Entrepreneurship (Research Paper Sample)

Entrepreneurship
Student’s Name:
Institution:
THE MARKETING PLAN
Title Page
The Ephron Technology service has been providing plausible technology solutions worldwide since 2009. The marketing plan runs from Jan 15, 2014 - March 30, 2014.
Executive Plan
This report was commissioned to provide sales strategies to be adopted by Ephron Technologies to offer recommendation strategies of increasing the market share and sales volume over the next five years. The research draws attention to the fact that in 2013 the current market share held by Ephron Technologies was 4.2%. The shares of their key competitions were 22% and 18% respectively. The size of the media market then was approximately 45 million Euros. Over the last two years Ephron Technologies have retained the minimal market share resulting in 189,000 pounds. Further investigation indicates the coincided market increase owing to the emergence of technological advancements. Moreover, in the second half of 2013, an increasing number of rival companies have entered the market.
The Smart television is the latest television technology put forward by the Ephron Technologies department. This report evaluates the product’s market penetration strategy and concludes the need for new marketing strategies to meet the customer demands.
It is recommended that the Smart Television:
Takes measures to relaunch and promote Ephron Smart Television;
Adopts a fresh new image for the product;
Includes the aggressive online presence and promotion into the launched campaign;
Makes sure that the product is available in distributor and vendor shops across nations.
Table of Contents
Contents
 TOC \o "1-3" \h \z \u  HYPERLINK \l "_Toc380427500"
THE MARKETING PLAN  PAGEREF _Toc380427500 \h
2
 HYPERLINK \l "_Toc380427501"
Title Page  PAGEREF _Toc380427501 \h
2
 HYPERLINK \l "_Toc380427502"
Introduction  PAGEREF _Toc380427502 \h
4
 HYPERLINK \l "_Toc380427503"
Mission Statement  PAGEREF _Toc380427503 \h
4
 HYPERLINK \l "_Toc380427504"
Marketing Goals and Objectives  PAGEREF _Toc380427504 \h
4
 HYPERLINK \l "_Toc380427505"
Sales Objectives  PAGEREF _Toc380427505 \h
4
 HYPERLINK \l "_Toc380427506"
Profit Objectives  PAGEREF _Toc380427506 \h
4
 HYPERLINK \l "_Toc380427507"
Pricing Objectives  PAGEREF _Toc380427507 \h
4
 HYPERLINK \l "_Toc380427508"
Product Objectives  PAGEREF _Toc380427508 \h
5
 HYPERLINK \l "_Toc380427509"
Market Analysis  PAGEREF _Toc380427509 \h
5
 HYPERLINK \l "_Toc380427510"
Environmental Analysis - Global Business Environment  PAGEREF _Toc380427510 \h
7
 HYPERLINK \l "_Toc380427511"
Political and Legal  PAGEREF _Toc380427511 \h
7
 HYPERLINK \l "_Toc380427512"
Demographics  PAGEREF _Toc380427512 \h
7
 HYPERLINK \l "_Toc380427513"
Environmental Analysis - Local Business Environment  PAGEREF _Toc380427513 \h
8
 HYPERLINK \l "_Toc380427514"
Suppliers  PAGEREF _Toc380427514 \h
8
 HYPERLINK \l "_Toc380427515"
Social/Cultural  PAGEREF _Toc380427515 \h
8
 HYPERLINK \l "_Toc380427516"
Consumer Analysis  PAGEREF _Toc380427516 \h
9
 HYPERLINK \l "_Toc380427517"
Strengths, Weaknesses, Opportunities and Threats Analysis  PAGEREF _Toc380427517 \h
9
 HYPERLINK \l "_Toc380427518"
Strengths  PAGEREF _Toc380427518 \h
9
 HYPERLINK \l "_Toc380427519"
Weaknesses  PAGEREF _Toc380427519 \h
10
 HYPERLINK \l "_Toc380427520"
Opportunities  PAGEREF _Toc380427520 \h
10
 HYPERLINK \l "_Toc380427521"
Threats  PAGEREF _Toc380427521 \h
10
 HYPERLINK \l "_Toc380427522"
Marketing Focus (Recommendation)  PAGEREF _Toc380427522 \h
10
 HYPERLINK \l "_Toc380427523"
Product or Service  PAGEREF _Toc380427523 \h
10
 HYPERLINK \l "_Toc380427524"
Location  PAGEREF _Toc380427524 \h
11
 HYPERLINK \l "_Toc380427525"
Promotion  PAGEREF _Toc380427525 \h
11
 HYPERLINK \l "_Toc380427526"
Price  PAGEREF _Toc380427526 \h
12
 HYPERLINK \l "_Toc380427527"
Conclusion  PAGEREF _Toc380427527 \h
12
 HYPERLINK \l "_Toc380427528"
References  PAGEREF _Toc380427528 \h
14

Introduction
Mission Statement  Ephron Technologies’ marketing team‘s mission is to be the top innovative Smart television in profitability, fueled by the commitment of the employees in the delivery of exceptional results and creating the ultimate super brand in the United Kingdom.
Marketing Goals and Objectives
Sales Objectives
To increase the current television sales by a margin of 12.5%, up from the previous year’s 20.5% in the year 2013.
Identify the accurate marketing strategies in the wake of the current world inflation in order to appeal to a greater market share.
Produce quarterly reports of the sales taking place. The reports will enable the collection of a greater market share growth of 2.1% quarterly that sets the company ahead of the competitions.
Profit Objectives
To acquire profit of 5% above the selling price in the next five years, increasing annually (this is after tax).
To reinvest half of the profit margins into aggressive promotional campaign, and to implement the other half into the startup and operating costs that will increase production by 7% per annum.
Pricing Objectives
Offer a competitive price range that is below the current market price, while offering high marginal quality and customer service.
Conduct customer surveys and have a customer focus group in an attempt to get customer input on the competitive products, services, industry prices, and any other areas that require improvement.
Product Objectives
Re-market the television as a customer-friendly product that has a customer appeal. Much like what the company would be doing for the company prices, focus on the wants, needs, and perceptions of the company’s consumers and the general public. Identify any problems for the company, industry/product.
Customize the product according to customer specifications in accordance with price range, product availability, and quality.
Increase the quality of service offered to the customer by providing accurate and speedy service that guarantee management and service of customer demands.
Market Analysis
The technology industry is rapidly growing to accommodate innovations within the different sectors. In the smart television technology, there is exponential growth. There is an increase in the number of the technological innovations used and the customer service quality. As for the company, the growth in the service industry calls on the adaptation of the smart television product in order to explore the opportunities availed. Moreover, the company should offer better services to the customers in order to create an edge through the use of cutthroat technological solutions to production problems.
With the utilization of the up-to-date technology, Ephron Technologies will establish an edge over the competition, and position itself as a major market share holder. Having the ability to offer better marketing solutions and high quality services to the customers, the company has a high chance of establishing itself as a major marker shareholder. The use of television and minimal distribution points have been a major challenge to the company’s growth. The service provided in the outlets has been poor and slow calling on the need to develop better quality delivery for the customer satisfaction.
Through the exploration of the current product problems, Ephron Technological solutions is able to combat with the current market problems. The inability to offer higher quantity and quality of services to the customer has been a problem at the entrance of the current market. The use of market analysis in the technological field works to develop the strategies that create a competitive edge for the product and for the company as well. The market analysis will help in the creation of strategies that offer potential market growth.
The adoption of new market strategies, such as networking technologies, involves the switch from circuit-based technology to the systems based on the Internet Protocols capable of covering the convergent ranges of services with much higher capability (Garter, 2014).
The product renovation has been taken on in order to exploit the Big Data technology and services market growth of $3.2 million dollars in 2010, to $16.9 billion in 2015. This represents a compound annual growth rate of 39.4%, which is seven times the overall information and communication technology market. The ability of the company to embrace the data technology growth assures that Ephron Technologies gains a competitive advantage in the ability to offer timely, relevant, complete, and accurate information and services at the customer’s disposal.
The deployment of numerous company vendors creates a competitive edge over the rivals. The increased market presence coupled with numerous promotional activities will increase sales and the estimated total market reached by the local companies.
Analysis of the competition strong hold in the market is attributed to the clientele served in the numerous local vendors, which offer proper services. The price range, though high, appeals to the customers.
Environmental Analysis - Global Business Environment Unemployment rates for the past 2 to 5 years have a massive impact on sales, and the overall customer base is an effective way of demonstrating the effect of “external” pressures onto Ephron Technologies. Threats due to environmental conditions (like unemployment, layoffs, recession, high interest rates) reduce consumers’ activity.
Political and Legal
There is a need for registration with t...