Marketing Management Project

(Sony MobyX)

Course: Advertising and Promotion

Course Code: MARK 245.

Instructor Name: Dr. Mariam Abou-Youssef.

Semester: Fall 2014

Assignment 1

Table of Contents

Executive Summary3Marketing Research4The product5Target Market6Market Analysis6Marketing Strategy712Promotion

14Placement

14Positioning

16Implementation and control plan

17Conclusion

18External agency

Executive Summary

Mobility, latest trends and technologies are three most significant factors that customer seek today when they walk-in in an electronic items outlet. Years before the journey of technology started out from the calculator the most basic computer as we call it. Today that technology has emerged and the most latest is PDA (Personal Digital System); Full computer in a small device able to perform all of the tasks.

New Nokia Mobile phone has all the features of a desktop computer, no need of a laptop. The phone is easy to carry, manages schedules, and can perform all the business related tasks.

The size itself has become important apart from mobility. The concept that we are launching is of a radio which is latest in the sense that you can wear it as a fashion accessory. Radio is considered to be one of the most important media apart from television and internet. The major source in use during cricket matches, exercising in the morning and during traveling for work or school. 73% of college going women (18-25) years of age) surveyed tune into radio, although the channel loyalty is not there. The most frequent listening occurs after dinner time.

This is different from male radio listeners as the FM channels are replacing cassettes as a music source while driving, other survey shows that one of the popular source of music are the FM stations, FM 89, 91 and 106.20 are extremely popular within the target market .

GEN X and GEN Y is the most experienced and accessed generation in the human history. This generation is the technologically accessorized generation, with everything hanging from their clothes, from cell phones to CD players, and computers are a way of life. This is a branded generation, brand names, association with the great life and other symbols are important.

The emerging concept of brand association amongst teens and adults, and awareness will make our product more appealing to the customers.

Marketing ResearchMethods of Data collection:Basically there are two methods of data collection:

1) Primary Data

2) Secondary Data

Primary Data Collection: Primary Data is that data which is collected specifically for the project at hand.

The primary data for our report resulted from the questionnaires filled by girls and adult women belonging to a different age group and income level and some unstructured interviews were conducted.

Secondary Data Collection: Secondary Data is that data, which has already been collected for some other purpose but can be used as reference material.

The secondary data for our report came from the internet, and magazines.

The productIntroduction of product:

Now days, mobility is becoming an important factor in electronic devices. The concept that we are launching is of an earring radio which is latest in the sense that you can wear it as a fashion accessory. We are launching it under the brand name SONY. Radio is considered to be one of the most important media apart from television and internet. The major source in use during cricket matches, exercising in the morning and during traveling for work or school.

Objectives and issues:

Increase the profits by at least 10% in the first year of the launch.

Issue: How to increase the awareness amongst customers about this product?

To create 10% market share for the product and to work to improve it further.

Issue: What measure to take to identify the potential customers of the product in the market?

To identify 5 potential outlets where to place the product initially.

Issue: How to identify the potential outlets?

Mission statement:

We are the followers of the latest trend we strongly believe that fashion develops, we provide the best and quality is never compromised. Technological flexibility and innovation are the key factors that we emphasize on while shaping a solution for our customers.

Vision statement:InnovationOur product Oriented Definition:

We manufacture earring radios

Our Market Oriented Definition:To the trendy and techy, MobyX is the radio that provides mobility and a perfect blend of fashion and technology that makes you feels different and latest than others.Target MarketMoby X will form a major share of its market amongst those people who are attracted towards the product with exclusive appearance, unique functionality, style and design. We will market our product through multiple segment strategy, as we are be targeting GEN X and GEN Y belonging to upper class and upper middle class of our society. Through multiple marketing MobyX can achieve market position as because it is a product which provides mobility, style and fulfills the needs of the consumers. Moby X is a part of the most reliable and trusted technologies belonging to Sony which is using Japanese latest technology in it which would further strengthens the reputation it would acquire.

Now days, there is a growing trend of adopting the inimitable style which people will definitely feel after purchasing the product. The mini chip radio in the earrings itself is fascinating and will communicate on its own towards the people who are engrossed through mini products.

Market AnalysisBasis of Segmentation

Demographic segmentation:

Demographics refer to the characteristics of population including such factors as size, distribution and growth, because people constitute market, demographics are of special interest to market executives.Age:

Our product caters to women ranging from age 15-26 yrs old. Moreover, through our advertisements we have portrayed an active woman who is working out or busy in kitchen chores.

Occupation:

MobyX targets women belonging to each and every type of occupation whether it is a house wife, student and working women.

Income:

Our product MobyX caters to upper class and upper middle class. Any one lying in the income bracket of Rs 50,000+ can afford this product.

Psychographic Segmentation

The psychographics of the MobyX can be analyzed by reviewing the advertisement. The lifestyle shown in Moby X advertisement portrays successful, sophisticated, professional womens who are active energetic and full of life.

Behavioral Segmentation:

Under this aspect Sony Company has based their segmentation on the basis of customer desired benefits. People would prefer buying our product because its the first ever product to be launched by Sony with radio facility which is easy to use, and more over its attractive mix of not only radio but also as an fashion accessory.

Marketing StrategyMARKETING MIX

PRODUCT CLASSIFICATION:

Moby X is broadly classified as consumer product and under this category we define it as a specialty product because it is a perfect mix of style and technology. It involves strong brand preference and loyalty, special purchase efforts by consumers, little comparison of brands and low price sensitivity.

LEVELS OF PRODUCT

Core Product

Moby X provides a solution to its users that connect them to the global world and at the same time add value to their beauty.

It is smallest in size but greater in quality and style thats what the consumers want. Actual Product

Moby X, an earring radio.

Augmented Product

Customers are provided with the free demos of the product on computer system installed at the outlets and for further understanding, instruction booklet is also provided with Moby X. Also included 3 years money back warranty and a pairs of fabulous earrings along with the product.

Customers are encouraged to share their views about the buying experience of the product and after sale experience through surveys conducted at the outlets.

An exclusive website is designed to cater its customers for solving all their queries regarding the product. Online purchasing service is also available.

PRODUCT COMPOSITION

Product Quality:

Moby X works great, everywhere in the world, under brand name SONY using Japanese microchip technology and providing the FM band from 87 to 108 MHzs Stereo-sound is really excellent plus 3-years money back warranty is also given.

Product Features:

Push-button Auto Seek Microchip Technology so you can immediately and perfectly tune in stations (Automatic FM Tuning).

Provides high quality stereo sound.

Long last Japanese battery included.

3 years (Limited) Warranty.

Size (1/3x 1/3 x 3/8) mm is the size of radio chip. 30 x 20 x 5 mm is the size of the earring.

Weight 1/2 oz is the weight of the earring radio.

Ideal for use in parties, sports, travels, hiking, working, Jogging, bike riding, boating, fishing, picnics, reading, camping, skate boarding, gift giving, foot and vehicle surveillance, to pass the time while waiting for subject, anywhere, everywhere, in the form of earring as simple microchip (radio).

Product Style and Design:

It comes in many splendid colors with different style for female. It is designed in a way so as to increase portability.

BRANDING

Brand Equity:

Moby X will establish it with the passage of time because of its good quality and better understanding of customer needs.

Brand Name Selection:

Moby X is selected as the brand name because it defines the mobility and easy to carry feature of the product and X signifies the extra factor that we provide to our customers in the form of earrings (fashion accessory).

Brand Sponsorship:

SONY is manufacturers brand.

Brand Development:

No extension.

Packaging:

Moby X comes in a square and heart shaped gift box.

Labeling:

All the important information is mentioned on the label. The label contains the name of the product, name of the manufacturer and distributors, warranty limit, warnings, guidelines on usage.

Product Support:

A booklet on guidelines regarding the product is provided with Moby X. Free demo CD is also given.

Product Mix:

Initially Moby X is introduced in the form of earring but with the passage of time it will offer in other versions also like in the form of bracelets, rings, and lockets.Product Life Cycle:Our product is at the introductory stage of product life cycle stage.

PRICE

INTERNAL FACTORS

Marketing Objectives:

To create a market share and to stand out as distinct product amongst the other competitors

Marketing Mix Strategy:

The price has been decided based on the competitors and customer needs and requirements. The price is aligned with other marketing mix covering the promotion, placement and product.

Cost:

The organization has tried to achieve economies of scale but not the cost of quality. The cost is being monitored and is kept to a minimum by choosing the best deals given by the supplier and managing the cost accordingly.

Organizational Considerations:

The price set has been influenced by different functions of the organization including the finance, manufacturer, sales and marketing and the higher management.

Competition Based Pricing:

We are following the growing rate pricing according to which we fix our price after considering all the factors as.PromotionMoby X being a new product in the market would require intensive advertising. The positioning and the idea behind the brand selection would be used as a basis for advertisements and the advertisements would be informative.

ADVERTISING

Radio:

Radio FM channels would be able to attract the major cream who could use our product and create a positive word of mouth for others. Since they being the regular radio listeners would be excited to use this product as they could carry the radio with them.

Newspaper:

Moby X is an expensive and new product. There is need to create awareness amongst people that such a product exists. Etihad newspaper would be a better choice to advertise being one for the most popular newspapers in UAE. A full page would be dedicated to advertise the product providing a detail know how of the features and distinctive attributes. Apart from Etihad the other newspaper that the product would be advertised in are The News.

Magazines:

Moby X being a technology product it would be advertised in magazines as AL khaleej a leading magazine. Another magazine that is famous amongst out major target segment the teens is Young Times. It is Dubai based magazine is especially for kids. Since it is a fashion product also magazines like SHE, STYLE and MAG would also be used to advertise the product.

Billboards:

The locations where we have decided to place our advertisements are Liberty area its main round about area, Ghora Chowk while exciting Defence we go to cavalary ground, the third location is Ferozepur road and last location is M.M Alam road. Apart from the major areas identified all the other malls where luxury electronic items outlets are available advertising would be done by placing billboards.

Television:

The few major channels as Masala TV, Style 360, HUM TV and MTV Pakistan will be given the task to advertise the product.

Websites:

Msn.com/Click on line a website providing information regarding new technologies, funmaza.com a famous website viewed by most of the Lahorians.

Sales Promotion:

One free pair of earring apart from the one already provided in the package would be given with the product.

Public relations:

Brochures providing details of the safety of using the product would be distributed in public places. Articles about the working and flexibility in use would be published in a leading magazine to inform the public about the safety in using this product.

PlacementThe product would be sold through Indirect Marketing Intermediary. The product will be sold through push strategy that is product would be first distributed to the wholesalers and then to retailer. The retailers would assist in creating contact with the other retailers which would expand the network and add value.

Positioning Product Positioning:

Moby X would provide higher frequency range compared to other radios available in the market, will have a long lasting battery no recharging is required and the most important advantage that our product provides is the mix of fashion and technology that forms our distinctive attribute.

Value Proposition:

Moby X is a better quality product providing distinctive feature and being a leader makes it more special and different from other competing products. Sony using latest Japanese technologies is most reliable and durable.

Market Positioning:Moby X has been positioned in the customers mind as a part of their lifestyle it impeccable suited their personality. It has positioned on the following grounds:

Made for you exclusively

Lifestyle and technology

Earrings with variety of colors and design

Fine-looking wrapping and easy to carry

Statement:Enjoy with Style

Characteristics affecting Adoption:

Relative Advantage: The first of its kind is being introduced in the market; the concept it self will attract the customer.

Compatibility: Moby X higher range of frequency will make it easier to add channel and thus more value to the product.

Complexity: Moby X is easy to use and the demo CD provided with the product provides the proper guide and features to use the product.

Divisibility: Moby X is an expensive product and initially no discounted rates can be offered Communicability: The experience that customers take with them will make its use and difference spread amongst customers.

Implementation and control planGoals:

After the launch we will look out the awareness and recognition of MobyX among the target customer. The targeted sales, profits, availability and elevated market share are also major parts contributing towards achieving our goals.

Performance:

Measure the performance and activities of the outlets, their interactions with our target customers. We will measure the performance by setting different tests after the first launch of MobyX. Tests will be encompassed of surveys, personal interviews, focus groups and nia e-mails.

Evaluation:

The results of the surveys, mails and others will be then synchronized for the evaluations. Evaluation is conducted to identify the gap between the expected and actual performance.

Corrective Actions:

This is the last control which is set and applied if there is a difference amongst the expected and actual performance MobyX and we then otherwise will take the corrective actions to close the gap.ConclusionWe have launched this earring radio under the brand name Sony so value and prestige is associated with this product. We have used the latest Japanese Technology in our product through which frequency and signal of radio can be catched easily. But the problem can occur in our product is that at some places user might not find tune into radio and their might be some problem in signal catching. To combat with this problem, we have used the latest Japanese technology as stated before and will use more advanced technology in our product in future in order to satisfy our customersExternal agencyYes, we will use an external agency. Abroad, and marketers are increasingly moving towards the development and their own research units separately as a department within the organization; one that can do all the quantitative and qualitative research and the production of ideas.

Visions to make the decisions that they generate headlines that make their day and, more importantly, the bottom lines that make their bank accounts. While they have a strong spread of the Internet to their advantage, which facilitate the collection of data on the Internet in cases that require size; Indian marketers cannot use that as an excuse. We'll come to the alternatives to this in a short period.

Let us understand why it's a blessing to have an additional partner activity "Search": To begin with, the unit will be in the house is supposed to better understand the goal of your business.

External agency may or may not try to modify the results to suit your needs. Internal agency is to keep it as it will tell you if it should not continue to be a particular project. They put the company's interest first.

Do not rely on this project committed when one runs contrary to an independent agency. It's a good idea to have them weigh in on the proposals put forth an external agency.

"Combining diverse views and abilities that internal consumer and market insights team and external search engines bring to the table only helps clearer and more affluent consumers' views of the derivation," asserts Smita Bhosle, head of consumer and market insights in Hindustan Unilever.3 | Page