Marketing Recommendations for Minnesota Micromotors

This assignment presents a memo from the CEO of Minnesota Micromotors (MM) outlining recommendations for optimizing future marketing practices. The memo emphasizes the need for new product development in related areas, expanding into global markets with a premium pricing strategy, and utilizing a combination of traditional and digital marketing techniques like social media and an app for customer engagement. It also highlights market penetration strategies and the importance of training sales staff to understand the company's R&D capabilities.

Memo for recommendation for
Minnesota Micromotors, Inc.
Student Name: Student ID:
Subject Name: Subject ID:
Date Due: Professor Name:
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To: Board of Directors of Minnesota Micromotors (MM)
From: CEO, Minnesota Micromotors (MM)
Date: 27th September 2017
Subject: Recommendations for optimizing MM future marketing practice
Minnesota Micromotors strategic marketing vision has been working fairly well in currently as
well as in the past. It has been successfully able to create a nice position for itself in the area of
brushless, direct current (BLDC) motors with presence of a large number of competitive market
participants. Analysis of its cumulative revenue and market share depicts positive trends
however, there is presence of advantages that it can use to leverage its niche potentiality and
promote its brand presence in the market. In order to capture more market share, the company
needs to focus on new product development. Till now the company has been focusing on
development and designing of orthopedic products only, but its research and developmental
capabilities can further be extended to accommodate scopes for products in related areas as well.
New products will act as a brand extension for the current brand and some marketing
communication techniques can act for leveraging outcomes for the product.
Marketing is the sole criteria for the company that can help it create a sustainable market share
and develop brand loyalty from its customers. Till date the company had been striving to
establish its competency in the field with its orthopedic products, but in the new strategic focus it
will aim at extending its scope. The company will devise an exclusive team of marketing
personnel who will be trained to attend to more distributor segment and healthcare personnel for
making tie-ups for selling the product. A related product in the field as testing instruments can
entail development of product categories generating more brand recognition for the company.
For such endeavors there needs to be extensive investment related to marketing communication
tools. The company had been focusing on smaller market share till date, with new products it can
establish broader market focus. It can aim to diversify in global areas where such products are
not available or there is lower rates of competition. With its high end quality, the company can
focus on creation of market share in all potential areas in global markets as well. It will need to
develop its global supply chain for furnishing products across all markets that it will cater to in
the future. It will position its product in the premium product segment across all categories of
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product with premium pricing policy, though it will attract a sizable proportion of the population
but with global market share its scope will increase.
For marketing practices, the company will need to focus on newer marketing techniques and
strategies as increasing sales force and including new methods. The company till date had been
resorting to traditional modes of marketing but with development of new products it will aim at
social media marketing and digital promotional techniques. Combining traditional techniques
with digital ones will allow the Company create more competitive advantages for catering to a
broader spectrum of customers. The Company including bannering, poster at healthcare centers,
television and other form of advertisements will accommodate traditional modes of
advertisement. Social media and digital marketing techniques will attract more customers,
which will be aimed at retaining by the company. Along with social media and digital marketing
techniques of Facebook, Twitter, YouTube and other promotions it will also be developing an
App through which customers will be able to order products. The App will leverage companies
marketing capabilities to cater to more number of markets, where customers will be able to order
products in an easier manner. All its tactics will be bend on attracting customers in developing
economies where there is present substantially large number of customers with higher propensity
to spend. Such consumers across greater geographical segments will offer the company with
varied type of psychographics. With increasing number of demographic segment, consumers will
be from varied differing areas will render sustainability to the business.
The Company will aim at conducting frequent market surveys for collection of data and in
analysing them. It will collect data through social media platforms through questionnaires and
surveys, this will help the Company attract attention from a broader range of the market. While
increasing market share in developing markets, outside the U.S., the Company will need to adopt
price leadership strategy. It will initially set higher prices for products while introducing new
products and then later reduce the price. Along with market expansion and product development
strategy, MM will also adopt market penetration strategy for catering to larger demographic
segment of customers. It marketing and sales staff will need to be continuously trained and
developed in order to understand R&D of the Company. Overall it will need to increase its
marketing budget to incorporate larger segment of the market and attain sales growth in the area.
It will have to make tie-up with distributors as well as suppliers of orthopedic products in
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developing countries such that it can easily enter such markets. In order to create a brand in new
markets, it will need to offer larger distributor profits such that they are able to generate a sizable
market share. It sales force will be primarily focused on attracting more distributors and
healthcare personnel to the products of the Company. It will have to deploy multi-channel mode
of distribution for its various products for increasing its strength in the market. Through such
marketing endeavors the Company will be easily attract larger share of consumers and create a
brand recognition globally. It revenue and growth will allow it to support rapid market
development and sustainability with respect to research and development criteria. Its competence
in the automated sector will allow it to create competitive advantage and extend its core
capabilities. Its servicing capabilities will allow it to attain greater levels of growth in the
automation segment with exclusive product range.
Best,
CEO
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