Philips: Marketing, Launch and Sales Processes

Philips Marketing, Launch and Sales ProcessesOne of the most inwrought parts of managing a successful keep comp each is how successfully it manages to de except and market a new mathematical harvest in the market. It dep eat ups on the company whether they want marketing to be d matchless individually for all harvest-festival or in a set for a group of compar suitable line harvests.The briny close of promoting a new produce is to puff new nodes to the company and let majority of your chump market cognizant of the companys latest point of intersection. With off that in that location is a really minimum chance of you acquiring the attention of your rivet group.Marketing is all important(predicate) for both, the harvest-festival and the company that sells it. flaw is very(prenominal) important for the establishment and identity of a new w be. merchandising a harvest-tide under a global strike out gives your reaping servicemanwide recognition, which automati cally supporters in more gross revenue. If the point of intersection is successful, you will give up a product that sells for itself Also, a new and ripe product gives more recognition to a send and brings more reference.The product which I chose is a 3 in 1 kitchen restroom and the company I chose for the marketing, despatch and sales of this product is Philips.ObjectiveIn this report, my goal is to find out how compatible is my product with the company I chose to sell it. I draw to figure out how much that vane helps in establishing my product, and too that how my product is capable of increasing the brand value and audience of the respective company. For that I make d matchless the company analysis and product analysis and at long last the marketing strategy.Company backgroundPhilips is a world-wide renowned company for the relaxation and innovation they put in their products. The company has a rich profile, and or so of its important aspects be briefly explaine d below.Philips marketing strategyPhilips as a company believes in Improving multitudes lives through meaningful innovations. Philips promotes themselves as a consumer-led company, gum olibanum all the RD (research ontogeny) processes ar based on creating products that are reorient with the current needs and demands of the consumers. Philips distri onlyes their products non only through physical stores save also through modern medium, like e-marketing, via their website. The company website provides detailed product information and prices, along with the latest promotional offers available. The website also helps in ratting availability of their products in distinct countries world-wide.ProductsPhilips has a wide product phase available for all types of customers in the market. Philips products are basically divided into the side by side(p) categories-M another(prenominal) and child care products Feeding bottles, tethers and skin care products. own(prenominal) care Shav ers, hair styling products, hair rem everywheres, etc.Lighting Apart from fixtures and supposition lighting they also provide car lights. Recently they have nonplused apply LED lights.Audio and video products Television, stereo, etc.Home instruments- Kitchen doojiggers, vacuum ashener, press machine, etc.Phones desktops.Accessories USB, remote control, electronic soup-strainer, etc.Pricing strategyPhilips uses charge differentiation strategy for setting price of their products. the price of Philips products are different in different countries, overdue to the use of different currencies and variation in the government regulations in different parts of the world. It is visible on Philips website also that in that location is a difference in the prices of the equivalent product in different countries.Philips also uses the price differentiation strategy for a product in the akin country. They will have different price for the same product, depending upon the version and f lavour of the product.Philips storesThe main headquarters of Philips is located in Amsterdam, Netherlands. Philips world a world renowned company, has its stores in more than 100 countries of the world (Australia New Zealand, Brazil, Canada, Mainland china, France, Greece, Hong Kong, India, Italy, Israel, Mexico, Pakistan, Poland, US, etc.), divided into 5 regions- North America, Latin America, Middle-East Africa, Europe and Asia-pacific. They have special promotional activities like contests, discounts, coupons, etc. during all festive seasons, to rise their sales. Philips also manages their sales through E-commerce.Promotional schemesPhilips promotes its brand and products through a plenty of mediums. They use billboards, print media, electronic media and internet for advertising their product. be such a big company Philips always has to maintain their bizarre and new PR strategies and campaigns. Some of the best examples of Philips campaigns are-The product launch of kitc hen appliance Air fryer was very successful, as they promoted it as a product which helps in a healthy and convenient way of cooking.Another promotional campaign was for Aurea T.V., where they hired a model for the promotion, as their promotional thought for the T.V. was seduction by light.Type of audiencePhilips deals with a wide string of target market, differing in age, culture, sex, status, etc., but most of the customers are loyal because they are satisfied with the brand promise that Philips fulfil. Philips products are not for conservative or sceptic audience. Philips audience are the people who believe in the brand, but are also willing to try the new innovative products that Philips comes up with. Philips products deal be use at any time of the family life- cycle. indeed people around the world subvert 1 million Philips consumer products every day.Brand identityPhilips is a very strong brand name. It has positioned itself as a high quality and innovative brand. Their tag line is signified and simplicity, and that is exactly what they deliver through their products.One of the very important features of Philips is that they make useful, healthy, eco- matey and innovative products. Their mission is to make cities liable by providing healthcare products, managing essential resources (like lighting) and supporting independent living.Philips increased its brand value by 8% to USD 8.3 billion in 2008. It was ranked 43rd most valuable brand in the inter-brand 2008 ranking of best global brands.CompetitorsNow-a-days due to increasing industrial enterprise there is immense competition in every industry. There are a get by of companies making same products and trying to sell it in the market.It is the same with Philips. Philips has some direct competitors like Samsung, L.G., Sony and Panasonic who all make a wide variety of products. Apart from that it has some indirect competitors for various products, like-PG and von Braun for Male dry shaving applian cesOral B for Power toothbrushKENWOOD for Food PreparationKRUPS for Drip filter coffeeCompanys SWOTStrengths encompassing variety of consumer lifestyle products and home appliances.Strong research and development processes. ease and innovation as the theme of every productLarge subdue of loyal customersPresent in umteen countries around the world.Reputed and renowned brand name.Large base of copyright patents.WeaknessLate in development of new products.Distribution channel is not extensive.Price is comparatively higher(prenominal) than the competitors.OpportunitiesThe ever changing needs and preferences of the market.Increasing awareness of environmental friendly products.Technological advancements.Changing government regulations.ThreatsIncreasing competition.Dealing in different currencies of the world.Economic recession in future leading to less product consumption.Adapting to the spendthrift changing business environment.Product analysis-Product- The product is basically a 3 i n 1 kitchen appliance. It consists of a coffee maker, toaster and a skillet. An additional accessory (spatula) is available with the product. The specifications of the product are as followsuntitled.46.jpgMaterials ABS plastic, non-stick coat skillet, rubber stands.Temperature control knob for toasterColor schemes Pink white, yellow white, Blue black and Orange white.Dimension batchKomal appliance 1.jpgThe product is exactly targeted for audience who are always busy in their locomote life, and has no time in the hectic mornings to prepare a proper breakfast. The target market is bachelors who may be studying or working(a) or newlyweds. People who are innovators will definitely try this one. Acoording to the price, middle separate and start out upper class will buy the product.PriceThis appliance is definitely cheaper than the price of a coffee maker, a toaster and a pan separately.Komal appliance 3.jpgPlaceAs this a product for working generation, the placement should be done in metropolitan cities. This product has no boundaries of religion or community so it ignore be presented in any country which is unquestionable or developing. A high end mall is very good place for this product, as every one visits malls on weekends.PromotionThe key point for promotion will be its compact intention and easy usage. This product is 3 in 1, therefrom it croup do 3 tasks in the time of 1 and action time, which is the highlight of the product. The product will be marketed as The appliance of youth.br4dvb 5.jpgIt merchant ship be launched in a set of color schemes and graphics. So any gender or culture audience batch buy it. It burn be promoted through commercials, print media and billboards. Side 1.jpgKomal appliance 2.jpgSWOT of the productStrengthNew and innovative conceptSaves time and gold due to its 3 in 1 applaince concept, which slew attract the target market. obtainable in different colors and design, so audience has a exemption of choice.Simple inter looking and easy usability.WeaknessNot fully developed and testedA large number of market is not the focus of product. hazardCan be telld as The appliance for fast pace lifestyleMany features can be improvised and then the company can come up with a new and better version of the product.There is no homogeneous product in the market, so there is no comparison bar for setting the cost.ThreatPeople may be apprehensive about a new concept, thus the product can fail in the market.There is no reason for audience to trust a new product without any brand name or garuntee.Possibility of the idea being copied by other companies.Marketing plan for product launchCompetitors- Philips being a very reputed and experienced company in the household appliance sector has to face stiff competition from other companies, like BRAUN, Morphy Richards, etc. However the 3 in 1 appliance (coffee maker + toaster + skillet) is a new(a) idea which is scratch line of its kind in the industry. This appl iance, therefore, will give Philips the frontmost mover emolument and competitive edge over its competitors.Target the exaltation customers- The appliance has a limited range on the target customer profile, but under Philips, who has a very strong and loyal customer base, it will still have a large number of audiences assignment in the customer range. Below are the exact details of what the audience will be like.Age 18- 30 year old is the main age group for this product.Household income As this product is a general launch, a fix house hold income cant be estimated. but the target market for this appliance is the families from upper middle class and lower upper class.Geographical location The product is such that it can be used all around the world, by people of any nationality or culture. Philips products are sold in more than 100 countries around the world, thereby providing a huge customer base for the product.Work situation the work situation of the target market can be of 2 types- untried adults staying away from their family for studies.People who have a 9 to5 job and very hectic mornings.Create a unique value proposition- This appliance has a lot of special features that set it apart from other company products and gives Philips an advantage of coming up with a one of its kind new and innovative appliance.Saves time the product can perform tercet different tasks, meant for three different kitchen products, in the time of one, due to its 3 in 1 engineering feature. This saves a lot of time and energy of the user. it can be healthy in a way because those who used to skip there proper breakfast because of hectic mornings will now be able to get an ideal breakfast without compromising much on time.Saves money It obviously saves a lot of money if you can just buy 1 product instead of three Philips products are mostly a little high prized compared to other brands, because of its product quality and brand name. This may cause losing some customers who ha ve a lower budget. notwithstanding this 3 in 1 appliance is an exception, as it will cost businesslike compared to the price range of other Philips products. here is the approximate difference-Good quality toaster (49 S$) + good quality coffee maker (49 S$) + an average skillet (50 S$) = approximately 150 S$Whereas, the 3 in 1 appliance, roughly, will only costs around 80 S$, saving approximately 50- 70 S$.Compact design In todays world everybody wants a product which consumes less space and is considerably movable. Plus the ideal market for this product will potentially be the people living in apartments or condos, which mean they will not have a lot of space in their kitchen for bulky appliances. This product surely is a relief for them, because like all other Philips products, this one is also compact.Easy and quick As all the processes of the appliance are engineered to be automatic and has storage for water / milk and coffee there is any need of adding the ingredients every time you use the appliance.Easy cleanup spot The material of the appliance is glossy plastic on the outside and the inside parts like the storage of coffee and water are clastic also the skillet is removable. So it becomes very easy for the user to clean the appliance from outside and inside. Moreover, there are rubber stands under the appliance so that its easy to shift and clean the bottom surface of the product.Opportunity of choice Philips has always given choices of colors to the users in most of their products. But this product is one step ahead. It not only has color preferences but also comes in 3 different graphics on the outmost body- plain, waves and floral designs. People always love to be able to demand their favourite from all the given choices, than being forced to buy a product which has no color/ design preferences.Uniformity The product can be a huge success in the market because of 1 more reason- coffee is a worldwide beverage, thus giving the product a good chance of being accepted all over the world.Marketing strategy and tactics- As mentioned in the report earlier, Philips pays a lot of attention on how well the product is marketed and launched and spends accordingly on the promotion. This can be very beneficial for promoting a new product in the market, under the brand name of Philips.The target market being a new age generation, the strategy will be more toilsome on usage of modern age media like internet brotherly network website. Apart from that Philips already has its own official website which is very instructive of its products.The usage of print media like newspapers and magazines etc. is also necessary to dust the product information to a large number of audiences.Outdoor advertising like Billboards, bus-stops advertisements near universities/ colleges and central business district is very important to reach the exact target market.Lastly one of the most used advertising sources, television commercials, can also be used for a better marketing of the product experience. exam concept and marketing approach- Testing of the product can be done through a lot of mediums.Philips places its products in famous retail outlets, like big bazaar in India or courts in Singapore, which are nationally recognized and visited by many people. This gives Philips products an opportunity to come across a large number of audiences.The same tactics can be used for the testing of the new product. the 3 in 1 appliance can be displayed on a stall in these stores and people by passing the stall can see the demonstration of the working appliance, as well as can use it themselves to better understand the features of the products.Online surveys can be done petition suggestions about the concept and aesthetic appeal of the product.Lastly, Philips can give a money back or product exchange guarantee to first 10,000 customers of the appliance, all over the world. They can ask those customers for their feedback on what they felt we nt persecute and accordingly do changes in the product, if needed.Rolling out campaign- This is the time when Philips brand name plays a very important role. There are 3 ways of campaigning for the appliance-Showing testimonials of the users of the product on T.V. commercials. This way people will relate more to the product.Sponsoring an event related to cooking/ grooming shows for e.g. Master Chef, so at the end the show will advertise Philips kitchen appliances, including the 3 in 1 appliance.Sponsoring a cookery competition, and giving the product as a gift to the winner.Know your product lifecycle- Any product has 4 main phase of its life. Below is the chart showing the lifecycle of the sales of any product.Introduction- First six months, sales of the product will be slow. Buyers who are innovators will mostly use the product.Growth- With the increasing promotion by Philips, after six months of launch, the product will have increasing sales. By then people who are loyal to th e Philips brand will start buying it.Maturity- By now everybody see the product as an establish and reliable product. Now the product will reach the peak sales and also the onset of decline due to the possible launch of similar products by the competitors.Decline- this is the time when the product loses its novelty factors and there will be a need to rethink the product attributes and come up with a better version as soon as possible.ConclusionIn the end I think that Philips as a brand is consummate for the kind of product I have designed. It really will help the product with the brand name of Philips. Similarly I think Philips can also gain more number of audiences because of my product.