This report is to provide a marketing plan and analysis of entering a new market (Australia) for the marketing and sale of our product. The name of the product is called Mini-X, a Hi-Fi Audio Speaker System targeted primarily at the teenage segment. The uniqueness of the product in terms of sound reproduction and portability will be its unique marketing and selling point. This report explores and considers the various factors which impacts our product in terms of entering this market. It delves into the economic, cultural, political and legal environments of both Singapore and Australia and how it affects all decisions such as market selection and entry decisions. It directs the market research processes, product internationalization, pricing, distribution and promotional strategies of the product with added emphasis on risk assessments and potential opportunities. Factors such as trade barriers, economic trends, cultural elements, governmental policies and stability, modes of entry, data collection, branding, distribution channels and available promotional activities are fully explored for the formulation and assessment of market viability for our product. As with all new products and new markets, all factors have to be considered and given equal weight in exploring these possibilities with due diligence. The product and all its strategies have to be lent the ability to adapt quickly and contingencies planned as far as possible due to the current fluid global environment we operate in.
The purpose of this report is to develop a marketing plan for an international market, namely, Australia. As the product will be designed and manufactured in Singapore, the marketing of this product will have to be adapted to suit the target market and audience.
The intention is to use a combination of marketing mix in order to develop an understanding of the targeted market and audience, plan an approach and then capture the target market with our product.
Product Details and Brand Name
We are developing and manufacturing a Hi-Fi Audio System for teenagers. With recent advancements, we are able to create the world's smallest portable speakers that is suitable for a wide range of multimedia players such as the Apple iPod, various mobile phones, portable game consoles, PCs, Laptops,etc. The product is a revolutionary innovation weighing in at 50g and is the world's first pocket-sized speaker with built-in bass support and rechargeable batteries, allowing for up to 10 hours of continuous play without being plugged into a power source. Pioneering this patented technology, the product can be extended upwards like an accordion. This expandable vacuum mimics the resonance of a sub-woofer lending it a crisp, high-fidelity and full-bodied sound and volume delivery. The speakers have been dubbed “hamburger speakers” due to this unique feature. Thus, with those features in mind, this product has been named Mini-X; meaning Miniature in size yet eXtreme in performance.
Today the speaker market is flooded with both MNC and local brands. Besides the clear market leaders, there are local OEM players in the market who source their products from Taiwan and sell them under their own brand. As the speaker market is constantly evolving, the vendors give a rough idea about their market share. Creative and Altec Lansing have the strongest branding for mid-end speakers. However, players like Philips, Bose and JBL are popular only with high-end homes and very large corporates. Meanwhile at the entry level where Mini-X is placed, Intex, iSound and Frontech have strong footholds.
As a matter of fact, today most vendors and distributors are seeing a fast revenue source in the speaker market, so they are not only launching new products but are also positioning their various brands to cater to different needs in the market. We intend to corner the...