Product’s background
Our company, which deals with the production of and selling of software, which monitors, manages, keeps data and retrieves it when needed from its memory. This software can also be used as an assistive means, by repeat customers, to retrieve their ‘unmet needs, by assessing the goods that the customers buy consistently, over time and during a defined period, through retrieving the data from the credit cards and bank cards that the customers use, to determine their buying habit. In the past however, customers have been raising issues concerning the software being used on their credit and bank cards.
Nonetheless, we as the company have gone ahead to produce a more improved software. This one, after collecting data for only a few months from the customers’ card, the card has a 95% possible accuracy of the products that the customer will purchase, or will need to buy for the next 30 days.
My task, as required by the Senior Management will be to market the product to potential customers. These are the customers who will require using the software especially in the commercial sector.
Marketing
In the marketing of this product, it will be important to note that the customers are extremely cautious about the software because since most of them are not fully conversant with the way it works; will feel insecure when they find out that it stores their cards’ details and transactions. The marketing approach to use therefore when clients are cautious about the product in the market is the strategic form of marketing (Kotler & Armstrong, 2009).
The marketing plan
In my marketing plan bound to selling this product, we hope to achieve a strong market hold by putting into consideration and addressing the following aspects, which are the most important in the marketing of the software and determine its success in the market.
The market
A clear identification of the market that producers seek to market, sell and distribute their products to is the most important thing when it comes to the success of the marketer in his duty (Dessler, 2010).
In marketing my product-the software, I intend to sell it to entrepreneurs whose customers use credit cards and bank cards in their transactions. This, therefore, means that my clients will have to be distributors who use electronic transactional services. Through that reasoning, my target customers will therefore be supermarkets, filling stations, hotels and fast-food restaurants, and basic products wholesalers. My reason for eyeing these specific people as my target clients are because they are the main businesses that have loyal customers. these customers, due to consumer buying behavior and loyalty, have the way they buy their products and research shows that there is a high probability of every customer purchasing their essential products from their favorite store through an unconscious routine, caused by the consumer’s buying behavior (Kennedy, 2006). My market, therefore, generally speaking, will involve and fully involve the IT-advanced market.
With an allocation of funds, the marketing team would also train potential clients about the software through holding workshops and exhibitions. This makes potential and actual clients conversant with the product at hand.
Price point
This is the price of a product at which demand for a product stays relatively high, for profits’ maximization and customers’ satisfaction (Porter, 1985). The prices I set for the software have a lot of significance because the software isn’t a product I am selling to a consumer, but it’s to a wholesaler. He will need to assess the software’s effects on his business enterprise; therefore I will sell it to the common wholesaler for a competitive price, a price slightly lower than that of my competitors. However, in sectors where the customers find it useful and do not complain or feel insecure for their credit/bank for example in 5-star hotels, I will use a premium pricing strategy to sell the software to the hotel, to maintain the high demand and the general reputation of the software to the uptown market.
Distribution channel
Distribution will involve the chain that I use to get the product to the client. Since the software requires professional installation into the client’s business system and its maintenance, this will require me to retail the software to the specific client. This is important because as we ensure that the software is correctly installed, we as the company will also be responsible for its maintenance and upgrading, when necessary. This will improve our producer-customer relations, and communication will be easier. Therefore, the distribution chain will only involve the company to the client through professional installers (Stratten, 2010).
Advertising venue
Advertising is the communication of a product to a potential or actual market
When it comes to marketing any product, advertising is one of the most important things to do to make it have a good customer base. However, some marketers seem to put minimal strengths in the marketing of the product since they are reluctant to commit a lot of money through advertising (Luther, 2001). This leads to poor reception of the product in the market. For this reason, therefore, I intend to emphasize marketing the software, through various means. I will ensure that the software is well advertised on our official website, Information and Technology journals, and magazines, in newspapers, and door-to-door marketing through the use of professional salespersons who understand the product well.
As earlier pointed out, the use of workshops and exhibitions is another efficient way of marketing and advertising the software. This is because the interested potential clients will not only get to see how the software works but will also have a chance to ask any questions they may have about it. Workshops and exhibitions have proved to be very effective advertising strategies and many people are using them to seek new markets for their products.
Applying the software at our company too will be another good way of advertising it. This is because every client who notices it will be interested in knowing how it works. The use of the internet also is another idea to advertise our software. Technically everyone lives on the internet, and chances of coming across the advert are high. This can be done at any level, from official websites, blogs to social networks such as tweeter, e-bay, etc.
Product’s buyers
Having defined the above marketing plan for the software, we can now cut out the specific potential customers that will need our software, and these are the filling stations, supermarkets, hotels especially the large hotels (from 3-star hotels), and any other retail or wholesale enterprise whose clientele uses credit cards and bank cards for their transactions.
With the implementation of the above-set strategies in the marketing plan, we hope to sell as many software applications as possible to the created market.
References
Dessler, G. (2010). Human Resource Management. 12th Edition. New York: Prentice Hall. Print.
Kennedy, D.S. (2006). The Ultimate Marketing Plan: Find Your Hook. North America: Adams Media. Print.
Kotler, P. and Armstrong, G. (2009). Principles of Marketing. 13th Edition. New York: Prentice Hall. Print.
Luther, W.M. (2001). The Marketing Plan: How to Prepare and Implement It. New York: AMACOM. Print.
Porter, M.E. (1985). Competitive Advantage. New York: Free Press. Print.
Stratten, S. (2010). Unmarketing: Stop Marketing. Start Engaging. New Jersey: John Wiley and Sons Publishers. Print.