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Discuss this product in terms of its repositioned target market demographics using U.S. Census Data.
In regards to U.S. Census Data, the target market demographic show promise. The repositioned product will focus on high level and medium income level people. These individuals tend to be high lifestyle and business professionals. The product is full of applications and latest operating system that is helpful for professionals and other business persons to accomplish their tasks on the phones. This demographic is experiences positive change. For instance, consumer confidence for the past three months has risen in this segment. Discretionary income for individuals making $100,000 or more has risen 12% over the past decade. This positive trend allows consumers to spend more on RIM's products and services. The smartphone industry overall is growing at an annual rate of 9% per year with adoption rates increasing at a corresponding amount.
Determine the types of research needed to reposition this product or service.
The type of research needed to reposition the product will consist of primary and secondary information. Secondary data and research will be needed to view key aspects of the overall microenvironment and product specifications. For instances, research consisting of discretionary income patterns, overall household income, consumer sentiments, and purchasing behavior will be needed. Incomes are of particular interest to RIM as it attempts to reposition its Blackberry product. Many emerging countries are now benefiting from a more robust middle class. This middle class will ultimately want to purchase luxury items such as a Blackberry. However, the research will be needed ascertain appropriate price points and overall consumer demand within a given country.
Macroeconomic considerations will also be needed within the research context. Each country is different in regards to their overall macroeconomic health. One economic issue prevailing in the United States is that of rapid fiscal and monetary stimulus and its inflation implications. Currently, due in part to prevailing market conditions, governments have embarked on a path to massive fiscal ease. Governments, including the United States, Japan, Europe, and China have all engaged in massive stimulus operations. These operations are designed to help build consumer confidence while also enhancing the overall appeal of risky asset classes. For instance, the United States has kept interest rates near 0% for the past two years with an expectation of low interest rates until 2015. This low interest rate environment makes alternative assets such as stock, bonds, and real estate more attractive on a relative basis. High dividend paying stocks for instance, offer a yield of roughly 3% which is nearly double that of the 10-year treasury. These massive stimulus efforts however, have yet to enhance economic activity as previously anticipated. As such, the massive asset purchases created by the government may result in rapid inflation as more currency is circulating in their respective economies. As governments continue to print money, the relative value of this money will continue to decline, ultimately harming the consumers it was intended to help. Furthermore, this low interest rate environment is harming those who depend on their savings to generate income. With interest rates at record lows, and savings accounts generating very little income, inflation will erode the purchasing power of these savings. As such, it is my contention that the government should reframe from massive amounts of stimulus as the threat to consumers is very large in regards to inflation (Robert, 1988). This has direct implications on RIM. For one, inflation may increase component parts needed to manufacture new, more innovative Blackberry's. In addition the reduced incomes and purchasing power of Americans may lower the demand for RIM's products. As such, it may be better to simply launch the product in another country altogether. Research will answer these pressing questions regarding the overall product.
Discuss the method(s) you would use to increase adoption rates.
To begin, RIM's distribution network will be critical in regards to the marketing strategy effectiveness. The overall strategy will revolve around the markets in which the company is most familiar with. Fortunately, the company has market leading positions abroad in both Indonesia and India. The American and Asian market is very large in regards to overall volume which bodes well for the company as well. Wit this campaign, we will pursue a penetration strategy. We want to get as much of the product out as efficiently as possible to as many outlets as possible. This strategy will ultimately increase adoption rates as more individuals are apart of the RIM ecosystem of products and services.
Wholesaler, Retailers, Distributors, and Suppliers play an integral role within the overall framework of business. Suppliers, if chosen properly, can provide insight and a quality product that is difficult for competitors to duplicate within the midst of a competitive business landscape. RIM can utilize this knowledge to maintain its competitive advantage relative to peers. Furthermore, suppliers can provide much needed industry insight as to the next product innovation on the verge of development. This information will be quite important to RIM as the company can properly prepare for demand of a product that may be unknown to both competitors and potential customers (Susan, 2010).
In regards to involvement with the product or service development process, suppliers must always be incorporated within any business discussion regarding merchandise offerings for RIM. RIM will need to continually innovate its product offerings to appeal to consumers. Many of RIM's products, primarily the Blackberry have become very antiquated. The company has not innovated in the manner in which its competitors have. As such, the company must now compete with a decline relevance to consumers and a diminished brand in the minds of consumers.
To improve adoption rates overall, suppliers must be incorporated into the overall marketing and decision making process. Through their insights, RIM can regain its relevance to consumers, thus increasing its adoption rates. There are numerous methods in which to accomplish this task in regards to relationships throughout the supply chain. Communication with all parties must be ensured to adequately address changing consumer sentiments. Omni-channel is a means of providing service through multiple channels of communication with the potential customer, the retailer, wholesaler and the vender. In essence, Omni-channel is a service that allows customers to demand and purchase products through various means including phone, internet, in store support, and more. E-commerce will be particularly important in this relationship as consumers are becoming more comfortable using internet-based products when making purchases. This multiple channel relationship provides a dialogue between RIMS its venders and the potential customer. As such, vendors will know what customers are demanding through the use of Omni-channel. Furthermore, the supplier can better align the shopping needs of customers with it product specifications. This insight is then relayed to RIM, who can they adjust their product offerings accordingly. In many instances customer may demand a product that RIM doesn't produce. This will allow RIM to adjust its product specifications to meet those of the customer (John, 2012). These revised product specifications can serve two purposes in regards to adoption rates. First, consumer demand can be address quickly and efficiently. This allows adoption rates to increase as consumers are getting the products that are demanded in a timely fashion. Second, its allows the company to innovate in a more effective manner. Through comprehensive customer feedback, the company can begin addressing recurring issues that hinder the overall brand. Once the prevailing issues have been properly corrected, adoption rates will increase.
In addition, the company can create awareness of RIM using a penetration strategy within the U.S. market. This strategy, particularly in the U.S., will generate demand, desire, and purchase. The company, to improve adoption rates must have a strong emphasis on quality. Consumer surveys have revealed that consumers are willing to pay premium prices for higher quality products and services. This emphasis on quality will allow RIM to be easily recognized while also differentiating itself from competitors. In addition, the company can leverage the RIM online website as a virtual store for all electronic product offerings, items and promotions. This will separate RIM from the competition while also allowing a potential consumer to learn more about the company thus building a fan base. Build lasting relationships and experiences with ALL customers with also help improve both adoption and retention rates.
Determine if a new service component will provide new interest in this product or service.
The technological field often experiences rapid and dynamic growth. As such, innovation must be at the forefront of any new service component. As the mobile phone industry continues to expand, the overall customer desires a comprehensive suit of services. The phone is now becoming a mechanism by which consumers can perform a multitude of tasks with the convenience of one device. As such, the entire ecosystem in which the phone operates with is very important. Apple for instance, has a very complete and comprehensive operation ecosystem. This ecosystem provides a compelling value proposition for the consumer who is looking to do more with their device. The Apple ecosystem…[continue]
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