Presenting the Marketing Plan
What might somebody say to show your proposed solution is wrong?
New project development is prone to varied risks that may occur during any stage. The idea generation, idea screening, and concept development stages both indicate the viability and success of this new product. However, product development involves massive costs related to manufacturing, designing, technology, and personnel; MM may fail to afford the cost of producing the new product. Secondly, the new product targets a global market; this implies that production will be large scale, hence huge supply chain costs that may bankrupt MM. Thirdly, the proposed solution here sounds similar to the advancements that our competitors are also aiming to adopt. On this note, there is a possibility that the idea will not create valuable competitive advantages arising from product differentiation. Finally, this proposed solution is not the best strategic option for MM; the company could diversify into other consumer electronics other than smartphones. Furthermore, MM does not intend to invest massive resources and solicit tech experts to design and manufacturer the proposed new smartphone. Therefore, these issues above indicate that the proposed solution is wrong.
What could you say to show s/he is wrong?
While the proposed solution is vulnerable to several risks, the cost to benefit analysis during the Concept Development and Testing phase, revealed huge benefits over costs. MM already boasts of innovative and talented personnel, as well as vast financial resources to invest in new product development. On this note, the company may not fail to launch the project on a large scale but succeed in the small-scale projected in the plan. In other words, MM as adequate resources to implement the proposed solution within the recommended level.
Secondly, huge supply chain costs involved in the production and sale of the product to the global market remains a challenge even in the current state. MM competes with the rivals to partner with the most reliable and efficient distributors and wholesalers across the world. The proposed solution also helps to solve the problem by increasing the value proposition and product quality to attract more customers. The product loved by most customers will attract distributors, suppliers, and other parties in the supply chain.
Thirdly, MM’s competitors are also striving to develop new smartphones with exceptional user experience and capabilities. Despite this, MM intends to initiate similar improvements, but with extreme attention to customers’ future needs. On this note, the quality of product, affordability, and user experience differentiate MM’s solution. Finally, the innovation of smartphone technology with exceptional user experience and environmental friendliness remains the primary future of the consumer electronics industry. Producing new smartphone using environmentally sustainable tactics and resources, but with superior user experience is the best strategic plan for any company seeking sustainable competitive advantage.
What alternative solution might someone else recommend?
MM should diversify into other business fields and modify its business model to include services. The company should consider venturing into online commerce by creating online retail websites and mobile app. Instead of focusing on new product development as the solution to gain sustainable competitive advantage and profitability, MM should consider diversity into other business fields.
What reasons might someone provide to support their solution?
Competition is severe in the smartphone market such that; the fact that MM will not reap most benefits is can no longer stay hidden. The firm should, therefore, invest in e-commerce to benefit from the full range of opportunities offered by the e-market. Such opportunities may include techniques of marketing, enhanced advertisements, and increasing product ranges to generate more sales. A well-developed website can help MM to boost its business by providing the most convenient services to customers; they can shop at any time with the most flexibility and convenience. Furthermore, the company will be able to grow its product range and reach a broader target market without necessarily changing the location of the business. The 24-hour online service delivery makes the growth of product range possible, as well as expanding the target market of consumers.
How would you respond to their reasons?
MM is a fully operational company with sufficient resources to carry out various business activities. The marketing strategies of the firm are a state of the art which management has witnessed provide MM with competitive advantages over numerous competitors; hence, the new product will not face any challenge in terms of marketing in the target market. The firm’s personnel tasked with marketing activities are also well-trained professionals who can ensure the same. Secondly, MM, over the years of operation, has been able to capture the attention of consumers and create a group of loyal customers. Availing a new product to that the consumers identify as a product of MM will have the opportunity of even winning more customers in those markets.
Additionally, the distributors of MM’s products are located worldwide, and therefore, supplying the new product to the market need not add extra costs. Consumers are sometimes eager to try out new things while persuading other consumers to do the same; implying that the smartphone will sell well. Therefore, MM should carry on with the latest product development considering all the possible controllable challenges that may arise are, to some extent, covered.
Is there a compromise or a creative solution?
Marketing plan for MM’s new product should be stated clearly after thorough market research and analysis. The program must outline the various marketing and advertisement strategies that the firm intend to put into action. Such a comprehensive marketing plan will serve the purpose of indicating the directions to be followed in availing the new product to the market while guaranteeing reasonable profits for the firm. Additionally, during product development stages, conflicts may arise concerning the costs of manufacturing, designing, technology, personnel, supply, and competition. The establishment of cross-functional teams can provide a solution to such conflicts. The sides should aim at enhancing the flow and exchange of information among the personnel, particularly in the early stages of new product development. Proper communication channels are essential to the firm since it helps to keep every member on the same page and united towards achieving the organizational goal of developing a new product.