Marketing plan for a technology-based product.It can be either a consumer or industrial product/service.Each plan will consist of 3 sections:

I will share my marketing plan as well as the Prof comments on my first submitted draft.

Please help me improve the plan

My submitted Marketing Plan :

The technological product of interestis Samsung phone.

Marketing plan outlines the strategy of advertisement for a product to reach the customers/market being targeted.

1.SWOT situation analysis

This is the situation analysis where the business research and analyze its marketing choices.

These are the strengths from within, weaknesses from external factors, opportunity and threats of the business.

• The strengths of the Samsung phone include;

The Company has a very high development and research expenditure

This helps in being innovative hence provide new and updated phones for its customers.

Different designs to cater for the different needs of the customers.

• The weaknesses of the Samsung Phone

The phones could experience heavy sales decline due to the prices especially if there is economy recession.

Like any other technological product, the phone can experience breakdowns when using with time.

• Opportunities of the Samsung phones-there are various partnerships of the Company regarding the phone.

They include the online service providers, developers of software and products diversification and developments.

• Threats of the Samsung Phone-the phone faces stiff competition due to availability of cheaper substitute products.

The prices of the phone can also be seemed high by some of its target market.

This include younger generations who are highly dependent.

The unemployed with in the target age group may also not be able to purchase the product.

2. A target market description

The Samsung phone target market audiences are the individuals aged 15 to 45 years.

This particular group follows trends of the technology which is provided by the Company through updated gadgets.

They are more interested with social media life like following celebrities' lifestyles.

Their needs are therefor met by the Samsung phones.

A target market description The Samsung phone target market audiences are the individuals aged 15 to 45 years. The targeted group consists of both the male and the female gender falling under that age group. This particular group follows trends of the technology which is provided by the Company through updated gadgets. They are more interested with social media life like following celebrities' lifestyles. Their needs are therefor met by the Samsung phones.

3. Description of the 4ps addressing the identified market

• Product- a consumer makes a decision of buying a product depending on their tastes and preferences.

The Samsung Company therefore ensures that the needs, tastes and preferences of the consumers are met.

This includes the different sizes, colors, shapes and designs of the phones to cater the different customers' tastes.

• PLACE- the Samsung Company ensures that all its target customers are reached in their different locations. It has different shops for retail and service providers throughout the globe. The products are similar in all the places. The campaigns used for marketing reach the local countries while considering their culture. This makes every individual to understand the campaigns and the simple slogans used with the local language in a specific region
• Pricing strategies- some consumers only buy a product after comparing its price with other substitute products' prices.

The Company therefore ensures that their prices are reasonable in comparison with substitute's prices.

This assures the customers that the value of the phone is worth the price without fear of being overpriced.

It also gives the customers a sense of confidence that the product is of good quality since the price is reasonable and the product is not under priced

It uses a high-value price in the beginning before the competitors up their value.

• Promotion strategies-Some consumers buy a product due to the social influence they get.

The Company has a platform where previous customers can give their reviews.

A customer would therefore buy the phone if it was rated well by fellow consumers.

The Company also reaches their target customers through targeted advertising.

They also use promotional messages that would motivate a customer to purchase the phone like the quality messages of a phone.

Prof comment :

The SWOTS seem to be pretty good but your plan lacks specifics and marketing terminology.For example when you speak about geographic segmentation, be specific.Are you talking about just Seoul,or Inchonor all of South Korea?Some of you said your geographic market is global.If that is how you define it then your plan must be global to address that market.What are the promotions and distributionoptions in every country?You cannot do that in this plan.

"use marketing terminology"

The plan should include, at the minimum, the following information:

1. A SWOT addressing both the product and/or company variables. They can be presented as

bullet points. For example: strengths - Company R&D

- Surplus cash reserves

- Excellent marketing people on staff

This is not a research paper, it is an abbreviated marketing plan. I am not

concerned about how factually correct is but rather does it make sense from a marketing perspective.

2. Select a target market for your plan and identify it with the segmentation terms we discussed a

in the lecture. For example, a consumer segment using geography, demographics,

psychographics and product relatedness.

3. Identify the type of product it is, for example, would it be either a convenience, shopping, raw

material capital good or whatever

4. Explain the extended product

5. Identify the elements you would use in the integrated marketing communications program.

6. Identify the distribution strategies, direct or indirect, and intensive or selective or exclusive with

an example of one.

7. Identify the pricing objectives, strategies and tactics you would use.