Market Plan

1. Price

            TechnixI is a smartphone product that is operating in a market that is highly innovative and with intensified competition. With the changing demands and preferences in the international market today, the smartphone will meet the demands of individuals adequately.  Based on its innovativeness the   product is bound to be characterized by high cost by since the corporation is new in the market the prices have to be favorable to attract a wider consumer segment. The product based can be done in three pricing strategies that are cost-based, value based as well as pricing that is based on the market.

1. Cost based: The cost will be set on the ranges of the incurred costs plus a determination cost.
2. Value based: This will involve pricing the product on the ground of its general worth and the associated services that it will provide the consumer with.  This will be grounded on the basis of the products innovative nature and the ability to meet the needs of the consumer which is the gained benefits rather than the incurred cost.

• Market-based: This is the strategy where the market will be given the opportunity of determining the prices as it is most common in the globalized market and especially in the technology industry.

1. The best pricing tactic for the product is market-based as it is more realistic and holds a higher capability of generating more consumers. Through the strategy, the corporation will utilize a low price approach than that which is offered by the competitors by at least 2%.
2. Promotion Strategy
3. Promotion Objective

The promotion objective is mainly grounded on developing awareness. This is mainly because the corporation has a new product that is not known by consumers. This, therefore, implies that the beginning promotional efforts should focus on developing an identity.  The awareness building will  thus be achieved  through reaching the  products consumers and inform them about  what  the product is  what  it entails through describing its general features and providing them with adequate information about what the product offers.  This will help in stimulating demand as more interest will be developed to the consumers.  Demand cannot be developed without first creating awareness to the maximum level.

1. Promotional Tools

The promotional tools that will be utilized in developing awareness are public relations, sales promotion, in-store product display, trade promotion, and sales promotion.

1. Promotion Schedule

            The promotions of the products will begin the following month and will be conducted consecutively.

1. 1) Public relation strategy will utilize the social media sites as well as advertisements. Posts will be posted regularly on the entire social media site holding a distinct message about the product. This will help in ensuring that the message of the product does not leave the minds of the social sites users.  This is cheap and a beneficial approach that will help in generating more benefits.

2). Trade promotion approach will entail the corporation offering a temporary discount to both the products retailers and wholesalers and this will be passed to their respective consumers thus triggering sales.  This will help in building more awareness in regard to the product.

3). Sales promotion will involve giving prices discounts and a coupon for the products consumers which will help in stimulating sales.

4). The corporation will utilize in-store product display at different stores such as supermarkets where there are a large number of persons coming in the store.  The public will be offered with leaflets after which if they agree to be the audience information in regard to the product will be provided to them in details.

 

 

            References

Röse, C., Baranovskis, J., & Huisman, J. (2011). Integrated Marketing Campaign: Using the Example of a Scientific Institute. München: GRIN Verlag GmbH.

Schindler, R. (2012). Pricing strategies: A marketing approach. Thousand Oaks, Calif: Sage Publications, Inc.