The micro-environmental factors that may have an impact on the company’s marketing of the product include the customers, employees, suppliers, shareholders, media and competitors, and they will be described In detail. Also, the macro-environmental factors would include economic, technological and environmental will also be explained. The pricing strategy that was used for this product and/or service will be stated, along with how this strategy was Implemented.
The three promotional efforts that could be used to promote this new product or service to the consumer will also be described.
One additional product that the company could add to the product mix that would compliment the original product will be explained. Finally, the marketing plan will be reviewed to see if it will succeed and put this product in the lead. In direct competition with the Apple Company is the Samsung Electronics Company Ltd. (Arnold, 2013). The Samsung Company was founded in 1969 in South Korea and its market cap is $174. 39 billion (World’s Most Valuable, 2013). The new product that will be talked about in this paper is the Sam-E-Slim.
This product is an all in one, 13-inch, lightweight imputer tablet complete with a docking station, keyboard, mouse and an external hard drive. This product allows for the consumer to take It on the go, or to leave It on the desk Like a regular computer. Mission Statement. The current mission statement of Samsung Electronics Is “Through Innovative, reliable products and services; talented people: a responsible approach to business and global citizenship; and collaboration with our partners and customers, Samsung is taking the world in imaginative new directions” (Samsung Mission and Vision, 2014).
To make a successful mission statement, four questions need to be answered. Those questions re “What do we do, how do we do it, whom do we do it for and what value are we bringing” (Samsung Mission and Vision, 2014). To that end, the following mission statement comprises Samsung Electronics. It is the mission of this company to provide outstanding technologies, reliable products and services to the world’s consumers. By bringing together talented employees and creating what the consumer wants for the right price, and to connect the global community.
Target Market. The target market for this new product Is business owners, contractors, and the college-aged students, A business owner Is an “Individual who owns a business n an attempt to profit from the successful operations of the company” (Business because they are usually on the go and need the proper tools to keep their business profitable. By targeting this area, this product would allow this consumer to be able to conduct his/her work on the go, and to allow him/her the ability to always know how the business is going.
A contractor is a “person, which provides goods and services to another entity under terms specified in a contract” (Contractor, 2014). Usually, this consumer is also a business owner, but this product will allow the amplified use of receiving payments on time, and also to keep track of appointments. Since contractors are usually on the go at construction sites, this product will allow the contractor to keep abreast of information that is needed. Finally, the college- aged-student is also a targeted market.
The student will also be on the go, between classes and such. This product will allow the student to be able to complete those assignments anywhere, even if it is in the dorm or apartment that they live in. This new product from Samsung Electronics differs from the Apple Company’s mimic cause this product is able to leave the desk and is also small and lightweight. The mimic needs a power cord, mouse, keyboard and an Internet connection in order to work. This new product, the Sam-E-Slim is able to go with the consumer.
The Sam-E- Slim can be marketed towards other consumers as well. Overall, this product can be marketed to the global community as well, but since this is a new product on the shelf, staying with the listed target market will be best. Micromanagement. Micromanagement factors are factors that have a “direct impact on its business operations and success” (Micromanagement, 2014). The listed factors include customers, employees, suppliers, shareholders, media and the competition.
Three factors that will be talked about are customers, employees, and suppliers. The customers are a key factor that can have a direct impact on the company, mainly for the fact that if the customer does not like the product, they will not purchase it. On top of that, if the product gets a bad review by the customer, it is guaranteed that, by word of mouth, other customers will also not purchase it. Keeping the customer happy with the product will ensure a profitable business. The next factors are the employees.
Keeping the employees satisfied will allow production and the company to keep going. Ensuring the company is hiring the most qualified individuals, and providing them with the required training and providing promotion opportunities will ensure that the employees are satisfied and will remain with the company. Retaining those employees with the relevant skills and experience is also important. If an employee is not contributing to the company as a whole, removing that employee will be best for the company. The last factors are the suppliers.
Without the suppliers, he company would not receive the materials that are needed to create their product, and in the process discourage the customers from buying the product. If the supplier is providing poor service to the company, the company should turn around an find a new supplier that will better fit it’s needs. Macro Environment. The Macro environment refers to the long-term factors that could affect the company. This could be national or global measures and affects the company. This is also known as the factors that are uncontrollable factors that can still influence the company’s strategy.
The macro environment factors chosen are the economical, technological, and environmental. The economical factor is everything that deals with the With the changes in the economy, this will change how the company will operate currently in the present and also the organization plan for the future. Companies should keep a watchful eye on the economy, to include the unemployment levels, comparative foreign exchange rates, and the state of global economy to ensure that the product they release to the consumers will hit the floor bringing in expected revenue.
Technology these days change quite frequently. For a company that deals with the technology in their products, keeping up with the changing times is essential, and it also can influence how an organization can conduct their business. This includes any type of “new machinery, computer chips, or products created through research and development” (What are macro, 2003). Business owners need to determine what new developing technology will help their products and which are just passing phases.
Finally, the last macro environment factor is the overall environment. This factor is important for both the long and short term of the company. This factor includes those natural disasters; hurricanes, tornados and earthquakes that can disrupt normal business. Not only will these natural disasters disrupt normal everyday business, but it can also “disrupt production and supply operations, or even destroy company assets” (What are macro, 2003). Pricing Strategy. A pricing strategy is very important in a business.
When determining a pricing strategy, the following factors need to be determined: positioning, demand curve, cost and environmental factors. The business owner also needs to have clear objectives like short term profit minimization, short term revenue minimization, examine quantity, maximize profit margin, differentiation and survival. In order to ensure the calculation of a correct price, the owner needs to look at cost plus pricing, target return pricing, value based pricing, and psychological pricing (Allen, 2014).
The four guidelines to be adhered to when coming up with a price is that it must be higher than the cost to make the product, the cost has to cover the salaries of all the employees, it can’t be lower than the cost or higher than the cost that consumers will purchase the product, and the price has be considered fair. The company needs to pep an eye on the pricing of other products that closely mirror the product that is being created. The positioning side of the cost needs to be considered because consumers hold true to the saying “you get what you pay for”.
A company also needs to know how much it will cost to create the product and also take into consideration if the product does not fare well in a community. Considering the technology and the components that come with the Sam-E-Slim, other products on the market that are somewhat the same, the price of the product would be relatively on the high side. Promotional Efforts. The objectives of the company are to sell their product to the consumer. In order to do this, the company needs to start promoting the product.
This can be completed in different ways, to include: creating interest, providing information and re-in forcing the brand (Promotion Decisions Tutorial, 2014). This product is from Samsung Electronics, and because of this, there will be a common interest in the new product that is coming out. Once the customer has purchased the product, following up with the customer to ensure the customer is satisfied with the product will help future designs. A company needs to create interest in the new product that is being released. A customer decides if they have a need for the characteristics of emotions, fears and humor.
The company also needs to provide information to the community. This could be creating a commercial that compares this product to another product from a different company. For instance, this product is comparable to the Apple Company’s mimic computer. In addition to the Sam-E-Slim all in one computer, an additional product that could relate to the computer is an additional external hard drive and attachable speakers. These products could either e sold separately or with the Sam-E-Slim computer. The external hard drive can also be customized to the size that the customer wants.