MKT/571: Marketing Wk 5 Team – Part 1: Marketing Paper  -Business Finance

Your team is a consulting firm that was hired by Phoenix Industries to create a marketing plan. Phoenix Industries is a very successful Asian company that has no American marketing experience. Their last year’s annual sales were $500 million. They want to be very careful before entering a new market, which is why they hired the best – your team. During the first meeting, the Chairman of the Board, Dr. Eugene Kaufman, will tell you what product line they wish to market in the USA.They have reserved $2 million for a 4-month advertising campaign in the US. They do not know how to spend it properly. They need your suggestions.The Marketing plan must be exhaustively inclusive, but at the same time the chairman does not have time to read more than 25 pages. The chairman is also very picky about facts. He wants to make sure that your opinions are merited on facts, not hearsay. So cite your sources properly. Your firm’s senior consultant recommends that you discuss the topics stated below. You are not obligated or constrained by this recommendation. You may add or delete any materials to the plan that your team sees relevant to the company and its goals.Product descriptionProduct positioning Target market descriptionMarket penetration strategyMarket potential and market growthOpportunities, Trends, and Threats analysisThe competition (real and potential)Marketing objectives and recommended marketing strategyRecommended pricing strategyMarketing communication (including public relations) strategiesEvaluate the technology trends available to help you market the product. E-business strategySocial media strategyImportance of ethical marketing and its impact on achieving organizational prosperityIMPORTANT: Remember, your project must be relevant to the plans of Phoenix Industries. Do not go off on a tangent. Do not include irrelevant information. The easier the plan is to read and understand the better. Use of diagrams, printed visual aids, or anything else that would improve the understanding of your plan is highly recommended. Be careful not to create inadvertent distractions. APA rules do not apply with the exception of citations and references. You are limited only by your imagination.Remember, your plan will be read by high-ranking officials that will decide whether to give your company the consulting retainer worth $1,000,000. It is important that it looked presentable and professional. You should have an Executive Summary that in 1 page or less gives a general overview of what to expect in the plan. Consider it a reminder for the Chairman of what you are writing about. Table of contents and APA-formatted bibliography would also be very helpful to your cause. None of these three sections will be counted towards the 25-page maximum.
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Running head: MARKETING PLAN
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Virtual Reality Suit Marketing Plan
MKT 571
January 26, 2020
MARKETING PLAN
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Virtual Reality Suit Marketing Plan
Executive Summary.
The virtual reality suit is a unique product that uses computer simulation to help
people interact with the artificial three-dimension environment. The market plan of the
virtual reality suit will be composed of several key areas or sections that are crucial in
creating a firm marketing foundation for the product. Some of the areas to focus on in the
market plan include, first, the product description. This section mainly involves explaining to
the customer what the product is and why it is worth buying it.
Secondly, product positioning, this section tries to create a pleasant way of targeting
potential customers, mainly by advertising the products. Thirdly, the target market
description that tries to explain who the potential product buyers are and the area in which the
product will be sold. The section also tries to explain the reasons why consumers make their
purchasing decisions. These reasons include the suitability of the product, the interests of the
buyer, and the buyer’s level of income.
Fourth, the marketing strategies; these are the strategies that are implemented by an
organization to gain dominance in a market that the organization has already made an
offering. The strategies also help the company to improve its product sales some of the
strategies that are highlighted include, implementing the price reduction strategy, increasing
the products reach, forming strategic alliances, and enhancing augmented promotion. Fifth,
the market potential and market growth; This section will determine the level of sales the
company is likely to incur and assess whether the future product market is likely to improve.
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Product Description
The Virtual Reality Suit with a helmet is a machine that uses the computer simulation
and modelling to enable an individual to interact with the artificial three dimensions visual
and other key sensory environments. The virtual reality suit with a helmet usually engages
the equipment user to a fictional computer-generated environment, which generally stimulate
or create reality using the interactive virtual reality devices such as helmet, gloves, goggles,
and bodysuit. When using the virtual reality suit, the illusion of being present in the scene is
usually enhanced by the motion sensor that usually picks the virtual reality user actual
movement and adjusts the user’s view on the virtual reality suit screen accordingly.
When using the suit, one can visit a stimulating environment while experiencing
varying perspectives and viewpoints that are usually related to the user’s head-turning steps.
The virtual reality suit user also tends to be in a good position of picking up and altering the
various items that he or she encounters throughout the virtual environment. The virtual reality
suit has several benefits that make it worthy for the customers to purchase.
Some of these benefits include first, the virtual reality suit usually triggers all the
user’s five senses, such as touch, smell, hearing, and sight, thus enabling him or her to
experience the event in real-time. Secondly, the virtual reality suit can be used in education
to enable the students to interact within the virtual environment. For instance, the students
may take virtual trips in different areas such as museums. Thirdly, the equipment also creates
a secure environment where the user can face his or her fears while still in a safe and
controlled environment.
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Product Positioning
The virtual reality suit is a unique and reliable brand whose intention is to expose the
user to new experiences that are likely to trigger unique feelings and emotions. The brand has
been able to achieve this using a motion sensor to pick the user’s movement and convert his
or her view on the virtual reality screen. The virtual reality suit is trying to change the user’s
experience by exposing the user to stimulated real-life events that enable the user to make use
of his or her five senses (Lacourbe, Loch, & Kavadias, 2009).
The virtual reality suit brand has been at the forefront of ensuring that people have
faced their fears while still under a secure environment. This product has been popular since
the young population usually finds it worthy of having a taste of the new stimulating
experience that gives them a different perspective about life.
Target Market Description
The potential buyers of the virtual reality suit with a helmet are the young population
aged between eighteen to thirty-five years who are from both the middle and the high-income
families (Carroll, Davidson, & Lakshmanan, 2015). However, this does not indicate that
other buyers will not buy the product; it is just that most of the virtual reality suit buyers will
fall under this group. To find an appropriate advertising platform or advertising material that
solves the buyer’s problem, and that which reaches the potential buyers, we must understand
why and how the consumers make certain purchasing decisions.
Some of these reasons include the interests of the buyer, suitability of the product,
and the buyer’s level of income. The most effective advertisement platform that will reach
the target market includes magazines, television shows, and the internet. To reach the young
population who are perceived to be the most potential buyers of the virtual reality suit, the
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company should focus on using the various social media sites to advertise the product. The
reason why the company should focus on advertising using social media is because a large
percentage of the young population is currently enrolled in various social media platforms;
therefore, they can easily access the information (Carroll, Davidson, & Lakshmanan, 2015).
The target market for the virtual reality machine will be mainly in Nevada,
California, and Arizona. The main reason why the target market is in this area is that,
according to the census bureau, these areas have the highest population of the young
population who are the potential buyers (Carroll, Davidson, & Lakshmanan, 2015). Another
reason why the young population is likely to buy the product is that it uses superior parts that
usually guarantee the customers a long-term product life with minimal maintenance.
Market Penetration Strategy.
The market penetration strategies are perceived to be the strategies that are
implemented by an organization to gain dominance in a market that the organization has
already made an offering. The strategy usually tries to capture the largest share of the existing
market. To gain dominance in the market, the organization will have to implement various
strategies that include, first, price adjustments, to gain total access to the product’s market,
the company should reduce the price of the virtual reality suit to increase the total sales and
attract a huge number of customers.
Price adjustment will also ensure that the virtual reality suit is competing favourably
with other virtual reality products already in the target market. Secondly, augmented
promotion. Enhancing product promotion can result in good results; for example, using an
excellent advertising method can be an effective tool for increasing the company’s virtual
reality brand awareness. The company should make the marketing campaign long term to
ensure that they have acquired a huge number of customers. However, the long-term
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marketing campaign should be well thought out to prevent it from being ruined by potential
competitors (Shaw, 2012).
Thirdly, using distribution channels. This is one of the most effective market
penetration strategy which involves the creation of a new product distribution channel mainly
by focusing on a specific distribution channel. For instance, if the company plans on selling
the product through the retail outlets in the primary channel, then the company can obtain
new channels, for instance, by telemarketing and online marketing. Fourth, increasing the
reach of the product. The virtual reality suit company should ensure that the product is easily
accessible to the potential buyers and retailers across the country.
In most cases, if the product on sale is channel driven, enhancing the product reach
tends to be the most effective strategy of penetrating the market and selling more than the
potential competitors. The most effective means of enhancing the product reach is by creating
more channel partners and channel dealers. This strategy helps to keep both the channel
partner and dealer motivated so that they can continue business with the company. Fifth,
forming strategic alliances.
To achieve the needed market attention, the virtual reality suit may decide to
collaborate with other companies, for instance, the marketing companies to increase the
popularity of the product. Most organizations that are entering a new market usually form
alliances with more than one company to improve product access. Although the strategic
alliances are usually formed in different forms, the most common joint venture is the one
each business or partner holds an equal position.
Market Potential and Market Growth
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The market potential for the virtual reality suit in the target market, which in these
cases in California, Arizona, and Nevada, is high. Some of the factors that have enhanced the
market potential of the product include, first, the number of potential buyers in the area is
high; therefore, the company is likely to sell more products. The area is highly populated by
young people who are deemed to be the potential buyers of the product.
Secondly, most of the potential buyers are from families with excellent social,
economic income; therefore, the probability of buying the product is a bit high. Based on the
recent reports, most of the people living in California, Arizona, and Nevada are in the high
and middle-income levels (Shaw, 2012). this is a clear indication that the population can buy
the virtual reality suit when introduced in the market. The virtual reality suit market is likely
to increase with time due to the continuing population increase in the area and the
implementation of effective market penetration strategies that are likely to attract more
customers.
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References
Carroll, J., Davidson, P., & Lakshmanan, T. (2015). U.S. Patent Application No. 14/309,826.
Lacourbe, P., Loch, C. H., & Kavadias, S. (2009). Product positioning in a two‐dimensional
market space. Production and Operations Management, 18(3), 315-332.
Shaw, E. H. (2012). Marketing strategy: From the origin of the concept to the development of
a conceptual framework. Journal of Historical Research in Marketing, 4(1), 30-55.
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