Marketing Plan Pricing Strategies and Target Market Questions The marketing plan will be attached. All questions are based on marketing plan, Just 2-3 sent

Marketing Plan Pricing Strategies and Target Market Questions The marketing plan will be attached. All questions are based on marketing plan, Just 2-3 sentences for each questions. Thank you.Plz do not cite anything. 1. How do members of your target market perceive pricing for your type of product? If you don’t have enough information, how can you research this question? For example, can you read some online product or store reviews in search of comments about pricing, price changes, and price promotions? Write 2-3 sentences about the target market’s evaluation of price, paying close attention to value as perceived by customers. 2. Before you can settle on a pricing strategy, you’ll need to select a basis for your pricing. Will you use cost-based pricing (pricing by adding to the cost of the product), demand-based pricing (pricing according to product demand), or competition-based pricing (pricing influenced primarily by competing prices)? Or is a combination of these appropriate for your product and market? Write 2-3 sentences about the basis or bases you will select, and why.
3. If you’re marketing a new product, will you choose price skimming to get the highest possible price or penetration pricing to achieve market share quickly? The answer depends, in large part, on your marketing objectives as well as your knowledge of the target market and the competition. If your product is going to be new, write 2-3 sentences about which pricing strategy you expect to use and why. Part 1
A .The product is a thin lightweight tracking gps.
B. Needed as a noninvasive security measure to prevent loss of valuables objects
C. The 24 year old techie who has several valuable technologies that would be immeasurably
expensive to replace.
The 40 year old soccer mom who has to keep track of all her kids belongings that they misplace
all the time.
The 16 year old kid who would die if they lost their phone and their parents found out.
D. Sticured is a startup company looking to break into an emerging market with a better product.
The market for gps trackers for valuables is fresh and most products offered do not have the form
factor we offer.
Stakeholders
Manufacturers are business partners who provide us the product we market and sell.
Distributors supply our goods to stores and other businesses that sell our product.
Our operation depends on these partners functioning and we want to have a long term
relationship with them.
Mission Statement
-To empower people with the security they deserveWe want to people who buy our product to feel secure about their belongings. When they use our
product they can know that it will function as intended and that we strive to do our utmost to
make sure it does.
SWOT
Strengths- Top engineers and designers with patented designs.
Weaknesses- New company with a weak presence and brand recognition
Opportunities- High demand that meets current production capabilities
Threats- Competitors with similar products and higher recognition and trust with consumers
Inner Limitations
a.Limited capital for marketing
With limited funds for marketing we need to focus on ways to spread our product
as efficiently as possible. We will apply street demonstrations and news coverage to spread the
brand.
b.Quality concerns with new manufacturers
The quality of our product is the top concern, we have to establish good relations
with communication channels with our manufacturers to monitor the quality of our production.
c.Unrecognized brand
As a new brand we can establish positive recognition without having to get rid of
a negative reconception of our product.
Opportunities outside of company
The idea that you can secure your valuables with trackers is established with previous
products, but the adoption of such products is not as common because the trackers available on
the market get in the way or are too bulky to realistically keep on your valuables.
Threats you can convert to opportunities
Competitors will be quick to try to copy our products form factor and with brand
recognition they may swallow up the market. We can market ourselves to be the original sticker
gps tracker and have the quality speak for itself.
Marketing objectives
a.Our company will sell 300 units per week in the first 6 months after product
introduction
b. We will run 5 different ads on social media platforms like instagram, twitter, and
facebook 3 months before production introduction to build brand recognition.
c. We will hold 2 street demonstrations per month for 8 months after production
introduction to develop customer interaction.
d. After the first 4 months, we will run 4 focus groups to see how our product is being
recognized and if the demand is growing.
Performance standards
We will measure actual sales with the sales we predicted.
Through emailing lists and seeing where and how customers came to our website we will
measure the number of clicks and views to see if the number is increasing.
We will measure the number of posts customers make that include our product.
From focus groups we will see what the general opinion of our product is.
——————————————————————————————————————–Part 2
Competitors
We are targeted in GPS Sticker market because it has a high value and influence in the
community. There are multiple Bluetooth trackers in the market, including Tile, Trackr, Chipolo,
Duet, Pally just to name a few. Even though many brands have a maturely developed business in
marketing, our brand – Stickured still has aggressively compete based on price, design, quality
and other variables.
Competitors’ Strengths and Weaknesses
Tile Mate
TrackR Pixel
Strengths
·
Tiny, just over 1
square inch
·
Make your phone ring,
even when on silent
·
Strong lost & found
community
·
Smallest and lightest
tracker to date
·
Free battery
replacement via the app
·
Attaches to anything
·
Works with Android
and iOs devices
·
Lights up and makes a
sound to help you locate
something
Weaknesses
·
·
Lag when detecting
device, making the find
inaccurate at times
Limited range
https://ideaing.com/ideas/best-bluetooth-trackers/
Presently, Tile is the most popular and ranks first among the trackers’ market. The reason for it
keeps the ranks Tile has a longer range, louder alarm, and larger crowd-finding network than
other brands. According to “The Best Bluetooth Tracker,” Nick says, “Tile trackers are the most
popular by far—important if you ever need to take advantage of the crowd-finding feature (more
on that in a bit)—and this latest model is by far the best we’ve seen from the company thanks to
a longer range and a louder ring than any other tracker we’ve tested.” Tile process similar
strategy as Apple. It uses a vertical integration strategy that allows one of the major factors that
set it apart from the competition. Such as, Tile Pro outstands the best Bluetooth tracker for
finding stuff and Tile Mate gives less expensive but shorter range and quieter. In order to
monitor Tile’s performance, we can research their most shared content online to see what it’s
performing well and what it hadn’t considered before.
https://thewirecutter.com/reviews/best-bluetooth-tracker/
Economic conditions
Bluetooth tracker is powerful and everyone needs at least one since losing is always happened in
our daily life. Our tracker- Stickured is a small gadget as Tile Mate which can attach to an
important item that we are worried about losing. Fantastic 7 sells with a replaceable button
battery. Stickured App supported Apple Devices using iOS 8.1 and up/Android Devices using
4.4 or higher. One thing that may lower our selling opportunity is our APP only support English
language only which prevent us from opening the market to non-English Countries. Also, we
lack the potential to compete with countries with lower labor cost. Such as China. It can provide
a more economical price for the same product since local manufacture save their cost of labor.
Brand
Stickured
Opportunitie Learn experienced from exist brands
s
Threats
Lack of language supported
Cheaper substitutes in the international market (e.g.
China )
Political Forces
Stickured actually will excel in many aspects of online and retail stores. We will use a host of
online store such as Amazon, which allows customers make a comparison of different brands, to
ask questions to their concerns, and interact to the consumers who bought our brand before. The
customer also can post our produces photos and videos on Amazon to share their comments and
feedback. With customer feedback, we will keep upgrading our product design, service,
promotion, and pricing. Additionally, our products will also trade in Target, Best Buy, and WalMart. AT&T, Sprint, and Verizon are also our first Choices since it’s a device to use technology
to solve one of life’s persistent problems. Overall, online retailers will be our previously
selection, and mobile stores and retailers stores will be considered secondarily.
Legal and regulatory forces
Privacy law might affect our device’s ability to achieve marketing objectives. Privacy law refers
to the laws that deal with the regulating, storing, and using personally identifiable information of
individuals, which can be collected by governments, public or private organizations, or other
individuals. Our product broadcasting on unique identifiers which is designed by common
tracking devices with Crowd GPS. The trackers suffer not-so-equally from a variety of privacy
issues. Such as, tracker Apps may leak location data, allow unauthenticated Bluetooth to pair,
and send passwords in the clear. Those not easily fixed problems along with privacy law may
cause the users to concern about their personal privacy.
https://en.wikipedia.org/wiki/Privacy_law
Technology
By attaching a tracker hardware device to a keychain or other item, a user can later use the Tile
app to help locate the item if the object is lost. The tracker application uses Bluetooth Low
Energy radio technology to locate Tiles within around 300-foot range. With technology
developed, Bluetooth device can be added more functions and features, which will provide users
more options of the user experiences. Moreover, we can charge users monthly by allowing them
to share the device with multiple users or become a premium user.
Sociocultural forces
According to “Tracking Device Maker Business Plan,” most consumers come from family,
channel sales to original equipment manufacturer, and business. The purpose of family needs is
finding missing children, looking for active elderly, and retrieving pets. For instance, families,
who concerned about the safety of their loved ones, need for a method of quickly and reliably
locating missing children. Companies use a tracking device to identify furniture, equipment, or
machines. For specific businesses, they need in managing logistics and tracking. Additionally,
combined with functional counting features and the autonomous internal tracking ability will be
very attractive to the business segment.
https://www.bplans.com/tracking_device_maker_business_plan/executive_summary_fc.php
Social responsibility and ethics
Since our products collect information from the customers to accomplish their mission, keeping
the users’ privacies in safe is the most serious proposal. Avoiding violates “privacy policy,” our
upgrading system require to share customers info before received confirmation.
——————————————————————————————————————–Part 3
Environmental Analysis
A question that we have to look deeper upon through market research is “How do our
customers feel about their security and privacy?” This deals with researching the attitude that
the consumers have towards tracking devices and security and privacy. Security and privacy will
be slightly affected as the product is stuck onto their items and will be constantly tracked. But
being to understand more about the consumers’ attitude about this issue also helps us find a way
to best to provide reassurance to any insecurity they have for the product itself.
One way to be able to research this question and test our hypothesis is to have a questionnaire
that include ratings of 1-5 to questions in regard to tracking device, security, privacy, and trust.
This questionnaire would be anonymous, electronic-based, and would be taken alone so that
there wouldn’t be anything that would sway their decision. This would be the fastest and least
risk way to figure out their attitude towards security, privacy, and tracking devices. Another way
in order to do market research on our issue would be to have a focus group and test our product.
There would be an electronic-based survey before and after using the product to see if their
attitudes changed using our product. Lastly, another way to research more about the question
would be to collect and analyze online data whether it is people talking on an open forum about
these issues or going as far as looking at past case studies of other tracking devices or security
and privacy issues.
Marketing Strategies
The targeting strategy that we will use is the concentrated targeting strategy, which uses market
segmentation. Market segmentation is essentially grouping the market based on similar use of the
product and then creating a marketing mix for the target market. This is the best strategy to use
because we only have one product that cannot be switched out with other ones in the market as it
is different due to its feature—for instance, it is very slender compared to other similar products
in the market such as Tile. Concentrated targeting strategy goes well with the market that we are
targeting for several reasons. The first being that our market is heterogeneous as different
individuals would want to use our products for different reasons to use the tracker whether that is
for safety reasons or to being able to recall where the items are left; so essentially, we have a
wide range of users for our product. Using this targeting strategy will also help us with helping
target more and different consumers, as we our market is identifiable and can be separated—such
as price or value conscious—where we cannot do with the undifferentiated targeting strategy.
Now as for our organization, this is the best targeting strategy to use as we have many customers
that have a similarity in the needs, so using this strategy can help figure out how to best satisfy
the customers’ needs. We can also target one specific market, but still have it open to many other
customers.
The variables that we will use for segmentation would be the demographic, behavioristic, and
psychographic variables. The demographic variable is appropriate for our market as there will be
a difference in the social class, income, age, and among other things that would use our product.
We need to be knowledgeable about this since we are targeting those that are value-conscious
consumers. We would need to know how much money would be allocated on extra expenses that
aren’t a necessity with the different demographics to help get a sense of the livelihood of our
product in the market. Now with the behavioristic variable, this deals with the consumers’
benefit expectation, price sensitivity among other things. We would need to know to understand
what the expectations are from our consumers so that we know we are meeting that and have
them keep coming back or referring us to friends, families, or even acquaintances. With the
Psychographic variable, this would be looking at things such as personality attributes, motives,
and lifestyles. With motives and our product, we would be looking at safety and tracking. By
having knowledge in this section, we can find ways to make our product more advantageous
versus our competitors. Lastly with lifestyles, it is important to look into this section as we need
to see how our product can solve any “problem” that they have or provide benefit. For instance,
if it is hectic and have a tendency to lose things, we can market our product in a specific way to
entice their interest for our product. We can also look deeper into how they would spent their
time and the different characteristics that our consumers have.
The market segment that we plan to target is the behavioristic segment. We chose to focus on
this as it deals with end use, benefit expectation, brand loyalty, and price sensitivity. Our biggest
competitor within the market would be Tile as they are ranked as 207 within “Lifestyle Usage”
and 6957 in “Mobile App Ranking.” Currently, it is estimated that they will bring an annual
revenue of $12 million this year. We chose to focus on this because having this competitor with
similar product use creates a big threat to our company and the livelihood and success of our
company. There are many individuals that use Tile already and are loyal to the Tile. The
company itself has affordable products—the cheapest product being $25 and the most expensive
product being $30. Lastly, they have met the expectations of many other than the livelihood of
the product itself as it is said to die-out after 1 year. By being able to focus in the behavioristic
segment, then we are able to look deeper in the price sensitivity, look into the flaws and
weaknesses of competitor products and how much people would use and continue to use our
product in the long-run.
———————————————————————————————————————
Part 4
Target markets:
Consumers will have a low level of involvement in our product because of the price factor.
Our consumers also do not need to be engaging in any heavy decision making.
Furthermore, our product has a low risk to our consumers if they purchased it by mistake. We
want our consumers to develop an enduring involvement like with Apple products. Because of
our innovative and one of the kind idea, we want to associate our product with loyalty and trust.
There are dozens of products that keep track of your personal properties, however, they are
difficult to attach to the properties. For instance, the tile tracker does not have an adhesive to
secure tracker to the surface of that item. Our Sticured will help keep things safe and secure by
using our adhesives to stick to the surfaces. We want to help our customers to keep their
belongings safe and secure through our product. For instance, individuals with many valuable
technologies or meaningful items that would be immeasurably expensive to replace or are
irreplaceable. Therefore, we want to make the product as affordable as possible to reach the
market. Even though our product is inexpensive, it is different from the other brand of GPS
trackers. With advanced technology, we were able to create a product that is not bulky but small
and compacted to track your belongings. A tile is powered using Bluetooth connections to track
the exact locations, hower, there is a range limit. With our product, there will be no range limit
since we are using a GPS signal rather than using Bluetooth.
Situational Influence:
The situational influence on our product are the reasons for purchasing it. The main reason for
consumers to purchase any item is for their own use, for household use, or use it as a gift. For
instance, a photographer who needs to keep track of where his memory cards are located so
she/he purchases our product to keep those memory cards safe. We want to influence individuals
who need our product to keep their own belongings safe.
Psychological Influence:
There are six psychological influences on consumer buying decisions. For our product, we found
that learning can be a psychological influence. We want our users to prefer our product over
other types of tracker for their belongings.
Social Influence:
Social influences are the forces that other people exert on consumer buying behavior.
Social class is the most important out of all the social influences. We want to aim our product to
middle and lower classes since individuals in these classes value their belongings and want to
keep those items safe and secure.
Economic Factor:
The economic factor will be the most influential to the increased usage of products. As people
have an increase in income the purchasing power will also increase. If there is a recession,
consumers may prefer to purchase their necessity goods rather than our product (a normal good).
Buying Decisions:
Buying decisions can be affected by organizational factors based on the company’s objectives
and their purchasing policies. For instance, companies will have certain policies regarding the
purchasing of products. Furthermore, certain organizations will have different objectives for their
buying center. One of the objectives will be to purchase innovative, one of the kind product like
our Sticured Tracker to expand on the market. Interpersonal factors are the trusts and
communications between buying center and sellers. Currently, we are developing our product
with multiple working versions. The buying center must trust us in delivering the best version
possible for our buyer. Individual factors are the characteristics of the employees that can affect
the buying decisions of a buying center. Seniority in employees will have an impact over the
buying decisions in a center. Becau…
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