4.705 Marketing Management Assignment
Marketing Strategy For Research In Motion
Table of Contents
1. Executive summary 3
2. Value Based Marketing Strategy 4
3. Marketing mix strategy 4
a) Product 5
b) Place 6
c) Price 6
d) Promotion 6
4. Driving forces of change in the mobile industry 7
5. Changes in Competitive Landscape 8
6. Understanding customer behavior 9
7. SWOT analysis 10
8. Recommended Marketing mix strategies for RIM 13
9. Target Market for Blackberry 14
10. References 15
Research In Motion ...view middle of the document...
Value Based Marketing
The global market has seen a drastic shift in consumer perspective. The importance of cost effectiveness has now moved to the value provided. Today many companies are focusing on a more value based strategy. The objective of value based marketing is to return the customer with the product which they value for. A reconstruction of the strategy is needed for increased value. As per Reconstruction Frame work (Doyle, 2008), a strategy is rebuilt inorder to create the value. It involves different steps in the process such as,
* The current market value of the company, analyzed from various sources and statistics in the past few years.
* The examination of the current value and find out how the said value is been reached, this includes the study of different units within the company.
* To determine the perceived value due to Internal and External changes in strategy.
The end product of these steps will lead to the reconstructed value for the company.
Marketing Mix Strategy
The marketing mix strategy is the method by which we analyze the different factors involved in marketing. The market mix is basically 7ps which contribute the frame of marketing strategy. The 7ps are Product, Price, Place, Promotion, People, process, Physical layout. Among these the first 4ps are considered important by the marketing world. These Ps helps in narrowing down the factors which are crucial for creating a value based product.
From the above figure each Ps is defined by its own role in strategy:
Product should satisfy the need of customer.
It should be valuable for the price paid.
It should be innovative and different from other products.
The place determines how comfortable the consumer is.
The best way the consumer prefers it.
The best channel through which it can be delivered.
The price at which the company can make a sales growth.
The price needs to be in par with the value provided.
The more attractions by introducing effective pricing plans with carriers.
The effective promotion by Marketing campaigns and other modes
The promotion needs to target the market segment where the company can penetrate.
Promotion also needs to boost the brand value of the company
Driving Forces of Change in Mobile Industry
Mobile industry has been a fast growing industry in past few years. The new innovations and technologies have made the industry grow rapidly. It also has many challenges by being one of the most competitive industries.
If we consider the main driving forces in mobile industry which are, Technology, Innovation and finally the Customer himself.
The mobile phone industry was not attractive at the first stage because I lacked the technology, which it has today. The introduction of new technologies in to the industry has made it an essential product in life. So definitely it has been a key factor for mobile industry to change it in the form...