Market Research Essay Sample

Market Research

Executive Summary

A 3G tracker device is a security service device manufactured by the Excel Soft Company developed in order to enhance security of valuable products such as computers, mobile phones, and vehicles. This device provides protection against theft for the above mentioned items. The device will transmit high-speed access to visual and voice services through the use of 3G network connection. This is an improvement of the existing tracker that used dial-up internet services that offered a speed of approximately 60 Kbps (Wang, Ng, 2002). As a result, this service will eliminate the instances, where one waits for several minutes to know the exact location of his or her valuable product over a dial-up connection. The advantage of this service software is that it will boost and enhance strength of all the available networks. The blueprint or market plan for this service is achieved through market research, where different marking strategies for the service are identified. In addition, this is achieved through the identification of different sales points across the globe. The Excel Soft Company considers geographic, behavioral, and demographic market segments in order to stand a better chance in market competition. The SWOT analysis is the analysis of the company’s strengths, opportunities, weaknesses, and threats (United States, 2009).

Market Research

A 3G tracker service by the Excel Soft Company will be a redesign of the existing tracker. The 3G tracker service is available in the following gadgets: mobile phones, portable computers, or the invisible units that are embedded on the product or device to be tracked. Either the software or the invisible gadget is controlled by the owner through the use of a tablet. The new service tracker aims at providing better and long lasting security services in collaboration with local network providers. Upon installing the software one can access high speed visual and audio alert services for his or her secured item. The device can submit warning sounds and visual images whenever the secured item is touched or possessed by another person rather than the one whose scanned image and finger prints appear in the control computer. For instance, if this service is used in vehicle and the vehicle is stolen or involved in an accident, then the owner will receive warning sounds and images. Transmission of such warning is instant, because the device uses a 3G network connection (Wang & Ng, 2002). The right owner of the vehicle can then report to the intelligence security office with tangible evidence for an investigation. In addition, the service provides GPRS for the scene of the incident, which helps the security intelligence department to track the vehicle or stolen items.

The blueprint of the above service is the design, pattern, or a guide for making this tracker. Since this service will be profitable to the company, the blueprint can be interpreted as a business plan. The following are some steps that outline business plan or a blueprint for the 3G tracker. First, the Excel Soft Company has carried out the research on the communication industry, competitors, and the available market. In the end, this company has identified its strong points in terms of sales, especially in the countries, where other market rivals are not willing to diversify operations. The company intends to sell the new 3G tracker device software together with other software and security tools. This is because different devices and software have different sales value, returns, timescale, and discounts. Hence, this service will perform relatively better, as compared to that of its market competitors offering almost similar security services (Coen, 2009). For example, the price of particular software may be set higher, as compared to that of a competitor to earn a subsidy for the 3G tracker service device. Secondly, this service makes use of marketing strategies that suit client’s needs and priorities. For example, the company can sell these devices directly to the customers, rather than through the Ministry of Security and Defense; hence, outweighing competitors, who sell software and devices through this Ministry. Moreover, this company offers training in installation and usage of this security device; hence, creating a greater market opportunity, as compared to other companies.

Market segmentation is a method, by which this company will utilize statistics in order to identify various means to reach the customers relative to those of competitors. Therefore, this company has broken the market down into the smaller segments that target to reach a specific group of customers. Consequently, this earns a competitive edge, because this company focuses on the consumers’ needs by the use of the latest technology in the industry (Cahill, 2006).

A marketing plan is a written document that outlines the company’s marketing strategy and the current market position. It also describes the steps that the business will take in order to achieve its projected market objectives. The company’s market objective for the next two years is to diversify services to all continents. To achieve this, Excel Soft is selling the 3G tracker device together with other types of software; hence, subsidizing activities. In addition, this company wants to advance its services and even manufacture the devices that use 4G network connections (Coen, 2009).

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SWOT is a management tool that is used to judge the capacity of a corporate unit to compete with others in the market. It stands in for the words strengths, weaknesses, opportunities, and threats (United States, 2009). The major strength of this business is the financial performance that helps it to compete with other security devices and software manufacturers. It also has a good reputation for the high-quality products worldwide. Additionally, Excel Soft has good distribution outlets that ensure that devices and software are distributed across the globe to meet customers’ needs (United States, 2009). The company also trains customers on the ways to install and use the software; hence, attracting a great number of customers. The opportunities available to this firm include cloud computing, which intends to maximize a high-tech initiative. The approach is likely to bring more returns to the corporation in a short run. However, the major weakness is that the firm’s security devices regularly face criticism due to the security flaws, as well as slow pace of innovation of the programs (Wang & Ng, 2002). In addition, this firm’s dependence on the hardware manufacturers, such as Toshiba, Dell, HP, and Blackberry to run its security devices and enhance track process, is another drawback.

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