WiTricity Maketing 301 Plan

Topics: Marketing, Customer service, Market research Pages: 7 (1346 words) Published: December 11, 2014
Manal Taha
Marketing 301
Professor Flemming
Marking Plan

Executive Summary
The story of this company began since Professor Marin Soljačić phone was alerting him that there is no battery charge in his phone. Then he started thinking there must be a way that the phone should be able to charge itself on its own. But to make this reality, he would have to find a way to transfer power from the existing wired setup to the phone without wires. He stared thinking of physics and how he can make his dream become reality. Their studies concluded that using resonant magnetic coupling, a method in which power is transferred from one object to another across oscillating magnetic fields. WiTricity Corporation was launched in 2007 to carry this technology forward from the MIT laboratories to commercial production. WiTricity is a prevailing company with full service transferring mobile wireless power in a way that is both practical and safe service dedicated to consistently providing high customer satisfaction by rendering reliable technology. We will provide 24 hours assistant hotline with quick response. We also provide an online website granting our latest technologies, gadgets, and equipment’s. We have special offers for new customers, low income customers, new businesses and college student discounts for those that join our new innovations of wireless electricity. WiTricity mission is to provide the customer with the most pleasant new wireless power experience in St. Croix area. In addition to introducing new technology that strives to ensure complete customer satisfaction, WiTricity will be set up to provide an environment with adequate energy. The market research indicates that a new source of power is required, WiTricity is in large demand by the St. Croix Community. Having a superior service as it will be the second electric company, will allow WiTricity to quickly gain market share.  Situation Analysis

WiTricity is entering their first year as a startup business. The idea has been well received and marketing will be critical to the success of the business. WiTricity offers new, convenient technology for those that were looking for new technology of wireless electricity and are in need of optional services. WiTricity will lure customers in with string customer service, a mobile-conducive environment, and electric services for the waiting customer. Market Summary

WiTricity has captured good information about the market and knows a fair amount about the target customers. The corporation offers wireless electric services as well as optional services such as full service setup, and wireless electric technology. WiTricity market information will be used to better understand who is served, their specific needs, and how WiTricity can better communicate with them.

Market Analysis
Create or edit this table
Market Analysis
 
 
2003
2004
2005
2006
2007
 
Potential Customers
Growth
 
 
 
 
 
CAGR
Businesses
7%
11,121
11,899
12,732
13,623
14,577
7.00%
Students
5%
6,434
6,756
7,094
7,449
7,821
5.00%
Other
%

0
0
0
0
0.00%
Total
6.28%
17,555
18,655
19,826
21,072
22,398
6.28%

Market Needs
WiTricity is providing their customers with wireless electricity that ensures customer satisfaction as well as providing a clean environment (no more wires to waste) that is conducive to going green. WiTricity seeks to fulfill the following benefits that are important to their customers. Top-level customer service- The target customers have a fair amount of discretionary income and appreciate good customer service.  Just because they are younger is no reason to erroneously believe that they have lower standards. Work conductive environment- Because there is not much alternatives available the corporation is productive with new and safe environment friendly technology. More than one device can be charging while at use at the same time. Study conducive environment-Offering an environment that...
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