Use the following marketing concepts to tackle and solve a marketing problem: Global marketing, market selection, marketing strategies. First start by thinking about product categories that are rich with product features, such as cell phones. In general terms, product features refer to basic, physical, or extended attributes of the product.
The Marketing Problem
Choose a product in the cell phone category after considering the following situation.
College students tend to own cell phones and have significant interest in the category because they understand the product features very well. A domestic cll phone company in Brazil has asked you, as marketing student, to determine their market selection and market entry strategy for a new smart phone that is ecofriendly, unbreakable, waterproof, and targeted to college students outside their home country.
Describe your global markeing strategy and how, if at all, you would modify the product feature or price by country in your market selection.
Positivo is a company operating in Brazil which wants to spread its operations beyond its home country. As per the given scenario, suggestions were asked for the purpose of determining their market selection and market entry strategy for a new smartphone that is ecofriendly, unbreakable, waterproof and targeted to the college students. China is recommended as the target market for the proposed launch. Global Marketing Strategies for the product in the selected market are given below:
From the marketing manager’s point of view-
a. Problem Definition- In order to launch a competitive smartphone in the market, the first thing to be considered is the availability of cheap raw material, labor, machines and a cost-effective place for setting up of the plant. Next, a market survey is required to be made with respect to expectations and price range in the target market (Fryrear, 2015).
b. Global Analysis- The global analysis provides that South Korea is the most economical place for smartphone production (Leary, 2016). Moreover, majority of the population in South Korea owns a smartphone thereby increasing the market at the place of production. China is also a good option in terms of cheap raw material and labor.
c. Product Value- The product value of the smartphone depends upon its price and its performance which must co-relate with the value system of an individual. It must be within the budget of college students after considering the specific requirements of the students in respect of features like facial recognition, wireless charging along with its original features which are unbreakable, ecofriendly and waterproof. It must also be able to provide sufficient profits to the manufacturer.
d. Target Market- China can be best market since it is the most populated country and the population is technology-oriented. Moreover, the shipping costs will be reduced because it is also a good option as a place of smartphone production thereby reducing the material and labor costs.
e. Solution- The smartphone is waterproof, unbreakable and eco-friendly but in order to be competitive it needs to provide a premium product with the lowest possible prices and attractive body in various colors. Also, it must adopt a marketing strategy focusing on these three key features which are its forte and must include affiliation with the various e-commerce sites along with attractive advertising in newspapers, television, billboards and on various websites and social media.
From the consumer’s point of view-
a. Problem Definition- Students suffer from the basic problem of low budget and high demands. They need a branded phone which provides all the required features like camera, memory, music quality etc. and comes in a budget (Alqahtani, 2015).
b. Global Analysis- All around the world students need a smartphone which can be used for the purpose of communication, entertainment through the use of high-speed internet, good storage space, serves the purpose of DSLR in terms of camera, provides a long lasting battery usage and better security.
c. Product Value- It depends upon its affordable price because the college students depend on their pocket money or earnings from their part-time jobs which is not adequate to buy an expensive phone. It must provide excellent features that are available in expensive phones, RAM, battery and expandable memory (Statista, 2017).
d. Solution- An attractive advertisement and marketing strategy focused on the innovative feature like it is unbreakable is capable of manipulating the interests of college students in terms of smartphones. As a huge expenditure is incurred if the screen suffers from a breakage or falls in water, a perfect advertisement can influence the students to buy a newly launched smartphone. Moreover, the budget can be also increased to some extent if the features like an iPhone are available within a reasonable price range.
Thus, it can be concluded that Positivo will have to make certain modifications in its product features and prices as per the market of China and this will help them in successful growth of the product.
Alqahtani, S. S. 2015. Segmentation of the Smart Phone Market among College Students: The Case of Saudi Arabia. World Journal of Social Sciences. vol 5(3). pp. 110-122
Fryrear, A. 2015. 6 Types of Market Research Surveys That Smart Marketers Use. Retrieved November 11, 2017, from https://www.surveygizmo.com/survey-blog/6-types-of-market-research-surveys-that-smart-marketers-use/
Leary, D. 2016. Where are smartphones made?. Retrieved November 11, 2017, from https://www.androidauthority.com/where-smartphones-are-made-707989/
Statista. 2017. Which features are of vital importance when buying a new smartphone?. Retrieved November 11, 2017, from https://www.statista.com/statistics/458541/most-improtant-features-when-buying-a-new-smartphone-in-the-united-kingdom-july/