Week 6 – assignment
Due as part of your Week 6 Assignment are the following components:?
Describe for your audience what it is that you wish to bring to market. If it is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive.?
Determine the price you will charge for your product, or, if you have chosen a service, determine its pricing (this may be based on an?average? price per service rendered).?
Describe the channels of distribution structure you will use to get your product or service into the market
You describe for your audience what it is that you wish to bring to market. If it is a product, describe the product, its functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive.?
Develop a promotional effort for your marketing plan that embraces integrated marketing communications (IMC). This includes a clearly-stated message that is consistently communicated to your stakeholders.?
Implementation, Evaluation, and Control
How do you intend to implement, evaluate, and control (IEC) all of the marketing activities.
You have proposed a reasonable a viable model for expansion within the AT&T brand. You initial assessment here is perfectly on point, and I look forward to seeing this further develop.
Note I have only deducted for some minor grammatical errors, as noted within.
As mentioned earlier, AT&T needs to venture into other business ideas as an expansion strategy and remain competitive in the telecommunication world. Strategically, it makes more sense for the company to get into the web services sector as it is in line with telecommunication, which is already thriving. A majority, if not all of AT & T clients, require web services. It, therefore, makes more sense for them to be the providers of the much-needed services to provide their clients with an “all under one roof type of deal.”
However, before the company implements the expansion, they have to formulate a marketing plan strategically. To come up with a good and realistic marketing plan, they have to consider details like; marketing strategy, pricing, distribution, promotion, and have a good way of Implementing, Evaluating, and Controlling the product in the market. As said earlier, the web services market is highly competitive and therefore requires comprehensive analysis before going in.
For AT&T telecommunication, marketing their new services or business would be more straightforward because they already have a considerable client base from the telecommunication networks. Nevertheless, the company must still do marketing for the new product. The best way to market the web services business is by introducing it as a promotion to all their current clients. That ay the clients will get to know about it and get to try it out. A web service is a specialized software that makes itself available over the internet and is closely related to telecommunication. The target audience is the same ones that AT& T already have.
For starters, they can offer it freely as a trial to selected clients, more so those with some degree of influence that can rally others to use the AT & T web services. That type of marketing strategy can easily make the service known to the world. They can also use social media influencers as an advertisement option (De Veirman, Cauberghe & Hudders, 2017). AT & T being an already established brand name in the sector, having influencers promote their new ventures would be easy. Lastly, the company can use its already established brand to market its new business. People already trust the quality of their other products, making it easy for them to introduce new ventures related to the old business (Flikkema et al., 2019).
To gain a competitive aged, AT &T can charge slightly lower prices for the web services than amazon and other companies offering these services. This is achievable because the company does not need to install elaborate systems or software for the web service venture as most of what is needed already exists in the telecommunication business. For example, Amazon’s pricing for the AWS is five dollars an hour, AT& T can comfortably charge $3.5 an hour for the same service and still make a profit. The company can also have different pricing strategies that encourage potential clients to opt for their services. For example, they can have options such as more use means less payment.
When choosing the service to venture into as an expansion plan, AT &T was strategically enough to go for a business idea synonymous with their r current business model and structure. This means that the distribution channels for the web service business are already in place as the services can be distributed using the same channels as those used in the telecommunication business. AT&T w3iil need to alert their clients that they have the options available to them, and voila! Customers can access the new services with just a click of a button.
Promotion is vital in business, especially when introducing new services in the market. (Bozhuk et al., 2019) noted that sales and services promotion in the digital environment is essential because clients in this sector don’t do trial and error. They buy what works best. AT & T will have to promote their new business by offering free services in the beginning. They can offer the service free to their existing clients as a start. The clients are more likely to shift from wherever they have been getting their web services to the company that provides their telecommunication services.
For that to happen, AT&T must have the best pricing offers and better quality services. The company should also incorporate elaborate integrated marketing communication as a branding strategy approach (Yurdakul & Bozdag, 2018). They can use a phrase such as ?we offer all you need in the world of communication technology.? Such a marketing phrase will capture the attention of their current and potential new clients who trust the brand already. The company can also use social media influencers to promote the new services offered.
Implementation, Evaluation, and Control
Once all the analysis is complete and the company is ready to introduce the new service, the implementation phase must be carried out strategically. The implementation can be done in phases. For instance, introduce one package at a time and offer different packages to different target audiences. The company can launch its new service to corporates before offering it to consumers. An evaluation must be carried out periodically to test how the services are doing. The evaluation results will guide where to make adjustments, promote more and enable the company to identify areas that need improvement. The evaluation will help AT&T to have better control of the market.
Bozhuk, S., Maslova, T., Kozlova, N., & Krasnostavskaia, N. (2019, March). Transformation of the mechanism of sales and services promotion in digital environment. IOP Conference Series: Materials Science and Engineering (Vol. 497, No. 1, p. 012114). IOP Publishing.
De Veirman, M., Cauberghe, V., & Hudders, L. (2017). Marketing through Instagram influencers: the impact of followers and product divergence on brand attitude. International journal of advertising, 36(5), 798-828.
Flikkema, M., Castaldi, C., de Man, A. P., & Seip, M. (2019). Trademarks? relatedness to product and service innovation: A branding strategy approach. Research Policy, 48(6), 1340-1353.
Yurdakul, E., & Bozdag, A. (2018). IMC: Integrated Marketing Communication. In Marketing Management in Turkey. Emerald Publishing Limited.
You will choose an existing organization and submit a proposal describing a new product or service that you should bring to market. If your idea is a product, describe the product, it’s functionality, and how it works. If it is a service, describe the service offering so that readers understand what they would receive.
Your product or service should address a problem or gap that is not being sufficiently addressed by current solution providers, i.e., your competition.
AT&T is the biggest telecommunication company in America and globally; however, other companies will soon challenge global and American communications market domination. If not, its growth is likely to decline due to the rise of many telecommunication companies that offer similar services as AT&T (Kwoka, 2019). As the competition grows stronger, AT&T will likely lose certain market shares to new companies hence the need to formulate other strategies to maintain its profitability despite the decline in the market share within the telecommunications sector.
One of the ways AT&T can maintain its market position is by venturing into other sectors closely related to telecommunications. One of the most profitable and lucrative sectors is the web and services. Companies such as Amazon and Microsoft have recently increased their market share and sizes due to their dominance in this sector. AT&T has not ventured into the sector yet, but it depends on other companies such as Amazon for its data backup and cloud services needs.
This sector would be profitable for AT&T because it has a wide consumer base that can easily be converted into market opportunities and subscribers. Most individuals, startups, SMEs, and big organizations rely on AT&T for internet and telecommunications services; hence it would not be difficult to gain the market (Trenz et al., 2019). It will gain more market and profitability when it ventures into the sector. The greatest benefit will be to the consumers who will get affordable cloud services subscriptions compared to other companies’ current offerings. This is because AT&T can rely on its large market to subsidize prices for smaller organizations, startups, and individuals to get cloud services. The company also has the necessary resources, which will make it easier for users to get user-friendly and expert services.
Trenz, M., Huntgeburth, J., & Veit, D. (2019). How to Succeed with Cloud Services?. Business & Information Systems Engineering, 61(2), 181-194.
Kwoka, J. E. (2019). The effects of divestiture, privatization, and competition on productivity in US and UK telecommunications. Review of Industrial Organization, 8(1), 49-61.
In preparation for your final project, the following is to be submitted this week:
In week 3, you will analyze the organizational mission statement for the company for which you are writing a marketing plan. Explain how your new product idea aligns with the company?s mission statement.?
In week 3, you will develop the SWOT analysis for your company. The SWOT analysis includes the standard four-quadrant chart, with bulleted items for each of strengths, weaknesses, opportunities, and threats, and written support in narrative form.?
Organizational Objectives & Strategy
In week 3, you will address the organizational objectives and the target market plan for your company. You need to develop at least five marketing objectives as part of your planning process. These answer the question, ?What do you plan to accomplish?? Objectives should be realistic, measurable, and time specific. Objectives must also be consistent, and indicate the priorities of the organization.?
you have well represented AT&T’s mission and how the SWOT analysis can be used to help the mission evolve. Note I am only deducting slightly as you are noting performance projections, based on data from 2018. When possible, please try to use more current references.
AT & T is the largest telecommunications company in the world. Founded in 1983, the company has mastered the art of penetrating the telecommunications market and making the best out of it. Its headquarters are in Dallas, Texas and serves the global population. The company operates in a highly competitive telecommunications industry. The current trends in the world today depict an increased use of modern technology and advancements in internet usage (Meeker & Wu, 2018). This has led to increased players in the telecommunications industry to meet the unending demand. AT & T has remained on top of the industry despite the challenges of increased competition. This paper will illustrate how the company’s mission statement is relevant to business, the SWOT analysis of the company and its performance in the industry.
AT & T?s mission statement is to exploit the innovations in the technological world and use them for the benefit of the company and meet the needs of the customers. This is through the implementation of next-generation technologies in the company?s operations and services. AT & T is a company that offers technological services to its customers. Its mission statement is relevant to the business as it revolves around meeting the customers? needs (Salehi-Kordabadi, et al., 2020). The mission statement is clear. It addresses the customer or target audience for the company. In this case, the target audience is the global population. The mission statement describes how the company will achieve its goals and targets. For instance, it states that goals will be achieved by implementing next-generation technological advancements. This shows that the mission statement also focuses on the goals and targets of the company. However, the mission statement does not focus on the timeframe the company will serve the customers. A good mission statement gives an ultimatum to customers when the services are going to be available (Salehi-Kordabadi, et al., 2020). It also gives a time frame for services. For instance, since this is a growing company that is not planning on shutting down, this should be indicated in the mission statement that it is a long term company (Salehi-Kordabadi, et al., 2020). These aspects of the mission statement clear doubts from customers and give them an overview of its business.
The SWOT analysis of any organization gives an overview of its external environment. This shows the strengths, weaknesses, opportunities and threats of the company. A SWOT analysis is crucial in learning the competitive environment. It gives vital information for adjusting business activities to avoid business risks. AT & T is the largest technology company globally has significant strengths that have helped the company grow. Below is the company’s SWOT analysis.
1. Brand popularity. Due to the company’s popularity, it has attracted a large number of new customers (Vlados, 2019).
2. Quality products and services. This has led to a good reputation in the industry hence becoming a competitive advantage.
3. Brand loyalty from customers.
4. Large operating capital hence adequate funding. It provides enough findings to run the business and avoid losses.
5. High ranking in the telecommunications industry. Its position in the telecom industry is a competitive advantage that helps the company amass large numbers of customers.
6. Telecommunication infrastructure that gives the company capabilities for functionality.
1. Financials. The company?s profits have drastically dropped in the past years. This is a result of competition from other emerging companies in the market.
2. Decline in voice calls. Customers have opted for video calling due to increased internet use. This has led to a decline of 18.6 million in revenue from voice calls (Vlados, 2019).
1. Acquisitions. Acquisitions from other companies such as cable TV would increase the company’s customer base. AT & T should take up the opportunity and advertise through cable TV (Vlados, 2019).
2. Cloud computing. The increased demand for cloud computing is an opportunity for the company to grow and increase its revenue.
1. Regulations. The US government has put rules and regulations in place that hinder the company’s performance.
2. Competition. Increased players in the industry have led to a competitive environment in the industry (Vlados, 2019).
3. Saturation. Increased products and services have led to saturation, thus less return from sales.
Objectives and Target Market Plan
The company?s objectives are divided into marketing and financial objectives.
The marketing objectives are;
? Increase product awareness by 50% in the next year (Al-Henzab et al., 2018).
? Make the target audience aware of the updated features and benefits of the company?s products.
? Increase sales by 25% in the next year.
The financial objectives are;
? Stimulate growth by increasing the market share by 1%.
? Reach the target of $3 billion in the next year.
To beat the competition in the market, the company has upgraded its products and services to meet the current generation’s needs. Therefore, the current target audience is the millennial generation and adults aged 25 and 45 years (Al-Henzab et al., 2018). This is because this group spends most of their time using mobile phones, hence telecommunication services.
Al-Henzab, J., Tarhini, A., & Obeidat, B. Y. (2018). The associations among market orientation, technology orientation, entrepreneurial orientation and organizational performance.?Benchmarking: An International Journal.
Meeker, M., & Wu, L. (2018). Internet trends 2018.
Salehi-Kordabadi, S., Karimi, S., & Qorbani-Azar, M. (2020). The Relationship between Mission Statement and Firms? Performance.?International Journal of Advanced Studies in Humanities and Social Science,?9(1), 21-36.
Vlados, C. (2019). On a correlative and evolutionary SWOT analysis.?Journal of Strategy and Management.
1. brand popularity.
2. quality products and services.
3. brand loyalty from customers.
4. large operating capital hence adequate funding.
5. high ranking in the telecommunications industry.
6. telecommunication infrastructure that gve the company capabilities for functionality.
2. decline in voice calls.
2. cloud computing.