Purpose of the coursework
In this piece of marketing course work I am going to explain how to produce a marketing strategy for a new or existing product. I will explain how my strategy is based on the principles of marketing. I aim to use primary and secondary resources to help me to analyse the marketing context. I will then explain how to develop a product that meets my target customer’s needs.
Marketing is about understanding customers and finding ways to provide products or services in which customers demand. Marketing is essential for a business to survive. It covers the four main areas; product, price, promotion and place. The aims and objectives of marketing are firstly to attract customers to the chosen product; this is followed by selling the product to the customers. Marketing can be separated into two categories which are attracting & selling, or finding gaps in the market. Marketing focuses on how customers make choices and how companies should design products, services, and programs to satisfy their customer needs.
Nokia is the world’s number one maker of mobile phones, ahead of such rivals as Motorola and Samsung. Nokia is also aiming for the top of the mobile Internet market. Its business is divided primarily into four divisions: devices, services, market and solutions, and NAVTEQ. I am launching a new product from the brand of nokia, of which is a mobile phone which will be aimed at the more business men and woman. This product will be designed as a new high quality mobile phone which includes many different features including entertainment. This product will be divided into physical and virtual product. Physical product is the phone itself and the virtual product is all the online services and other product expansions. Compared to other mobile phones, this phone will be designed so that it’s easy to use and all functions are clear. Part of the package will include virtual conferencing. This is to allow the people to hold meetings anywhere so that it’s quick and reliable for them, with audio and video messages. This saves people time from travelling. There will be access to many applications that would suit both females and males for example having applications that allow you to check the football scores, check what’s on television, book and reserve holidays, or check the UK top hits. These applications are more advanced as many people that own an iPhone cannot download such applications. This phone will be designed as the Nokia E-series smart phones with the full QWERTY keypad, as they are sophisticated and well designed however this new product will allow a wider space on the key pad as many people usually get annoyed from having no space for the buttons. Through market research, I will find out whether people would rather use the touch pad, the track ball, or a button. Statistics show that the market share for smart phones are still on the rise, however there is a lot of competition.
“173.6 million smartphone ‘units’ were sold in 2008”. (Phone Mag, 2009)
These are existing smart phones from many different brands such as nokia, blackberry, Samsung, HTC, and Sony Ericson. Through these existing products, it gives me an idea of what most smart phones tend to look like. I have liked the idea of having a large screen as this would help for virtual conferencing and help make it easier to view the screen, but I also like having the QWERTY keypad. There hasn’t been a design with both a large screen and the QWERT keypad; it has been either one in one product. This means that I will create a new design of a phone. Through looking at the prices, I have seen that they range from £150 up to £400 depending on the phone and the features. This tells me that my price range will be quite high seeing as I will have new and advanced features on the phone. Through research, I have also found that the most popular smart phones at the moment are blackberry’s, so this allows me to find out why...