The Most Significant Prevailing Market Forces
Currently, the most important market forces that may have a considerable effect on the company’s development are technology and globalization. According to Kotler and Keller (2016), these are two of the three major market forces that occupy the most prominent position in the modern world. For HTC to save its profitability and increase its sales, it is crucial to realize that the rapid development of technology and globalization is inevitable. Moreover, the company should pay attention not only to the progress of these dimensions but also to the areas that are most fruitful and promising. Currently, HTC has focused on virtual reality (VR), neglecting the possibilities in the sphere of smartphone development (Robertson, 2019). By doing so, the company has indeed focused on the technology market forces. However, taking into consideration the growing impact of globalization on people’s communication preferences, HTC must reconsider its choice.
Smartphones are becoming more and more popular, whereas VR is not as popular, and products in this sphere are much more expensive. As a result, the company risks losing both customers’ loyalty and the success it currently has. To avoid disastrous outcomes, it is necessary to invest in the development of efficient smartphones that will be both innovative and inexpensive so that people would continue purchasing HTC’s products. In the future, it will be possible to introduce VR products gradually. However, complete neglect of the smartphone niche can lead to adverse outcomes for the organization. The most disastrous effects will be the loss of customers and bankruptcy.
The Key Market Outcomes
With the advent of new market niches, new capabilities emerge both for companies and their clients. As Kotler and Keller (2016) note, new company and customer opportunities are the key market outcomes of the nearest future. For HTC to be able to pursue these goals, it is necessary to identify the features people are most frequently looking for in smartphones. These include the possibility of fast charging, a flexible display, the wireless charging option, multiple-lens camera solutions, biometric authentication, and correspondence with the most common Wi-Fi standards (Goasduff, 2016). At the same time, it is necessary to acknowledge that VR is one of the key capabilities desired by customers (Goasduff, 2016). Therefore, HTC has the opportunity to develop innovative smartphones, which will give the company new capabilities.
The most prominent opportunities for the organization will be increasing its client base and growing profit. At the same time, the company will be able to promote its VR developments since people are demonstrating more and more interest in it. However, it would be wrong to focus solely on the organization’s capabilities by focusing on VR solely, whereas neglecting customer capabilities by refusing to create smartphones.
Adopting a Holistic Marketing Approach
Finally, HTC should pay more attention to the adoption of a holistic marketing approach. As defined by Kotler and Keller (2016), the four pillars of holistic marketing are performance, relationship, integrated, and internal marketing. HTC should implement internal marketing messages by declaring its vision and expressing its willingness to serve as a dedicated partner for its existing and potential consumers. Performance marketing is related to advertising and relies on various channels of promoting a product. Integrated and relationship marketing should be developed through a unique experience for clients. According to statistics, U.S. citizens’ website visits are most frequently performed via smartphones (DBS Interactive, 2017). Thus, the company should not neglect this niche and develop it first of all. Only when HTC has established in the smartphone direction, can it move forward in the VR one.
Reference List
DBS Interactive. (2017) ‘What “the future of smartphones” means for digital marketers’, Web.
Goasduff, L. (2016) ‘Here are the top 10 smartphone technologies and capabilities that create more-compelling experiences for the user, as well as unravel new business models for mobile device vendors’, Smarter with Gartner, Web.
Kotler, P. and Keller, K. L. (2016) Marketing management. 15th edn. Harlow, England: Pearson.
Robertson, A. ‘It’s 2019 — which VR headsets can you actually buy? And which ones would you want?’, The Verge, Web.