CWC: Marketing Project Written Proposal Group #3 (Essay Sample)

Marketing Project Written Proposal  Group #3
(Kennedy Nielson, Christopher Aguilar, Hossam Hammad)
1 Executive summary
2 The Challenge
3 Explain the bother
The bother that led us to teaming up and creating CWC was one of our charging cords shorting out, which led to never having a fully charged phone. In our busy lives with school, work, and night lives we wanted to have our phones charged, but did not want to be limited to a cord or a one foot radius. Since we are always on the go, we figured that if we could charge our phones by just being in the general area of the charger it would make life a lot easier and get rid of a daily annoyance we had been experiencing. So we did a lot of research and that is how we came up with CWC and we hope that it changes the game of smart device charging tremendously so people are not limited when charging their phone. We also understand that mostly everyone in today’s world have some type of smart device which is why we feel that our product will be able to relate to a lot of people and not just certain age groups.
Situation Analysis/Marketing Segmentation
With the advancements of technology, it is easy to say that a new phone that came out 6 months ago is considered “old”. Throughout the four quarters of the year, each company continues to push the boundaries of technology in order to make consumer’s life faster, easier, and reliable. Companies like AT&T and Verizon provide its users with continues growing network that includes the ever evolving internet speeds for a growing market of smart devices. Giant corporations like Apple and Samsung for the past years’ have relentlessly battled for greater market share to sell more of their smartphones to shoppers, launching a new device every year. According to an article by Lee Rainie and Andrew Perrin, 77% of adults in the U.S. claim they own a smartphone which is a 35% increase from 2011 (Rainie and Perrin). With a significant increase from 2011, we can forecast that the market for smartphones will continue to expand as more Americans continue to shop and the younger generation grows old enough to obtain their own smartphone.
Within the market of smartphones there are of course sub markets for other companies to take advantage of the opportunity. These sub markets include companies that manufacture phone cases, chargers, and audio. Every purchased smartphone requires additional products to maximize its capabilities, which is why our company has decided to take on the challenge of improving the annoying part of charging our smartphones near an outlet of charging station of some sort. Whether it be at our own home or at some large airport, any individual who has a smartphone is on the hunt for an open outlet if of course they can find their charger laying around somewhere. In any new market, there will without a doubt be internal and external factors with favor and challenge a new organization. Taking into consideration the SWOT Analysis we strongly believe the strengths compensate for the few weaknesses. Being that this market of contactless wireless charging is still in the developing stages with only one prototype currently out by another company, we have a great advantage to own a great share before other competitors realize the potential also known as a product development opportunity. This leads us to one of the threats in which over time new organizations will begin to emerge in this market and thus the market share for our organization would decrease. This is typical as is it part of the life cycle of a new product as it goes through market introduction, market growth, market maturity, and ending with sales decline (Perreault et al. 228). Our company realizes the pros and cons of entering this market, but we look forward to the outcome and the reality of reaching our main goal.
Every organization no matter the size has goals set in place that help motivate both internal and external users. For our company, the main goal is to not only improve on an existing idea, but turn a fictional concept into a working product for the world to incorporate into their daily lives. Holding ourselves accountable starts by believing that this product will indeed make a positive impact, in order for our shareholders to feel confident in their investment. This brings us to another temporary weakness of being a brand new organization with limited amounts of financial stability, which we plan to quickly overturn by several presentations to potential investors. Once our shareholders follow along with the company goal is the moment this organization gets its real start. The end goal is to have as many consumers using our new unsought product and realizing how much it was needed to fix that “bother” of charging our devices.
Certain aspects of bringing forth a new product in an existing market is accounting or external dimensions. When dealing with the legal environment there must be patents put in place, which in turn would help the organization gain an advantage of holding off competitors who see the potential in this area. Even though there is currently one other company with a similar product, our patents would protect our improvements. Another external dimensions that the company will spend a great deal of time is the health and safety concerns that must be thoroughly studied and reviewed. Like several electronic devices, each must pass through the FDA regulations and standards set in place. The main concern for our contactless wireless charger is the radiation exposure and assuring the levels of electromagnetic radiation are within safety standards to consumers (Boyd). With such an advance product we clearly want to ensure that all our customers are safe using utilizing it.
The economic environment for our company seems promising due to the simple fact that technology itself is heavily incorporated into our culture. Even with potential recession periods, unlike the housing market or other risky market areas, technology wouldn’t have a high risk factor because of cost and availability. What ensures the future of our organization is the social and cultural environment because with our target market composed of people between the ages of 18-29 the high standards of keeping up with certain trends will allow our product to succeed. Millennials and Generation Z are heavily involved with trends and their set values are staying up to date with the latest technology even for those living pay check to pay check. Somehow they find ways to acquire funds need to purchase these products, therefore our new contactless wireless charger is no different than purchasing a regular charger or case. The fact that our product will improve the user experience ensures the success of our overall goal.
The real concern and threat to our company from a future stand point would definitely be competition in this heavy technological environment. One great idea can easily be picked up several companies all claiming to have the better version of the product. Currently there is again only one other competitor in the market with a similar product. With our more advance improvements to this idea we can assure a high sale margin when we launch. However, in the long run many new competitors will enter the market and steal part of our market share.
The added benefit to the contactless wireless charger is the ability to be universal across all platforms of smart devices which include Apple’s iPhones and iPads as well as all android operating devices from every brand. Since more than three fourths of the U.S. population owns a smartphone and 96% live in a household with at least one smart device this gives our company a large market share of around 240 million potential customers to offer our product (Rainie and Perrin). With respects to demographic our target group will be surrounding those from the ages of 18-29 simply because only 42% of people 65 and older own a smartphone (Rainie and Perrin). The psychographic data also justifies why our company will target millennials over those older because they value technology more and are willing to invest in these types of products with reasonable cost.
Our target market is pretty obvious when it comes to selling our product. Anyone with a smart device of any kind is available to purchase our product. Smart devices have become the biggest technological advance in this generation. Our device can be used in business offices, homes, workplace, and even a college campus. It is predicted that our highest revenue will come from selling to business offices and homes. We have stated our asking price for the product, however we are willing to accommodate any deal that would suit both parties if a company or corporation were looking to purchase multiple devices.
Understanding the market and the longevity of our new product is crucial to ensure that our investment along with all our stockholders investment will thrive for a long period of time. We are trying to communicate to our customer that CWC is a convenient investment in the aspect that it is introducing futuristic technology. The process of analyzing the S.W.O.T. for the next 6 months, will give our company ample amount of time to consider the safety risk as part of the U.S. Consumer Product Safety Act. Along those lines we will factor in the product liability of any individual injuries our product may cause due to the amplification of magnetic waves to 6 feet. Other parts of the S.W.O.T. analysis is being aware where we stand in the market from strengths to weaknesses. The vital aspect of this step is the screening to ensure that we are in the right ballpark with our idea to have the most successful ROI for all parties involved.
We plan to reach our target customers for some feedback on how they would feel about CWC. We want to deliver the best customer service possible and sta...