Prestige Worldwide was established two years ago to provide microcomputers to the global market.
This report provides an analysis of our methods and processes we adapted during the first two years of production. Our marketing team at Prestige Worldwide developed a strategic marketing management plan. This plan consisted of an in-depth analysis of the external and internal environments, their sustainable competitive advantage, their detailed marketing strategy, implementation, and control. Using this analysis allowed Prestige Worldwide to compete in the microcomputer industry against its main competitors identified as Technevo, Wizu, Pi Computer, and Initech.
To perform consistently and successfully, Prestige Worldwide focused on the overall mission and grand strategy through each level of analysis conducted. Prestige Worldwide has proven itself as a global competitor in the microcomputer industry through its continued analysis approach to marketing strategy.
Through our marketing process framework, our first part is to perform a situational analysis. This specifically is the examination and analysis of relevant elements internal and external to the organization so as to inform the strategic marketing management process. The external analysis includes customer, competitor, industry, and environmental analysis. The internal analysis is a self analysis of our company. An effective and successful situational analysis will identify opportunities and threats facing the company, as well as our own strengths and weaknesses. A situational analysis should ultimately lead to developing strategic questions the firm will need to perform future analysis on.
External Analysis: Customer Analysis
Developing an effective marketing strategy begins with an external analysis. This includes in depth analysis of factors external to a business that can affect strategy. This begins with the customer analysis, which is the identification and assessment of existing and potential customers and their needs. The first step of customer analysis is to sort customers into groups that respond differently to marketing strategy. These customers could be grouped based on various segmentation approaches such as geographic location, price sensitivity, or benefits sought. Next, each one of the customer segments must be individually analyzed based on characteristics such as growth trends, buying behavior, size, use, purchase history, purchase problems, and benefits sought. Once both of these steps are finished for all customers, the customer analysis is complete.
Through our marketing plan, five customer segments have been identified which are Costcutter, Workhorse, Traveler, Innovator, and Mercedes segments. These segments are applied across 20 cities in five geographic regions as follows:
Early on Prestige Worldwide invested heavily in market research to determine possible market entry locations. Each potential city was analyzed individually based on potential demand and consumer’s price willing to pay. This allowed the finance team to forecast future revenues and costs for each segment to determine the most attractive option to open market locations. Ultimately we chose to enter cities with the highest total potential market demand.
After researching the size and potential market demand for each city, focus was turned to the actual customer. For each segment, the most sought after customer needs and uses were determined. These needs differ greatly from segment to segment and Prestige Worldwide used this information to build each brand specifically to each segment.
Costcutters seek microcomputers that ultimately are low in price, but offer benefits such as minimal complexity, easy use, and easy set up. They will use the products for word processing, book keeping, data management, and presentations.
The Workhorse segment has a high usage level and needs a computer that has a…