Situation Analysis Case Study of Turbo Multifunctional Power Bank

Question: Discuss about the Situation Analysis Case Study of Turbo Multifunctional Power Bank . Answer: Overview of the offering Turbo Multifunctional Power Bank is the product selected for the study which is an electronic gadget (Weinstein and Pohlman 2015). The product named as Turbo Multifunctional Power Bank is selected for the study because it is different from normal power bank and can be used for more than one product at a time. This is an innovative product that actually will meet the needs of customers who are willing to purchase it at a price. The main reason behind selecting the product is the problem that arises when it is difficult to use mobile phone power bank to charge laptops as well (Sheth and Sisodia 2015). Hence, this new product named as Turbo Multifunctional Power Bank can charge both at the same time. Turbo Multifunctional Power Bank is an electronic gadget that has variety if useful features in comparison to normal power bank. Furthermore, the specifications for Turbo Multifunctional Power Bank are 900mAH battery capacity that is exactly double the capacity than the normal power bank (Pealoza, Toulouse and Visconti 2013). Therefore, using Turbo Multifunctional Power Bank, it can also charge 3 to 4 Smart phones at single time; it can start a car through jump starter and also a torch with multi USB. PESTEL Analysis Political Issues- There is huge governmental interference in countries like New Zealand when it comes to selling of electronic gadgets. This particular electronic gadget will face political pressures in New Zealand where the political environment is unstable as well as prone to frequent changes especially in the governing structures. There, this innovative electronic gadget has to worry about the political instability in New Zealand as they are involved into strategic calculations for near future (Meffert 2013). Economic Issues- In case of economic crisis and increase in the inflation rates, the sale of Turbo Multifunctional Power Bank will hugely affect in the country like New Zealand. It depends upon the purchasing power of consumer whether they can afford the price of Turbo Multifunctional Power Bank with the income they get. Socio-cultural Issues- With the frequent change in trends and fashion, it is difficult for the marketers to think of any new innovative product that will be preferable to customers for longer period of time. In case of electronic gadgets, the purchase gets largely influenced by the lifestyle preferences of consumers where the socio-cultural factors are different (Kotler et al. 2015). Technological Issues- Turbo Multifunctional Power Bank is a technology-driven product where the product harnesses the power of technology as well as innovation for gaining sustainable business advantage. With the advancement of technology, it is now difficult to meet the needs of individuals as they need innovative products at each phases of life. Ecological Issues- Turbo Multifunctional Power Bank has to be aware of the need for making its products for becoming ethical consumer. The power bank product should not compromise upon working conditions or the wages that is paid to the labors who actually engages in producing the final product. Legal Issues- There is many laws and regulations imposed on producing electronic gadgets if it is otherwise imitated or copied from other brands (Kotler et al. 2014). Competitor Analysis The product category of Turbo Multifunctional Power Bank is electronic gadget that deals in electronic industry. Electronic industry is a highly integrated industry where Turbo Multifunctional Power Bank product will be constant under intense direct as well as indirect competition. Direct competition comes from existing as well as emerging competitors from other electronics companies from countries such as China, Taiwan and South Korea. Indirect competitors, on the other hand come from alternative technologies (Hollensen 2015). The electronic gadgets such as Turbo Multifunctional Power Bank faces stiff competition from existing electronic players such as Apple, Samsung and Nokia who already are technology giant and has large market share. The product named as Turbo Multifunctional Power Bank will be offered at affordable prices to that of its competitors. It is necessary for a marketer to form a new pricing strategy that can be directly compared with that of competitor. Keeping the price lower is not always a preferable strategy as it widely depends upon the customers perceptions regarding the product in a different ways (Foxall 2014). The listed competitors are Apple who is a technology giant but provides their electronic gadgets at higher rates or pricing. Samsung, on the other hand, keeps their pricing strategy to a rate where people can afford and it provides in variety of ranges. Nokia, in recent times are losing their customer base and market share as they are not able to come up with any new innovative electronic gadgets (Ekpo et al. 2015). SWOT Analysis Strengths and Weakness- One of the strength of Turbo Multifunctional Power Bank product is cost advantages, unique advantages as well as updated technology that meets the needs of tech-savvy individuals. High debt burden, online presence as well as weak supply chain and cost structure are few of the weakness that is faced by the product named as Turbo Multifunctional Power Bank (Dickinson 2014). Opportunities and Threats- The electronic gadgets make the economy grow at faster pace. There is evolving technology and online presence that will provide opportunity for the product to grow in the near future. Threats include volatile currencies, mature markets as well as intense competition and political risk at the same time. Segmentation approach Geographic segmentation-The product will be made available through online sites where free courier services will be provided to the local consumer in New Zealand country. In case the order comes from outside the country, then shipping charges will be applicable (Chernev 2014). Demographic segmentation- The product will be made available to the demographic population irrespective of age, race, religion as well as gender and income. This can be segmented into various markets that help particular products for targeting their customers in an accurate form. Psychographic segmentation-The product will be available for the technology savvy customers depending upon the personality traits, values and beliefs that they possess. Behavioral segmentation- The product can be segmented in according to the buying behavior of the customers in accordance to the knowledge as well as response to the particular product. Target audiences Primary Target Market- The primary target market is the online platform where this innovative electronic product will be available to the tech savvy individuals. Profiling the product geographically means worldwide presence as they offer their products online (Bickhoff, Hollensen and Opresnik 2014). On demographic terms, they will target the youth population and high income earned groups who are tech savvy and always shows interest for any innovative electronic gadgets that can help them in their work. On psychological terms, the product targets the youth population who poses the values and beliefs to take advantage of battery backup that can actually them charge their mobiles and laptops at the same time. On behavioral terms, the product targets the customers who have the willingness to purchase innovative electronic gadgets through recommendations by their friends at higher education and colleagues at work. The size of the market is huge as the product target online medium for making the customer aware of their unique offerings. Purchase characteristics of the product include Turbo Multifunctional Power Bank is a multi tasking product that can charge more than one mobile within short period of time in comparison with other power banks. Customers can even use the facility of torch at the same time. Furthermore, the product can also start the car when battery gone flat. This electronic gadget has more battery backups. This product is user-friendly and customers can carry it very easily in their pocket. Addition accessories will be provided along with Turbo Multifunctional Power Bank such as extra universal connection, multi charger as well as USB cables and wall charger. The product will come with some extra LED bulbs for the torch. Secondary target market- Turbo Multifunctional Power Bank targets the supermarkets such as warehouse as well as super cheap as their secondary target sources. This is the place where the product can provide samples to the automobiles shops as well as advertise the power bank in the car fairs and car yards at the same time. The marketer of the newly launched product has to contact with the automobile industry. On geographical terms, Turbo Multifunctional Power Bank will be made available at stores, automobile shops, car fairs and car yards in local areas. On demographic terms, Turbo Multifunctional Power Bank will be made available to the younger population (Chernev 2014). On psychological terms, Turbo Multifunctional Power Bank will be made available to individuals who have high values and beliefs on purchase of technology-driven products for making their work easier. On behavioral terms, Turbo Multifunctional Power Bank will be made available to the individuals who have intensity to purchase electronic gadgets that can charge more than two gadgets at a time. Target Market Strategy Mass Marketing- Mass marketing is one of the marketing strategy where the firm decides upon to ignore market segment differences as well as appeal the whole market with one offer or one strategy that particularly supports the idea of broadcasting a message that can reach the largest number of people possible (Weinstein and Pohlman 2015). In this marketing, the marketers make use of radio, television and newspaper for reaching out large number of audience. Differentiated Marketing- This type of marketing strategy is used by companies when they create campaigns that appeal at least two market segments or the target groups. Concentrated Marketing- This type of market strategy takes place when product is developed as well as marketed for a well-defined and specific segment of the consumer population (Chernev 2014). Customized Marketing- This type of marketing method takes place when advertiser tries for customizing the message that meets the unique needs of a specific customer or specific subset of customers. Justification of using the appropriate target market strategy In this particular study, concentrated marketing strategy will be used as Turbo Multifunctional Power Bank is developed as well as marketed for a reason where customer will gain benefits from its battery backup facilities when they need it during emergency. This product is offered to a specific consumer population who have the internet access and tech-savvy youth population. Sustained Competitive Advantage There are various product attributes of Turbo Multifunctional Power Bank that is actually important for the customers as it can charge a mobile for short period of time (Weinstein and Pohlman 2015). Possible sustained competitive advantage for the product is to make available to the target customers so that they have the access to Turbo Multifunctional Power Bank. Positioning Strategy The Positioning strategy adopted for these electronic gadgets will be focusing on excellent service, quality as well as technological advancements. The price point was reached as planned as well as position in the market where it is strong as well as reaches the pre-determined goals. In this case, the product is offered at affordable prices where there is one year warranty. Slogans for positioning strategy is Service, Quality and Technological Advancements Potential factors affecting buyer behavior Buying power of individuals can potentially influence purchase of the electronic gadgets. Technologically advanced individuals who are tech savvy and have the intention to purchase the latest technology electronic gadgets will directly influences the minds of those customers for making the purchase at a price (Weinstein and Pohlman 2015). Good word of mouth communication from family members and friends might potentially influence purchase. Promotional activities can likely influence the purchase of the electronic gadget product. Social factors might influence the purchase of electronic gadgets. Time factors can likely influence the purchase of electronic gadgets. References Bickhoff, N., Hollensen, S. and Opresnik, M., 2014. Marketing and marketing management: A first basic understanding. InThe Quintessence of Marketing(pp. 3-15). Springer Berlin Heidelberg. 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