The company plans to introduce a smart TV into an already existing market. This would entail competing with established brands, thus it is important to launch a high quality, eco-friendly and customer oriented TV with new features. The company will target both high-end and middle consumers and match the product to their needs. Brand awareness will be built through promotional and publicity strategies. Pricing will be done based on value and consumer psychology. Further, the prices will be set at a low level to attract a market share after which they will be increased gradually.
Introduction
The company is about to introduce an innovative and eco-friendly smart TV into an existing market. The product will enter into a market crowded with advanced …show more content…
However, competitors are sure to ape the technology, which is a major differentiation factor within the next six months. Thus the company’s proper marketing would ensure a strong head-start and a command in market share within those 6 months. It would also be appropriate to take advantage of the growth opportunities evident in the market. The weakness to be faced is inadequate brand awareness and image since the company is a start-up, albeit reliable contacts from leading retail outlets and online stores. Pioneers pose a threat to the competitiveness of the smart TV but the penetration strategies outlined would assist deal with …show more content…
This would lure the pioneers’ potential customers to switch, although the strategy will result in low profit margin. After the company gets a substantial market share, it can increase the price of the TVs. It would also call for cheaper production cost, thus the need to engage Chinese firms to help with cheaper production while maintain the quality standards. The finished product will then be shipped to the market.
The company will need to enhance the TVs to incorporate a set of panels for the viewers to scroll through. The panel would include social media, apps, TV, movies, and sharing. This would increase the product competitiveness. Moreover, the company will need to study the new market environment well and develop new distribution channels, such as, appointed suppliers, online stores, leading supermarkets and chain
Introduction
The company is about to introduce an innovative and eco-friendly smart TV into an existing market. The product will enter into a market crowded with advanced …show more content…
However, competitors are sure to ape the technology, which is a major differentiation factor within the next six months. Thus the company’s proper marketing would ensure a strong head-start and a command in market share within those 6 months. It would also be appropriate to take advantage of the growth opportunities evident in the market. The weakness to be faced is inadequate brand awareness and image since the company is a start-up, albeit reliable contacts from leading retail outlets and online stores. Pioneers pose a threat to the competitiveness of the smart TV but the penetration strategies outlined would assist deal with …show more content…
This would lure the pioneers’ potential customers to switch, although the strategy will result in low profit margin. After the company gets a substantial market share, it can increase the price of the TVs. It would also call for cheaper production cost, thus the need to engage Chinese firms to help with cheaper production while maintain the quality standards. The finished product will then be shipped to the market.
The company will need to enhance the TVs to incorporate a set of panels for the viewers to scroll through. The panel would include social media, apps, TV, movies, and sharing. This would increase the product competitiveness. Moreover, the company will need to study the new market environment well and develop new distribution channels, such as, appointed suppliers, online stores, leading supermarkets and chain