Executive Summary
With the increasing technological advancements, different gadgets have been introduced. One of the universal similarities of these gadgets, most of which are hand is the fact that they use rechargeable batteries. The developments in these technologies have been aimed at improving their software and internal systems’ operations. However, their accompanying gadgets such as chargers have not been researched and developed. Little has been made in charging these gadgets such as solar powered and electricity powered rechargeable batteries. This project is aimed at establishing a new charger using the wireless technologies such as Bluetooth and Wi-Fi. Most social environments such as schools, offices, public places, and buildings are fitted with wireless technologies, which have been used to surf the internet using the handheld devices such as laptops and Smartphones. However, one of the challenges the users meet is the limited power of their batteries, which limit their surfing time. The idea is aimed at providing the wireless users to charge their Smartphones and laptops as they work away from electricity sockets.
Target Market and Segmentation
The product is aimed at serving college students in different universities in the United States, employees in different organizations, and people going out on social functions, which might take longer time than their batteries can sustain. This will allow the uses to take photos, surf the internet, use instant messaging services, and share fun moments as well as use their devices for different purposes without fearing for their batteries. The market segmentation will not serve a great purpose for this product. However, demographic factors such as age, gender, and consumer tastes and preferences will determine the designs and shapes as well as colors of the chargers.
Reaching the Target Market
The marketing plan aims at publishing commercials in the mainstream print and electronic media. However, the initial stages of the marketing plan will involve personal selling, especially in colleges with free samples to the students to popularize the product among the target market. Advanced marketing stages will involve commercials. The commercials will use the commonly used female objectification and male stereotypes as have been used by different brands including fast food commercials, beer ads, and motor vehicle ads. Additionally, we will incorporate celebrity advertising and brand endorsement to appeal to the social needs of the target market. The commercials will be run on the company’s website, which will be accessible without subscription by the public. Additionally, since most of the American population is using the internet for different purposes, especially the social sites, we intend to run our commercials in different social sites such as Facebook, Twitter, LinkedIn, and Instagram, which are frequently accessed by different internet users.
The Financial Plan
The initial marketing funds will be contributed by the company owners since it will involve incentives such as free samples and gifts to the prospective buyers. Additionally, the costs of paying the hired personal selling staffs, operating on contractual basis will be part of the shareholding capital. The pricing strategy will cover the rest marketing finances, especially the commercials, which will be run on mainstream media. We will outsource advertising companies and weigh options for the best and cost effective company. The commercials will be run on different television and radio stations as well as print media at designated intervals. On print media, the commercials will be run twice a week on the New York Times print and electronic media. Televisions commercials will be run on different television stations on a daily basis on a four hour interval. The company will use three billboards located in three strategic locations including road junctions, campus roads, and the central business districts. The breakdown of the costs of marketing the new wireless charger is as indicated in the table below
The marketing funds will be released in bits according to the above table. The marketing plan will follow a procedure from the personal selling and internet advertising to other forms of advertising aimed at reaching a wider coverage of the market. The available substitutes to the product have several limitations including immovability and unreliability, which make the wireless charger a potential successful brand. The pricing strategy will be aimed at covering the marketing costs as well as meeting the needs of the customers.
The Financial Plan:
Work Cited:
"Tell Your Customer Who You Are." Automotive Body Repair News 48.11 (2009): 4-5. Business Source Complete. Web. 28 May 2014.
