Identify customer segments by product type Class I (plain vanilla service) – upper middle class, 15-25 year range, adolescent streak, student or working professional, looking to impress peers, looks for value for money Class II (full fledged service) – higher class, 25-35 year range, more mature and sensible, student of working professional, looking for rich entertainment, willing to pay, looks for status quo and prestige. Develop a plan to penetrate the desired customer segments and identify potential points of distribution.Branding is a key as people are brand conscious. Hence, the credit card shape CD with Moserbaer as a venture compay.
Color represents variety, richness, more than mere audio, it is basically symbolic of pictures and wonderful colors that videos would provide. Right advertisement is of prime importance to win the hearts and create place in the mind. Easy logo, brand and easy availability should ease the pressure and increase penetration. Sales promotion through college fests, company parties, social parties, cyber etc.
..Points of distribution are the most vital element here. Even if the product is superior and people love it, it won’t be a success unless it is readily available at convenient places. Develop pricing and promotional tactical plan Pricing should be such that end-user finds it affordable. From thereon, the product can be charged as Rs. 4499/-.
This would sound affordable and once it picks up, it might earn better revenue in the longer run as market penetration increases.The key is to make it affordable or else it might fail like MMS which people find unnecessary. Promotional tactics College fests, company parties, coffee shops. It can be promoted by all content companies as well.
For eg, NDTV could advertise on their TV channel that newsclips can be downloaded and saved for ever. Music and movie producers can do the same, propogate the idea during movie breaks in theatres with mini-ads, promote the idea by print campaigns across audio/video cassettes/DVDs.Develop an effective pre-sell campaign This is the most important aspect of this whole business. If it is not introduced properly in the market it might never catch up even if the idea is great and pricing good. So, creating the right impression at first go is of prime importance. It requires good deal of TV campaigns and print campaigns.
Measure the campaign result Test market initially for 1 month. See the response, see what category of service is preferred, which content is preferred, study consumer behaviour pattern.Deduce results and implement strategic initiatives whilst launching the product in market fullscale.
On all these factors, the product that is innovated by Inbound Technologies Ltd. will be quite less competitive. This will be of great use for corporate sector in more as compared to other sectors like educational institutional etc..
. The competition will arise on the introduction of such devices by other companies in near future since six other companies have declared about them launching the same product.