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Marketing Planning for Archon LLC Invisible Wireless Charger

Paper Type: Free Essay Subject: Marketing
Wordcount: 5807 words Published: 8th Feb 2020

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  1. Executive Summary

Archon Limited Liability Corporation, referred throughout this marketing plan as Archon LLC, is a consumer electronic accessories start up that designs and markets a wide range of external battery charging devices. Archon LLC entry into the market will mainly be via the mobile device segment, with the Archon wireless chargers directed to the smartphone user. However, it is worth noting that Archon LLC design models also aligns with other popular electronic devices including tablets and e-readers.  The dynamic evolution of mobile technology has completely transformed consumer electronic devices from basic communication tools, into fundamental tools that are required for not only communication, but also entertainment, productivity, and socialization platforms.

With smart phones and smart devices increasing their scope of functionality, manufacturers are also devising ways that they can be able to employ sufficient battery life. Consequently, this has resulted in most consumers of smart phones and smart devices citing battery life as the most critical feature when they are seeking for new devices to purchase. Thus, faced with the challenges of the current battery technology, manufacturers along with consumers are searching for other ways of enhancing and extending battery life. Archon LLC differentiates itself from other similar competing products by manufacturing basic and self-contained charging system that functions without requiring any Universal Serial Bus (USB). The company’s collection of wireless chargers is expected to hit the Australian market at the end of 2019 and will be instrumental in alleviating the common challenges that are usually faced by traditional phone charging system such as limited cable extension. Initially designed for the mobile user in mind, Archon chargers will also enable consumers to charge their devices without requiring any auxiliary power source and a charging station. Hence, this is expected to come as a great convenience for the average Australian consumer.

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Archon LLC products have the capacity of exploiting weaknesses that are inherent to the external battery charger by guaranteeing consumers with the opportunity to fully exploit uninterrupted virtues of their smart devices. Its wireless functionality not only improves function but also significantly improves the longevity and utility of smart devices thereby providing the mobile user with the opportunity of uninterrupted operations of their devices. Furthermore, the easy adaptation of the devices to other devices’ platforms will guarantee that the sustainability of the venture. Furthermore, with the use of mobile phone reaching saturation rates, an estimated 9 million subscribers, along with the incorporation of mobile technologies into daily utilization, Archon LLC stands to immensely benefit from the financial opportunity and a remarkable client base.

Table of Contents

Executive Summary

Introduction……………………………………………5

Situational Analysis

Pestal Analysis………………………………………………………………………………6

Political and Legal Factor……………………………………………………………………6

Economic Factors……………………………………………………………………………7

Social Factors………………………………………………………………………………..7

Technological………………………………………………………………………………..7

Competitor Analysis……………………………………………………………………….. .8

Major Competitors……………………………………………………………………………8

Target Market…………………………………………………………………………….… 8

Consumer Electronics…………………………………………………………………………9

Healthcare Sector…………………………………………………………………………….9

Defence Sector……………………………………………………………………………..10

Automobile Sector…………………………………………………………………………10

Marketing Objectives…………………………………………………………………..…..11

Short-term Marketing Objectives:…………………………………………………….……11

Long-term Marketing Objectives…………………………………………………………..11

Marketing Mix Strategy……………………………………………………………………12

Product…………………………………………………………………………………….12

Price………………………………………………………………………………………..12

Promotion………………………………………………………………………………….12

Place………………………………………………………………………………………..13

Budget Allocation ….…………………………………………………………………..…..13

Implementation And Campaign Evaluation…………………………………………….14

Reference List……………………………………………………………………………..15

INTRODUCTION

In today’s era, demand for long running battery-life continues to be both a nuisance as well as a bonus to the external battery makers. The challenge arises from the fact that increased functionality requires increased power needs. The consumer electronics sector has sought to address this challenge via a range of charging options to meet the demand of consumers. There is a potential market for mobile battery chargers, particularly wireless charging devices. Notably, numerous charging platforms that have been introduced have not been able to sufficiently meet these needs including power banks and solar panel chargers. However, all these charging platforms are designed to meet the need of mobile users’ paradox of mobile charging, even though they all depend on an auxiliary power source for them.

 

SITUATION ANALYSIS

Before formulating a marketing strategy, it is crucial to conduct a market analysis to evaluate the health of any given business. Usually, this analysis acts as useful tool for determining the strength, weakness, opportunities, and threats of a given business. Findings from situational analysis usually serve as an eye-opener for what is really going on within the business and aid in determining the most effective marketing strategy that can be implemented.  The marketing environment of Archon LLV represent vast opportunities. Besides, it also contains some numerous challenges that the management of the company believes it can be able to meet successfully. The SWOT framework analysis work as the position of the company within the market place. In just under 5 years, the company has been able to construct remarkable strengths while also looking forward to new opportunities. It is dedicated management team, sound financial management, and a growing loyal customer base has placed the company in a good position to ensure its growth and survivability.

As Archon LLC, however, considers to expand its line of products as well as entrance into new markets, the firm will be required to ensure it guards itself against marketing world, which is the inability to identify the scope of the business as well as quality slippages. Furthermore, as the company also continues to finalize plans on its new products and increased internet sales, it will also be beneficial for the management to safeguard against rivals that attempt steal or duplicate their ideas. Notably, building strong relationships with the relevant stakeholders including consumer, suppliers, and retailer should aid in mitigating that scenario. Figure 1 represents the SWOT analysis.

Strengths:

  • Archon’s loyal customer base is likely to purchase the new wireless charger.
  • There management and marketing team of the firm fully understand their target market.
  • Archon has been spread in wide market and has generally received quick acceptance.
  • The company has no external debts to credit institutions thereby giving it perfect potential for growth, survivability, and profitability.
  • The company only engages with a single manufacturer thereby ensuring maximum quality control.

Weaknesses:

  • Less familiar in Australia which may take time to gain profit.
  • The Archon management are at an increased risk of losing sight of the potential scope of their business.
  • The company suffers from limited cash flow which may impact its growth in revenue as well as profitability.

Opportunities

  • The company may attract a new set of consumers by effectively using their existing pool of customer base. This may be accomplished through referrals.
  • The current gaps that exists in the consumer electronics market may be filled by the introduction of the wireless charging devices.
  • Archon LLC also has the potential to expand across the globe not only the Australian market.
  • The online presence of the company means that it has the capability of reaching more consumers.

Threats

  • Relationship between the company and its retailers.
  • The company faces significant competition from other major established companies that are also looking to come up with the wireless charger concept including Huawei, Samsung, and Apple.
  • The many legal formalities that are required by the Australian government to be met before entering the market may also be detrimental to the business.

PESTEL Analysis

In this subsection, the report will highlight some of the possible external factors that are likely to play crucial role in the marketing environment. For purposes of the external environment analysis, the PESTEL framework will be utilized.

Political and Legal Factors

 The Australian government in a bid to promote local entrepreneurship has over the years implemented a wide-range of policies that place quotas on the importation of certain products, particularly those that can be produced domestically. Notably, the availability of Tech start-ups in the nation possibly means that there may be one or two firms that are also producing wireless chargers. Hence, the imposition of Quotas on foreign products is likely to come as a major drawback to Archon LLC who may be forced to only ship a handful of these devices to the nation.

Economic Factors

 Recent estimates by the Australian Bureau of Statistics indicate that the household income of the vast majority of Australians has over the years been on an upward trajectory.  Consequently, this is likely to be highly beneficial to Archon’s LLC endeavours in the nation as high household income translate to increase consumer purchase power.  However, the recent Brexit is projected to have severe implications not only on the United Kingdom but most nations across the globe. In fact, there is some speculations that the withdrawal of Britain from the United Kingdom is likely to trigger financial crisis that is worse than the 2008 financial that was characterized by hyperinflation. As Britain prepares to completely withdraw from the European Union later this, the economic ramifications may trickle down to the average Australian consumer. Consequently, this may also cause the vast majority of Australians to have second thoughts on whether wireless charger is an essential.

Social Factors

According to estimates by the Australian Bureau of Statistics, the millennial account for almost two-thirds of Australia’s current population. It is worth noting that millennial account for the significant proportion of mobile phone users when compared to individuals of other generations. Therefore, this segment of the population is the one that is likely to be in urgent need of the wireless charging devices primarily because their lives revolves around the use smart devices for entertainment, socialization, and communication purposes. Consequently, this comes as good news to Archon LLC primarily because there is already a target market where its products can readily be sold,

 

 

Technological

The consumer electronic market is characterized by constant innovation of products that are better with than the predecessors.  The vast majority of Archon’s competitors are technologically advanced, and as such, are capable of coming up with products that are more advanced. Besides, most of Archon’s brands usually align with most Australians status and to further worsen the condition, most of these brands have satellite assembly plants in the nation. Thus, this is likely to place Archon in less competitive advantage, particularly when it comes to technology advanced competitors such as Apple Inc. who are also pursuing the same concept.

Competitor Analysis

Competitor analysis, essentially, refers to the evaluation of the strength and weaknesses of major competitors within the industry. In the following section, the paper will conduct a competitor analysis of some of Archons major competitor within the Australian market.

Major Competitors

Samsung: Samsung is an international conglomerate that is headquartered in Seoul.

 As at the financial year ending 2018, the Samsung Group reported a revenue of $220 billion. The company is a major competitor when it comes to consumer electronic devices. With numerous companies affiliated with the brand, Samsung has a large market position that it becomes highly difficult to displace. Furthermore, the company is also widely renowned for its cutting edge-innovation along with the production of high quality products.

Apple Inc. Apple Inc. is an American international tech company that is situated in Cupertino, California. The company is ranked among the top four technology oriented firms in the globe. Apple Inc. is widely renowned for revolutionizing the information and technology sector through its high quality smart devices and smart phones. The company also boast of high levels of profitability having been ranked as the most profitable organization for the financial year 2018. Apple Inc. will also be releasing its new wireless charging system, which is also expected to create stiff competition as it struggles to  displace its competitors.

 

Target Market

A target market, essentially, refers to the group of prospective clients to whom the firm is seeking to sell its products. Furthermore, this group also encompasses the specific clients to which the company intends to direct its marketing strategy. As noted in the previous sections, the Archon wireless charger has a wide range of uses, and as such, it may not be only limited to the consumer electronics segment(Nakos,Dimitratos, &Elbanna, 2019). Some of the other segments that can potentially benefit from the use of this device include the defense, healthcare, industrial, and automotive segments. In this section, the report highlights some of the target markets that Archon should consider directing its marketing efforts.

Consumer Electronics

Within this segment, one target group that the company should considers relates to those whose lifestyle majorly centres around the use of smart phones. With more and more businesses shifting online away from the brick and mortar, most people individuals, particularly those from the young generation (between the ages of 15-35 years) are more likely to use their smart phones and smart devices to carry out different business activities.  Hence, significant emphasis should be shifted towards individuals within this age bracket, particularly the millennial.

Millennial Buying Behaviour: The vast proportion of them are aged between 15 and 30

Years old. The large percentage are have attained their Bachelor, and as such, are more inclined to save money to purchase luxury products that make their life habits.

Shopping Habits:  Due to their relatively busy schedules, this segment is more inclined to make online purchases through the use of smart devices

Size: Account for almost 40% of the target market.

Demographical Aspects: Vast majority are single, with their ages ranging between 15 to 35 years.

 

Healthcare Sector

 The complex environment of the healthcare setting requires that clinicians must always be within reach. This can be attributed to the fact that emergencies are bound to happen at any given instance, and as such, wireless charger is one viable solution to ensure that the needs of this segment is addressed. Notably, the healthcare sector relies on effective communication to ensure that optimal outcomes and quality care is accorded to patients. The group stands to immensely benefit from the introduction of the wireless chargers as this will go a long way in ensuring that clinicians remain in touch with patients, particularly those residing in remote regions of Australia where blackouts are a common phenomenon.

Clinicians’ Buying Behaviour:  This population segment is usually willing to try new products that will be critical in the improvement of their careers. All of them are well-educated, and as such, they are bound to carry out personal research prior to purchasing the product.

Shopping habits:  The target group is likely to be inclined to go through product reviews before deciding whether or not the investment is worth it. Furthermore, individuals within this group are also bound to make recommendations as well as referrals to their peers in regards to the suitability of the given product.

Size:  Account for only 5% of the target market.

Demographical Aspects: They are largely males aged between 21 years to 60 years.

Defence Sector

 Like the health sector, the defence sector is also another sensitive sector that relies on effective communication for it to effectively operate. In the event of war, one of the most commonly targeted utilities is power. Therefore, the lack of power may result in detrimental implications, with military personnel lacking clear guidelines on how they should approach a given threat. Hence, this segment also stands to immensely gain from the use of wireless charging device that may come in handy during the noted events.

Defence Personnel Buying Behaviour:  This population segment is usually willing to try new products that will be critical in the improvement of their careers. All of them are well-educated, and as such, they are bound to carry out personal research prior to purchasing the product.

Shopping habits:  The target group is likely to be inclined to go through product reviews before deciding whether or not the investment is worth it. Furthermore, individuals within this group are also bound to make recommendations as well as referrals to their peers in regards to the suitability of the given product.

Size:  Account for only 12% of the target market.

Demographical Aspects: They are largely males aged between 21 years to 40 years.

Automobile Sector

 Another group that stands to potentially gain from the use of wireless charging devices are automobile makers. It is quite a common phenomenon for individuals to leave their houses without ensuring that their smart phones are fully charged. The fact that cars are the most widely used mode of transportation offers a perfect avenue upon which Archon LLC may sell its products.  Hence, it is also essential for the company to consider this particular market segment. One population segment that often are treasured customers within the automobile industry are the baby-boomer generation.

Baby-Boomer Buying Behaviour:  The population segment is more inclined to try out new products that will make their personal life easier.

Shopping habits:  The target group is likely to be inclined to go through product reviews before deciding whether or not the investment is worth it. Furthermore, individuals within this group are also bound to make recommendations as well as referrals to their peers in regards to the suitability of the given product.

Size:  Account for only 7% of the target market.

Demographical Aspects: They are largely males aged between 50-65 years.

MARKETING OBJECTIVES

The marketing objectives are based on SMART method including Short-term marketing objective and Long-term marketing objectives.

Short-term Marketing Objective

Archon LLC intends to raise its product and brand awareness among the targets group by almost 40% per annum.

Archon LLC intends to inform  the target group regarding the features as well as the merits that accompany the of their wireless charging system as compared to that of their competitors. Hence, the company intends to realize 10% increase in terms of their sale volume with the first year.

Archon LLC aspire to raise its market share from the current 5% to 15% within the first year of the product launching in Australia.

Long-term Marketing Objectives

Archon intends to form a strong customer relationship.

The company also intends to improve the customer satisfaction levels that, in turn, will lead to loyalty, and ultimately customer retention.

 

 

MARKETING MIX STRATEGY

 

Product

 The product that has been highlighted in the marketing plan is the Archon Wireless Charging Device. As noted, some of the remarkable features of the charging device is the fact that it does not need to be connected to a USB as well as any auxiliary power for it to function efficiently. One of the crucial factors that are expected to drive the demand of this product include increasing demands of smart phones. Coupled together with increased disposable incomes along with the wide adoption of portable electronics, all these factors are likely to significantly contribute to the market growth. The unique selling point of Archon is the fact that it is unique in the market, the first of its kind, although competitors are also coming up with similar products. Furthermore, the fact that the product guarantees customers more convenience also makes the product unique in its own way. Ultimately, the product also guarantees an easy user-interface along with safety for all users that will not only play a pivotal role in promoting.

 

Price

The pricing strategy applied will be the skimming pricing strategy. The total cost of the wireless charger is $54.50, including the production cost ($20 per unit); transportation cost ($0.10 per unit); and a tax cost of ($4.00 per unit).

Selling price to consumer

Category

Price

Wholesale Package

$70.00

Single Receiver

$ 20.00

Promotion

Archon intends to carry out radio advertisement through KIIS 106.5, with the advertisement airing for at least two times a day and lasting for a forth night after the launch of the product in the Australian market.  Besides, advertisement shall also be done in the Herald and the Australian magazines with the expected space of the advertisement placed at 3cm x 4 cm. The newspaper advertisement space shall also be inclusive of the picture of the wireless charging device along with a brief description. The newspaper description will also air for a total of two weeks after the launching of the product in early December. Promotion shall also be done on the internet, with firm deciding to go with Facebook advertisement. The other promotional strategy that the company intends to use is cash refund for any product that is defective as well as a free wireless charger for every consumer that purchases more than 5 products.

 

Place

Archon LLC has a wide distribution network that constitutes of multiple channels to ensure that their products can be accessed by consumers globally. The company uses multiple channels including online such as the Amazon and eBay along with regular consumer electronics shops.  In Australia, the company intends to sell their product through some of Australia’s largest retailers including JB Hi Fi and Red Balloon.

BUDGET ALLOCATION

 

The central consideration when formulating the budget for the marketing plan is to play close attention in ensuring that the resources spent in the achievement of the objective are realistic and relative to the amount that the company is ably to plan. However, it is widely projected that promoting the wireless product will increase awareness of the Archon brand. The budget for this campaign is $31,000. The following figure represents the promotion budget of the Archon wireless charger device.

 

Production

Media

Total

Print

Newspaper advertisement   1000    5000   6000

Shop display 2000      2000

Maintenance of social          15000

media platforms

Total                                    18,000   23,000   31,000

 

IMPLEMENTATION AND CAMPAIGN EVALUATION

 

In summary, the goal of the marketing plan was to formulate marketing strategies that can be utilized by Archon to ensure they acquire the significant portion of the Australian market. With plans underway to introduce its wireless charging system, Archon is expected to face stiff competition from the other major established brands. Furthermore, the import Quotas that have been placed by the Australian government are also expected to widely inhibit the accessibility of this market. However, Archon stands to immensely benefits from the demographic composition of the Australian market, with estimates provided by the Bureau of statistics indicating that millennial comprise close to one-third of the nation’s total population.

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Though the battery manufacturing sector has been the emphasis of this power issue, Australia’s mobile consumers’ need for battery power along with operational longevity goes beyond the battery life. The inherent power disadvantages of most mobile devices along with Australian consumers’ need to maintain their smart phone operation has not been lost in the mind of manufacturer’s such Archon LLC. Archon LLC has been  in the forefront attempting to resolve the issue of charging dilemma. Being a new entrant in the consumer electronic accessories market segment, Archon LLC’s goal is to manufacture products that will provide its client base with the opportunity for uninterrupted operations. One of the strengths that this organization posses pertains to the large customer base that is mostly loyal. This is expected to play a crucial role in ensuring that the growth, survivability, and profitability of the firm is guaranteed.

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