Group Project Marketing Plan
Good bye steel keys. Hello, cell phone key
Smart’s key is a lock making company that just getting into the HK market. Smart’s key offers innovative, creative and convenience option for the lock market. The products offerings are quite a change relative to the existing lock market which is quite stagnant. Most people make the incorrect assumption that key is just steel with different shapes or a card of access. But we tell you that it is not.
Smart’s key will inject new life into the lock market, leveraging innovative ideas and providing creative new lock options. With the industry insight of Smart’s and the great market opportunity will allow Smart’s Key to reach profitability by the end of year two.
Smart’s key is entering the first year of operation, a comprehensive marketing plan is fundamental to reach profitability and ensure success. Smart’s key offers a trendy and convenient device of keys to the innovative users. The basic market need is device which maintains the safety for people. Smart’s uses a sophisticated system to enhance and facilitate the convenience and safety of people’s wealth. Micro-environmental analysis
For Smart-Key, we have used five of these major actors to analyze the microenvironment of her. 1. Supplier:
* Close-range chips of cell phone key are pioneered in Sweden by a lock maker, Assa Abloy. * It will be our sole supplier for both the chips and locks. Their bargaining power is large.
* The scale and the distribution of the subsidiary factories of Assa Abloy are large and intense, e.g. Yale, Lockwood.
* Our potential buyer are the users of cell phone not limited to smart phone, all people using a mobile phone could use our services. (Appendix A)
* The bargaining power of the customers is low because there is no other substitute of our chips in Hong Kong.
* We need to sell this to get it on the shelves in the leading technologist and mobile phone shops by retailer and wholesaler. * The internet is also a good distribution channel for us to reduce the cost.
* There is no similar product and substitute in the market, so we are the temporary monopoly in this moment. * There is less barrier of entry in HK, other firms may raise, and we should provide strategic later on including the product development and branding
* Media publics are the vital elements in Promotion.
Macro-environment are forces that shape opportunities and pose threats to the company. For Smart-Key, we have used four of these major actors related to analyze the microenvironment of her.
1. Economic environment:
* Purchasing power is affected by the inflation rate and salaries level, and the spending pattern is affected by the national income. We found that the salaries level is increasing from 2007-2011 years (Appendix B) and inflation rate is increasing from 2008 -2011 (Appendix C) which reducing the purchasing power in HK; Also, the private consumption is increase from 2008-2011 (Appendix D) which show the spending in consumption good is rising.
2. Technology environment:
* The improving technology in Hong Kong is creating opportunities to ensure the high-quality and innovative products. * Technology enhances the processes of promotion.
3. Political environment:
* There isn’t a big barrier to prevent the entry of other company to the industry in HK may affect the surviving of Smart’s. * The loosen regulations on intellectual property may cause the duplication of products.
4. Cultural environment:
* In modern society, people believe that cell phone is vital in their life, almost all the people owned one or more cell phone in the world, it creates a large pool of potential customers....