Touch Screen Alarm Clock Marketing Plan Term Paper

Touch Screen Alarm Clock Marketing Plan - Term Paper Example l ensure that it successfully meets the requirements of every customer by charging reasonable price for the product range and provide features in the alarm clock accordingly. Since the business environment is becoming fierce and competitive, it has become vital for the companies to carry out a market research before launching the product in the market (Ranjhita, 2011). With the help of the research, it was found that the touch screen alarm clock has a huge potential for the new entrants and entry barriers are relatively low (Cako, 2005). The new entrants can be very challenging to deal as the competition via new entrants gets fiercer in the business market. In US, every top ranked brand is offering its products but there are some areas where people have limited access to these clocks. This limited access creates an opportunity for other organizations to market their products. The three areas identified by our company are Ohio, Florida and California; the geographic segmentation has been done to get a clear picture of the type of customers that the company will be targeting. From the analysis of the research findings, it is decided that the brand name will be â€Å"Express Alarm Clock† and it will comprise of two models on the basis of features. One model will be simple with fewer features and other will be with complicated features and it will consist of extremely high technical features. The two models are decided upon according to the needs and demands of the target market. The other aspects of the marketing plan are discussed below in detail. In order to cater the right target market, it is important that the target market is decided beforehand which will ensure that there will be certain number of consumers who would be willing to buy the product (Flink, 2011). The target market of this new touch screen Alarm Clock is as follows: Lifestyle: Depending on the life cycle stage; young children and adults who are fun-loving, adventurous and technologically savvy.