On all four levels of the PEST test, this product appears to be exceedingly feasible. There are currently no patent protection against using central home networking systems via either existing market players or specific electronic retailers. Since this is an emerging field, political and legal barriers are almost non-existent and therefore pose no real threat to future product advancement problems. Although the current economic trend is towards a cooling of the overall economy, the consumer electronics market is still very strong. This is because both technology as well general consumer spending has not declined along with the economy. The sociocultural forces surrounding this current circumstance does not explicitly affect the home networking market. Since it is an addition to current home electronics, acceptance of this product is contingent upon already existing technology within the sector. Finally, the technological climate in the current era is extremely conducive for home networking systems. Consumer electronics is the fastest growing technology sector in the United States for the past three years. As greater complexity and general usage increases, the need for home networking systems also increase, therefore it is to our advantage that pace of technological growth continues. In effect, current technological forces are growing the home networking market for this product without any outside impetus.
The target audience for this product are consumers who have multiple consumer electronics. In order to effectively target this audience an analysis...
Since the purchase of our system requires existing consumer electronics, the target audience has to be relatively affluent, with income ranging upwards of 80,000 to 100,000 per household. Since the special appeal of our product is for centralizing electronics, the biggest sector will be entertainment electronics, therefore advertisements and marketing campaigns should surround this particular sector.
Public relations becomes an important part of this product launch for two reasons, first, since this is an emerging market there are not obvious industry leaders, By establishing ourselves as a trusted company with significant experience within the field, and offering a high quality product, consumers will naturally gravitate to us. In this sector it is important to brand ourselves as high quality manufacturers with a trusted and compassionate management team. Since there are no national level competitors, competing on price is relatively unimportant, rather it is the PR branding that will be most lucrative for attracting consumers. Another sector that has used this strategy effectively has been the high end network devices industry, where IBM uses its PR to brand itself a the trusted leader in quality and efficiency.
Our marketing technique needs to play on the increasing complexity of consumer electronics. The importance our product comes when consumers are inundated with current consumer electronics, therefore our marketing strategy should be to brand ourselves as an efficiency device.
