Topic > The Introduction of Voice Recognition Devices - 2141

Summary The report was commissioned to develop marketing strategies by introducing a new product called Voice Recognition Device (VRD). The function of VRD is to translate "natural language" into digital commands without the use of common input devices such as keyboard and mouse. This report analyzes the marketing mix and marketing strategies based on the results of The Marketing Game (TMG) which are shown in the form of sales result and profit. Marketing strategies cover from product research and development to meet the needs of consumers of the target market segment to appropriate pricing to maximize profit.1.0 IntroductionVoice Recognition Device (VRD) is an alternative device/software for users who he has taken the art of using a computer to a whole new level. Users are able to verbally process their typing work by speaking into the device and it will translate the verbal speech into digital text on the monitor. It can also capture spoken words and convert them into digital commands to access and control certain applications on a computer. The company's marketing plan covers the main objectives, marketing strategies, target segment, short-term and long-term plans. The main objective of this marketing plan is to analyze the market situation, strategies used by competitors, penetrate the market with the product and generate higher dollar sales with appropriate pricing and relevant product specifications. The company decided to target the high price segment of the market as consumers in this segment are less price sensitive and willing to purchase products with suitable specifications at a higher price. Marketing strategy consists of examining the target consumer market segment, identifying consumer needs and… a medium of paper… pricing and positioning of products. The decision to allocate more resources in distribution channel 1 reflects a good result as the services provided and the sales approach by retailers in channel 1 are better suited to our target audience. The company's goal is to penetrate the market with continuously updated products that consistently meet consumer expectations and generate high dollar sales. The strategy of increasing product features, special commands, error protection, ease of learning and advertising budget also contribute to increasing the company's profitability. The company hopes for further growth in market share and ultimately profit with the long-term marketing strategy adopted by the company. Furthermore, the company also hopes to further understand the selected target market to support the company's growth by satisfying the wants and needs of the targeted audience.