Marketing Management of Singapore-Free-Samples-Myassignmenthelp

Question: Discuss about the Singaporean Market for launching the wireless charger by Aircharge. Answer: Introduction: Aircharge is an electronics company that provides the customers with wireless charging solutions for office, public venues and hoe intended to power up the mobile devices with the help of daily routine. Aircharge redefines the common behaviour of waiting for battery to drain before device has been set in charge. Organization intends to make running short of battery a thing of past by launching its new product that is executive wireless charger. It is one of the most progressive technology designer of wireless charger in the market of United Kingdom (Air-charge.com 2017. In todays world, a lot of attention is being received by the technology that is wireless charging for mobile customer devices. In consumer electronics, wireless charging is on the way to become a must have consumer feature. There is a mainstream adoption of wireless charger as it has crossed its chasm. The differentiating factor of Aircharge is embracement of technological features in to its new products that is convenient and simple (Air-charge.com 2017). This particular product line of Aircharge is to be introduced in market of Singapore. Competitor analysis was conducted for several electric devices in Singapore market. It was ascertained that market share for wireless charger is lower and executive wireless charger has been launched in Singapore. However, there was declining market due to potential partners and venues. Business or organization expanding by introducing wireless charger would be funding the production of wireless charger that will bring wireless charging to all the available phones. The growth of wireless market in Singapore has been owing to weak manufacturing sector of Singapore and sluggish global economy (Armstrong et al. 2015). Discussion: Customer analysis: Segmentation approach- The market for wireless charger has been segmented based upon technology, source of energy, region, capacity range and application. The market size of the capacity range of power bank has been estimated to be between 500mAh and above 15000 mAh. Customers least prefers wireless charger with lower capacity. Over the forecast period, wireless charger with a high capacity having a high market share is expected to dominate the market (Sheth and Sisodia 2015). Demographic The rising awareness of customers has been responsible for significant increase in demand of wireless charger. Among consumers, the awareness of wireless charging is attributable to technological advancement in mobile devices. Psychographic- The growth of customer electronic segment is boosted due to increasing proliferation of internet of things. Wireless charging becomes a convenient method of powering an internet on things network due to complication and incompatibility of methods of electric changing (Foxall 2014). Wireless charging is basically designed for the customers who travel on daily basis such as office goers and business travellers and other business that are involved in dealing with electronics. The level of consumer adoption for wireless charging is attributable to factors such as easy charging convenience, proprietary charges elimination and enabling the new business to consumer advantage (Keller and Kotler 2016). Wireless charging has become permeating and permanent aspect of daily journey of target consumers. Behavioural- Some of the factors that are driving the se of wireless charger in Singaporean market are falling prices of wireless charger, increase in the smartphones demands, large-scale digitization leading to mounting power consumption. The market for wireless charger is restrained by the factors such as poor quality of wireless charger, improvement in terms of batteries, wireless charging implementation in smartphones. Huge market opportunities for the wireless charger can be created due to introduction of hydrogen and solar-based wireless charger. Targeting strategy- The evaluation of market segment is done by deciding upon the number of segments that the organization intends to serve. Targeting strategy is the selection of particular sets of customer using various approach so that the products are appropriately targeted. The Singaporean market for wireless charger is highly profitable where only few players can be accommodated. Wireless charger launched by Aircharge can be differentiated in terms of quality of products and service provided (Ekpo et al. 2015). Definable- The chosen target market will be the residents of Singapore. Differentiating characterisations of this particular product is that it can be charged at over 4,000 public Qi wireless charging locations worldwide. Sizable- The segment of wireless charging accounted for relatively high share of revenue that is valued at more than US $ 400 million in year 2015. The valuation of segment as per the forecast in year 2015 was lore than at US $ 350 million. Reachable- There were 4.4 million users of Internet in Singapore in year 2015 and it was ascertained that several social media platform were used by Singaporeans such as Facebook, Instagram, YouTube using their mobile phones. Facebook was the most active social platform Relevant- The segment of consumer electronics is considered as the most attractive segment in terms of revenue during the forecast period. Many of the android phones make use of wireless charging and Qi is the most common wireless charging standard. Environmental impact of charger would be reduced and wireless charging into devices uses disposable batteries (Weinstein and Pohlman 2015). Since the cost of wireless charging pad is too low and it is definitely with having. Target audience profile: The key target audience of wireless charger will be office goers, business travellers electronic design vendors, key manufacturers, chips providers, wireless-charging associations, wireless charging vendors, universities that are working for the wireless development technology along with raw materials and technology providers. . Positioning strategy: Positioning statement- The objective of properly positioning the product in the market is to keep the products at top of customers minds when they are intending to purchase it. It is essential for organization to achieve few objectives for properly positioning the products. The aircharge wireless charger is an economical and safe charging device having inductive charging system (Usui 2013). Positioning map- Perceptual positioning map is often prepared by marketers in planning their positioning and differentiation strategies. It depicts the perception of customer towards the brand on important buying decisions for competing products. A product can be placed in different way and this comprise of use or application, level of quality, attitude or benefit (Pealoza et al. 2013). Perceptual map: (Source: created by author) The wireless charger introduced by Aircharge will be placed in Singapore having medium price and of good quality that will help in attracting the target market. Quality approach helps in placing the product. For positioning the product, quality approach is considered very essential. A high price would be charged for covering higher costs and to believe the customers that product is of higher quality (Baker 2014). Marketing strategy: Marketing objectives- The marketing plan would set out for achieving wireless charger than has not been made by anyone in the market. Promotion of products will b done in the way that it catch the glimpse of everyone. It is essential for the organization to display and inform that wireless charger provides a convenience method of charging. The product has the potential of charting the top of market. The main objectives of marketing plan while launching the products are as follows: Capturing significant share of market for wireless charger and mobile devices. Achieving market leadership through skilful marketing of products that are technologically superior. Achieving and initiating full roll out of products within the deadline. SMART objectives: The marketing campaign objective of Aircharge is to increase the market if wireless charger in the Singaporean market from 0% to 0.03% during the first year of its launching. The market value of wireless charger at the global level is 33.5%. Xiaomi is the top brand selling the wireless charger in Singapore. Product strategy: Three layers of products are Core- Longer transfer distance and provides customer with high charging speed. It has a component that is supporting multiple standards on a single chip. The wireless charger of Aircharge is easy to set up and use. The product has compatibility with almost all the devices and does not require additional charging battery doors. Actual- It is equipped with inductive charging technology that assist the users in attaching the charging cable when the users are need of charging their device. The charger will be sleek and it will be launched in two colours that is black and golden. It is essential for the product to be placed in proper location on pad. There is a build in LED indicator in the device that alert the users when they have acquired good charging alignment. The wireless charger of Aircharge comes in three variant and their availability in terms of colour varies by country. It has an anodized aluminium shell (Meffert 2013). Augmented- Customers can order the product online by visiting the companys websites or by installing the Aircharge app. Customers have the option of making the payment through cash on delivery and by using their debit or credit card. The product takes up minimal desktop and is easy to carry and transport. Stage analysis of product life analysis: The wireless charging seems to be positively impacted due to growing application and increasing technological advancement. Therefore, the market of Aircharge will be influenced by long-range applicability and the growth of wireless charger is fuelled by various advancement. Market will apply growth stage in the product life cycle. The market for wireless charging is expanded by growing penetration of smartphones, falling prices and convenience while using it. Wireless charger launched by Aircharge is in introduction stage as per the product life cycle as it is new to the market to Singapore (Johnston and Marshall 2015). It has been found as per survey that majority of users in the target market make use of wireless charger. The product is launched in the market by attracting the customers and then reaching the stage. Product experience decline stage after it has reached maturity. Pricing strategy: The pricing strategy that will be followed by Aircharge cost based pricing strategy that involves determining the cost of products, designing the products and eventually setting the price of products based on costs. The price of product that will, be charged to customers in first year will depend by understanding the different costs that will be applied to the products that leads to achieving of 10% of mark-up. Decrease in variable cost will lead to declining unit price of wireless charger. The pricing decision is affected by variables of marketing mix and some of the internal factors influencing pricing decisions of wireless charger in Singapore is organization considerations, objectives, marketing mix and marketing objectives. External factors influencing the pricing decisions are competition, nature of demand and market and some of environmental factors such as government policies and economic factors. Penetration pricing- This particular pricing strategy will help Aircharge in gaining the market share in Singapore. Such strategy is adopted in launching new products by organization to acquire share of market from their competitors. Skimming pricing- In this type of strategy, the marketer would set high price for their products initially that is considered as temporarily version of discrimination. This helps the marketers in attracting the price sensitive segment. Place strategy: Aircharge will be distributing its wireless chargers and reaching to the selected the market with the help of distributors. Organization will mostly sell its product through retailers, mobile operators and also using their online platform. Initially, there will be few outlets of Aircharge selling wireless charger. Later on depending upon its acceptance by customers, the outlet will be further increased. Organization would employ software solutions such as content management system for enhancing and assisting in selling their products. This software would help organization in assisting them with storage of files and documents related with products. Promotion strategy: Advertising- The websites of organization will be used as a source of advertising platform and initially, advertisement will be limited to two websites. Advertisement will be done for attracting the target customer segment and this will help in boosting the sales of product. The promotion of products is also enables by way of advertising and this method is very common among all types of producers. Magazines- The target audience is comprised of youth, business travellers who are likely to read the magazines. Since the wireless charger is targeted to the individuals requires charging their laptops and mobile phones, it is ideal to advertise the buying of charger. Direct and Internet marketing- Internet marketing is one of the widest and the most common platform for advertising the wireless charger and for targeting the selected market segment. This is so because majority of people have access to internet and advertising using the internet platform will help in publicizing the product. In order to tract the market that it has reached through internet marketing, Aircharge would provide the customers with special code that would be provided on YouTube video and Facebook. In order to find more about products in detail, interested audience can visit the website of company (Sheth and Sisodia 2015). Sales promotion- The methods adopted for promoting the products will help in publicizing the products and stimulates in making immediate sales. It is one of the integrated marketing communication. One of the methods adopted by organization for promoting the product is public relation as they strive for creation of good image of the enterprises in the eyes of Singaporean customers. An immediate demand is created with the employment of this method. One of the example of public relation that will be followed by organization is donating the business house in published media that helps in spreading some of the noble ideas of the products launched in the Singaporean market (Dickinson 2014). Conclusion: A healthy and actively lifestyle is encouraged by Singaporean government that are actively engaged in the development of lifestyle of their citizens. Marketing mix provides the dominant marketing is paradigm that helps in the identification of trend, market development and environmental changes. The different segment of the attitude of customers toward the 4P is evaluated for meeting the business profitability. Compared to other options available in the Singaporean market, the price of wireless charger of Aircharge is marked competitively. Positioning of the products has been done in the way that it will help in attracting the target segments and making a broad appeal. Aircharge should focus on building the loyalty of their brand that will help in building the customer base and retaining them. The main goal of organization is to build the product life vehicle of wireless charger and gain market share. Reference: Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education. Air-charge.com. (2017).About us - Aircharge. 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