Marketing Strategy

ABSTRACT

Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage. A marketing strategy is considered most effective when it is an essential factor of business approach, central to how the organization will productively utilize consumers, prospects, and competitors in the market arena.

INTRODUCTION

Every marketing strategy is unique. The marketing strategy section of a business plan outlines the game plan to achieve the desired marketing objectives. It is, essentially, the heart of the marketing plan. The marketing strategy section should include information about the 4Ps (Product, Price, Place, and Promotion). The 4Ps of marketing can then be utilized to form a marketing plan to pursue a defined strategy. A marketing strategy supports the objectives of a business, thus defining a general approach as a means to completing those objectives.

Section 1

(a) Objectives

* February 2008 - Introduce the new first ever Voice Command TV (VCTV) to the evolving world of television technology.

* June 2008 - Expand the VCTV market globally into China, Japan, and Europe. VCTV will open (4) product showrooms in New York, Atlanta, Los Angeles, and Miami that will display the many facets of VCTV.

* June 2008 - Partner with Microsoft to further revolutionize the technological world of technology by upgrading Windows Vista to integrate with VCTV.

* December 2008 - Move to take over the world of television technology by every house hold in America owning a VCTV.

* December 2008 - Obtain a market share of 10%. Market shares shall be calculated based on sales volume (units) divided by total units in the market.

(b) Mission Statement

At the heart of VCTV our mission is to be the premier worldwide provider of competitively priced high quality electronic television technology.

Section 2

Customer Target

VCTV must divide its target segment into customer sub-groups. To do this, we must find the different sub-groups of customers and how they differ in terms of types of purchase type, cost, service needs, communication methods, total transaction time, post-purchase customer service and quality assurance issues. Even more important, will be to identify commonalities between customers, and the characteristics that seem to be present for most if not all of them. Thus positioning and segmentation for the marketer is critical.

The target market for VCTV will be home owners and renters who are seeking to enhance or revamp their entertainment components. This market is ideal because lately the retail business of consumer electronics has been driven lately by increased spending on home goods as well as technological innovation. A booming housing market in parts of the US and low interest rates have helped spur greater spending on all things for the home, such as furniture and home improvement products as well as appliances and home theater systems.

Several companies do not offer their products to the disabled challenged consumer base. VCTV will be marketed to consumers with physical handicaps who may not otherwise be able to do for themselves the ordinary task of using a remote control. Many companies neglect to include customers with disabilities, thus making VCTV the perfect product for them. By addressing these issues as it relates to this particular customer sub-group, VCTV can affectively address the characteristics of its target market. VCTV is television fit to the consumers' lifestyle offering loads of convenience.

Section 3

Competitor Target

VCTV competitors such as Panasonic, Samsung, Phillps Electronics, and Sony United are among the biggest players in the consumer electronic industry, covering the full gamut of the consumer's needs from simple television to CD/DVD players, camcorders, right down to home appliances all while targeting a host of consumers. From consumers that are into DVDs and seeking good viewer quality, to consumers selecting the best toaster to toast their bread.

These same competitors outfit their televisions to only fit the common consumers' lifestyle of possessing new, technological-advanced gadgets and are of the belief that their brand name and reputation helps drive the sales of their television electronics. These competitors also single out ordinary buyers with their high prices to attract consumers of different socioeconomic levels. In doing so, these competitors target consumers that are into electronics for a sense of status, portraying themselves as if you must have the biggest TV to ensure you fit into the electronic stereotype of having the hottest gadgets or toys.

Section 4

Product Features

VCTV is a television with a fully-integrated microphone, built on a flash memory-based system that will offer viewers a range of control over their TV. The system is based on a Microsoft operating system comprising an ARM 11 processor, 64MB of DRAM and 1GB of flash memory. The amazing feature of this product is that it allows viewers not only to turn the television on or adjust the volume by saying loudly, "television on" or "television increase volume," but to say it as far as 20 feet. Accompanying the VCTV will be a remote control to allow for one-time programming and storage and a limited lifetime warranty. The new VCTV will be able to recognize five different languages (German, French, Chinese, Japanese and Spanish).

VCTV will be compatible for HDTV, LCD TV's, and Plasma's TV's from 25 - 60 inches. Distractions such as background noise and distortion in voice commands will not be a problem