Marketing is a social process, whereby individuals or organizations have to recognize, and satisfy the customers’ needs profitably. There are three crucial factors of marketing such as money, market and minutes. These are referred to as 3Ms of marketing.
As Nintendo, plans to launch its new hi-fi product the financial plan that would cater for the campaign should be budgeted. Financial matters are always sensitive for any business (Kourdi, 2011). Time factor plays an important role in marketing, as every activity should be scheduled accordingly.
Nintendo may not have all time to do its launching, as there are still other activities to be attended This paper would be discussing Nintendo launching a new product, hi-fi stereo system in the market using 3Ms of marketing.
A strong and successful marketing entails the money, market and minutes. Nintendo has decided to launch the hi-fi stereo product in the market; the company has to come up with the plan on how to use the available money, and minutes to be allocated for the marketing campaign (Lowe, 2006).
These are the first steps that the marketer should consider. Time planned for doing marketing is a very vital factor of marketing, although most companies tend to ignore it (Akehurst & Nicholas, 2008). Great initiatives of companies may end up falling apart, because they were not given adequate time for developments. Every step should be given enough time, to ensure its accomplishment.
According to most marketing analysts, it is evident that, the minutes set for marketing, the company should add 20% to the time estimate (Pride, 2007). For instance, if Nintendo has a plan of using eight weeks to come up with a marketing plan, the marketing department should make it ten weeks.
Incase, the company is planning to launch the new hi-fi system in the market for a period of 4months, it should, therefore, take five months. The minutes allocated for every activity in marketing should be given some allowances, because sometimes things may take a different direction, while executing the plan.
The timeline should account for things that may be delayed or for mistakes that may arise. In this case, Nintendo is launching a new product in the market, to the public, which is extremely forgetful (Pride, 2007). Therefore, more time is needed to remind them regularly of the new product.
In the process of marketing, there is a great connection between the time spent, and the money invested on marketing (McLoughlin, 2010). The aspect of financial objectives should be closely related with the available time for executing the marketing plan. Nintendo is planning to let the world know about its new product this calls for financial budget to be used in promotion, and plenty of time.
Moreover, when doing the marketing plan, it is important for Nintendo to decide the potential market for the product. It would be a worse for a business to think that everyone is a potential buyer. Taking everyone as a potential buyer of the hi-fi product, may result to wastage of time, energy and finances.
It would be good for the marketing department to take time, and decide who they want to be their customers (Akehurst & Nicholas, 2008). For instance, in this case the product is a hi-fi stereo system. The most preferred market for this product is the youngsters.
These are the people, who seem to enjoy entertainment mostly. This does not mean that, the product is not useful to other people. It would be preferable for the marketer to divide the market into small segments depending on several factors (Kourdi, 2011).
Market segments should be obtained in terms of geographical areas, gender, income, and age. In deciding the best market for the product, an extensive market research should be conducted to test the preferences of different people. In terms of gender, it would be advisable to conduct a market survey in deciding whether both male and female prefer the same levels of entertainment.
Depending on the quality and the price of the product, it would be relevant to decide which class of people would best prefer the qualities of the product (Massingham, 2010). If the system were highly priced, due to its high quality, the working class would mostly be the target group.
If the price is medium, both the working and non-working groups would fit well, as the target. It is wise for a businessperson to present his or her products to few potential customers, than to many people who are not interested with the product.
This may end up increasing the operating costs of the business, which would strain the profitability (Baker & Bass, 2008). The potential customers of a hi-fi stereo system are the people aged between 15 and 45 years. Therefore, it would be productive for the marketer to concentrate mostly to people between this age brackets. The marketing campaign would be conducted in areas, where it is possible to reach such people. Doing business with people, who are beneficial to the company can be very productive.
Another aspect of marketing is deciding, the amount of money, to be invested in launching the new product. The question of how much money to be used in marketing remains controversial to most businesses (Massingham, 2010. Nintendo is a well established company with a strong financial base, which can support launching campaign effectively.
It is the wish of every company to spend its money on marketing, and receive an equal response from the customers. The best use of marketing money would depend on the media chosen by the company (Pride, 2007). This is a crucial stage of deciding the most effective method of communicating the message to the potential customers.
The target customers would also be another factor to dictate the use of money in marketing. For instance, the best market segment for hi-fi system is the people between the age of 15 and 45 years. Most of the marketing finances should be invested in launching the product to that age brackets.
Nintendo should concentrate the launching campaign in such areas, to ensure the target group gets the information. Different media charge differently to pass the message to the public. The marketing department should take enough time in comparing the prices of various methods (Cavusgil, 2006).
The marketplace is an ever-changing place that would require the incorporation of several methods of communication. One media may be relevant today, but due to the dynamism in the market, it may not serve the same purpose tomorrow.
The most relied market will to some extent, dictate the best media. The young generation that seem to be the best market for this system, mostly make use of the internet. This implies that most of the marketing campaigns should always be represented online.
Severally, it has happened for many companies to use very expensive advertising media, which end up straining their income (Pride, 2007). Nintendo marketing department should take enough time to doing market research on the most cost effective methods of launching their new product. It would be beneficial for a company to use the least expensive media of communication.
References
Akehurst, G., & Nicholas, A., 2008, Retail Marketing. London: Routledge. Baker, S., & Bass, M., 2008, New consumer marketing: managing a living demand system. Manchester: John Wiley & Sons.
Cavusgil, T., 2006, International Marketing Strategy. London: Pergamon Press.
Kourdi, J., 2011, The marketing Century: How Marketing drives business and shapes society. New York: John Wiley and Sons.
Lowe, R., 2006, International marketing strategy: analysis, development, and implementation. New York: Rout ledge.
Massingham, L., 2010, Essentials of marketing management. Michigan: Taylor & Francis.
McLoughlin, D., 2010, Strategic Market Management. NewCastle: John Wiley and Sons.
Pride, W., 2007, Marketing. NewCastle: Cengage Learning.