Marketing Plan: Star Technologies
- Executive Summary
Star Technologies is a small family-owned company that specializes in the development and sale of custom-made calendar software and other technological products to more than 100 businesses. Companies use the software-based calendars for promotional purposes. The company is based in Orange County, California. It has 20 employees. However, it faces scheduling problems since its business is seasonal. It usually has high demand between October and December. Its staff is usually idle in the other months due to low sales in the months. One of the major challenges that the company faces is formulating strategies that would help in increasing its profits in during the off-season. As such, an evaluation of the company’s strengths, weakness, opportunities and threats would help in determining the most efficient strategy that the company should use to increase its profitability (Pride & Ferrell, 2012). The above factors act as the foundation of this marketing plan.
- Environmental analysis
- Marketing environment
Competitive forces: There is very high local competition in specialty advertising industry, which is Star Technologies’ main industry of operation. However, competition nationally is weak. It is difficult to obtain the sales figures for the entire industry since most business do not engage in business on a national scale. Paper calendars hold 90% of the market share with many different companies sharing the 10% market share of the software based calendars. However, the software-based calendar market is expanding rapidly. Star Technologies has a 205 market share of the software-based calendar market.
Economic forces: The need to reduce expenses has necessitated companies to reduce their promotional budgets. However, a significant proportion of companies have cut their budgets for mass media advertising. Most companies have increased their efforts on specialty advertising as one of the major means of sales promotion. This is due to the fact that specialty advertising enables companies to receive more value for every promotional dollar.
Political Forces: Any political forces would not influence the operations of Star Technologies in the near future.
Legal forces: Specialty advertising is usually distributed through mail. However, most parties consider some of the products as ‘junk.’ As such, Star Technologies’ products are classified as junk. In the future, there may be legislation to regulate advertisements delivered through mail. This would affect Star Technologies operations.
Technological forces: An emerging technological trend is the use of the tablet computers. Tablet computers enable users to store a wide variety of information. Software-based calendar products would continue being adapted to fit this technological trend.
Socio-cultural forces: In the contemporary world, consumers usually have very little time for leisure. Ease of use is the major factor that makes products be successful. Consumers ignore products that do not enable them save time. Software-based calendars fit with the paperless society trend. They enable customers to automate their repetitive tasks.
- Target Market
Commitment to service and quality has enabled Star Technologies to implement a niche differentiation strategy. This has differentiated the company from other products in the industry. The primary target market consists of large corporations that use brokers or dealers to sell their products. The secondary target market of the company includes small companies. Star Technologies’ most profitable product is a calendar product that can be used by a PC. Customers can customize the product using artwork, logos or text. Customers can purchase the product online or purchase a disk that disk that contains it. However, most of the sales are online. Star Technologies advertises its products through social media and online advertisements. It charges large corporations $100 to acquire its products. Star Technologies is the market leader in the sale of software-based calendars. Offering high quality products is one of the major factors that have made the company have a competitive edge in the industry. Star Technologies collaborates with vendors in the sale of its products.
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