Marketing Plan of Samsung 49CHG90 Gaming Monitor-Myassignmenthelp

Question: Write a report on Marketing Plan of Samsung 49CHG90 Gaming Monitor. Answer: Introduction Background On June 9, 2017, Samsung launched its49" CHG90 QLED Gaming Monitor that has the groundbreaking Quantum dot technology and is HDR-enabled. Samsungs new QLED is being planned to be introduced in the Australian market from early November 2017. Paul Sharpe, the Director of Samsung Electronics Australia expects that the brilliantly curved design along with fantastic performance and fast response time will sweep the Australian young market. (VILLAS-BOAS, 2017) Specific features The super ultra wide 32:9 HDR has resolution of 3840 x 1080 with 1800R curvature.(Halliday, Samsung announces Australian availability for its 49-inch CHG90 QLED Monitor, 2017) The gaming giant Samsung boasts of having introduced the widest gaming monitor across the globe that will offer virtual stutter-free and tear-free gaming experience. It has twice the perceivable brightness and colors are offered by the sRGB standard and has 1ms motion picture response time that will provide flawless smooth action scenes. The most amazing feature of this product is its eye-saver mode which cuts down blue light emission so that players can play for hours with less eye strain and greater visual comfort (Samsung, 2017). Situation Analysis With the launch of 49" CHG90 QLED Gaming Monitor, Samsung is eyeing the young market in Australia. Samsung is working with game developers to develop games that support HDR which is currently only limited to few movies and TV shows. Although, Samsung is the first one to introduce this product, it is utmost necessary to assess the internal and external market environment to develop a strategic marketing plan. This plan will help to understand the position of the product in the market and will facilitate in introducing steps to improve marketing (Paul, 2017). Marketing Environment/SWOT Analysis Below is the SWOT Analysis of 49" CHG90 QLED Gaming Monitor that will help to identify the strengths, weakness, opportunities and threats this product has. Main Strengths The major strength of 49" CHG90 QLED Gaming Monitor is that it is launched by the most reputed Samsung electronics. The amazing features like the 32:9 HDR has resolution of 3840 x 1080 with 1800R curvature intensify its strengths. Australia has a good young population and sound economy; hence the market seems to be quite juicy. Australians are economically and socially quite sound and love to venture in new technology. Main Weaknesses It is expensive which can prove to be the greatest barrier Low awareness of the product. The company has not initiated ground campaigning in Australia. Since Amazon portal has not started in Australia, the pre-orders have to be booked only at Samsung.com(Brant, 2017) Main Opportunities Australia has an ample young population who are attracted with the latest device. Samsung can expand its distribution within Australia and especially in New South Wales, Queensland, Western Australia and Tasmania. It can even expand its marketing to other Asian countries like Singapore, Malaysia, etc. It can incorporate marketing policies like cash discount, interest free installments, buy back policy, refund policy etc. to woo customers(Richards, 2017) Main Threats The premium price is the greatest threat as this is not a necessity so the customers may not will to pay premium price. The competitors like LG, Panasonic, Sony, etc. have started negative publicity and marketing stating that their OLED technology is equally good like QLED. Very soon one of the competitors will launch an equal or similar product at affordable price and try all means to capture the market (Nerd Techy, 2017). Marketing strategy Vision Samsung aims to deliver ultimate gaming experience to its customers. The HDR-enabled monitor has eco saving and eye-saving modes which will provide an amazing experience to its users. Mission Experience fun-filled gaming more vivid colors without compromising on eye-health. Tagline Secured and eco-friendly gaming experience. Marketing Analysis As per the Australian Bureau of statistics the average income of people are increasing and this is going to be the trend in the coming years. Australia has the lowest unemployment rate in the world and hence there are umpteen chances that Samsung will have good market. The most likely consumer target market will fall in the slab between 18-30 years belonging to middle and upper income class. The statistical data of gaming monitors sales estimation was 1.2 million units in 2016 which doubled in 2017 and is estimated to reach 3.5 million units in 2018. (Brand Todhunter, 2016) Marketing Mix Strategy at a glance Product Ultra-wide -49-inch CHG90 monitor curved CHG90 features Double full HD QLED available in Monitor size of 27, 32 and 49. Energy saver Has eye saver mode Accessories like HDMI cable and installation software(Ware, 2017) Place Available at Samsung stores At Amazon or online stores Local retailers Promotion Booking Pre-order at Amazon Booking pre-order exclusively on Newegg.com Pricing Price for 49 is $1,499.99 or $125/month and if full payment is done within a year with Samsung financing then interest will not be charged. Price for 32 $649.99 or $54.17/month and if full payment is done within a year with Samsung financing then interest will not be charged. Price for 27 is flat rate of $599.99 Competitor Analysis The key competitors in the market are Sony, LG, and Panasonic. However, Dell monitors are ruling the Australian market for last 10 years. Reasonably priced Dells Ultra sharp monitors are available in varied sized monitors. LeG 49 full HD smart TV with web OS 49LH600T is also expected to give tough competition to Samsungs 49-inch CHG90 gaming monitor (Dell, 2017). Marketing Promotion, Objectives and Strategies Samsungs aim is to create product awareness and make the product available to consumers across the whole of Australia. The aim is to increase production of this product and make maximum units so that it reaches the remotest place in Australia from Darwin to Tasmania and from Perth to Queensland. The following 5 year plan gives a rough idea of the objectives and the strategies the company will develop and the action it will adopt to capture the market. First year Objective: To increase the production of units up to 20% in a year. Second year Objective: Do marketing via TV channels, Newspaper, Digital media and spend 20% of the budget on sales promotions and advertisement. Third year Objective: Target sales in NSW, Queensland and Victoria Fourth year Objective: Target sale in Darwin, New Castle, Tasmania, Perth and South Australia. Fifth year Objective: Ensure that the product has revolutionized the gaming experience and 7/10 Australian youth are aware of the product. Marketing Strategy The growth must be maintained and if a product survey is conducted, the customers feedback will help in assessing the product. Celebrities like Football players or cricket players must be involved in advertisements. Advertisement must promote the outstanding features of the product like eye-saver mode, energy savings, etc. The amount of growth in Australian gaming industry increases 20% every year and the aim is to target the new emerging suburbs and capture the 20% market. Statistical data demonstrates that on an average an Australian spends 88 minutes a day in video playing. Hence, the marketing strategy must just shift the players from video to Samsungs latest product. Marketing Objectives Use disruptive innovation techniques increasing market share to 40% in next five years. Reducing marketing expenses by 5% Improving customer awareness related to product by 30%. Financial objective Financial planning helps in managing the changes inside and outside the organization. Financial objective is to develop financial strategy that manages assets, liabilities, profits and cash flow. The company does internal auditing and ascertains that the percentage of profits increase in every quarter. Another financial objective behind the success of Samsung is its philanthropy and community service which has acclaimed great recognition. Improving profitability by 20% in 2 years Reducing overhead expenses by 5% Reducing liability by 5% Implementation and control of marketing plan Implementation control means making an evaluation and assessment of the general methodology that is used is driving good results. It is a kind of input control. The other two kinds of control that is strategic and operational control must be included to recognize the objectives and achieve the milestones. This will help in assessing the success and understanding the setbacks Conclusion Australian economy is growing at a steady pace. The younger population is increasing due to ease in Australias PR policy. This means that the average income of Australians is sufficiently high and they will be able to pay premium rate for Samsungs 49" CHG90 QLED Gaming Monitor. The current market analysis demonstrates that Australia is the right market for Samsung as Australia has huge young consumer base under 35-years who spend on an average 88 minutes on some kind of play on devices. The competition is tough because Dell, Sony, Panasonic, and LG will indulge in the market and come up with other products. There are risks and challenges but by adopting 5-year plan, Samsung can capture the market of whole of Australia. Samsung has to intermittently assess and evaluate its strategies and develop a detailed enterprise resource planning for establishing good customer relationship and gain customer loyalty. References Brand, J. E., Todhunter, S. (2016). Digital Australia ReporT. NSW: IGEA. Brant, T. (2017, June 10). Samsung Goes Wide With Intense 49-Inch Gaming Monitor. Retrieved october 3, 2017, from https://au.pcmag.com/news/48338/samsung-goes-wide-with-intense-49-inch-gaming-monitor Dell. (2017). S Series - Multimedia Gaming. Retrieved october 3, 2017, from https://accessories.ap.dell.com Halliday, F. (2017, september 29). Samsung announces Australian availability for its 49-inch CHG90 QLED Monitor. Retrieved october 3, 2017, from https://www.pcworld.idg.com.au/article/627963/samsung-announces-australian-availability-its-49-inch-chg90-qled-monitor/ Halliday, F. (2017, september 29). Samsung announces Australian availability for its 49-inch CHG90 QLED Monitor. Retrieved october 3, 2017, from https://www.goodgearguide.com.au/article/627963/samsung-announces-australian-availability-its-49-inch-chg90-qled-monitor/ Paul, I. (2017, april 7). Samsung's 49-inch mega-wide display may displace multi-monitor setups. Retrieved october 3, 2017, from https://www.goodgearguide.com.au/article/617376/samsung-49-inch-mega-wide-display-may-displace-multi-monitor-setups/ Richards, D. (2017, june 5). COMMENT: Samsung Facing Tough TV Market In 2017 As Competitors Challenge Their QLED Technology. Retrieved october 3, 2017, from https://www.channelnews.com.au/comment-samsung-facing-tough-tv-market-in-2017-as-competitors-challenge-their-qled-technology/ Samsung. (2017). 49" CHG90 QLED Gaming Monitor. Retrieved october 3, 2017, from https://www.samsung.com/us/computing/monitors/gaming/49--chg90-qled-gaming-monitor-lc49hg90dmnxza/ Samsung CHG90 49-Inch QLED Monitor Review. (2017, june 14). Retrieved october 3, 2017, from https://nerdtechy.com/samsung-chg90-49-inch-qled-monitor-review VILLAS-BOAS, A. (2017, june). Samsung just unveiled the widest computer monitor you can buy - here's how it looks in person. Retrieved october 3, 2017, from https://www.businessinsider.in/Samsung-just-unveiled-the-widest-computer-monitor-you-can-buy-heres-how-it-looks-in-person/articleshow/59073667.cms Wallace, M. (2017, june 9). Samsung Introduces Ultra-Wide 49-Inch QLED Gaming Monitor. Retrieved october 3, 2017, from https://www.forbes.com/sites/mitchwallace/2017/06/09/samsung-introduces-ultra-wide-49-inch-qled-gaming-monitor/#5e7ef2431285 Ware, D. G. (2017, June 9). Samsung unveils seriously wide monitor for $1,500. Retrieved october 3, 2017, from https://www.upi.com/Top_News/US/2017/06/09/Samsung-unveils-seriously-wide-monitor-for-1500/5771497028236/