Target Market And Projection Marketing Essay

Ikatan Sdn Bhd that provide technology measured will be officially register and Headquarters is in Shah Alam, Selangor. Ikatan Sdn Bhd aims to be the most competitive and reliable company in provide technology product. Our business concept is basically to provide technology devices that mainly focus on ultrasonic distance measures.

Besides that, we also provide services for the products especially for maintenance. Warranty for 1 year will be issued to the customer.

To get to us, the customer can contact us directly to our office number, fax or by internet. Our customer services are ready to help you with accurate information.

1.1.2 Product Concept

Our product is low cost, simple to use, heavy duty and environment friendly. Once an order is confirmed, we will send our staff to go over costumer’s place to deliver our product.

All prices quoted are inclusive of relevant taxes in Malaysia. The customer may pay some amount of deposit before completing the payment. Transportation fees will be charge.

Our product will base according to the customers land area. Our product also can be adjusted to the customers’ information on how frequent they can measure the distance.

1.1.3

We have already classified our target market which we think could bring a very high profit monthly. In our case, we had agreed to divide the target market into some categories which are target customers and target places.

For the target customer, we have three types of people which are contractor, university and retailer. For different type of people, there would be different rate of charge since we consciously consider their economic ability and stability.

1.1.4 The Competitive Advantages

As part of the marketing n business world, we cannot run and avoid from competitors. This is the challenge that we have to face. So in order to be constantly competitive, we decided to innovate the current availability of technology in measuring and making it for easier, user friendly, low cost and the most important thing is environmental friendly. Our product intelligent system will be developed by our research department which uses up to date technology and easy maintenance. With that, we are sure that our company can compete with other competitors at the highest level in technology.

2.0 PRODUCT DESCRIPTION

A measuring tape is the common tool in measuring length and distance. However, the nature of the tool requires the user to pull out the tape according to the length that wanted to be measured. This can be problematic when the length is quite long or when measuring height and difficult places.  

By replacing the tape with an ultrasonic pulse, the inconvenience can be overcome. Ultrasonic pulse greatly simplifies the process of straight line measurement. This ultrasonic pulse give benefit to user who want to measure at difficult place such as behind the cabinet that the tape cannot reach or measuring the height of ceiling

Figure 2.1 : front view of Ultrasonic Distance Measure

Figure 2.2 : Picture of Ultrasonic Distance Measure

2.1 Product specification

Auto stop: switches off if you do not press any key for 4 min. 

LCD screen on a luminous background.

Memory: allows you to measure and to store 3 different measures

Calculation of area and volume. 

Addition and Subtraction function: allows you to add or subtract 2 measures. 

Clearing of memory function: allow you to delete quickly all the measures stored. 

Correction of errors: the distance measurer indicates that a distance measured is either too long, or too short. 

Power supply: 1 x 9V Alkaline type Battery (Not included) 

Units of Measure: Feet/Meters 

Accuracy: +/-0.5% 

Frequency: 40 kHz (ultrasonic pickup) 

Range: 0.91m to 20m 

Dimensions (H-P-l): 142 x 73 x 47mm 

Weight (without battery): 144.6g 

3.0 TECHNOLOGY DESCRIPTION

Uses ultrasonic wave(40kHz)

Generated in a particular direction. If there is an object in the path of this pulse, part or all of the pulse will be reflected back to the transmitter as an echo and can be detected through the receiver path.

By measuring the difference between the pulse being transmitted and the echo being received, it is possible to determine how far away the object is.

The input of the product is the time of taken for the ultrasonic pulse bounce back from an object.

Uses LCD to display measurement.

Have backlight for easy reading of the measurement

MARKET RESEARCH AND ANALYSIS

Market size is the estimation how big our market can be in our market area. In order to determine the market size in the area, we might have one of our staff to stand with a clipboard and a sample menu in front of the space and ask pedestrians if they would frequent such an establishment. He will park himself on the corner one early morning and do the same at noon, evening and on a weekend to determine how many customers we can expect on a daily basis. This also will be particularly important when planning a budget. For every company, marketing plan is the most important part of the business.

There are no uses of good quality product if the company fails to sell the product maximally. The good marketing plan should study about the customer behavior, what the customer’s needs and wants, which are the potential buyers and how to satisfy the customers.

Customer

For our business, we did some research for the targeting customers. We have classified our customers in some categories. They are contractors, university and retailer. Because of limited resources and competition in our market, we hesitant that we are able to sell our product with equal efficiency and services to the entire market. Therefore, before we decide which market to enter, we analyze the best potential buyers using market segmentation. We divided our market segmentation into three groups to offer our product with different market mix:

Group 1: contractors.

Group 2: university/college

Group 3: retailer

A contractor is a group or individual that contracts with another organization or individual (the owner) for the construction, renovation or demolition of a building, road or other structure. A general contractor is defined as such if it is the signatory as the builder of the prime construction contract for the project.

Contractors conducting work for government agencies are typically referred to as prime contractors. The responsibilities of a prime contractors working under a contract are essentially identical to those outlined above. So that why we target our market to contractor, so that we can get many benefit from them.

Our secondary customer is university/college. A university is an institution of higher education and research, which grants academic degrees in a variety of subjects. A university is a corporation that provides both undergraduate education and postgraduate education. We target university because their student maybe will use electronic devices for the certain courses such as engineering, architecture and many more.

Next costumer is retailer. For retailer, we will deliver our products at them and they will promote and display it at costumer like civilian, student and anyone who wants to buy it. Primarily, we have planned a fine and efficient services to offer our customers. Our service is with respect to the customers’ demand. Customers can directly reach us by dropping by to our company at Shah Alam. We will strive in order to improve our services and meet our customer’s needs and satisfaction.

4.2 Market Size and Trends

Figure 4.2 : Current Total Market Size for Three Consecutive Most Previous Years

The size of the current total market is thoroughly taken consecutively since year 2008 until year 2010 and represented in a bar chart as above. As visualized, the size of the current total market in 2008 is 2850 units. For year 2009 and 2010, total market size is slightly increases to 2904 units. In the following year, the total size is much better among those after year 2008 when achieved to 2904 units.

Competitors

Strengths

Weaknesses

Techshop Enterprise

– high quality of materials

– most expensive

– Not have too much

experience

Kurnia Tech

– one year warranty

– most expensive

Juana Sdn Bhd

– cheapest product among all

– no warranty

iRaybull Enterprise

– good service

– They have many competitors

even the location are

strategicTable 4.2 : Major Competitors

4.3 Competition and Competitive Edge

As we can see from comparison table above, there are four (4) main competitors with the same interest. The four main competitors are Techshop Enterprise, Kurnia Tech, Juana Sdn Bhd and iRaybull Enterprise. Many costumers are preferably to go among these four companies due to their strengths in marketing. However, there are some weaknesses for these companies. We successfully encountered their strengths and weaknesses as shown in the table above. This is to ensure that our company is different and far better than them.

As for us we provide quality, affordable and reasonable price, on time schedule of installation, simple yet new and advanced technology, good service, friendly workers, and maintenance free. By providing all these features, we are not only giving benefits to our business but also to customers. They will find our new programmed product and service is better than others could offer. We do not need to hire foreign employees to work with us our own native is better than them. This will help to improve and to show others that we are also competent as we successfully create such technology which is the first in country. This will shake our competitors a bit.

The fundamental value that had been added to our service is the main thing about customer satisfaction and guarantee. Customers are always right, that what we use. To make sure customer is always right, the review of our service and product is continuously. This can ensure customer feel good and happy with service given and product sell, also, increase marketing of company.

4.4 Estimated Market Share and Sales

4.4.1 Market Share

Market share before Ikatan Sdn Bhd

Market share after tree month Ikatan Sdn Bhd enter

4.5 Marketing Strategy

4.5.1 Strengths and Weakness of Competitors

Our product has several competitors such as Techshop Enterprise, Kurnia Tech, Juana Sdn Bhd , iRaybull Enterprise and others. All competitors have their own strengths and weaknesses.

In general, all the competitors’ strengths are:

They have a stable financial with a good reserve of equity due to their amount of years the company has established in the market.

Their company is well-known.

They have regular customers.

The qualities of their products are proven.

They have good promotion strategies.

They provide good services.

They have good in take over the customer

The competitors’ weaknesses are:

They sell their product with higher price.

They don’t have any market plan for their customers.

The location is not suitable.

The working hours is not flexible

From our researched, we decide that our marketing strategy is based on marketing mix. Below are the results of the research:

Product

Ikatan Sdn Bhd provides the product where the customers can get many benefit from using our product.

Price

We promote the product in a lower price compare to other competitor

Location

We locate our company at the strategic place that easily for customer

to come and buy it.

Promotion

For the promotion, we use the pamphlet to approach our market target. Apart from that, we also uses our communication skills to persuade the customers and convince them that our product can give more benefit to them.

4.5.2 Overall Marketing Strategy

For our product ultrasonic distance measurer, we have come out with some business strategies in order to deliver a convincing promotion:

Signboard or signage at appropriate place and clearly visible.

Provide delivery services to the costumer who has order the product and that will make easier for customer to take order.

We will spread widely the pamphlet to the retailer and other customer to promote our product

4.5.3 Sales Tactics

Ikatan Sdn Bhd sales tactics are enforced by its sales forces and direct mail. Marketing department has already assisted by sales forces hired by top management in order to distribute company information and to promote product specialties to customers. Moreover, Ikatan Sdn Bhd has developed its own website which initiated by those sales forces and company software engineers from Engineering Department. Through mail, it will be more convenience for customers to reach company’s products and thus own them via internet purchasing which is easier, faster, and most importantly secured.

4.5.4 Advertising and Promotion

• Business Card

All the board of company directors will be provide with business card as an advertising method when dealing with the customers.

Pamphlet

We use high quality and attractive pamphlets to give good perception to our customers together with the information about our company.

Signboard

We used high quality and coloring signboard at nearest area to attractive customers assumes them to visit and gain to try in our company.

Website

4.5.6 Distribution

1. Distribution to Contractor

2. Distribution to University/College

3. Distribution to Retailer

5.0 MANAGEMENT TEAM

Chief Executive Officer (CEO)

MOHD ZULHIMI BIN ZAILANI

860605-56-6905

Administration Executive

MUHAMMAD REDHUWAN BIN ZAINI

870120-10-5667

Operation Executive

ABDUL MUID BIN MOHD SALEH

870103-03-5185

Finance Executive

MOHAMAD ZULFADLI BIN MOHD ALI

870729-10-5333

Marketing Executive

MOHD IZZUDDIN BIN MOHD YUNAN

860410-56-6163

5.1 Position Description

Position

Description

1

Chief Executive Officer

(CEO)

Provide leadership to ensure that the mission, ethical values and core guiding principles of the Company are put into practice.

Lead the executive management team to be effective developers of solutions to business challenges thereby establishing credibility throughout the organization and with the Board.

Responsible for driving the Company to achieve and surpass sales, profitability, cash flow, business goals and objectives.

Motivate and lead a high-performance management team; attract recruit members of the executive team not currently in place and retain the executive leadership team; provide mentoring as a cornerstone to the management career development program.

Represent the Company and its values with customers, vendors, shareholders, government and regulatory bodies, other stakeholders and the public generally.

Support the recruitment, selection, individual development and monitoring of the executive management team and other senior management personnel to ensure the Company maintains a strong succession plan.

Spearhead the development, communication and implementation of effective growth strategies and processes.

Collaborate with the executive management team to develop and implement plans for the operational infrastructure of systems, processes and personnel designed to accommodate the growth objectives of the Company.

2

Administration Executive

Provide secretarial / administrative support to the Company Senior Management

Reporting to Operations Manager on the day to day operations related issues.

Preparing operations reports and analyzing the effectiveness and efficiency of the overall operations functions

Responsible for requisition and maintenance of office equipment including furniture and fixture, telephone system, keys

Responsible for printing of office stationeries, including envelopes, letterhead, name card

Coordinate documents for approval

Communicate with internal and external parties on matters related to administration / office management activities

Liaise with the building management on building management matters e.g. car park, maintenance, safety etc.

Renewal of License, Insurance, Contract, Advertisement

3

Finance Executive

Provides leadership for the entire sales and sales support organization in the sales, support and implementation of Company products and services.

Develop and manage account plans/profiles

Create and develop customer solutions and sales proposals.

Lead in the negotiation of long-term contracts.

Attain and exceed forecast sales objectives for Company products and services.

Identify, understand and analyze product sales applications, new product opportunities and innovative new sales ideas.

Develop sales forecasts and manage them on a bi-monthly basis and submit to management.

4

Marketing Executive

Create marketing plans geared toward end users for each key product within portfolio, in line with strategy and targets and within budget.

Work with the in-house designer to produce materials of visual impact and within brand guidelines.

Work with the business innovations department to develop new ideas for reaching end user markets using the latest in electronic technologies.

Communicate to rest of marketing team about new innovations and how they can be used to leverage marketing efforts.

Write copy for each product, reflecting key messages, features and benefits.

Involve key stakeholders for product at each stage of campaign, and report results once completed.

Preparation & delivery of marketing plan within key objective.

Events planning, organization and execution.

Copy writing of articles, marketing materials etc.

Liaison with media and publishers as required

Ensuring that all marketing materials do no deviate from the established

Brand image of the business.

Market research and competitor analysis.

Maintains up to date with professional sector news.

Supporting the development of the website.

Focus on both business growth and client retention.

Use email, ad words and other electronic marketing techniques to inform customers of new products and generate sales.

5

Operation Executive

Responsible for smooth execution of training programmers and events

Responsible for providing administrative support

Accountable and responsible for the entire events and programmers from initiation to closing

Willing to work flexible hours whenever necessary including weekends.

6.0 FINANCIAL PLAN

The administration, marketing and operational is important in a business plan. However without any proper financial planning the implementation of a business is net worth it. From the data and information that included in the financial plan, it will help the company to evaluate their ability in managing their financial in order to run the business.

Financial plan is the plan that shows the short term financial requirement in order to start a new business. It also shows how the requirement can finance the business using internal and external source. Beside that it can prove the reliable information about changes ion net resource resulting from profit directed activities.

Financial planning is the last thing to prepare in this project to complete the business plan. It consists of total expenditure and budget to establish a good business. All the expenditure is such as administration, marketing, and operation budget. Actually, the basic objective of financial plan is to provide financial information which is important in determining some economic decision. Financial information is not information which is needed to be considered in making decision, but it is more important than that. We can say that, every decision make will base on financial information.

6.1 Purpose of financial plan

To analyze the project and financial plan

To ensure the initial capital are adequate, ability and sufficient

To identify the purpose and relevant source of fund

To determine the amount of loan re-payment and depreciation of fund fixed asset

To appraise availability before actual investment is committed

To evaluate how far or potential return on investment

To make a party such as a financial institution to be confidence with the financial of the company in order to make a business loan

6.2 Strategies of financial plan

Makes sure that company have sufficient amount of cash in order to take trade discount, to maintain credit rating and to meet unexpected cash needs

Give advice and opinion to other department such as administration, marketing and operation in order to reach the business purpose

Make sure the increase in business profit at the good stage and better performing

Make sure that cash was used efficient and effectively without wastage in expenses

Try to seek business opportunity in order to increase the financial strength or wealth of economy

SALES AND PURCHASE PROJECTION

PROJECT IMPLEMENTATION COST SCHEDULE

ADMINISTRATIVE, MARKETING, AND OPERATION BUDGET

Activities

Start

Deadlines

Business registration

15 Oct 2010

2 Nov 2010

Trade mark registraton

20 Oct 2010

5 Nov 2010

Labours intake

15 December 2009

25 Feb 2010

Start production

1 Nov 2010

28 Nov 2010

Product promotion

15 Dec 2010

2 March 2011

Trial product

15 Dec 2010

1 Jan 2011

First sale

2 Feb 2011

31 August 20117.0 PROJECT MILESTONES

Here are the project milestones for our company.

7.0 CONCLUSION

It can be conclude that Ultrasonic Distance Measure has great potential to penetrate into the market due to low prize and high efficient usage. This was confidently proven by our experts through researches, surveys and development for more than two years. I believe this product will be successfully achieves our target sales.

As a management team of Ikatan Sdn Bhd, we need to fulfill our customer needed. So, the good relationship between supplier and customer are very important. We are promise to give 100% commitment to our company.

9.0 APPENDICES

Figure 9.1 Picture of Ultrasonic Distance Measure

Figure 9.2 Technology used of our product

Figure 9.3 Maps of our company located