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FOUNDATION IN ARTS JANUARY 2013 INTAKE PIB(M)002 INTRODUCTION TO BUSINESS MANAGEMENT & MARKETING

MEMBERS: CHEN JING YI (12085171) CHENG KAH KIT (13002597) DARSHENDRA JAYAKUMARAN (13003611) JAMIE OH CHI YAN (12081148) MARCUS CHOO MING KEONG (12073532) WONG SUE WAN (12074554) GROUP: 3 LECTURER: MS ZURINA

Group members tasks: Members name Chen Jing Yi Cheng Kah Kit Darshendra Jayakumaran Jamie Oh Chi Yan Marcus Choo Ming Keong Wong Sue Wan

Task(s) Introduction, Summary, Advertisement Logo, Executive Summary, Flyer Price, Promotion Product, Market Segmentation, Place Promotion Prototype, Advertisement

Table of Content Content Executive Summary Introduction Part A: What is marketing Part B: Market Segmentation Part C: Marketing Mix (4Ps) Summary Advertisement Page number 4 5 6 7 8 - 10 11 12

Executive Summary Identity is a magnetic fingerprint security lock that delivers an affordable fingerprint security lock for electronic devices. Unlike other security locks, Identity provides users with the new fingerprint technology lock to secure their electronic devices without having to worry about the safety of their device when they leave it unattended. The problems with fingerprint technology is that they are often built-in the device itself as well as having high costs. Identity provides solutions to both problems, where firstly, it is a portable external lock where users can place on their device and attach it to a surface and secondly, Identity will be affordable to users without compromising on the quality of the product. As our product is a completely new product in the security lock market, we want to create an image to society that our product has a high quality and standard while being affordable. Market-penetration pricing would allow us to establish ourselves in the market share and when we do so, we can adopt good-value pricing for our product. Promotion is vital to us as we are a completely new in the market so we intend to use social media as our platform to spread awareness and interest for our product. We intend to distribute our product to business directly, through retailers and through the internet.

Introduction Ever since fingerprint security entered the market, many companies have installed it to their products, especially in electronic devices or safes, to replace the 4-digit passwords. However, the fingerprint securities in the market are usually built-in. Consumers who are looking for fingerprint security for their other belongings would have a hard time doing so as the market only offers safe boxes that have fingerprint security installed. What the consumers need is a light and portable fingerprint security that can be attached to their belongings and lock them on the table or any flat surfaces that they were working on (i.e. their laptop requires quick protection while they leave their seat for a short break). As the costs for fingerprint security might be high, we aim to use less heavy and costly materials to produce a light, affordable, and attachable fingerprint security lock to secure their devices.

Part A: What is marketing The name of our product is called Identity, a portable magnetic fingerprint security lock. Our products tagline is Your Security Expert. Below are the logo and the pictures of our product prototype.

Part B: Market Segmentation Market segmentation helps the company to form a business strategy by narrowing down its target market. Different customers clearly have different needs and wants. By evaluating and concentrating on specific customers, the company can avoid loss and maximize its profit. Hence, our companys main targets would be business companies and the subs would be through business-to-business transactions and retailers that sell electronic products. Although we mainly focus on big companies, we also manufacture our product to meet the needs of college and university students or people who own any electronic devices in general. The price range of our product is not only suited for the high income but for the middle income as well. The benefit of this product is to provide a secure feeling for our consumers towards their electronic belongings. By giving the customers their own individual identifications for what they own, we are asking them to put their trust in our product and in return we give them the satisfaction they require in this crime prone society.

Part C: Marketing Mix (4Ps) Product Our product is a fingerprint security lock, Identity. It is a long thin paper-like material made of rubber which has magnets attached to both ends. The fingerprint scanner will be built in on the top of either magnet. The reason rubber material is chosen is because its light stretchable property is not only convenient for the consumers to carry around but made in such a way that is guaranteed heavy endurance. The magnet is not to be looked down upon as it is specially manufactured for maximum attraction force, far unlike the ones found in toy stores. After the electronic device is placed on a flat surface, the consumer merely has to attach one end of the rubber strip on top of the device and the other end under the surface directly below it. Then, leave it to the magnets to do its tricks. The magnets can only be released with the touch of the owners fingerprint. It has been tested by us and proven that the scanner cannot be opened by any other materials or objects. Of course, Identity is not limited to just laptops but also the strength of magnets and length of rubber strip vary according to the device such as phones, iPods, mp3 players, power banks, etc. This way, consumers need not worry about the durability of the product. When the name Identity comes up, the term that we want associated with it is allin-one. In other words, it means that the consumers get the total package of what is expected. Its small compact size makes it a competitive advantage to be portable. Identity is also being cost efficient with the materials to ensure affordability. The fingerprint scanner will be packaged in a waterproof pouch with air tight seals. Without realizing it, the consumers get a free water resistant and effective casing for their scanner. Price When entering the market, weve decided to use market-penetration pricing to attract more buyers in order to attain a large market share. The cost per unit would be around RM82.40, so were selling it around RM99.90, even though the profit would only be a small amount. Selling a product that has fingerprint scanner at this rate is considered fairly cheap compared to the ones they find in the market, which can go up to thousands 8

due to the costs of their materials. Even though were targeting a niche market, we still want our product to be cheap and affordable to the consumers. Therefore, were using good-value pricing for our product. We aim to deliver the products quality as promised, and at the same time still sell it at a fair and affordable price. Promotion Sponsoring contests

Contests are being held by radio stations or any other forms of media. Sponsoring the contests would be a way of advertising as this could draw a lot attention towards our product. This could help to promote our brand by publicizing our company on radio stations, which can be a promising method to spread the word on our product. Social Media/Radio

Social media is a good way to advertise our product to people all over the world. Spreading the word through social media is the fastest way because it only requires a short sentence or just a click to tell your friends about something new. To encourage the consumers to spread the word via social media like Facebook, Instagram, and Twitter, we are rewarding the first 1000 people who have shared about our product with cash vouchers and also giving them a chance to win our product. This would enable us to connect to a world of other potential customers that might view our companys product through the social media. Since our major target market is also to business companies, we aim to have our company advertised on business radio station like BFM. This would attract businessmens interest and curiosity towards our product that would lead to further inquiries. Customer Referral Incentive Program

Incentives should be given to our current customers when they bring in new customers for our company. Complimentary products, discounts, and cash vouchers can be given as a reward to our current customers and the new customers as well when they mentioned that our product was recommended by our own customer. 9

Place The main distribution place of the product is direct distribution through businessto-business. Since most companies are bound to have an office department which requires laptops or computers to perform, we have made this our target focus. We distribute in bulks directly to companies for both convenience and profitability wise. Also, it is easier to communicate directly to companies instead of going through a middle person. The other distribution would be to higher end electronic retail outlets such as Harvey Norman. By placing the product in places like those, the product standard is higher. Consumers generally want to consume products that are more sophisticated. Hence, this distribution would work as a way to convince the consumers to purchase it. The sub-distribution place would be by using e-commerce which is a business transaction through the internet. We have our own website which allows consumers or companies to purchase it online. The website displays some basic information about the product and is hassle-free for those who have no time to purchase it in shops. This business transaction guarantees an exchange policy if any defaults are found in the product within a week. Other than its convenience, we also provide free delivery.

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Summary Our product is a magnetic fingerprint security lock called Identity. Were targeting business companies, college and university students, or electronic devices owners that seek affordable fingerprint security lock for their electronic belongings. Our cheaper price sets us apart from our competitors, enabling us to have a different image in publics eye fair price, yet high quality and standard. The pricing method for our product would be market-penetration pricing, then good-value pricing when weve acquire a fair amount of market share. As for the methods of promotion, were planning on sponsoring contests that are held on radio stations or other forms of media to attract audiences to have an interest towards our product. At the same time, were going to get ourselves on social media and encourage users to share and spread the word on our company. Were also advertising our company on professional business radio station to attract business companies as businessmen often tune in to business radio station. Besides that, we are using customer referral incentive program to reward our customers who told their closed ones about our product. Were using direct distribution to our customers, as were focusing on business-to-business transactions. Our second way of distribution would be to high-end electronic retailers. Were also making use of e-commerce, a business transaction that is taken place via Internet or any computer-assisted devices.

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Part D: Advertisement

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