The report was commissioned to elaborate the marketing strategies introducing a new product called Voice Recognition Device (VRD). The function of VRD is to translate “natural language” into digital commands without the use of the common input devices like keyboard and mouse. This report analyzes the marketing mix and marketing strategies based on results from The Marketing Game (TMG) which is shown in the form of sales result and profit. Marketing strategies covers from research and development of the product to cater the consumer needs of targeted market segment to appropriate pricing to maximize profit.
Voice Recognition Device (VRD) is an alternative device/software for users which has taken the art of operating a computer to a whole new level. Users are able to process their typing work verbally by speaking to the device and it will translate verbal speech into digital text on the monitor. It can also capture spoken words and convert them into digital command to access and control certain applications in a computer.
The company’s marketing plan covers the main goals, marketing strategies, targeted segment, short and long term plans. The main goal in this marketing plan is to analyze the situation of the market, strategies used by competitors, penetrate the market with the product and generate higher dollar sales with appropriate pricing and relevant product specification. The company has decided to target the high price market segment as consumers in this segment are less price sensitive who are willing to purchase products with adequate specification at a higher price. The marketing strategy is to examine targeted consumer market segment, identify consumer needs and adapt the strategies to satisfy consumer needs. The objective of the company is to develop an exclusive specification product to cater the market demand for related consumer base to achieve higher dollar sales with significant profit margin.
2.0 Target Market
The market consists of six segments which are modern students, home users, harried assistants, professional creators, high-tech managers and concerned parents. Each segment has their own preference in features of the product, relevance of the product, different expectation on product and services, and price sensitivity.
The company has decided to target the high price market segment as consumers in this segment are less price sensitive who are willing to purchase products higher specification at a higher price. The targeted segments are harried assistants and high-tech managers.
Harried assistants use VRD to create presentations or company updates. This device will assist them in their work to be more efficient. VRD is a...