Executive Summary
The marketing plan relates to PeFlo Incorporation which operates within the US information technology industry. In its operation, the firm deals with production of a wide range of software products. In an effort to enhance its competitive advantage, the firm has identified a potential market opportunity with regard to consumers buying process.
From a market research conducted by the firm’s marketing department, PeFlo realized that some consumers are increasingly experiencing time pressure. This limits their ability to go through the complex decision making phases in their buying process.
Through its research and development department, PeFlo intends to solve this problem by developing software that will enable these customers recognize their products and services needs. This will be achieved by producing the ‘unmet needs’ list hence making it easy for the customers to make a purchase decision.
This report outlines the various marketing issues that the firm will take into consideration to ensure that the software is successfully developed and launched. Some of the issues discussed in the report include the company’s corporate image and marketing strategy and competition analysis. In the marketing strategy, a number of issues are evaluated.
These include the marketing mix, target market and consumer behavior. On the other hand, the market strategy plan outlines the companies SWOT analysis. Finally, a conclusion of the entire report and a number of recommendations and reflections are illustrated.
Introduction
PeFlo Incorporation is a private limited company that operates within the United States information technology industry. The firm was established in 1999. The firm’s headquarters are located in San Francisco, California. In its operation, PeFlo Incorporation deals with designing and developing various types of software. Over the past decade, PeFlo Incorporation has managed to attain an optimal market position.
Its success can be attributed to a number of factors which includes its management effectiveness and new product development. The firm has also been very effective in offering quality software products. As a result of its operational efficiency, the firm has developed a considerable customer base.
The information technology industry has undergone significant transformations over the past few decades arising from the high rate of technological growth (Reel 2). Additionally, the industry has also become a source of change to other economic sectors. This has arisen from the high rate at which firms are venturing into the industry as a result of its lucrative nature.
Additionally, the transformation has also been stimulated by the fact that firms within the IT industry are increasingly conducting innovation in an effort to enhance their competitive advantage. The resultant effect is a increment in the number of IT products being supplied within the market. The main products being developed include software and hardware products (QFinance para. 1).
The current changes in the IT industry have also arisen from the high rate at which businesses in different economic sectors are integrating Information Technology in an effort to attain operational efficiency.
This is being attained by either implementing information technology systems within organizations or by outsourcing the required IT services. In an effort to meet their technological needs, businesses are increasingly outsourcing IT services (Sanchez 8).
Additionally, the growth in the rate of innovation within the IT industry is also as a result of realization of the changes in consumer behavior. Currently, consumers are increasingly integrating information technology in their buying process. This is evidenced by the high rate at which consumers are using the internet to search for products and services that will meet their needs satisfactorily.
Another behavioral change amongst the customers relates to increased use of plastic money for example credit and debit cards to purchase various products and services. The growth in use of credit cards presents an opportunity for software developing companies such as PeFlo Incorporation. This arises from the fact that these companies can develop software to enable them use their electronic cards for different functions.
This shows that change in consumer behavior enhances technological innovation amongst IT companies so as to meet the customer’s needs. This is supported by the fact that consumers expect organizations to anticipate their needs and provide a product that satisfies the need (Career Communication Group 41).
A market analysis conducted by renowned market research firm, Gartner, revealed that there is a high probability of increment in consumer spending with regard to IT products. In 2011, it is estimated that IT spending will be more than $3.5 trillion which represents an increment with a margin of 4.2% from the 2010 spending which averaged $3.4 trillion.
The growth in the level of spending is expected to arise from the high rate of economic growth that is being experienced in different economies especially in the emerging economies. Additionally, various economies have also undergone significant economic growth over the past decade. The resultant effect has been an increment in the consumers’ disposable income and hence their purchasing power.
Additionally, the increment in consumer spending with regard to IT products is also associated with the high rate at which the consumers are incorporating computing technology in their consumption patterns.
Considering the intensity of competition within the IT industry, PeFlo’s management team has been considering how the firm can enhance its competitive advantage. The market research conducted by the firm revealed a trend whereby consumers are integrating technology in their purchasing pattern. The research also revealed that the consumer buying process is increasingly becoming complex.
The firm’s management team has decided to capitalize on these two market trends so as to enhance its competitiveness. To achieve this, the firm will develop a new software that will be aimed at enabling customers identify their future product and services needs.
The software will achieve this by producing the ‘unmet needs’ list. This means that the software will make the problem identification phase of the consumer buying process to be easy. As a result, the consumers will be able to make purchase decisions more effectively based on the items in the ‘unmet needs’ list.
Corporate image and product management
Vision
To become the market leader with regard production of various types of software by 2025.
Mission
In its operation, PeFlo Incorporation intends to position itself in the market as the market leader with regard to software development. Additionally, it is the firm’s management team objective to ensure that the firm achieves substantial market recognition both domestically and internationally. To achieve this, the firm’s management team is committed at ensuring that its customers achieve a high level of satisfaction.
Products
PeFlo deals with production of a wide range of software products. The firm develops different categories of software that are used in conducting various business operations. The main category of software that the firm develops includes Transaction Processing Systems, Office Information Systems, Management Information Systems, Decision Support Systems and Expert Systems.
PeFlo’s long term goal is to attain an optimal position within the software market. To achieve this, the firm’s management team is committed at ensuring that the firm is effective in meeting the market’s software demand. One of the ways through which the firm expects to attain is by introducing new software products to the market.
Organizational structure
In its operation, PeFlo Incorporation has adopted a hierarchical organizational structure. The organizational structure is composed of four main levels of management. These include
- The shareholders
- Board of directors
- Chief Executive Officer
- Business Department
To ensure efficiency in its operation, the firm has integrated four main departments. These include:
- Marketing Department
- Research and Development Department
- Finance Department
- Information Technology
- Human Resource Department
The firm’s Marketing Department is responsible for developing and implementing effective marketing plans.The department is also responsible of evaluating the effectiveness of the implemented marketing plans. Considering the fact that the company intends to develop a strong customer loyalty, it is the role of the marketing department to underake effective customer relationship management.
It is the responsibility of the firm’s Research and Development Department to conduct market research so as to identify the prevailing market trends. As a result, the firm is able to undertake product improvement and new product development. Through a market research conducted by the firm’s Research and Development, the firm identified an opportunity with regard to consumer purchasing behavior.
The Finance Department is charged with the responsibility of undertaking various finanicial tasks. For example, when making capital investment decisions, the Finance Department is required to conduct an analysis so as evaluate the most appropriate project to invest in. It is the role of the firm’s Information Technology Department to undertake software improvement and new product development.
Additionally, the IT department is required to offer technological assistance to all other departments. For example, it is required to ensure that the company’s intranet service is operating effectively. On the other hand, The Human Resource Departmet is charged with the responsibility of hiring qualified emloyees for the right positions.
Despite the existence of the various departments, the organisation has formulated a policy requiring various departments to work together in an effort to attain the set organisational goals.
Location
PeFlo Incorporation is located in San Francisco. Decision to locate the company in this area arose from findings of a market research conducted by the firm which showed that San Francisco is one of the fastest growing regions with regard to technological innovation in Silicon Valley, California. As a result, the region has readily available human resource.
Marketing strategy and competitors
Marketing strategy outlines the various strategies that are incorporated by an organization in an effort to achieve its goals.
Target market and consumer behavior
The firm’s management team recognizes the fact that the success of the new software upon introduction in the market is dependent on the effectiveness with which it has targeted the market. According to Abrams and Kleiner (88), it is challenging for a firm to satisfy the needs of a broad market. As a result, it should identify a small segment of the market in which it should create a product to satisfy the needs of the specific market.
PeFlo’s core target market is composed of both institutional and individual customers who have integrated technology in their purchasing patterns. The institutional customers that the firm has identified include private and public organizations.
In their purchasing patterns, organizational customers undergo a complex decision making process. The decision making process is undertaken by the organization’s Decision Making Unit (DMU).
On the other hand, individual customers that the firm has targeted include the youth and elderly customers who have incorporated online purchasing in the consumption behavior.
Findings of a market research conducted by the firm revealed the largest proportion of individual customers include professionals in different economic sectors. These professionals are increasingly experiencing work-related stress since most of the firms have not incorporated work-life balance.
In marketing the new software, the firm’s management team has integrated the concept of market segmentation. The firm has considered two main market segmentation variables which behavioral and psychographic market segmentation.
According to Jakubiak, Mudge and Hurd (15), psychological market segmentation entails segmenting a market on the basis of the customers’ opinions, values, attitudes, activities and interests. With regard to psychological market segmentation, PeFlo Incorporation has identified that some customers especially professionals value their time and hence they do not have sufficient time to undergo through the decision making process.
Shellenbarger (para. 1) asserts that as individuals income increase, they tend to put more value to their time. This situation is worsened by the fact that most employers have not adopted the cost of work-life balance in their human resource management. The resultant effect is that employees are increasingly becoming stressed due to lack of time to undertake other personal activities (Shellenbarger para. 4).
Additionally, the firm also realized that this customer category is increasingly integrating computing technology in their purchasing patterns. As result, the firm identified an opportunity of marketing the new software to this customer category.
On the other hand, behavioral market segmentation entails dividing the market on the basis of the customers’ consumption behavior. Some of the variables that are considered when using behavioral market segmentation include the benefit sought, the usage rate, readiness to purchase, occasions or events that stimulate the customer to buy a particular product or service and brand loyalty.
Decision to segment the market using behavioral market segmentation arose from realization of an increment in the rate at which consumers are integrating technology in their buying process.
According to Porter (45), effective market positioning shields a firm against challenges arising from intense competition. The unique nature of the software will enable it to attain an optimal market position. This arises from the fact that the consumers will be able to develop a list of goods and services that they need hence attaining efficiency in their purchasing process.
The success of the new software will be enhanced by the fact that the firm’s research and development department will ensure that the software has a 95% operational efficiency. This will increase the probability of the software being adopted by a large number of customers.
Marketing mix strategy
By developing a new software product, PeFlo Incorporation intends to achieve the following financial and non-financial objectives.
- To create a substantial market awareness regarding the new software.
- To achieve a substantial customer loyalty and market recognition both in its domestic and foreign market. To attain this, the firm will be committed at nurturing a positive public image. The firm’s management team will consider incorporating various elements of brand management which include brand image, brand identity and brand culture.
- To attain a sales revenue of $ 1 million within the 1st year of introducing the product in the market.
- To increase its market share with a margin of 25% within a period of one year upon the launch of the new software.
- To attain a markup of 20% within the first year of the launching the software.
Product
The software will use diverse consumer information for example their credit and debit card information. The software will be effectively programmed such that by providing it with specific information regarding goods and services to be purchased and the interval within which they should be purchased, it will be able to generate a list of ‘unmet needs’ after a certain period, for example one month.
The consumer will also be required to provide personal information such as their email address or mobile phone number. Upon generating the ‘unmet needs’ list, a message will sent to the individual’s mobile phone or email automatically.
The information generated will act as a reminder to the customer to make the purchase. This means that the software will make the decision making process amongst consumers to be easy.
Additionally, it will also ensure that the supply of essential products do not run off while the customer is unaware of the issue. Considering the fact that the software will require one to provide confidential personal information such as credit and debit card information, firewalls will be used so as to enhance its security.
Pricing strategy
According to Lamb, Hair and McDaniel (48), a product price is one of the most important marketing mix elements that a firm should consider in its product and services offering. This is due to the fact that it determines its ability to achieve its profit maximization objective.
Over the years it has been in operation, PeFlo has conducted a number of consumer market research in an effort to understand consumer behavior. The research findings have revealed that consumers are price conscious in their buying process.
Considering the fact that the software is a new product, penetration pricing strategy will be used. This strategy entails setting the price of a product at a relatively low price point compared to its competitors. Additionally, the firm will also integrate psychological pricing strategy.
Psychological pricing entails setting the price at a point that the consumers will consider it to be fair. This aids in influencing the customers emotion in their purchasing process. The price point of the software will be set at $99.
Promotion strategy
According to Christ (339), it is paramount for a firm to create sufficient market awareness especially when introducing a new product into the market. To ensure that the new software is successful upon introduction in the market, PeFlo’s management team has developed a comprehensive market communication strategy.
The firm has achieved this by incorporating the concept of Integrated Marketing Communication. Integrated Marketing Communication entails adoption of diverse marketing communication techniques in an effort to provide sufficient market awareness.
The promotion strategy adopted by the firm is composed of both traditional and emerging marketing communication techniques. The traditional marketing communication techniques considered include personal selling, public relations, sales promotion and advertising.
In its market communication through advertising, PeFlo Incorporation will use different mediums. Additionally, the message used in advertising will be well developed to ensure that it is catchy and influences the consumers’ decision making process. The slogan that the firm will use is ‘Why Be Stressed When Shopping?’
Some of the mediums that the firm has considered include use of radio, television and outdoor advertising using billboards. Additionally, the firm will also post its adverts in print media such as local US dailies and magazines. Some of the famous information technology magazines that the firm will post the adverts in include ComputerWorld and Information Week.
With regard to outdoor advertising, the firm will identify advertising companies in the US that have their billboards strategically located. Upon identification of these companies, the firm will enter into contract with the companies to allow it post its banners on the billboards for a certain period.
To ensure that the banner is effective in creating market awareness, the firm’s marketing department will ensure that the banner is well designed. Additionally, the catchy slogan will used to communicate the intended message.
PeFlo’s management team has also appreciated the role of ICT in marketing communication. In order to reach a large number of potential customers, the firm will incorporate emerging marketing communication tools especially social networking tools.
Some of the tools that the firm has considered include Face Book, Blogs, Wikis and You Tube. The firm will also design a Blog and a Wiki on which information about the software will be posted.
Through these tools, there is a high probability of the firm attaining efficiency in creating market awareness. This arises from the fact that a large number of consumers are appreciating social networking tools as communication tools. Additionally, use of social networking tools will give potential consumers an opportunity to post their opinion about the software.
This means that the firm will be able to interact with potential customers. Use of social networking tools such as You Tube is very cost effective for a firm there is no expertise that is required. Posting a video on You Tube is very easy.
The firm’s advertising technique will also be conducted through major search engines such as MSN, Bing, Google and Yahoo. To achieve this, the firm will enter into a contract with these companies so that they can post its adverts on the homepage of their search engine.
Additionally, the firm will post a link on these search engines whereby when clicked; it will direct one to a website that provides comprehensive information regarding the software. This strategy will significantly enhance market awareness of the firm’s software.
This arises from the fact that a large number of customers are increasingly using these search engines when searching for diverse information. The firm will also post information regarding the software on its website.
In creating awareness to institutional customers, PeFlo Incorporation will use personal selling strategy. The firm’s marketing department will be charged with the responsibility of identifying and approaching potential institutional customers.
Personal selling will not only enable the firm to create awareness to institutional customers but also understand the firm’s purchasing process. This arises from the fact that the marketing representative will be able to interact with the organization’s decision making unit. This will increase the firm’s probability of influencing the organizations’ DMU.
Distributional Strategy
To attain efficiency in distributing the software, the firm will use both direct and indirect distributional methods. In its direct method of distribution, the firm will ensure that the software is available to all its retail outlets located in different parts of the US. Direct distribution strategy will ensure that the security of the software is not compromised.
Additionally, it will also give the firm an opportunity to educate the customer on how to utilize the software. Considering the growth in internet technology, the firm will also provide the customers an opportunity to purchase the software online through the company’s website.
The company will make arrangements on how the customer will receive the software. To increase its market coverage, the firm will also use agents who will be charged with the responsibility of distributing the software in the foreign market.
Marketing strategy plan
SWOT analysis
Strengths
In its operation, PeFlo has developed a high competitiveness with regard to human capital. The firm has integrated an effective training program that is aimed at ensuring that its employees attain sustainable development.
This has enabled the employees to be conversant with changes occurring in the market. The resultant effect is that the firm developed a strong Research and Development department hence increasing its ability to undertake effective product improvement and new product development.
Since its inception, the firm has increasingly gained a considerable market recognition and store loyalty. This has arisen from the high quality software that it develops. For example, the firm’s research and development department ensures that the software products are well configured so as to safeguard customers from possible loss as a result of software insecurity such as piracy.
The firm has also incorporated the concept of risk taking. Upon identification of a market potential, the management team commits a significant proportion of its resources towards evaluation of its feasibility. If the opportunity is successfully determined to be feasible, the firm ensures that the opportunity is exploited. The firm’s success is also enhanced by its effectiveness and efficiency in project implementation.
Weakness
Considering the fact that the PeFlo has been in operation for only 12 years, the firm has not managed to develop its financial strength compared to its competitors. As a result, PeFlo experienced financial strain in its effort to develop new software products. This has further been worsened by the previous global economic recession which has made it difficult for firms to access credit finance from financial institutions.
Opportunities
The current change in consumer behavior with regard to technology represents a potential market opportunity for the firm’s new software. For example, the high rate at which consumers are incorporating online purchasing and using credit cards in the buying processes means that there is a high probability of the new software experiencing a substantial market acceptance.
The prevailing time pressure amongst the consumers as they try to increase their income in order to meet their financial obligations means that there is a high probability of consumers purchasing the new software to aid them in their buying process.
The success of the new software is also enhanced by the prevailing legal environment. For example, the institution of the IPRs means that the firm’s innovation will be secure from various forms of property rights infringement.
The challenging nature of the business environment as a result of high rate of globalization has made the consumer buying process to become complex. This is an opportunity for PeFlo Incorporation since it will be able to conduct continuous product innovation in an effort to make the purchasing process to be easy.
Threats
Considering the intensity of competition prevailing in the IT industry, PeFlo faces a challenge arising from the high rate at which firms are conducting innovation in an effort to enhance their competitive advantage. The firm’s management team recognizes the fact that if it does not undertake innovation, there is a high probability of its products becoming obsolete.
Over the past decade, there has been an increment in the rate of insecurity with regard to software development. Piracy has made software developing companies to incur substantial losses.
The firm also faces a challenge from large companies which are increasingly incorporating the concept of merger and acquisition in an effort to position themselves in the market. The resultant effect will be emergence of conglomerates which are considered to be a threat to small and medium enterprises.
Market research for similar services
By developing the new software, it is the firm’s intention to provide customers with a solution with regard to problem recognition in their buying process. This means that PeFlo Incorporation intends to reduce the opportunity costs that customers experience as a result of delays in their decision making process.
The new software is specifically designed to aid the customers in identifying the product that they need to purchase. The new software will achieve this by developing the consumer’s ‘unmet needs list’.
By developing this list, it will be easy for the customers to make a decision on the product that they need. However, the firm’s efforts to implement this unique idea may be thwarted by the intense competition prevailing in the IT industry.
Over the past few decades, the software market in US has become very competitive due to its lucrative nature (NetValley 1). In its operation, PeFlo Incorporation faces intense competition from the large number of companies operating within the US market. PeFlo’s main competitors include International Business Machine (IBM) and Microsoft Corporation. (NetValley 1).
International Business Machine
- The company has been in operation for a number of years and hence has developed financial stability.
- The firm offers a wide range of products to its customers.
- IBM is effective in undertaking product innovation in addition; its strong infrastructure enables it to effectively execute large projects.
- IBM has gained global market recognition due to the high quality of its products.
Microsoft Corporation
- The company has incorporated a rapid product development strategy that enables it to update and develop new software.
- The company has a strong financial base that enables it to undertake research and development more effectively.
- The firm produces software products which have attained global market recognition.
- Microsoft has a strong distribution network within the US that enables its products to be easily accessible.
Comparison of the companies
Conclusion
PeFlo Incorporation has a unique idea of developing a software product that will enhance the consumer’s decision making process. Through effective development and launch of the software, PeFlo Incorporation will be able to maximize its profit.
This arises from the fact the software will be able to produce the consumers’ ‘unmet needs’ list with a 95% degree of confidence. As a result, there is a high probability of the software gaining a considerable market acceptance.
In its operation, PeFlo Incorporation has designed an effective organizational structure that is composed of different departments.
The organizational structure will enable the firm to build a strong team that will be charged with the responsibility of developing the software. An analysis of the company’s strengths shows that the company has the necessary resources to undertake the project. Additionally, the market presents a number of opportunities that the firm can exploit.
To enhance the chances of the project succeeding, it is critical for the management team to improve on its weaknesses. The dynamic nature of the business environment presents a challenge to the firm’s survival. Therefore, the firm should develop a comprehensive understanding of the threats existing in the market. This will aid in formulating effective survival strategies.
Reflection and recommendation
Considering the current growth in Information Technology, there is a high probability of the firm succeeding in developing and launching a new software product.
The current change in consumer behavior with regard to Information Technology presents an opportunity for the firm to succeed in its effort to develop a new software product. However, formulating a market plan cannot be of any benefit to an organization if it is not implemented.
Before committing financial resources to any project, it is paramount for organizations to undertake a pilot project. Pilot projects aid in determining whether a firm’s project will be feasible upon implementation in large scale.
In designing the new software project, PeFlo’s management team should integrate an effectively designed pilot project. The pilot project may entail offering a group of customers the software so that they can utilize it for a period of time, for example 3 months.
During this period, the firm’s research and development department should seek the opinion of the customers integrated in the pilot project regarding the operability of the software. The resultant effect is that the firm will be able to identify areas that need improvement.
Developing and marketing a software is a costly project for an organization to undertake. Therefore, an organization should have the necessary resources.
To successfully develop and market the new software, PeFlo Incorporation will be required to have sufficient resources in terms of time, finance and human capital. With regard to human capital, the firm should build a strong team that will be charged with the responsibility of developing the software.
The team should be composed of members of experts from different departments. However, the team should not comprise of expert so as to eliminate ego that may cause failure to the project. The project should also be clearly developed by defining its scope. This will aid in eliminating complexity that may cause it to fail.
Some of the costs that the firm will incur relate to cost of market research, cost of programming and cost of purchasing the required tools and equipments.
To minimize the cost of the project, PeFlo’s management team should consider utilizing its retained earnings as the core source of finance for the project. An analysis conducted by the firm’s Chief Finance Officer (CFO) showed that approximately $ 400,000 is required to cater for the above cost.
Another cost that the firm will incur relates to cost of creating market awareness. The firm’s CFO has estimated that approximately $ 550,000 will be required to undertake marketing awareness through the various mediums identified. PeFlo Incorporation should factor in these costs in its annual budget.
To ensure that the new software contributes towards achievement of the firm’s profit maximization objective, PeFlo’s management team should also develop a comprehensive implementation and control plan. The implementation plan should outline the various activities should be undertaken and the respective time period.
To determine whether the marketing of the new software is successful, the firm should conduct a continuous evaluation of the software’s performance. To achieve this, the firm’s management team should compare the actual result with the expected results.
One of the indicators that the management team should consider integrating in its evaluation process includes software’s sales revenue. Additionally, the firm can also analyze the increase in its profitability arising from the sale of the new software.
The firm should also conduct a continuous market research. The market research should be focused on the customers so as to understand their opinion regarding the software. This will play a critical role in undertaking improvement on the software.
In their purchasing patterns, consumers undergo through a challenging decision making process in an effort to determine the products to purchase. During the 21st century, the market provides a wide range of products and services for customers to select from due to the high rate of globalization.
This presents a challenge to the consumers since they might not know where to obtain the required products from. However, the current trend whereby consumers are increasingly integrating technology in their purchasing patterns presents an opportunity for the firm. This arises from the fact that the new software will make their buying process to be easy.
Another factor that increases the probability of the new software gaining a high market acceptance arises from the economic challenges being experienced today. Consumers are increasingly being concerned on how to increase their income. The resultant effect is that most consumers are experiencing time pressure. The new software will provide customers with an opportunity to purchase their products and services needs more easily.
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