Intended marketing objectives
The marketing objectives of Smart Windows are aligned with its strengths, weaknesses, opportunities and threats. The company has different marketing goals at the various steps of the product's lifecycle.
Marketing objectives: Year1
The first marketing plan in year one will be launching new products. Importantly, Smart Windows will launch differentiated windows on the market. Niche investors targeting innovative products enjoy overwhelming success (Hultink, Griffin, Hart, and Robben, 1997). The windows will be superior to the existing brands since they will combine different aspects such as tint and double layer. Also, the company will create awareness of the brand. The marketing department will aggressively reach home and property owners through different communication channels to inform them of the new kind of windows. In year one, Smart Windows also aims and improving customer relationship. The first customers will be treated with respect and offered quality services to enhance their loyalty.
Marketing objectives: Year2
At the start of the second year, Smart Windows will be seeking ways to cement the market share. The initial marketing plan will aim at achieving a larger market share. The company will realize a substantial market share by improving customer relationship, responding fast to client concerns and staying relevant in the chosen business. Additionally, Smart Windows will strive to increase its sales in the second year. This marketing objective will be achieved in various ways such as boosting advertisement and relying on referrals. Another marketing goal in the second year is increasing profits. At this time Smart Windows will strive to be profitable. The company can increase profits by either lowering prices to target low profile clients or raising the prices to target few sales with high-profit margin.
Marketing objectives: Year3
In the third year, Smart Windows will enter new markets both locally and internationally. The company will employ Transactional Cost Theory (TCT) to enter foreign markets. The entry technique of TCT is behavioral uncertainty (Ahsan and Musteen, 2011). The marketing department will identify potential home and property owners in unexploited markets and devise methods to reach them. The company will also target new home and property owners through product improvement. Ideally, there is a threat that competitors may develop and supply similar windows to those of Smart Windows. Hence, product enhancement will help the company to counter this threat and reach new customers in the existing and new markets. Smart Windows has a marketing objective of introducing new window products on the market. At the decline stage, the company will opt to launch other innovative window products instead of quitting the market.
Project implementation milestones
First Financing
The first financing will be a significant milestone towards the launch of Smart Windows. The initial investment will assist the company to test its concept, perform market testing, develop and launch window products on the market. Smart Windows will use the seed funding to address legal procedures required for smooth operation. Also, this funding will help the company to create client awareness through various communication channels. Smart Windows intends to use the first financing to launch its operations, as well as established, continued.
Commercial production start-up
Smart Windows will initiate commercial production after creating client awareness. The production will target a large number of home and property owners who are already aware of the company’s window products. The production will be aligned with delivery commitments and customer anticipation. At this stage, Smart Windows will be keen to maintain quality to ensure client satisfaction.
Competitive actions
Smart Windows will adopt various competing measures to increase sales and profits once it gains a significant market share. The first competitive action will be a significant price change. Depending on the market conditions and client behavior, the company will either decrease or increase its prices. Another competitive action will be product improvement and redesign to ensure continued sales.
Launching window products in new markets
After establishing a strong customer base, Smart Windows intends to launch its window products in new markets. In this milestone, the company will expand to local and international markets. Smart Windows expects to face stiff competition in its intentions. However, the company has an opportunity since the windows are different from the existing products.
Performance tracking plan
Smart Windows will track performance through input, output, outcome and impacts. Input is the expenditure, outputs are the windows, and the results are sales and profits while effects relate to the feedback by the home and property owners. Importantly, the performance of the company will be tracked based on the implementation milestones. Smart Windows will utilize different metrics and methodology to track performance at every stage of the product lifecycle.
Revenue growth
Smart windows will progressively track its position in the market and compare performance with to other companies. The company will also determine the effectiveness of its pricing strategy. Evaluating revenue growth will help the Smart Windows to determine its market share and predict future growth.
Customer loyalty and retention
Customer loyalty focuses on ascertaining how home and property owners embrace the window products. Smart Windows can perform market analysis and collect feedback through surveys and questionnaires. Improvement of the windows and service provision will allow the company to enhance customer relationship.
Business expenditure
Smart Windows will track the company spending to determine growth. An increased spending can exhibit a growth in the local and international market. Ideally, as the enterprise continues to expand, there will be an increased expenditure.
Cash outflow
Tracking cash flow will help Smart Windows to determine its ability to invest in future growth. Also, it will determine the company’s capacity to settle short term and long term credits (Richard, Devinney, Yip and Johnson, 1991). Smart Windows will be keen to track both cash inflow and cash outflow.
Profitability
Lastly, Smart Windows will monitor profitability at every stage of the product lifecycle and implementation process. The company will analyze its operating margin to determine the company’s ability to grow.
References
Ahsan, M. and Musteen, M. (2011), Multinational enterprises' Entry Mode Strategies and Uncertainty: A Review and Extension. International Journal of Management Reviews, 13: 376–392.
Hultink, E. J., Griffin, A., Hart, S., & Robben, H. S. J. (1997). Industrial new product launch strategies and product development performance. Journal of Product Innovation Management, 14(4), 243–257.
Richard, P. J., Devinney, T. M., Yip, G. S., & Johnson, G. (1991). Measuring organizational performance as a dependent variable: Towards methodological best practice. SSRN Electronic Journal, 69(1), 131–137.
