Based on what I noticed on the plan, there are missing link or questions that Jane Melody didn’t Justify. So here ‘s some of it: 1. Current marketing situation -it is said that inspire of numerous strengths, its weaknesses includes lack of brand awareness and image, lack of color display screen, and slightly heavier weight than the most competing models “here can you find suitable secondary data? Identify two non-internet sources; describe what you plan to draw from each source, and indicate how you will use the data in your marketing planning.
Two secondary tools that Sonic can use are competitive research firms and trade publications. Competitive research firms are aid by organizations to conduct market research by industry to make product comparisons and rank firms in their industry with similar products or services. This type of competitive analysis can be very expensive but provides an in depth look that can assist product managers to develop robust products and services to predict demand. Trade publications allow marketing and product managers to stay ahead Ninth the ever changing world of new developments and technological advancements.
At times, media announcements are printed to advertise new products and services including statistics that can be used for future developments. Sonic will use this information to build strong brand recognition by keeping up with competition and industry trends that appeal to their target markets. What surveys, focus groups, Observations, behavioral data, or experiment will Sonic need to support its marketing strategy? Sonic may use a mixture of research approaches such as surveys, behavioral data, and focus groups.
Sonic could use surveys to analyze sample groups that represent the target market. A large sample size must be used to represent the population. One type of survey that can be used is a mail survey. This type of survey IS inexpensive to conduct and the response rate is between 3% and 15%. Although, the return rate is low this would be ideal for a small business. Another type of survey Sonic could use is an online survey. This survey is an inexpensive way to gather Information about customer’s opinions and preferences.
The response rate for online surveys is unpredictable but this would be an inexpensive way to gain knowledge about consumer likes and dislikes about the product. Behavioral data can be beneficial to Conic’s marketing strategy. This approach offers a wealth of information about the consumer (Kettle). Sonic could implement a zip code program in stores Inhere its tracks the volume sold in areas. This research will aide Sonic in gaining knowledge of market segments purchasing devices. In addition, this would help Conic’s plan to expand in the future.
Sonic could also set-up focus groups to test the product as it’s being developed. Focus groups can also help identify future enhancements as well as other gaps not addressed by the developer and its competitors. By doing this, Sonic would have immediate feedback from consumers that could potentially purchase the product. Sonic can make adjustments to the reduce such as pricing, packaging, and product modifications. By using a mixture of research approaches, Sonic will gain a better understanding of the target market preferences and opinions… Pricing, promotion, and distribution? Sonic is in the introduction stage of the product life cycle. During this stage, sales musses are not very high. Normally, sales volume increase once a number of potential customers become aware of the product and the benefits it has to offer them. The strategic goal of this stage is to acquire a strong market position. Also, during this stage, most companies seek to build product awareness and establish a racket for the product. As for pricing, Sonic should implement an aggressive pricing policy.
By doing this, Sonic can maximize market penetration. If Conic’s market share is established rapidly, the development cost associated with launching the new product can be recovered later in the product life cycle. Due to the Pad’s having such short life cycle, Sonic can use high skim pricing. This approach is when the initial price of the product is high and will be lowered over time. As it relates to promotion, Sonic should seek to gain brand recognition. This strategy is normally aimed at innovators and early adopters.
Sonic should focus on establishing a definite product identity to ensure that market awareness is maximized. Potential buyers are made aware of the product and all of the benefits and features it has to offer. Sonic should focus on selling the benefits of the product, in order to entice potential buyers to purchase their product. In distributing the product, the distribution channel should be selective and exclusive. This should be implemented until customers accept the product. Also, this will ensure that the product is in the right place for early adopters.