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For this project I have been instructed to come up with a marketing strategy for an existing company/product I have chosen to do Nokia communications, particularly the mobile phone sector of Nokia's business.

Extracts from this document...

Introduction

Introduction For this project I have been instructed to come up with a marketing strategy for an existing company/product I have chosen to do Nokia communications, particularly the mobile phone sector of Nokia's business. To do this properly I will need to: * Appropriately identify, collect and use primary and secondary data that is relevant to the marketing strategy of Nokia. * Produce a clear analysis of the external influences affecting the development of a marketing strategy. * Complete a realistic rationale for the development of a coherent marketing mix for Nokia communications. * Show a full understanding of a marketing strategy for Nokia with a clear understanding of marketing principles. * Produce a full, well-balanced marketing strategy that reflects appropriate use of marketing models and tools. Introducing the product Nokia is a communications based company, which focuses on mobile telephone technology. When mobile phones first became available on the market the models were very basic with the best technology being SMS messaging (sending written "text messages" from one phone to another). Then the next advance in technology was being able to put different faces on your phone (different style covers for the front and back of your mobile device) and after that the technological advances have come thick and fast, with advances such as: * MMS * WAP (internet) * Polyphonic ringtones * Predictive SMS (where the phone will finish off a word for you if it can guess what you are typing) * Camera phones and * Video recorders Competition in the market With all this technology available in the communications market it is obvious that Nokia will have lots of competition, they include: * Sony Ericsson * Samsung * Motorola * Siemens * Panasonic * NEG * Sagem and * Toplux With all of these competitors in the market Nokia must keep ahead of the game by running successful marketing strategies, to do this Nokia must focus on the principles of marketing. ...read more.

Middle

Branding Nokia phones are seen as being of the highest quality and this is reflected in their massive sales figures. The fact that they are seen to be such high quality products is partly down to successful branding, they have a highly recognisable packaging style and the style of their handsets is similar in every line of production with the company name printed just above the screen and just below the earpiece. The fact that Nokia operate such an aggressive marketing strategy has elevated them above the competition as consumers are fooled into believing that branded products are "better" then un-branded products or products produced by lesser-known brands such as One Tel and other lesser-known phone producers in the market. Product life cycle-Nokia Introduction When Nokia phones were first introduced they required a lot of promoting and advertising as they weren't established enough to sell based on their quality and what they offer to the consumer, so this is where Nokia spent the largest amount of money promoting their products and establishing their brand as a leader in the communications market. Also when mobile phones were first available there were only a few companies as well as Nokia in the market (Sony e.t.c) so they could charge higher prices then they can at the present time in the product life cycle because no companies would dare to enter a price war with such a new product. Growth This stage of the life cycle also has high promotion costs involved in it, this is due to the fact that mobile phones are becoming established as a consumer necessity and lots of other companies decide to enter the growing market, although companies do not need to assure customers that they need a mobile phone, Nokia have to assure the customers that they want a Nokia phone and this is where the high promotional costs come from. ...read more.

Conclusion

first be introduced at around �150, as my market research showed that consumers in the new target market would be hesitant to pay any higher, and this is the part that relates to demand based pricing. Market segmentation The market segment the Nokia was previously aiming at had become saturated, my research showed that 100% of students already owned a mobile phone and where not about too buy another one in the near future. Due to the fact that this youth market is saturated, I analysed the Ansoffs and Boston matrixes, and decided to undertake in market penetration. The new market that I am aiming Nokia's products is the middle aged people, because my research showed that very few middle aged people owned mobile phones and could be persuaded to buy a phone if the product was what they wanted and the price was right, and of those people who said that that didn't want a phone, most of them said they could be persuaded by strong advertising and branding. Evaluation My revised strategy has a lot of advantages over Nokia's previous strategy, and I have listed them below: * My target market is one that has never been entered before, so Nokia will instantly gain 100% market share, whereas the current target market is saturated and competition for market share is very strong. * The products that are being released do not need to be as technically advanced as the ones in the current market, because my market research showed that the 40+ market do not want phones that are to complicated and hard to use. * If product research and development is not needed as much anymore then Nokia can afford to decrease its employment numbers and this would save Nokia a lot of money every year. * When entering a new market with no competition a company can charge whatever prices they want, Nokia's prices can be higher then they currently are and this will increase income and profitability. End 1 ...read more.

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