Flesh out a market plan for the product, discussing key elements of the 3 C’s and the 4 P’s. Identify Why you are choosing the strategies you choose and the interactions of the different strategic elements. Be specific and make necessary assumptions where appropriate.?
Developing a marketing plan:
Marketing involves a lot of preparation and also takes lot of time to develop an effective plan for any particular product in the market. A strong and developed marketing plan will help to ensure that what is to be scheduled and hoe much amount of funds are necessary to be spent so that a product could be developed into the market. It is necessary to build up a marketing plan because it does a lot to build up a product in the market. It involves everything to help to understand the target market and also seek to understand the competitive position in the market of that particular company or any particular product. It also helps to create a level of differentiation from the other competitors so that the company can make a sale out of the product as well as of the company. This also helps to achieve the marketing goals and objectives within a short span of time (Cacciolatti & Fearne, 2013).
The company had strategized and had planned to develop a pattern of computer display that comes with rigid rectangular surfaces that is the scroll type computers. If any individual wants to use a computer display then they can simply grab on the side of the tube and put the scroll out of the tube. The diameter is usually larger and all the electronics are within that particular tube. The size of the screen is usually based according to the length of the tube. These kind of displays are compatible with all the formats of the operating system and it comes with full HD color display as well. The scroll type monitors are considered to be 10% more expensive when compared with other type of displays that are available in the market. The sizes if such type of screens also needs to be compared with the other available monitor screens available in the market (Malhotra & Dash, 2013).
The target consumer market for such type of monitoring screen are very fragmented and there are few dominant players who come into the role and they play a significant role here. The technology is more updated with personal computer monitoring system. There are various other particular segments that customizes their own needs. There are students and other corporate travelers who come up with their own needs and these consumers tend to stay away from the desk and they are more aligned to use mobiles. They are in need of a high quality and stable monitor so that they can be saved from alien monsters like the corporate world desktops that have giant screen to work for. The computer monitor market is been said to be growing every year by 10 percent. But the margins after selling it is becoming very low (Okeudo & Margaret, 2013). This happens mainly because of the fact that there is a need for customization and also of private label activity that is said to have taken place with personal computer manufacturers and some of it also takes place because of high sales promotional activities. The consumers need to purchase a new computer monitor every time whenever they purchases a new computer from the market.
Proper business planning will necessarily ensure 3Cs and 4Ps as well in the market. These will help to exercise and make the exercise more valuable in terms of its other businesses. It helps to make a business well-structured and organized and helps a business to grow and sustain in an organized way as well. The 3Cs of a company are Company, customer and competition. On the other hand the 4PS are product, price, promotion and place.
Company: the company matters a lot while developing any new product in the market. Here the product that is been discussed is scroll type personal computer displays. It is very important to see that what type of marketing and R&D team is been there within the team so that they can help extensively in developing the new product and also help in promoting the new product in the market as well (Stosic, 2014).
Customers: here the target customers are students and the corporate users those who are bored of using desktops. They were in need of a high quality and stable monitors so that they could be saved from the alien monsters of the corporate desktops. They were more aligned to use mobiles so that their work would just be a click away. Such customers were in need of a low desktop space and they required large screens for spreadsheets, email and also using word documents. Also there are general residential users who need such scroll type personal computer displays to use social media as a time of their leisure time. Also they required email answering and doing elementary school kid homework. People try to upgrade these screens as a part of their personal computers.
Competition: The Company as well as the product received a tough competition. There were few dominant players who gave tough competition. It was important to differentiate the product as and when it is been compared with its competitors. The company being a small enterprise also received competition from the small players and the new entrants those who are coming in the market. The main reason that they received high competition because such scroll type displays were a bit expensive therefore not every people could afford with that much of ease and comfort.
The 4Ps of the product are as follows:
Product: the product is been designed in a shape of a tube apart from the usual ones that comes in a rectangular surfaces. If any individual wants to use a computer display the can simply grab the ring on the side of the tube and gently put the scroll out of the tube. The electronics that are present in the tube are also larger in diameter than as compared to a dry erase marker. The size of the screen is based on the length of the tube. The display comes along with visual of full color HD display. And such screens are compatible with all operating system formats ('Technology-Driven Online Marketing Performance Measurement:’ 2014).
Price: When the sizes are been compared with the rigid computers these type of monitors are about 10 percent more expensive. These type of displays are expected to be sold in all the retail shops at a price between $400-$800 that is based on the size of the monitors and the screens as well.
Place: place is determined by the demographic condition about the product that is been highlighted in the company. Here the major demographic segment includes the target customers who are students and the corporate users those who are bored of using desktops. They were in need of a high quality and stable monitors so that they could be saved from the alien monsters of the corporate desktops. They were more aligned to use mobiles so that their work would just be a click away. Such customers were in need of a low desktop space and they required large screens for spreadsheets, email and also using word documents.
Promotion: These type of computer monitor market is been growing at 10 percent every year but the sales margins were low. The promotional activities mainly involved intensive sales promotions that are required to get the customers and they are instigated to buy new monitors every time whenever they purchase a new computer.
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