Executive summary
This product is centered on virtual reality technology. As a matter of fact, this product is designed for law enforcement officers. By simulating the dangerous conditions and circumstances that police officers have to work under on a periodical basis, the software will help law enforcement officers, make better decisions in a short period. Some of the decisions that it will help a law enforcement officer make are when to discharge a weapon when to engage a suspect and how to ascertain whether a situation has a potential of being volatile. What is more is that this software not only helps officers to be physically fit but also helpful in preparing them mentally to face dangerous circumstances. The marketing tea will use the pricing strategy that ensures that they sell this product at a lower price that nth software’s that are available In the market to increase their market share.
Brief discussion of the product
The product being sold is a software which will be designed for law enforcement officers with a principle objective of creating a standardized set of response protocol that can be employed in shoplifting, traffic stop violations, arm robbery and domestic violence among other vices. Video games will be used to program this situation to simulate the real experience using virtual reality (Ryan, 2016). This emulation will prepare police officers to counter real life situations. The video games which will be utilized will be meant to help police officers develop a psychological makeup that will influence their behavior.
Mission statement
In a crowded marketplace of different software’s and other products that are designed to assist law enforcement officer’s increase their agility and their response to criminal activities, it is necessary to distinguish the product. By the use of a well-seasoned and a savvy team that will strategies, coordinate and implement the marketing stratagems, the company hopes to popularize their products and increase their sale (Ryan, 2016)s. The company is committed to delivering quality products that meet the clients need using the superior knowledge that they have gained over time.
Marketing goals and objectives
The brilliant marketing plan adopted by the company spans over a period of twelve months.
The marketing strategy will incorporate online marketing, real marketing through sales executives from the company, sending emails, making telephone calls and advertising in the mainstream media.
In the next twelve months, the marketing team intends to have contacted all the precincts in the twelve targeted states.
The states that are targeted for, marketing are: Alaska, Minnesota, Virginia, Illinois, Missouri, New York, Ohio, Florida, Michigan, New Jersey, Washington and Texas
He targeted income stream within a span of one year is $10 million. The overall goal is that increased sensitivity about the new product will be reached through all the available means of marketing.
Specifically, the marketing team will make telephone conversation to the different precincts in these states and do a follow-up and at times even give samples where a chance to make a presentation is granted.
The projected number of sales is one hundred software in a period of twelve months each retailing at $10,000
SWOT analysis
The environment in the United States is permissive thereby allowing technological advancements to be welcomed in government institutions such as public institutions. In the past decade, there has been a shift from a manual way of training financial performance and even conducting psychological evaluations and investigations (Goodrich, 2015). This environment is expected to be favorable particularly since the company intends to introduce this product to a law enforcement agency that is ever looking for new ways to counter crime by equipping their offices better. The government has also increased funding and is encouraging law enforcement agencies to incorporate technology in their problem-solving mechanism.
The strengths that the company has in launching this product and marketing it aggressively emanate from the fact that the software uses virtual reality technology to simulate real circumstances. This will be the chief marketing point as it will be used to distinguish this product from other products. In a nutshell, the company will use the experienced team of sales representatives to capitalize on the market niche which encourages companies to produce more software aimed at embellishing police training. The weakness in this product is that it employs complex technology that necessitates training which is an activity that makes the company incur more costs. Due to this, the software cannot be stocked on shelves where it can be purchased (Goodrich, 2015). At any rate, the company has a limited number of sales representatives, and as such, there will be a limitation in the units that can be sold if the demand of the product exceeds the anticipated sales.
There is an opportunity in the market that has been presented by the increased crime rates and the need for police training that enables them to be psychologically prepared to confront volatile and high-stress situations. These situation and opportunities are prevalent due to the recent increase in police shooting caused by policemen who draw their guns instinctively without properly accessing the situation. In introducing this product, the company and the marketing team will face a threat of competitors especially because there are rival businesses in the market which are integrated virtual reality technology in producing new generation software (Goodrich, 2015). There is also a risk of being granted advertising space at the most tricky time when the commercials can have maximum impact.
Industry analysis
Virtual reality technology has widely been adopted in the market especially because it is easy to use for simulation. It is crucial to note that virtual reality gives the user a feeling that the circumstances are real and as such, it is effective in preparing people for possible situations. It is strategic for the marketing team to introduce the product at this time since the virtual reality technology is relatively new in the market. Going forward, virtual reality will become widely adopted due to its practicality in training.
Market segmentation
Market segmentation will be conducted by the prices of the police precincts that are targeted. Price segmentation will be considered in different geographical areas based on the law enforcement budget that is being used as a guiding factor in a particular geographic location (Andaleeb, 2016). Behavioral segmentation will also be considered as the marketing team looks out for trends to see the state and districts with the highest crime rates. As such, this software will be marketed aggressively in situations where police officers have to work under a lot of pressure.
Market research
Secondary research on law enforcement as the target market has shown that there is a need for software which provides a training mechanism that police officers can use to sharpen their skills regularly. This is especially because police officers attend training in police academies for a period that is less than one year and yet they are supposed to use this training for a lifetime(Andaleeb, 2016).. By incorporating this software as part of their training regime, police officers will be able to be more psychologically prepared for any possible circumstances. Primary research will be conducted on the target market through online panels, focus groups, and interviews which will be designed to identify the areas with need and the prospective clients. Primary research will also be aimed at collecting feedback that will help in improving the product quality.
Market positioning
Several companies in the United States of America are currently developing virtual reality software. They include Facebook, Google, Bricks, and goggles. Marxist labs and magic leap are some of the top competitors in this industry (Hanssens et al. 2014). The value proposition that will be delivered to the target market is that the software can simulate real life events and present them in time to better equip police officers to develop a dependable and predictable psychological makeup. The value chain that will be used will be that which starts with promotion, expression of interest, ordering the product, after sales services and free consultation sessions with the client.
Branding
The brand personality that will be chosen for this product will be a tough character. On account of the type of software that it is this product is meant to develop the physical mentality of a police officer to ensure that they are strong in the face of challenges (Hanssens et al. 2014). The elements used in the branding strategy will primarily demonstrate the idea that the product is meant to help police officers manage their weaknesses to react better to circumstances that they face on a daily basis.
Marketing mix and Product Strategy
The features that distinguish this product from other training software are that it employs virtual reality in simulation. This will equip law enforcement officers with better skills and a psychological makeup that prepare them better for real life situations. This will be a brand extension to the current product mix of the company since the company has been making simulation software but is now venturing into virtual reality (Kotler et al. 2015). Warranties and guarantees will be issued to reduce any perceived risks by customers. Currently, the product is in the interdictory stage.
Pricing strategy
The product will be priced at slightly lower prices than those that competitors have to attract more clients (Kotler et al. 2015). In time, the company will introduce loyalty products to attract buyers who intend to buy different software from the company over an extended period.
Place strategy
The product will be delivered to customers through shipping after ordering online. The company will not use wholesalers at the moment since the product is still in initial stage (Kotler et al. 2015). At this point, the company will only consider locations where there is a perceived demand to ensure that the firm can capitalize on economies of scale to deliver several units of software simultaneously. This place strategy will be adopted since it guarantees that the enterprise can control distribution costs.
Promotion strategy
Customers will get to know about the product through different advertising platforms but mostly through the mainstream media. Sales representatives will make telephone calls, send emails and even book appointments with station commanders to market the software (Hanssens et al. 2014). The strategy is that after selling the product and demonstrating its use in several precincts, the company will broaden the client base. The company will build its online presence by designing an interactive website that will allow prospective customers ask questions and receive feedback. Direct response advertising is preferred since it will enable the marketing team to explain the multiple functionalities and advantages of the software.
Marketing metrics
Sales targets and finance targets will be used as performance parameters to determine the success of the marketing team in their marketing efforts (Andaleeb, 2016). Marketing will be said to be reported as being successful if the team achieves target sales of one hundred software each retailing at a market price of $10,000.
References
Andaleeb, S. S. (2016). Market Segmentation, Targeting, and Positioning. In Strategic Marketing Management in Asia: Case Studies and Lessons across Industries (pp. 179-207). Emerald Group Publishing Limited.
Goodrich, R. (2015). SWOT analysis: examples, templates & definition. Business News Daily.
Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550.
Kotler, P., Keller, K. L., Manceau, D. & Hémonnet-Goujot, A. (2015). Marketing management (Vol. 14). Englewood Cliffs, NJ: Prentice Hall.
Ryan, D. (2016). Understanding digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.
