Product profile
The Pocket Wi-Fi is a device that allows an internet user to connect several Wi-Fi-enabled devices to the internet. This product is mainly targeted at the Canadian market and is developed to support the increasing number of Wi-Fi products that are being launched by other companies such as smart phones, tablets, laptops, and desktops. Existing research already shows that there are multiple devices in almost every home in Canada and this means that there is a market to be exploited. The main target population for this product is the young professionals as well as students who have often shown enthusiasm for the new technology products that are launched into the market. The product is expected to be distributed through local retailers who already have a solid footing in the market. This should ensure that the product is taken up as quickly as possible, which is due to its exceptionally short lifecycle (Lymbersky, 2010). The need to maintain the company’s expenses in launching the product as low as possible should be satisfied by the choice of social networks as a cheap advertising platform. This should also ensure that the whole venture breaks even as soon as possible especially with the product’s short lifecycle.
Communicating the existence of the product
A strict budget that does not allow for an extra expense often means that one has to contend with a limited portfolio of options especially when choosing specific marketing strategies. The main market for this product has already been identified as the young who are in school as well as young professionals. This means that they are exposed to several technological avenues of communication that are not only cheap but are also easy to adopt, which could be quite effective in communicating the existence of the company as well as the product itself. One such communication platform is the social networks (Usa, 2011). These are often free to use by any person and allow one to communicate to an unlimited number of people at a time. The fact that social media has been adopted widely in the Canadian market especially by young people, means that it may be the most effective form of communication to adopt in this case.
Social networks have been identified to provide companies with several benefits that they would not have otherwise enjoyed with their adoption of alternative communication platforms. It provides room for interactive communication where the company can engage directly with a specific customer and seek feedback on the market’s reception of the new product. This should help in identifying customer preferences, which should then be applied in ensuring that the product fits the specific needs of the market. In this case, the main message relayed to the potential customers in the market will be the specific market needs that the product is expected to satisfy (Ferrell and Hartline, 2010). This should ensure that the product gets a sizeable number of loyal customers who already need what the product seeks to satisfy and this should translate into a positive competitive edge in the market.
Communicating the official launch of the product
The product is expected to be launched in the next three months. The urgency revolving around the launch of the product is mainly advised by the volatile nature of the technology industry where new technologies often have short lifecycles as better products are developed. The main strategy behind the launch is based on market acceptance and customer loyalty (Usa, 2011). This should ensure that the company enjoys massive sales in the first few weeks after the initial launch. There is, therefore, a need to create anticipatory pressure in the market by constantly engaging the potential customers over the available social networks. The choice of social networks is advised by the target audience of the whole marketing campaign. These include the young who are still in school as well as the young professionals who own more than one internet-enabled gadget. This particular demographic is deeply involved in the social networks where they interact with their friends as well as their preferred brands. The nature of the social networks also complements the adopted marketing strategy especially with its interactive nature (Viju, 2011). The fact that most young people are now empowered and aware of their rights as consumers unlike the previous generation that is popularly known as the baby boomers, means that they are more likely to question the company on any issues that they may encounter before as well as after acquiring the product. This means that through the adoption of social media, the company’s marketing, as well as public relations teams, can carefully identify market perceptions through following the conversations on the social networks. This should give them a chance to identify any market inefficiencies that may be presented by the product and move to rectify them as soon as possible. This should then ensure that losses from a failed launch are mitigated and the product’s success is maximized (Viju, 2011).
The need to come up with a successful awareness campaign is advised by the limited lifecycle of the product by it being a technological product. There are bound to be improved versions of the same product in the coming months or even totally new products that serve a similar purpose as that of the product. This means that the product has to achieve its set break-even point as soon as possible. Therefore, the marketing strategy adopted has to ensure that the product is communicated to as many potential customers as possible (Lymbersky, 2010). The marketing campaigns can always be sweetened by special offers on any products bought during the launch or on the first week after the launch. This should ensure that there is enough anticipatory pressure in the market.
The fact that most people who have access to social networks have already endorsed the internet and most of the products that support it mean that adopting an online marketing platform should serve to maximize the company’s scope of potential customers. The interactive nature of the internet should also serve as a long-term investment in a market research tool that will give the company unlimited information on the prevailing market needs (Ferrell and Hartline, 2010). This should ensure that the company is in a position to identify new opportunities in the market before the rest of the competitors can move to satisfy them. The internet and more specifically the social networks also can facilitate direct interaction, which could be used to increase the number of loyal customers that the company attracts. This should serve to boost the company’s competitive edge in the market in the long run as well as ensure the success of the product after its launch.
Reference
Ferrell, O. C., and Hartline, M. 2010. Marketing Strategy. Cengage Learning: Upper Saddle River.
Lymbersky, C. 2010. Marketing strategies: text, cases and reading in market entry management. Springer: Hong Kong.
Usa, U., I. 2011. Canada Telecom Industry Business and Investment Opportunities Handbook Volume 1 Strategic Information and Basic Regulations. Intl Business: New York.
Viju, M. 2011. Marketing Strategies: Application Keybook. Verlag: Boston.