Executive Summary
Super Software is a publicly owned company that has been in the technology business for the last decade. The company builds and sells customized business software and has a dedicated client base of about 500 companies. In the last 2 years, the company has been very profitable. In the last financial year, for example, the company made 2.7 million in post-tax profits. This translated into 12.4 percent increase from 7.1 per cent in total shareholder returns.
Environmental Analysis
The marketing environment for the company is favorable for the company.
Economic forces: Due to the economic crunch that has engulfed most of the country; many companies in the technological sector are reducing expenses anyway that they can. This includes downsizing and reducing their promotional budget. Since Super Software company has a dedicated list of clients, the company has not been as financially challenged as others have been, it has therefore continues and even increased promotional practices in areas like specialty advertising and sales promotions. This has enabled the company to make great strides in commanding a larger market share (Chernev, 2007).
Political forces: At present there is no political activity that could influence the daily operations of the company.
Legal forces: In the recent past there has been an increase of counterfeit software. A larger percentage of software are downloaded from suspicious servers. This software may be counterfeit and made by parties that are only interested in making quick cash. The company makes quality assured software and as such the burden of downloading junk mail falls solely on the client not the company (Chernev, 2007).
Technological forces: A current trend in the technological circles is the development of phone applications. Some of the software that the company makes is used on a daily basis. It is, therefore, in the best interest of the company to diverge its concentration to this sector of the market.
Social-cultural forces: Many people nowadays are substituting work and pleasure for business and other money making ventures. People are, therefore, opting for products that convenient and easy to use. The products that the company makes are focused to fulfill this consumer need.
Target Market
The company is focused on providing high-quality products that are consumer specific. Since no other company provides this kind of service, the company has discovered a niche market within the sector. This has enabled the company gain superior returns annually. The primary target market for the company includes established companies that the company has already been in business with. The secondary market includes midsized startup companies that have a need customized software to suit their needs.
4Ps: The Super Software Company deals in customized products that meet the specific need of the consumer and are easy and convenient. This is one of the main strengths of the company and has enabled it to identify the niche market that it now enjoys. The products are reasonably priced so as to target all consumer bases regardless of size or the size of the project. The company puts extra effort in promoting its products. This ensures that every product that the company comes up with is known by both established and potential clients. The company has a web portal in which all the old and new software are available for downloading at reasonable prices. This portal offers a convenient place for clients to access the products (Chernev, 2007).
5Cs: Super Software Company has made sure that the customer is the priority. The benchmark of the company is customizing products that meet the customer at the specific point of his or her needs. The company is also modified so as to suit the client and be adequately positioned to face internal and external challenges. The context in which the company is in is one that favors the growth of the company. The microenvironment of the company is suitable for the company's growth. Factors such as the relationship with the suppliers and legal restrictions are not favorable for the growth of the company (Chernev, 2007).
STP: the market will segment the clients to know which consumers want which kind of products. Each segment will have clients that have similar interests. Once the company has identified the segment, it will focus on the segments in which it has the least popularity. The company will then target this segment so as to increase its market share. This targeting will involve positioning the products in a way that this segment will have access to them (Chernev, 2007).
The company has set 50% and 75% benchmark plans that will ensure that it remains in front of the competition. Some of the metrics that the company is set to concentrate on in order to achieve this plan are; increasing market share, customer engagement, and new production adoption rates and increasing the rate of growth when compared to the competition and the market (Frank, 1962).
Market Share
Customer Engagement
The company has remodeled its website. With the new website, the company will get an opportunity to interact with the customer on a face-to-face basis. This will ensure maximum engagement between the company and the customer. In addition, all the products by the company will have feedback platform in which the client will get back to the company with any comments (Frank, 1962).
New Product Adoption Rate
The company is dedicated to making product that will be convenient and easy to use. This will increase the rate with which the customer learns to use the product. In addition, the company will increase the specificity of the customization of the products with easy to use interfaces so that the product will meet the clients' needs more specifically.
Rate of Growth Compared To the Competition and the Market
The company is likely to grow in the 50 and 75 percent benchmarks. First, there is a financial crisis within the market. This has made the competition cut down on various areas especially in marketing. The company has ensured that it has increased product promotion in this market so as to retain the current client base and add prospective clients. Consequently, this will ensure that the company grows in comparison to other companies in the market (Frank, 1962).
Quantitative Marketing Objectives
One of the qualitative goals that the company has is obtaining a higher market share. Currently, the company has a market share of about 11 percent. In the next fiscal year, the company is aspiring to get 20 percent market share (Small Business - Chron.com, 2014). The second qualitative goal is increasing sales by 20 percent. The third goal is increasing consumer retention by increasing their satisfaction with the company and the products. Finally, the last qualitative goal is to introduce a new product (Small Business - Chron.com, 2014). This new product will be customized mobile phone applications.
Qualitative Marketing Objectives
The company has four major qualitative marketing objectives. The first objective includes revamping its image in a manner that the company can identify with. To do this, the company will change the prices of products to favor the consumer during these hard economic times. The business also intends to raise it position in the market (Small Business - Chron.com, 2014). It will achieve this goal by customizing its products in a manner its competitors cannot. The third objective is to increase awareness of its products and finally the last objective is to improve consumer attitudes towards the company and its products (Small Business - Chron.com, 2014).
S.W.O.T Analysis
Strengths: The main strength of Super Software is that it customizes its products to meet the consumers at the points of their needs. The second strength is that the company has a staff that is loyal and therefore is inclined to do their best for the company. The third strength is that the company has experience in the market and is, therefore, confident that it can deliver quality products in a timely fashion. Finally, the loyal client base means that the business can satisfy their customers enough to get reorders.
Weaknesses: The Super Software Company uses a single source which means that failure in one department would impede the company’s success. The second weakness is that the market that the company is in does not offer ways in which the company can diversify. The third weakness is that the market is seasonal which means that the company suffers losses at certain periods of the year. Finally, the company is centrally managed which means that there is little room for managerial creativity.
Opportunities: The world has become a technological hub which means that the company will always have a consumer base as long as it continues producing quality products. Software is easy to distribute which means that the company has new avenues of getting clients. More companies are cutting down on spending especially in the field of advertisements; this gives the company the opportunity to place its products for the exposure to the consumer. Many companies see the need to be unique; this gives Super Software Company the unique opportunity to make products that are specific for these companies.
Threats: Theft of software is hard to control in today’s technological world. The next threat to the company is that. With the ever changing world of technology, it might be difficult to keep up with the changes. The thirds threat is that with the difficult financial times, restructuring of the company may sever ties with important parties. Finally, competition from both local and international companies is still very strong.
References
Chernev, A. (2007). Strategic marketing analysis. [S.l.]: Brightstar Media.
Frank, R. (1962). Quantitative techniques in marketing analysis: text and readings. Homewood, Ill.: R.D. Irwin.
Small Business - Chron.com, . (2014). Examples of Qualitative Marketing Objectives. Retrieved 7 November 2014, from http://smallbusiness.chron.com/examples-qualitative-marketing-objectives-21297.html
Small Business - Chron.com. (2014). Examples of Qualitative Marketing Objectives. Retrieved 7 November 2014, from http://smallbusiness.chron.com/examples-qualitative-marketing-objectives-21297.html
