Executive Summary
Lenovo was able to build a major foundation for offering every customer with high-quality products that meet their expectations and standards1. With a wide selection of products, the company should look into the establishment of stores in all parts of the world where there is a demand for such products in order to seize new opportunities in the sphere of marketing and advertisement, innovation, and new market attraction. When speaking of a domestic market, Lenovo occupies the top spot in the IT-sphere of China2.
The targeted segments of the business plan include young people interested in technology and innovation, thus creating new stores accompanied by a clear marketing strategy for such a target audience will increase the sales. The company should pay attention to all market segments that include high end and middle sectors where the target audience is present. The recommended alternative is the establishment of a differentiation strategy that will help Lenovo to command an elastic price on the market with strong competition, ensure the earning of above-average profits, and create new opportunities for entering market segments by creating new sales spots.
In order to make the establishment of new stores worldwide successful, Lenovo should also pay attention to the importance of good quality content. Since the presence of social media is blowing out of proportion, content is an integral part of the company’s strategy, especially when it comes to a technology-oriented brand like Lenovo3. Thus, strategic advantage can be achieved by sparking a conversation between the target audience and the brand, thus ensuring that the feedback is later used for a specific purpose of broadening the brand’s presence across all segments of the market.
Problem Statement
The marketing plan project is targeted at outlining the main aspects of Lenovo’s development and performance in the technological market, with a focus on the ways in which the brand presence in terms of actual stores can be enhanced. Since the company shows good results in the global IT market (three separate products occupying three top spots in the global market share of computer technologies), the analysis is not based on addressing the problems.
Rather, creating new physical stores in a variety of places in the world will mean expanding the presence of a brand and engaging new and old customers into a new level of interaction. The clear focus is placed on the content, the marketing strategies, and the inclusion of the audience that is interested in acquiring new knowledge about the world of technologies and use new gadgets.
Thus, the strategic priority is the creation of new content that corresponds to the products manufactured by the company. When a balance is found between content and interaction with the target audience, creating new stores will be supported by a massive number of followers and potential customers that share the same values with Lenovo. In a world of technology, the main issue to be solved is the lack of content and a strategy on inclusion, which can be easily fixed by creating new stores.
Bibliography
Lenovo. “Why Lenovo.com?” Lenovo. Web.
Strother, Rod. “Lenovo Case Study.” LinkedIn. 2016.
Wang, Wen Cheng, Chu, Yin Chien, Chen, Ying Chang, and Ching, Kuo. “The Strategic Marketing Management Analysis of Lenovo Group.” JGBM. 2016. Web.
Footnotes
- Lenovo, “Why Lenovo.com?” Lenovo. Web.
- Wen Cheng Wang, Yin Chien Chu, Ying Chang Chen, and Kuo Ching, “The Strategic Marketing Management Analysis of Lenovo Group,” JGBM. Web.
- Rod Strother, “Lenovo Case Study,” LinkedIn. Web.