Marketing Plan
Trendy Electronics, Inc., is a small company that is family owned and which is just about to celebrate its five-year work anniversary. Trendy Electronics sells the latest electronics ranging from computers to television screens, stereos and fridges and microwaves to companies and organizations for their use. The forty employees of Trendy Electronics face plenty of marketing challenges because more and more companies are opting to purchase electronics from supermarkets. In the past few months the employees have been quite idle. The biggest test that Trendy Electronics faces is to come up with better marketing techniques to retain its customers and also attract new clients as well. An assessment and appraisal of the business's internal strengths and weaknesses and external opportunities and threats functioned as the basis for this strategic examination and marketing plan. To be more precise, the marketing plan places emphasis on the business's growth strategy, signifying manners in which it can exploit and utilize prevailing affiliations with consumers, and on the provision of new products or goods targeted to specific customer preferences (Dickson and Ginter, 1987).
Environmental Analysis
Established or instituted as a small profit-making store, Trendy Electronics has grown and advanced into a marketing company that is of great quality, electronic supplier with consumer preferences and related business to business electronic goods and items. Arnold Ferguson took over the company three years ago from his father and has advanced it into a fruitful and efficacious operation that is family-run. Ferguson's young sons help with the running of the business and in the forthcoming it is expected that they will take over from their father as well.
The Marketing Environment
1.
Competitive Forces
The level of competition in the electronics industry is very strong not just on a local level where Trendy Electronics operates but on a regional level as well. It is difficult to make comparisons of the sales amounts for the whole industry because there are very minimal undertakings done on a national level. In addition, there are several companies and businesses that retail electronics, and this increases the level of competition faced by Trendy Electronics. The company has to ensure that it offers range of products which can compete with rival companies. There is also easy entry into the electronic industry by new companies.
2.
Economic Forces
One of the major trends in the nation is that companies continue to reduce their budgets in order to cater for all of their costs and expenses. However, while resources are being minimized, companies are continuing to use a large proportion of their budgets on advertising.
3.
Political Forces
Currently, there are no anticipated political influences or occurrences that could have an impact on how Trendy Electronics operates. The only political decision that could have an influence on the business' operations would be banning of importing electronics into the country as this would hamper the whole operation of the company.
4.
Legal Forces
There are a number of legal and regulatory aspects that Trendy Electronics has to consider. To begin with, the company has to ensure that all of the products and goods the company imports are legal and have been paid for in terms of import duty or taxation. Another aspect is the warranty that is offered for products bought by the consumers. The company has to ensure that it follows through with the warranty offered to the consumers (Shaw and Goodrich, 2005).
5.
Technological Forces
With the advancement and progression of technology in the present day world, Trendy electronics is greatly affected by the level of technology that comes about. In the contemporary electronic industry, phones, televisions, laptops and gadgets are created instantly making them become obsolete in a fast manner. This implies that Trendy Electronics has to ensure that it has the latest gadgets and electronics that the market has to offer. This is to ensure that it attracts new clients and is able to retain the company clients and providing their electronic preferences. More so considering that gadgets such as phones easily get retailed because of prefer ability, it is important for the business to have diversity and range in its goods and services in order to retain consumers (Warner, 2010).
6.
Sociocultural Forces
In the present day society, consumers have a great preference for flashy products and goods. Being based in the electronic industry, this force is greatly heightened. This is for the reason that several consumers prefer having the newest and the trendy electronic products such as televisions, phones, laptops, fridges and even stereos. The trademarks of today's efficacious products are suitability and ease of use. In other words, if the product is not easy to use and is not suited to the preferences of the consumer,...
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