Question

dimne how soclal respty and ethlcs can bé incórporated into strategic planning Developing your Marketing Plan A marketing strategy is dynamic. Companies must continually monitor the marketing environment not only to create their marketing strategy, but also to revise it if necessary. Information about various forces in the market place is collected, analyzed, and used as a foundation for several marketing plan decisions. The following questions will help you to understand how the information in this chapter contributes to the development of your marketing plan: Describe the current competitive market for your product. Can you identify the number of brands or market share that they hold? Expand your analysis to include other products that are similar or could be substituted for yours. 1. 2. Conduct a brief technology assessment, determining the impact that technology has on your produ 3. ct, its sale, or use Discuss how your product could be affected by changes in social attitudes, demographic characteristics, or lifestyles

Answer 1

1. The product that I have identified is a mobile phone. There is huge competition in this sector. There are more than 7 competing brands in this market with my product holding the second most market share. There is always a threat from the competition. With changing technology , products become obsolete fast and competing brands occupy that space. Mobile phones have now become fashion statement for many and people change their phones at a regular interval switching brands easily. Tablets, smart devices and other smart phones with better technology can be substitutes for the present brand of mobile phones.

2. Technology is one of the main driver for this kind of product. Technology up-gradation and creation of new disruptive technology is a must for the product. The current and latest technology must be used to keep the customer interested in buying the related product and upgraded version over and over again. Latest cutting edge technology will help in generating positive word of mouth and creating an inquisitiveness among the existing and the prospective customers. This will result in increase in sales.

3. There is an increase in level of awareness about the ill effects of using mobile phone due to the radiation. People may go back to conventional wired phones. High definition cameras and gadgets also pose a threat to the present product. There is also a change in buying behavior. There is easy availability of finance facility and easy EMIs which enables customers to buy high end product easily. This may also result in decrease in the general trend of using affordable smart phones.