MRKT 20052 Marketing Management & Digital Communications Assignment Sample

MRKT 20052 Marketing Management & Digital Communications

Executive Summary

Marketing is very important for businesses of all scales. The primary motive of this report is to plan a marketing campaign for the launch of a new and innovative product ‘Click Charge’ developed by Pixelated Induction, a start-up in Australia. As a part of which, a deep situational analysis had been done, wherein PESTLE, SWOT, and competitive analysis were done. It was revealed that substitutes of the product are the major threat for the company and competition is also high. Furthermore, it was highlighted through consumer analysis that the company targets educated youth and working-class, people. Furthermore, the marketing mix of the product was elucidated and the budget plan was also made. It was outlined that with a proper contingency plan, the company can be able to tackle its threats.

1. Introduction

For the completion of this assessment, the organisation selected is Pixelated Induction which is one of the leading startups in Australia. The company deals with wireless gazettes and technology. For instance, the company was the first in the world that invented wireless charging technology. At present, the company is all set to launch its one of the crucial product “Click Charge" which the company claims to be the "free-positioning wireless charger." This product can charge the laptops even from a large distance. The technology would be able to turn a table into a charger and laptops would be able to charge themselves on the surface of the table.

2. Situation Analysis

2.1.PESTLE Analysis

The market conditions in 2019 in Australia are characterised by technological advancement, economic hiccups, undergoing certain political pressures, social, legal, and environmental sanctions and changes (Yurasova&Ivashko, 2014). Hence, Pixelated Induction requires to consider these factors for its product.{{ORDER1}}

• Political Factors: Australia has a stable government that promotes digital technology and other IT advancements. Hence, the impact of political pressure on the product of Pixelated induction won't be much. However, certain policies are there regarding product development and standardisation (Brooks, et.al, 2014).
• Economic Factors:The current economic environment of the country is favourable for start-ups. The taxation policies will also won't affect the saleability of Click Charge. Also, the net disposable income of citizens is increasing. Hence, they can afford to buy a product.
• Social Factors:In Australia, the majority of countrymen are young, educated, and tech-savvy. They demand innovative products that may ease their work-life. Click Charge would be very helpful for the working-class people (Leff, et.al, 2014).
• Technological Factors:The current environment in Australia is favourable for IT industries as it promotes the development of new technology and products. There is a high growth of innovation and technology (Brooks, et.al, 2014). New start-ups are emerging in the country.
• Environmental Factors: Click Charge is won't cause any harm to the environment. It is eco-friendly, energy-efficient, and will have a low carbon footprint. It fulfils all the environmental standards set by the government.
• Legal Factors: Pixelated Induction respects all the legal and legislative requirement and obligations, such as health and safety, women's safety, ethical standards for product promotions, equality at work, and ethical standards for product development (Leff, et.al, 2014).

2.2.Competitor Analysis

There are a number of start-ups and companies that are working on developing wireless charging technologies. PcMag, Tritium, and Belkin Boost Up Wireless. The last organization is currently working with Apple Inc. for the development of a charging pad that is compact and can charge a single device at a high speed, thereby saving the time of users. The charging output of the charger is 7.5W for iPhones latest models. However, for other devices, it provides only 5W output. Pixelated Induction is in an advantageous position than its rivals because Click Charge can charge multiple devices at the same time.

2.3.SWOT Analysis

3. Customer Analysis

For customer analysis, it is important to discuss the segmentation, positioning, and targeting approaches of Pixelated Induction.

• Segmentation & Targeting

Australia is one of those countries where 99% of people are educated and have a basic knowledge and understanding of technology and current trends and innovations (Lawlor, 2012). A basic understanding of people’s literacy is required to define the customer strata of Pixelated Induction. The company, at present, is targeting the youth population, literate people, and working-class segment. Majority of them are tech-savvy and would find wireless technology appealing and useful in their day-to-day life (Lawlor, 2012). The current trend of the market says that people in Australia are equipped with at least two devices i.e., cell phone and laptop. Click Charge would be helpful for them as they can charge both of them at the same time without connecting any charging adaptor.

• Positioning

Pixelated Induction believes that it should go for emotional branding by making people believe how their product would help them. It is completely going with its core beliefs about imagination, innovation, and design in the market. All of these would be strongly promoted through advertisement and customer experience (Lawlor, 2012). It would position Click Charge as a necessary product for people belonging to all income class. Apart from this, the company would also be making use of its product design and quality as a part of positioning. It will be making use of digital media, print media, and television ads as a part of its marketing campaign.

4. Problem Statement

Based on the customer and situational analysis, there are certain problems determined related to the launch of Click Charge in the Australia market in 2019. These comprise that the product would be having affordability issues for low-income people as the initial cost of development is high (Homburg, et.al, 2012). These would be problematic for the company as it misses out a large section of the customers. Another problem with the product is that it may be replaced by some other product from rival companies and hence, updating the product is the liability on the organisation. It needs to be made space compatible. At present, the major issue with the company is the lack of awareness among the targeted customers. If the customers are not aware of this innovation and understand its benefits for them, then this may turn out to be a failure for the company. Hence, it should create awareness by any means to increase the sales of the company.

5. Objectives

The marketing objectives are an important part of the marketing plan of Pixelated Induction and are crucial to mention as these are goals of the business that would assist in promoting the product in the target market (Holliman& Rowley, 2014). The marketing objectives of Pixelated Induction are:-

• To establish a competitive advantage through product development and strategy
• To create and sustain brand loyalty through Click Charge
• To maintain brand image through continuous improvement and innovation in the products
• To capture at least 5% of the market and increase sales by 12% by the end of FY-2019.

It is important for the company to achieve all these marketing objectives within a specific period set by the management and decision-makers. In addition to this, the aforementioned objectives are addressing the issues highlighted in the problem statement, situational, and customer analysis. Click Charge can be utilized by a tremendous populace the world, subsequently catching a large portion of the market (Homburg, et.al, 2012). The advancement can be estimated through the rate increment by the item in catching the market. Through this item, various telephones can be charged simultaneously which makes the clients free from the pressure of having the purposes of the charger and having the power issues as the gadgets can be charged from any surface territory at anyplace (Ville&Wicken, 2012).

Another point to be considered while setting up the marketing objectives is that these should be aligned to the SMART concept. Looking into the objectives, it can be seen that the goals are cleared and well-defined. The organisation is clear about what it wants to achieve through product launch (Holliman& Rowley, 2014). They are measurable as the company can measure the success of the marketing campaign through ROI and sales of the product. The objectives are very much realistic, attainable, and relevant from the company's point of view and they are required to be achieved by the end of financial year-2019.

6. Marketing Mix Strategy

The marketing mix of Pixelated Induction would demonstrate how the firm is going to match its business activities to the market conditions. The organisation’s marketing mix comprises techniques that would be helpful in the execution of marketing plan (Brooks, et.al, 2014).

• Product:The Company would try to market its revolutionary product ‘Click Charge’which is a wireless charger that has the ability to connect the larger surface for charging purposes. It is one of its kind technology and at present no other company has developed such an innovative product that can charge multiple devices simultaneously (Gordon, 2012). The company will have to market its unique product, innovation, and technical knowledge in the target market. This product would increase the company’s customer base and would bring long-term loyalty.
• Place:This section of the mix would characterise the appropriate place or channel for product offering and distribution. At present, the company does not have its stores or location. Hence, it would authorise other parties to sell the products from their stores. These can be store owners located in different regions of Australia. In addition to this, the company would also be sharing its products from its website (Yang&Gabrielsson, 2017).
• Promotion:Pixelated Induction is going to market its innovatory product ‘Click Charge’ through various channels. This includes TV, Print media, social media, and digital marketing. A high budget will be allocated to social media marketing as youth are connected to such platforms and therefore, it would be easy for the firm to reach its customers (Singh, 2012). The company will try for emotional branding by making people believe how their product would help them. It is completely going with its core beliefs about imagination, innovation, and design in the market.
• Price:The pricing of the product would be such that it is affordable for the targeted customers in the market. The price of Click Charge is set to be AU$ 110. This is quite affordable for the middle and high-income class people. In addition to this, the company is researching in order to lower down the price to make it affordable for low-income class people. This strategy would increase the sales and customer base of the company (Homburg, et.al, 2012).

7. Campaign Evaluation

It is important for the company to carry out a regular evaluation of the marketing campaign in order to know its effectiveness and benefits to the company. This would help in checking whether a particular marketing plan works or not. If not, then this should be changed as early as possible (Parente&Strausbaugh-Hutchinson, 2014). Campaign evaluation can be done in the following way.

7.1.Measures of Effectiveness

To know the success of a product, it is important to note customers’ feedback and review. If they are satisfied and happy with the product, then this marks the marketing success. This would be product success. For measuring the price effectiveness, return on investment is the best way of doing it (Parente&Strausbaugh-Hutchinson, 2014). It will be easier to analyse the market share as well. The product performance can be measured by accessing the increase in brand value within a particular amount of time.

7.2.Control Measures for the Marketing

There are certain control measures for evaluation:-

Monetary Expenditure: The overall expenditure on marketing operations can be considered as a control. This would ensure that all the marketing objectives get achieved within the pre-set budget. In case the objectives are not achieved, then the changes in the marketing plan would be done (Takata, 2016).

Benchmarking:The benchmarking of the marketing operation would ensure everything is under control and as per plan. In case any of the operations reflects any discrepancies, then the changes would be implemented (Holliman& Rowley, 2014).

7.3.Contingency Actions

There are many risks and threats associated with a marketing plan. No matter how well an organisation plans its marketing strategy, there are certain internal as well as external factors that might make it ineffective. Contingency actions would lay down a plan to mitigate those risks and their likely impacts. The first and foremost is to carry out a SWOT analysis of the environment and determine the likely threats (Yurasova&Ivashko, 2014). It is desired to monitor threats effectively and closely. This would help in altering the current strategy and gain advantages.

8. Budget Allocation

Deciding the market budget is a crucial part of the marketing campaign as it demonstrates all the associated cost of marketing and promotion of Click Charge. The budget is prepared considering all the marketing objectives and marketing mix strategies. Various sources of product promotion have been taken into account, such as online marketing, public relations, etc. This would be creating awareness among the target consumers (Chari,et, al, 2014). The total marketing budget for Pixelated Induction is AUD 20,400.

9. Conclusion

Before ending on the high note, it is important to understand that marketing plans are crucial for businesses. It helps in developing an approach that would increase sales and market share. Through the situational analysis, the qualities, weakness, opportunities, and threats of the organization can be determined. In addition to this, the PESTEL examination is also done for analysing if Australia where the item will be marketed will demonstrate advantages or not and what are the variables that can affect the basic decision-making. Through the announcement of the issue, the market where the centre is required to be led are resolved. Accordingly, having a compelling arrangement of advertising is significant for getting the achievement of the objectives for the newly launched product.

References

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