July 17, 2018
Table of Contents
Target Market (Core) Strategies……………………………………………………..………………..
Marketing Mix Program………………………………………………………………………………
Part 1: Situational Analysis
As we all know, more and more smartphones and electronic devices are being used by consumers in society today. We can see using smartphones as a very important and convenient product for consumers. But the smartphones have a fundamental disadvantage that comes along with it. This disadvantage is similar to a car’s constant need for gas. For our smartphones to continue to be the essential part of our lives,we need to charge the battery on these electronic devices. Fortunately, we can use the traditional charge methods to locate a battery charge wherever you can find it, such as plugging into outlets and portable battery chargers. Through the development of technology, we can stop the traditional charging methods and create the next generation charge that is a true wireless charging for devices.
There are some products that utilize wireless charging capabilities such as the iPhone 8 and iPhone X, but they suffer from an ultimately limiting problem that is a “tethered” version of wireless charging. There may not plug involved, but these productions still need to touch a charging dock that’s plugged into a wall. In terms of truly wireless charging, it does not exactly fit its name. However, a few companies are trying to prove that the real wireless charging is not only safe, but also effective. As technology is in the early stages,, enterprises will be faced with a major obstacle which is charging devices through the air in a reasonable amount of time. As for our company, we want to usher in the new generation of powering devices that features truly wireless charging for electronic devices.
Initially we will face significant obstacles which are technology related regarding the requirements of researching and manufacturing cost. Because of the truly wireless charging, it is a new product that has yet to appear in the market, therefore there are no prototypes or products in the marketplace to assess and evaluate. As for truly wireless charging, we aim at providing both a mid and far-field charging range, allowing consumers to expediently receive wireless power in the charging area without having to deliver the equipment to a strike board or a static location. We consider this free range delivery an important function for this new production, making our product different from other charging devices currently in the marketplace.
Being a new product, this requires extensive research on consumer wants and needs, what competitors are offering, regulation on over-the-air products, and sensitivity to society’s concerns about potential health risks of radio frequency (RF) fields from wireless electronics. The depth of research is costly to undertake. Truly wireless charging includes receiver devices, radio, hardware, and software factors in order to complete production chains. The fundamental obstacle plays important role in selling. The another one threat that is cost of manufacturing. We can predict the cost of production directly due to the price is higher than other wireless charging.
In contrast, our intent is to have absolute advantages in truly wireless charging, due to our merchandises function where you can charge devices whenever if you want in mid and far field. A consumer will no longer need to plug into walls. In fact, you can use the truly wireless charging just like contacting WIFI wireless internet which is prevalent in many households today, which is very convenient for users. We are confident with truly wireless charging will beis unique in the wireless market. An added benefit is truly wireless charging will be more efficient comparing with traditional wireless charging techniques.
Internal Environment Analysis:
The internal environment analysis of the enterprise includes two factors for the strengths and weaknesses of this new product. In term of truly wireless, it can occupy the majority of the charging market due to its innovative and market leading capabilities. In the same time, the period of manufacturing and cost of goods are weakness for internal analysis. As for enterprise, we can absolutely control period and cost. We can aim at manufacturing more and more product volume in order to reduce cost and reduce our production schedule..
Overall, the truly wireless charging is more competitive than other traditional wireless charging products in specific market. So we decide to create the new generation productions in the future. The truly wireless charging will change the way families, offices, consumers and industries inside and outside the car and the use of electric and electronic devices are used. At the same time, the production is a revolutionary radio that differs from the old wireless charging system in that it can supply power to multiple devices at a mid and far distance forming a charging solution based on wired, frequency, extending intelligent, and extensible power. It similar to a Wi-Fi router through the radio frequency band. We will roll out this by providing free experiences to perspective consumers and allows users not to remember to insert their devices.
Competitive Analysis :
1. The key competitors: Wattup – Energous Corporation (The only company certified by Federal Communications Commission (FCC)), and PI Charger – PI Charging. The product of our own is Truly Wireless Charger.
2. Energous Corporation did not settle on an exact price for Wattup.
Pi’s team haven’t settled on an exact price for PI charger yet, but they expect it to ship for under $200 sometime in 2018.
We have three versions of our products. The first one is base charger, and the price is $169; The second one is Premium charger, and the price is $199; The third one is Premium plus charger, and the price is $239.
Wattup will transform the way consumers and industries charge and power electronic devices at home, in the office, in the car and beyond. WattUp differs from older wireless charging systems in that it delivers power at a distance, to multiple devices – thus resulting in a wire-free experience that saves users from having to remember to plug in their devices.
The WattUp technology is very scalable, providing wireless power and charging options to partners that vary from contact-based charging all the way up to 15-foot charging-at-a-distance, covering a total of 30-feet end-to-end.
Consumers don’t need to fight for power when they can charge up to five devices from a single Pi. Sharing power has never been this easy. Consumers have enough to do. Let Pi remember to charge their phone for you. Keep texting, emailing or gaming, and we’ll keep charging. Each Pi is compatible with phones, tablets, and upcoming devices from a variety of brands. No more searching for the right type of cable for the right type of device.
(4) Advantages over competitors:
Our products have three versions like base, premium and premium plus. We provide alternative choices for our customers who can choose the version that suits them mostly.
1. The Base Charger is used for chagering devices only.
2. The Premium Charger is not only a charger but also a router
3. The Premium Charger is also a router and Bluetooth speaker, in addition to being a charger.
One charger can charge up to 10 devices at the same time;
There is solar panel as an accessory to our products;
Easy to set up;
Fashion style, and look like a decoration; The size of our products likes amazon echo or google home or cube, and it has different colors like white, black, titanium, ans gold;
Customers can control the charger through mobile apps to turn charging on or off.
1. All people using mobile devices. It is very convenient for users to charge their mobile devices anywhere, any time.
2. The First factor, it can charger 10 deivces at the same time. As you know, almost every adults even some of children have phones and computers. Thus, many devices need to be charged at the same time to a family. So, it is a important factor.
The Second factor, the charger can be controled by APP on the phone. Therefore, Customers can turn is off or on easily. They do not have to walk to the charger to control it.
The third factor, the charger also can be a router or a bluetooth speaker. So, Customer can save space to put other decorations. Their room will look simple and comfortable.
0. Alternative evaluation. Our products have advanced technology, and high quality, so the price will be higher than others. Maybe some consumers would like to buy our competitors’ products.
1. In addition to the above advantages, we have a five-year warranty, unlimited technical support, and excellent after-sales service. So, people prefer to our products rather than our competitors’.
Part Part 2: Target Market (Core) Strategies
Our target market is currently for the market of 18 to 35 year olds. People within this age range have the highest rate of cell phone ownership, in the range of about 97%. There is no specific gender or race to target because all other variables are in the upper mid 90 percentile range. Having such a large range of people as our target can sometimes be considered too broad. In this case, however, it is great because it truly represents a single large and connected segment of the market. It may require more than one type of marketing to capture different subsections of this somewhat large market, but it is necessary in order to properly reach the people most likely to purchase our product.
The millennial age range is the best target market to target because of their higher propensity to utilize electronics. A study from www.emarketer.com reveals that the average mobile device user spends about 3.5 hours on their phones or tablets per day. That may not sound like too much but with screens becoming larger and processors becoming more powerful every year that use is battery intensive, not to mention idle time and features like the “Always On Display” of phones by Samsung, Google, and many others. And we can all attest to the fact that that our smartphones die by the end of the day, no matter how much we have physically used them. Our phones go off all day with tons of social media posts and text message notifications.
Looking forward towards the future, we want to expand our target market to be able to reach more of the population. Within a few years of our product being on the market we hope to expand our target market to reach both older and younger members of the population. Ten years into our life cycle we would like to aim some of our focus toward those people who have aged out of our starting target market. Those 45-year-olds will represent a ever-growing aspect of the US population that is now 36 and older who use products with rechargeable batteries. The percentage of the population in every age bracket and demographic will only grow in the coming years. We want to make sure we do not forget about those people who now aren’t the young millennials but instead the aging, still electronically savvy millennials. In addition, Generation Z will be entering the ages where they will be entering college and the job market.
Those people will have accrued more electronic devices over the years and have more money to spend on electronics and things used to charge those electronics. They will have lived decades with mobile electronic devices as a part of their everyday lives. They will be used to using those electronics for entertainment, work, and daily social interactions.
· Positioning Strategy: (1) How do you think consumers currently perceive your product
relative to competitors’ products? (2) How do you want your product to be positioned or
perceived by the target market relative to competition? (In other words, develop a
positioning or repositioning strategy.)
The XXX Company will base its pricing of the wireless charging product on a fixed basis, differentiated by model type. After benchmarking against possible competitors, the pricing will not exceed $200 per unit for the base device. The expectation is this price will be on the low end when compared with other products in this emerging market spurring on higher initial volumes of sales and market penetration. The pricing for additional features will also be priced at the low end of the market benchmark to promote increased sales at inception.
Determining a sustained pricing structure is difficult as this is a new market. When comparing with the more mature WiFi market that has products that range up to $400 per unit, this expanded wireless charging product appears to be priced reasonably. Another benchmark is the market for portable charging units that typically connect to the devices by wire. Depending on the battery capacity of these portable units, the price can range from less than ten dollars to hundreds of dollars. Evaluating the WiFi and portable battery chargers provides both a high dollar and low dollar price points.
During the roll out of the product, discounts of 5 or 10% will be enabled through partnerships with cell phone and other device vendors who will offer our product when making a sale. In addition, the XXX will support promotional discounts during the pre-holidays sales period as well as back to school. Strategic and prescriptive promotional pricing strategies will accelerate the sales of the wireless charger product and help the XXX company gain a strong initial foothold in the market.
Evaluating & Enhancements:
a) Three main product of the TWC Transmitter:
· Conventional product ‘Tesla Tower’(without Wifi)
· Premium ‘Tesla Tower Plus’ (Wifi included)
· Industrial version ‘The Warden’
The ‘Tesla tower’ and ‘Plus’aim on individual consumers, for family use. They can plug into a wall, and has a rechargeable battery set can last for X hours (or amount). Not only cellphone and tablet, all remote controller and low voltage home Smart Appliances can charge with it. Even for implanted medical devices.
‘Tesla Tower’ is for customers who not willing to pay for a redundant wifi transmitter, with MSRP at $$.
‘Plus’ has every function ‘Tesla Tower’ has, and comes with wifi function, and also free App to control charging process of all devices. It’s the category killer in wireless charging industry.
A typical U.S. family house is 2700 Sqft on average, with 2 floors. A 5-meter radius sphere can just cover the house. With RF techniques in ‘Tesla Tower’ & ‘Plus’, the 10 meter (32feet ) radius cover patio, swimming pool, everything in the yard.
‘The warden’ is for industrial use, can be set at any business locations providing power and wifi for dozens of devices. Restaurants, hospitals, construction sites, etc.
Warden has a 20 meter (65 feet) radius, providing electricity and wifi signal to an area over 13,000 square feet. To cover a football field, 4 Warden will be enough.
· Plug-in receivers: For existing products, a fingernail-size exterior receiver is made to fit different devices, comes with: lightning 3, Type-C, micro USB, and DC plug. The receiver can fit nearly all the devices in the market.
· Cases with receiver: tablet and smartphone cases.
· Built-in receivers: Making contracts with main manufacturers, a power receiving chip same size as micro-SD cards is solder to the motherboard of newly produced devices.
· Solar panels: ‘The warden’ is not only a system letting power and data flow for 10 hours, with solar panels easily attached on top, it can provide power and signal for another 8 hours during the night.
c) product version changes over time to stimulate purchasing.
· Appearance of ‘Tesla Tower’ and ‘Plus’ update every year with update design, being visually consistent with up-to-date wireless devices.
· Different color and material are released over time.
e) make charging system a bundle product, since it is RF device can come with TV cable service, internet and phone. (Cooperating with time warner.etc)
· Since the basic version is aimed on the premium product. No Up-market stretch can be introduced.
· In a long run, easy to conceal version, mounted on ceiling, modularized transmitter used for irregular layout of house & building will be introduced to the market.
· down-market stretch: After dominating domestic market, a lower-cost version of ‘Warden’ are introducing to less developed countries, to improve infrastructure in those countries, meanwhile promoting with social responsibility of ‘caring those in need’.
Packaging & Labeling:
· Simple cardboard package, nicely designed, recyclable, conveying ‘green’.
· Label with QR codes with two part of information: product and transportation.
Life cycle of product
· The Truly Wireless charging is currently in intro-phase, we have non-truly wireless charging(Nokia, Apple) as stepping stone, several competitors already helped potential customers acquainting truly wireless charging. (RF charging)
Part 3: Marketing Mix Program (13 pages maximum)
· This is a final plan that includes revised Parts 1 and 2 and the Executive Summary.
Add the following elements, which should consist of 8 pages maximum out of the total
13 pages maximum for part 3:
· Place/Distribution: (1) Describe any recommended changes to your distribution strategies
as you perceive them today.
Promotion: (1) Develop your own promotional plan for your product. Be sure to address
how you plan to use each of the promotional mix elements toward either the trade or end
users or both.