12/27/2019 0 Comments
Extensive strategic research - Essay Example What the company selling interactive educational and instructional instruments must do is to put premium to the marketing research department or group. Then, based from the gathered data both from marketing research and latest technological trends, it should coordinate with the production department of the company to design its product so that it would be more user-friendly, interactive, and conducive for learning. This will serve as the life-saver of the company whenever competitors are threatening to dominate the market share of the industry. The outbound marketing division should consist of public and media relations group responsible for promoting the product to the target market. It should also made up of promotions and advertising that notifies the public that this kind of product exists. But since this is a highly specialized product for a particular segment of the market, it should be promoted to publications and other media outfits intended especially for this market. The selling and distribution channel should be concentrated on direct selling and specialty stores on gadgets, bookstores, and learning materials. Direct and indirect competition is the main threat of this kind of industry. Information age has made knowledge accessible and cheaper to acquire with the help of the Internet. The continuous influx of technological breakthroughs that could make websites and other information centers and other sophisticated gadgets and information tools that could provide learning solutions for free is the immediate primary threat. The company should be in a constant research for the most feasible and cheapest possible way to extend its service to online and mobile users. Aside from online and offline software development, the company should prepare for the decline phase of its product life cycle. In the fast changing technological industry such as instructional materials, introduction of innovations easily outlive the existing products. Hence, it should always be on the lookout for technological breakthroughs and opportunities to extend or to shift its target market. The company should also consider expanding its market reach even to children who beliong to the 8-12 year old bracket. One possible way to improve the business performance of a company is to tap new markets. The more matured and more active children is another possible lucrative market. Additional promotional avenues With a product that caters to a definite market, one key problem is the limited number of customers. This problem can be solved by using additional and innovative ways on how to publicize and promote the product such as presenting the product to schools and other preschool learning institutions. The company could suggest that this product should be included in the school curriculum. It could also establish its presence by using pediatricians as referral agents. An information campaign on how to improve the brain and intellectual as well as emotional faculties of both the child and the mother is one way of promoting the product. Interactive learning with progress monitoring is very contributory in developing the overall well-being of the child. With this equipment, marketers can ask pediatricians and child psychologists as their additional sales
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