offers high resolution picture clarity with effective designed smartphones. Considering the functional qualities of the battery and especially the c-type charger provided with will result in fast charging i.e. at the speed of 95% in just 25 minutes. As per the aesthetic qualities, the designing of the mobile phone is done in such a way that can act as an attraction to the people. Coming to the environmental aspect usage of lithium ion batteries can be harder on environment but technology will definitely improve the lithium supplies in the future and its recycling rate will also increase (Albrecht, 2014).
Target Market (Customers)
Various factors associated with the product are dependent on target market (Taaffe, Geunes, and Romeijn, 2008). The target market is taken as Singapore, at the initial level. Coming to more specific criteria the target is the youth age group (20-35 years). Amongst the youths, the ones who are more tilted towards capturing images and also the travellers who find both the features of long lasting battery as well as good camera are in the category of the target market. The strategy is to spread the business further with the passage of time. The aim is to recognise the market potential of the target country (Malhotra, Sivakumar, and Zhu, 2009).
As initially it has been thought to launch the product in the areas Singapore only and as the reaction to the response of the people it can be thought that the reach of the market can be enhanced. On an estimation basis, the population of the target market is around 5.8 million (Country metres, 2017). To be more specific the youth of the age group 20-35 years in the country are around 45% of the population.
The price at which the product has to be sold is based on the various factors like target market, product quality, competitor’s strategies, etc. (Wasserman, n.d.). The cost of the wireless charger in the market is around 120 US dollars. Production and assembly cost is a bit expensive. But the production cost has been estimated as 30 US dollars per unit for initial 2000000 units which later will reduce as the production will increase. The overall cost that can be estimated includes the camera modifications and the designing cost has also to be inculcated around 60 dollars per unit. It almost brings the estimation of production cost of about 94 US dollar. The selling price is considered about 184 US dollar including all the related factors and it seems to be a fair price for the market.
Units planned to be sold
The planning related to the units to be sold is made based on the demand and requirements of the product in the market. Initially the market testing will take place to know the customer reaction to the product. If changes will be required then will be made and then it has been planned to sell around 200000 units per month in the initial days of the launch on an estimate basis. Also, the efforts would definitely go to increase in the coming years focusing on increasing the sales per unit of the product. The future estimates have taken around 600000-800000 units per month targeting the market.
Business Vision Problem
This remains another important criterion for any business as it remains the mediator between the company and the customer. Through these channels the product has to be delivered to the customers. The channels could be a chain of producer, wholesalers, retailers and the most important of all consumers (Chand, 2016). For my business the distribution channels would include the availability of the product at wholesale outlets, retail outlets along with the availability of the product over the internet. This will be on limited basis in the initial days and the growth will depend on the revenue generation and customer response.
To create awareness among the consumers various strategies can be used. To promote the product creates a link between the product and customer (Baron, Harris, and Hilton, 2009). The product can be promoted through advertisements over internet, inculcating the role of social media, events; even the traditional methods can be used to promote the product (Csiszar, J.). For my product I have planned to create the market awareness using internet and the traditional advertisements. Also, conducting events at the malls to attract the youth in large number is my business strategy.
The associated cost with the design and production of product packaging do forms an important part of total pricing of the product. The product packaging involves the cost related to the plastic come cardboard box that is to be used by the company for base cover or packet. Along with it, the plastic cover has to be put on the box and top the gadgets. The labels and the guidelines booklet also have to be provided. All these have to take into consideration while estimating the packaging cost which arrives around 4 US dollar.
The discussion regarding the general budget with the financial director has led to an estimated cost of sales for 200000 units have been taken as 36 million dollars. Whereas, the estimated production cost price and labelling cost price appears to be around 18.8 million dollars. The cost of promotion and market awareness has been estimated 1 million dollar and the remaining fixed and variable costs around 10 million dollar. So it can be seen that the profit of around 6.2 million dollars can be made. Also, with the increase in the production, the cost per unit will also decrease in future as the focus of the business would be on increasing the target market. According to Davis et al (2000), this would aid the organisation to attain the competitive advantage and to further attain the objectives with which the product has been innovated. The business in future will also try to accomplish the strategies in its working which could act as an advantage to business success.
Development product of marketing
The growth rate shown in the graph is expected to continue every year. The graph is made on the estimated basis and the sales are supposed to increase in this format. With the expansion of the target market, it is expected that more fruitful results will appear in the future.
Figure 2: Expected Growth rate
From the above, it can be concluded that the innovative idea to be inculcated as a part of the mobile phone is basically planned with the view to achieve the objectives that have been determined. The wireless charging technique with innovation of the usage of lithium ion batteries will increase the battery capacity. Also by improving the camera mega pixel and the designing of the phone can also attract lot of youth in terms of meeting their demand and needs. The focus of the business is to meet its objectives along with the customer’s specifications which matters (Training today, 2016). The proper market analysis, unit estimation and the selling price has been discussed above. Also the ways in which market awareness can be created using the above discussed promotional techniques. The present estimation shows good amount of profit but the actions would be better to know the future results. The initial phase of the product development and marketing strategies has been briefed up and if the business performs well then the market can be widened up in the future. Last, but not the least it can be said that the focus of the business is to attain the competitive advantage by bringing in the innovation.
Albrecht, B. 2014. How green is lithium? Viewed on 7 July 2017. Retrieved from https://www.kitco.com/ind/Albrecht/2014-12-16-How-Green-is-Lithium.html.
Baron, S., Harris, K. and Hilton, T., 2009. Services marketing: text and cases. Palgrave Macmillan.
Chand, S. 2016. Classification of distribution channels: Consumer. Industrial and service. Viewed on 7 July 2017. Retrieved from https://www.yourarticlelibrary.com/distribution/classification-of-distribution-channels-consumer-industrial-and-service/12991/.
Charter Selection, 2017. Marketing director job description. Viewed on 8 July 2017. Retrieved from https://www.charterselection.com/54/marketing-director-job-description.
Country meters, 2017. Singapore Population. Viewed on 8 July 2017. Retrieved from https://countrymeters.info/en/Singapore#population_2017.
Csiszar, J. 2017. How to increase brand awareness for a product. Viewed on 7 July 2017. Retrieved from https://smallbusiness.chron.com/increase-brand-awareness-product-41158.html.
Davis, J.H., Schoorman, F.D., Mayer, R.C. and Tan, H.H., 2000. The trusted general manager and business unit performance: Empirical evidence of a competitive advantage. Strategic management journal, pp.563-576.
Investopedia, 2017. Marketing. Viewed on 8 July 2017. Retrieved from https://www.investopedia.com/terms/m/marketing.asp.
Katz, J.A. and Green, R.P., 2009. Entrepreneurial small business (Vol. 200). McGraw-Hill/Irwin.
Malhotra, S., Sivakumar, K. and Zhu, P., 2009. Distance factors and target market selection: the moderating effect of market potential. International Marketing Review, 26(6), pp.651-673.
Michalek, J.J., Ebbes, P., Adigüzel, F., Feinberg, F.M. and Papalambros, P.Y., 2011. Enhancing marketing with engineering: Optimal product line design for heterogeneous markets. International Journal of Research in Marketing, 28(1), pp.1-12.
Morris, M.H., Schindehutte, M. and LaForge, R.W., 2002. Entrepreneurial marketing: a construct for integrating emerging entrepreneurship and marketing perspectives. Journal of marketing theory and practice, 10(4), pp.1-19.
Patidar, 2013. Marketing notes – Product development process. Viewed on 7 July 2017. Retrieved from https://www.enotesmba.com/2013/05/marketing-notes-product-development-process.html.
Taaffe, K., Geunes, J. and Romeijn, H.E., 2008. Target market selection and marketing effort under uncertainty: The selective newsvendor. European Journal of Operational Research, 189(3), pp.987-1003.
Training today, 2016. Identifying the customer needs. Viewed on 9 July 2017. Retrieved from https://trainingtoday.blr.com/course/identifying-customer-needs/.
Wesserman, E. n.d.. How to price your products? Viewed on 7 July 2017. Retrieved from https://www.inc.com/guides/price-your-products.html.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2022). Enhancing Sales With Innovative Mobile Phone Technology Essay. (70 Characters). Retrieved from https://myassignmenthelp.com/free-samples/6et005-engineering-innovation-and-enterprise/designing-of-an-innovative-product-file-D8FB49.html.
"Enhancing Sales With Innovative Mobile Phone Technology Essay. (70 Characters)." My Assignment Help, 2022, https://myassignmenthelp.com/free-samples/6et005-engineering-innovation-and-enterprise/designing-of-an-innovative-product-file-D8FB49.html.
My Assignment Help (2022) Enhancing Sales With Innovative Mobile Phone Technology Essay. (70 Characters) [Online]. Available from: https://myassignmenthelp.com/free-samples/6et005-engineering-innovation-and-enterprise/designing-of-an-innovative-product-file-D8FB49.html
[Accessed 01 December 2023].
My Assignment Help. 'Enhancing Sales With Innovative Mobile Phone Technology Essay. (70 Characters)' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/6et005-engineering-innovation-and-enterprise/designing-of-an-innovative-product-file-D8FB49.html> accessed 01 December 2023.
My Assignment Help. Enhancing Sales With Innovative Mobile Phone Technology Essay. (70 Characters) [Internet]. My Assignment Help. 2022 [cited 01 December 2023]. Available from: https://myassignmenthelp.com/free-samples/6et005-engineering-innovation-and-enterprise/designing-of-an-innovative-product-file-D8FB49.html.