Marketing Products for Effective Marketing Media

Describe about the Marketing Products for Effective Marketing Media.

Introduction

Marketing products through effective marketing media is essential for all the business organizations. According to Grönroos, C. (2014),to take effective marketing strategy, the organizations have to analysis the internal and external marketing conditions effectively. In this situation, marketing mixes analysis is also essential for taking effective marketing strategies for development of the business organizations. This research paper illustrates the effective marketing strategy of the new startup organizations PLX Technologies.

Product description and current market analysis

Marketing become a useful medium for promotion of startup businesses. A PLX device is a type of electronics devices which can be used as the connectors for connecting various types of electronics elements of a computer system. The devices were created by the organization PLX Technologies. The organization is based on the city of California. The organization wants to take effective marketing strategies for promoting their devices in suitable marketing media in order to get recognition in the Australian market that helps them to boost their sales of the latest technology PLX Devices.

Legion Do-It-Yourself Solar by PLX Devices

Legion Solar is much affordable and very convenient for the people to use. It is a Do-It-Yourself (DIY) solar solution introduced by PLX Devices that the people can install quite easily. Unlike the traditional systems, the Legion DIY Solar pays for three times faster thereby ensuring the effectiveness of its operations. With the help of this DIY system, the consumers are able to easily design a system according to their needs (Howard, 2014). The Legion DIY Solar system is much cheaper and quite suits the budget of the consumers which, in turn, will uplift their lifestyle standards. It also has an EdgeMount system that can allow the people to easily mount the panels by not compromising with the integrity of their roof. By installing such device, PLX Devices can monitor their savings from anywhere without difficulty. This product helps to send power to the homes electric grid by simply plugging into any standard outlet. Nowadays, the human needs are growing day by day and they desire to enhance their lifestyles. Thus in order to be sustainably alternative, PLX Devices has introduced Legion Do-It-Yourself Solar system to meet the consumers’ needs.

In this scenario, to get familiarity in the Australian market, the organization PLX Technologies has to take effective marketing strategies. For taking effective strategies for promoting their products, the organization has to first analysis the recent market of the country Australia that helps them to understand the current market trends, customers’ demands, their major competitors and many other factors that directly affects their business strategies. In accordance with Borden, N.H. (2014),to analysis the current market of the country Australia, PESTEL analysis and Porter’s five forces analysis is the two most effective medium.

PESTEL analysis:

It is the acronym for political, economic, social, technological, legal and environmental factors. It helps the organization to understand the external factors of the organization effectively that directly affects their smooth running processes.

Political: As the political stability of any country directly affects the smooth running process of any organization, so the organization PLX Technologies has to analysis the current political situation of Australia(Fornell, et al 2015).

Economical: The economic factors analysis of the country helps the organization to understand the economic stability, economical condition of the Australian that directly influences the buying behaviors of the countrymen.

Social: The PLX device is modern day electronics equipment. The social factors analysis helps the organizations to understand the life style changes, the needs of the customers.

Technological:It helps the organization to understand the new technological revolutions of the modern days. It also helps them to compare their technology with other modern day technologies.

Legal:According to Zou, et al (2012), to run their business effectively, the organization PLX Technologies has to be familiar with the legal factors of the country. It helps them to identify any types of changes in the legal factors of the country.

Environmental:As a business organization they also have to be concern that that technology could not make any harm to the environment.

Porter’s five forces analysis

Porter’s five forces analysis is also an efficient tool to understand the position of the organization in the current market of Australia. The five factors of this analysis tool are:

Threat of new entrants (high):The Australian market is growing industry for the electronic devices, so the threat of new entrants for the organization PLX Technologies is high.

Threats of substitutes (high):The organization is a new PLX brand in Australia, so the threat of substitute is also high.

Bargaining power of buyers (high):According to Howard, J.A. (2014), as there is many options available for the buyers of the electronics goods in the Australia market, so the bargaining power of the buyers of the PLX devices is high.

Bargaining power of suppliers (low):There are many reasonable vendors available for supplying raw materials for the development of the PLX devices, so the bargaining power of the suppliers is low.

Degree of rivalry (high): The Australian market is one of the major competitive market place for electronics devices, so the degree of rivalry is high.

SWOT analysis

To take effective marking strategies for promoting their new products in the market, the organization PLX Technologies has to analysis their internal factors effectively. To analysis their internal factors, SWOT analysis is an effective tool.

Strengths: As the PLX devices are very useful for the users, so the organization PLX Technologies has great scope for enhancement in their sales.

Weakness: The organization is new in the market of Australia, so the organization suffers from the problem of lack of effective brand reputation in the market that directly affects the buying behaviors of the customers.

Opportunities:PLX device is one among the latest technology devices of modern days. So the organization PLX Technologies has great opportunities in the market of Australia.

Threats: The organization is new in the Australia market, so the organization suffers from the problem lack of reputation in the market that leads to reduce their scope of getting competitive advantages over its major rival companies.

Nature and scopeof marketing

Marking is essential for all the organizations to convey their messages to their target customers that help them to attract maximum number of clients to their organizations. It is also most essential for the startup organizations also (Cavusgil, et al 2014). PLX Technologies is one among the start up organizations of Australia, so they have to take effective marketing strategy for promoting their business in suitable marketing media in order to attract more number of customers to their organization that leads to enhance their brands reputation in the market besides boosting their sales revenues. Marketing can be of two type namely print media marketing and online media marketing. Print media marketing is the traditional way of marketing whereas the online media marketing is the promotion of the products among the target customers through online media platforms. Besides this social media marketing also helps the organization PLX Technologies to promote their products among their target clients.

Effective marketing have various scopes for the startup organization named as PLX Technologies:

Marking in efficient marketing channels helps them to attract maximum number of customers to their organization that leads to boost their sales and profit margin.

Effective marketing also helps them to get familiarity in the market.

Marketing research techniques and importance

According to Peter, et al (2014), to take effective strategies for promoting their products among their target customers, the organization PLX Technologies has to analysis the market effectively. The five effective steps of the market research and their importance are as below:

Identification of the problems and setting up research objectives: The first step of the market research is to understand the problem and identify the objectives of the market research processes.

Development of research plans: The organization PLX Technologies has to make effective market research plans in order to collect necessary information about the current market.

Collection of information: The organization also has to collect the information about the current market effectively in order to get the best result from that.

Analysis of information:Using various statistical data analysis tools, the organization PLX Technologies has to analysis the results of the collected data (Rust, et al 2014).

Findings analysis: Now the organization has to take effective marketing strategy as per the situation demands in order to get success in the market.

In this scenario, the information collection techniques can be classified into two groups namely Quantitative and Qualitative research methodology. As per Ramaswamy, et al (2013), Qualitative research means analysis of the past data about the market to understand the current market effectively. On the other hand, the Quantitative methodology indicates the process of collecting data from the target customers about the current market demands and situations.

Marketing mix and extended marketing mix

To take effective marketing strategies for promoting their business, the organization PLX Technologies has to understand the marketing mixes effectively. The four effective components of the marketing mixes are:

Products: The organization has to take necessary initiatives to improve the quality of their products that helps them to attract more clients to their organization. Improvement in the product quality also helps them to enhance their brand reputation in the market that is also necessary to attract customers to the organization.

Price: In accordance with Van Waterschoot, et al (2012),the organization PLX Technologies has to offer their products within reasonable prices that lead to give them competitive advantages in the Australian market. In way they can be able to attract more customers to their organization that also leads to boost their sales revenues and profit margins.

Promotion: As a startup company the organization PLX Technologies has to take effective strategies for promoting their business through suitable marketing channels such that the get recognition in the Australian market (Jain, S.C., 2015). In addition, the organization also takes the strategy of special discounts or special offers as a tool of their promotional strategy for promoting their business among their target customers.

Place: Identification of suitable marketing channel is also essential for effective promotion of products. The organization PLX Technologies has to take effective strategies for identification of suitable marketing channels to promote their products (Grönroos, C., 2013).

The extended marketing mixes became an effective tool of marketing strategy. This model has three more effective components named as physical, process, and people.

Physical:The attractive designs and layouts of the physical stores of the organization also may attract maximum number of customers to their organization.

Process:Besides the traditional marking processes, the organization PLX Technologies also should sell their products through online mode. In this case, they have to take effective and latest technologies for designing their online website and also have to offer safe and secure payment options to their customers.

People: To enhance their customer service the organization also has to concentrate on their public relation process. They have to communicate with their client effectively and also have to train their employees effectively such that they can be able to provide proper support to their customers.

Conclusion

This research paper describes the effective marketing strategies for the startup organization PLX Technologies. To get familiarity in the Australian market, the organization has to take effective strategies for promoting their business in suitable marketing channels. As per Yoo, B., et al., (2012), to analysis the internal markets of the organization, SWOT analysis is most helpful whereas to analysis the external market of the organization, PESTEL and Porter’s five forces analysis are most effective. This research paper also describes the extended marketing mixes besides the 4 effective elements of the marketing mixes. Thus the research paper illustrates the effective marketing strategies for the organization PLX Technologies that helps them to expand their business.

References

Borden, N.H., 2014. The concept of the marketing mix. Journal of advertising research, 4(2), pp.2-7.

Cavusgil, S.T. and Zou, S., 2014. Marketing strategy-performance relationship: an investigation of the empirical link in export market ventures.The Journal of Marketing, pp.1-21.

Fornell, C. and Wernerfelt, B., 2015. Defensive marketing strategy by customer complaint management: a theoretical analysis. Journal of Marketing research, pp.337-346.

Grönroos, C., 2013. Keynote paper From marketing mix to relationship marketing-towards a paradigm shift in marketing. Management decision,35(4), pp.322-339.

Grönroos, C., 2014. From marketing mix to relationship marketing: towards a paradigm shift in marketing. Management decision, 32(2), pp.4-20.

Howard, J.A., 2014. Consumer behavior in marketing strategy.Prentice Hall.

Jain, S.C., 2015. Standardization of international marketing strategy: some research hypotheses. The Journal of Marketing, pp.70-79.

Peter, J.P., Olson, J.C. and Grunert, K.G., 2014. Consumer behavior and marketing strategy (pp. 122-123). London: McGraw-Hill.

Ramaswamy, V., DeSarbo, W.S., Reibstein, D.J. and Robinson, W.T., 2013.An empirical pooling approach for estimating marketing mix elasticities with PIMS data. Marketing Science, 12(1), pp.103-124.

Rust, R.T., Lemon, K.N. and Zeithaml, V.A., 2014. Return on marketing: Using customer equity to focus marketing strategy. Journal of marketing,68(1), pp.109-127.

Van Waterschoot, W. and Van den Bulte, C., 2012. The 4P classification of the marketing mix revisited. The Journal of Marketing, pp.83-93.

Yoo, B., Donthu, N. and Lee, S., 2012. An examination of selected marketing mix elements and brand equity. Journal of the academy of marketing science, 28(2), pp.195-211.

Zou, S. and Cavusgil, S.T., 2012. The GMS: A broad conceptualization of global marketing strategy and its effect on firm performance. Journal of marketing, 66(4), pp.40-56.

 

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