Choosing a Product for Group Presentation

This presentation focuses on the product chosen for a group presentation, Easy Go Communicator. It discusses the benefits of the product for businesses and why it is considered innovative. The presentation also includes the marketing plan for the product, including SWOT and PESTLE analysis, the five forces model, and the BCG matrix. It explores the segmentation, targeting, and positioning strategies, as well as the marketing strategies and recommendations for the product.

ENTREPRENEURSHIP
CREATIVITY AND MARKETING

PART 1
Group Presentation

Choosing a Product
The product chosen for the present study is Easy Go
Communicator. It is been determined that with the
pace of time, businesses are preferring with innovative
and communication products for there usage. Thus,
by keeping this in mind, the company must develop
with Easy Go Communicator which will help to serve
greater satisfaction to the businesses. It is significant
for the people as the it allows to improve the
translation activities. It helps in improving
communiction within organisation. Thus, it is
considered to be a beneficial proposal for the
company for launching with a new product.

Continued...
It is an efficient products as communication is important
for all the businesses. So, by providing with the easy
go communicator, it will enhance the value of the
business operation and will be accepted by all the
businesses. As in the present time, businesses are
seeking for unique innovative products which can
attract large number of customers towards it. Thus, it
is important for the company to develop with the
products as per the preferences of the customers.
They can either target the children all the adults and
develop with products accordingly. Further, they can
use different easy go communicator for easy
translation. It will enhance the work opportunities for
sustainable development.

Justify why it is innovative
product
Innovation refers to adding value to the existing product
by enhancing its effectiveness with new ideas. Thus,
Easy Go Communicator is highly innovative in nature
as it is adding high value to the business
communication system. This will be successful in
attracting large number of people which includes
corporates, international businesses. Because it
assist in interpreting the message of foreign clinets.
The innovation in the product is due to the demand of
some new product so that they can enjoy easy
operations and become more progressive. It is
asserted that, the newly introduced product will highly
satisfy the businesses to a greater extent and will
ultimately increases the sales volume of the company.

Marketing Plan For The Product

SWOT analysis

Continued...
Strengths- It is more beneficial in terms of
communication as it will help to add value to
it by translating and interpreting information.
There is minimum chances of emerging
companies for producing with translators. It
will help in changing the demographics and
consumer behaviour as it will increase
standard of business operations. It is highly
untapped market.

Continued...
Weaknesses- It will include less capital so the
existing companies which are providing with
the translatror can emerge with the
continous change. This may increase the
competition level in the market. People may
not accept the products because of lack of
skills regarding its use.

Continued...
Opportunities- They may use differentiated features
and variants for attracting large number of
customers. It is highly unique product which may
be acquired by many people. It will develop the
options as to switch from traditional
communication methods to modern one.
Threats- The regulations and pricing policies set up
by the government may hinder the emergence of
the product in the market. There is interrupted
logistics and supply of raw material. Businesses
may adopt with internet options for better
information translation and interpretation.

PESTLE analysis

Continued...
Political factors- The companies who are developing with
the translators must ensure that they follow with the
policies determined by the government in respect to it
quality. They must also take into consideration the
pricing strategies so as to provide with the product at
adequate price.
Economic- It is highly competitive in nature as the firms
who are serving with the translators can develop with
this product so it may have negative or positive impact
on the policies, prices and interest rates of the
companies. Further, inflation or deflation availing in the
market may not affect the company as the people will
continue to use translators for better communication.

Continued...
Social factors- As people are fond of getting newly
innovative products so by serving them easy go
communicator will satisfy there needs to a greater
extent. Further, people will low income may also
afford it and can consume. This will be accepted by
the people as they will like the reliability of it and
develop positive values.
Technological factors- The product must be developed
by using latest technology. Like serving the easy go
communicator with unique features but having the
improper awareness of its use. Moreover, they must
also use effective packaging thing to attract the
people.

Continued...
Legal factors- The company must develop with the
product by aligning them to the legal norms stated
by the government. Furthers, the standards and
laws determined for the business trade activities.
Environmental factors- They must ensure that the
product or its left over is not affecting or damaging
the nature becuase of ultra ray present in product.
Thus it is important to use the material which are
easily recyclable to decrease the pollution level.

Five forces

Continued...
In the industry, there are many competitors which
are serving with the similar products to the
customers. Thus, it is important for the company
to evaluate with the five forces model to identify
with the market situation in an efficient manner.
Threat of new entrants- In the present time, many
companies are coming up with newly innovative
products so it is a greater threat for the cited
company to enter in this market. Thus, it is
important for the company to use with innovative
features of communicator and labelling to attract
large number of customers towards it.

Continued...
Threat of supplier- For the development of the easy
go communicator, there are small number of
suppliers for serving the raw materials to the firm.
Thus, it is high threat for the company to develop
with the products.
Threat of buyers- There are large number options
for the customers as in the market many
companies are serving with the similar products to
the people. So it becomes important for the firm to
come up with unique and attractive things so as to
attract many people.

Continued...
Threat of substitution- In the market there are
number of products which are serving with
the similar value to the customers as the
easy go communicator. So people can switch
to other options available in the market.
Competitors- There are large number of firms
which are serving with the similar products.
So there is high level of threat for the
company to sell there products.

BCG matrix
Star: This includes those organisations who
have better opportunity of growth and
hence, they can invest substantially in this
criteria.
Dogs: This situation arises when business is
at the verge of extinction due to its bad
services or nay other factor. If said product
is not able to match customer expectation it
can reach to this level.

Continued...
Cash cow: This is the situation of maturity
where growth level becomes slow. The
mentioned product can reach to this end at
the time of less demand sue to increased
competition.
Question mark: In this situation, growth level
is high with less expectation of good returns
on the products.

Segmentation, Targeting and
Positioning
Segmentation-
Market Segmentation is regarded as the single market which
is divided into different segments. The company has made
the segmentation on the basis of three categories. There
is comprised of demographic as well as psycho-graphic In
case of geographic segmentation the international
businesses. This is in order to increase the attention of the
particular segment and driving towards their requirement.
Moreover the segmentation is done on psycho-graphic
basis. Under this on the basis of life style of the population
the easy go communicator would be offered. The firm
would comply with the approach that is customer focused.

Targeting
After the segmentation the next is selection of the
target market. There is existence of three types of
targeting strategies. It includes concentrated,
undifferentiated as well as differentiated. The
company can comply with differentiated marketing
strategy. Here the brand can target towards the
children and can offer greater range of the
communicators which will help them to attract
many customers towards it. For the business
people it can provide other products such as
communicator with to-do-list software, etc.

Positioning
The positioning is regarded as the strategy that is
sued by the firm in order to differentiate from the
several competitors. The cited company can
position itself in the market by increasing the
sales by providing higher quality of the water at
adequate price. Further there is presence two
basic strategy in relation to positioning that can be
used by the business. This is comprised of
differentiation or low cost strategy. It is dependent
on the kind of customer base it is choosing in
carrying out the positioning of the product.

Marketing Strategies
The promotional strategy for the company is highly
important as it helps the firm to promote the products
and services at the large marketplace. It facilitates to
integrate all resources and support business to
increase overall rate of return in the marketplace,.
Furthermore, the company must adopt with efficient
marketing strategies which may attract large number
of customers towards its business. They may go for
advertisement which may include different television
ads so that professional may be attracted and highly
influenced for the purchase of it. Moreover, social
media marketing strategies will be used as majority of
people access varied mode of communication like
Facebook and Twitter.

Continued...
Further, it is important to determine the
benefits of the easy go communicator over
the traditional communication methods so
as to attract wide range of customers
towards it. Thus the conevinence in it should
be stated to influence the people for its
purchase. Moreover, awareness among the
people is necessary as it will make there
mind for buying it.

Recommendations
According to the innovative ideas of the business, it is
important for company to update with the changing
scenario and deliver good quality of services to large
number of customers. It proves to be effective to
ensure optimum utilization of limited resources. For
this purpose, management of organization should get
feedback from consumers that how they like the
product and there preferences for it so that company
can come up with it and satisfy the customers. It is
because if services are of higher quality then it
becomes easy to enhance the rate of return as well
as rating the offered services.

REFERENCES
Scott, P., Gibbons, P. and Coughlan, J., 2010. Developing
subsidiary contribution to the MNC—Subsidiary
entrepreneurship and strategy creativity. Journal of
International Management, 16(4), pp.328-339.
Slater, S.F., Hult, G.T.M. and Olson, E.M., 2010. Factors
influencing the relative importance of marketing strategy
creativity and marketing strategy implementation
effectiveness. Industrial Marketing Management, 39(4),
pp.551-559.
Webb, J.W and et.al., 2011. Where is the opportunity without
the customer? An integration of marketing activities, the
entrepreneurship process, and institutional theory. Journal
of the Academy of Marketing Science, 39(4), pp.537-554.

Thank you...