NYX Navi Marketing Mix Strategies- ABM3314 Entrepreneurship Report

This report provides an analysis of the marketing strategies for NYX NAVI, a navigation console developed by NYX Company. The report focuses on the 7P marketing mix (Price, Promotion, Physical Evidence, People, Product, Process, and Place) to attract customers towards NAVI. The pricing strategy i...Read More

MARKETING MIX: NYX NAVI
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Table of Contents
Introduction................................................................................................................................3
7p Marketing Mix for the Products of the Company.................................................................3
Conclusion..................................................................................................................................6
References..................................................................................................................................7
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Introduction
This report focuses on the marketing strategies for NYX NAVI (navigation console) and is
mentioning the appropriate process to market this product. The NYX NAVI is a center
console and it has been designed with new technologies. NYX Company will implement
effective strategies to attract customer towards NAVI.
7p Marketing Mix for the Products of the Company
Price: NYX will carry out a market survey of the price of the products similar to those it
manufactures. The survey report will provide information regarding the current market rate of
the products (Moreno-Munoz et al. 2016, p.78). The price of NYX NAVI is 300 RM which is
reasonable for such technological equipment (Nyxbikes.com, 2019). Following figure is
showing different pricing strategies and among all these this organization will consider
competition pricing strategy to set price for Navi. This strategy will be implemented by
understanding buyer personas and conducting a market survey, which will help to collect data
about competitors’ pricing. Ensuring high technological advancement is expensive. However,
this strategy will also be implemented after controlling the production cost for setting an
affordable price of Navi and gain competitive advantage.
Figure 1: Types of pricing strategies
Name of competitors Price (In RM)
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NYX 300
Motogear 550
Lazada 350~456
Promotion: Social media strategy will be adopted by NYX Company to conduct marketing
of NYX NAVI. This strategy will help the organization to reach its target market easily.
Target market like young aged individuals will be attracted to buy this central console
through different social media channels like Facebook, Instagram. NYX will use social
websites like Facebook and YouTube to promote its NYX NAVI. Advertisement will be
posted on the Facebook page of NYX Company. This company will share links of their
online store on different groups through advertisement to drive maximum people towards
their product. NYX will encourage Facebook users to share their thoughts on NYX’s
Facebook page. First, video of the navigation console will be posted on YouTube for
introducing the product (Nyxbikes.com, 2019). The second video will describe the
specifications of the product and will describe how to use it. This will enable customers to
have an idea regarding use of the product. NYX Company will also use their website to
promote the product to the target customers and collect feedback from them (Kotler et al.
2015, p.59). Moreover, NYX NAVI will also be promoted in local media like television ads
and technological magazines.
Figure 2: Active social media users in Malaysia
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(Source: Statista.com, 2019)
Physical Evidence: Product of NYX Company will appear attractive for its innovative
design. Navi has a modern design and it is compact in size. This physical appearance of this
product is potent to attract new-age customers. NYX Navi is a center console and it is
designed with technological advancement (Nyxbikes.com, 2019). For the customers to
understand the features of the Navi, the company will provide a demo of the Navi. In the
demo, the customers should be shown the features of the Navi, the advantages of this device
and the process to use those features after purchasing. It is important to tell customers general
features of the product including lighting, weather forecast, map service, and others.
People: NYX Company will understand basic needs of their employees and will fulfill all
requirements through the product. This approach will help NYX to increase job satisfaction
and satisfied employees will provide their best effort. For a business company, the first aim is
to take the people into confidence. Through appeasing the customers, their loyalty will be
gained (Išoraitė, 2016, p.29). NYX will conduct market research to understand the market
demand. Based on the preferences of the customers, NYX will train their people, who will
sell Navi. NYX has laid out its aim to provide a revolutionary experience to the cyclists. The
aim clearly shows the importance that is attached to the experience of the cyclists. The
targeted customers range from rich to average middle-class people. Production cost of Navi
will be controlled by applying different strategies like recruiting skilled workers and
satisfying them to reduce employee turnover. Hence, proper service will be given to
consumers that will make them feel happy. Effort of employees of NYX will influence
customers to rely on the product and purchase it.
Product: NYX is focusing on product design and features to meet expectations of target
customer group. A better quality product having latest technology will grab more attention
(Yaghoubian et al. 2018, p.3).
Features: Product, in this case, is NYX NAVI, which is a central console that will increase
comfort of customers like extreme travelers. Different features of this product include
lighting that is achieved through 600 lumens LED light. Moreover, it helps the rider to
analyze the weather by providing on the clock weather forecast. Main feature of this product
is navigation, which will guide the riders to find any locations through map services.
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Quality: Navi is a high quality product that is being offered by NYX to fulfill expectation of
their customers. On the other hand, customers are getting this high quality technology at
affordable price.
Safety: This product has some protective parts like military-grade plastic and corning gorilla
glass that improves its reliability. This product will cause no harm to its customers for its
simple and harmless design.
Warranty: This product is holding 2 years of warranty period. If it fails to serve as promised
by the company within 2 years, those customers are allowed to return or change the product.
Brand name: Brand name has been there in the middle of this consoler. Buyers will check
the brand name while purchasing this product. NYX is the brand name of this center console.
Figure 2: NYX NAVI
(Source: (Nyxbikes.com, 2019)
Process: Processes is another essential component of business to delivery of service for
which the customers is paying (Mohammadi and Gilaninia, 2016, p.6). NYX will be
extremely particular regarding the processes it follows. For maintaining customer
satisfaction, this company will provide after-sales service. This kind of approach will help in
tackling customer issues. NYX NAVI is a complex navigation system and customers will
find a problem to use it properly. Properly trained service officials of NYX will be there to
provide assistance to customers in case NYX face any problem.
Place: Finding the perfect place for releasing the product in the market is an essential part of
strategic planning (Pogorelova et al. 2016, p.6751). NYX NAVI will sell exclusively in
different retail stores and supermarkets in Malaysia. Moreover, the navigation console NYX
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NAVI will also be sold online and details about the product includes description, price will be
provided to customers. The navigation console will be sold directly to customers through the
company's own stores located in different parts of the country.
Conclusion
From the entire discussion, it is concluded that NYX Company is a relatively new company
in the business of cycles. However, this company is putting effort into developing innovative
products to occupy more marketplaces. As it is a new entrant, NYX will aim to make a
powerful impact in the market. Primarily, NYX will focus on building its brand name to
attract customers. This will help NYX in building own space in this competitive market.
NYX NAVI is one of the most promising products of the company that aims at
revolutionizing cycling experience. This product will be properly promoted and marketed for
the benefit of cyclists.
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References
Journals
Išoraitė, M., 2016. Marketing mix theoretical aspects. International Journal of Research–
Granthaalayah, 4(6), pp.25-37.
Kotler, P., Burton, S., Deans, K., Brown, L. and Armstrong, G., 2015. Marketing. Pearson
Higher Education AU.
Mohammadi, M.S.O. and Gilaninia, S., 2016. Investigation to Dimention of Marketing
Mixcher and Effective on Market Cogination. Kuwait Chapter of Arabian Journal of
Business and Management Review, 33(2647), pp.1-8.
Moreno-Munoz, A., Bellido-Outeirino, F.J., Siano, P. and Gomez-Nieto, M.A., 2016. Mobile
social media for smart grids customer engagement: Emerging trends and challenges.
Renewable and Sustainable Energy Reviews, 53, pp.1611-1616.
Pogorelova, E., Yakhneeva, I., Agafonova, A. and Prokubovskaya, A., 2016. Marketing Mix
for E-commerce. International journal of environmental & science education, 11(14),
pp.6744-6759.
Yaghoubian, S., Jahani, M.A., Yazdani-Charati, J. and Mahmoudi, G., 2018. The role of
marketing mix (the 7 Ps) in patients’ attitudes to Iranian hospitals based on their kind of
ownership (case study in Iran). International Journal of Healthcare Management, pp.1-5.
Websites
Nyxbikes.com, 2019, nyx-x4, Available at: <http://www.nyxbikes.com/nyx-x4> [Assessed on
27th July, 2019]
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