Design a marketing plan to specifically target one new consumer segment for one product offered by the firm LOGI TECH INTERNATIONAL S.A. You are to develop a separate campaign plan that can be added to the main plan already in use at the firm (i.e., not a totally new marketing plan).

QUESTION

Design a marketing plan to specifically target one new consumer segment for one product offered by the firm LOGI TECH INTERNATIONAL S.A. You are to develop a separate campaign plan that can be added to the main plan already in use at the firm (i.e., not a totally new marketing plan).

The firm’s marketing plan defines how they connect with their customers. For this assignment, think of this marketing plan as an addendum to the firm’s on-going marketing efforts. The addendum should be designed to specifically target one new consumer segment for one product offered by the firm. You are to develop a separate campaign plan that can be added to the main plan already in use at the firm.

Your marketing plan (about 1,000 words) should contain the sections listed below. This week you are submitting a long essay describing:

• Introduction: give enough information about the company so that a reader unfamiliar with the firm will be able to understand what follows. At a minimum, describe the current customer base or markets within which the product is currently being marketed.
• Description of the market (to include economic system) that will be targeted in this new plan.
• Analysis of firm’s and/or product’s competitive position in that new market.
• Narrative describing marketing tactics.
• Narrative describing differentiation from the competition.
• Marketing Program Assessment: How will the firm determine if the plan is working (i.e., achieving the marketing goals and earning a return on investment)? How does the firm decide whether the funds should be redirected elsewhere?

ANSWER

Marketing Plan Addendum for Logi Tech International S.A.

Introduction

Logi Tech International S.A. is a renowned technology company that specializes in the design, manufacture, and distribution of high-quality computer peripherals and accessories. With a strong emphasis on innovation and customer-centricity, the company has established itself as a leader in the industry. Logi Tech’s current customer base includes tech enthusiasts, gamers, professionals, and general consumers who value reliability and performance.

Description of the Target Market

The new marketing plan will focus on targeting the small business segment within the market. Small businesses represent a growing and significant market that is increasingly reliant on technology solutions (The Impact of Technological Change on Business Activity, 2019). These businesses require reliable and efficient computer peripherals and accessories to enhance productivity and streamline operations. By specifically targeting this market segment, Logi Tech can tap into a new customer base and increase its market share.

Analysis of Competitive Position

Logi Tech holds a strong competitive position in the technology industry due to its reputation for producing high-quality products (Tow, n.d.). However, in the small business segment, there may be competitors who specialize in catering to the unique needs of this market. To ensure success, Logi Tech must assess and understand the competitive landscape, identifying key competitors and their offerings.

Marketing Tactics

Product Customization: Develop a range of customizable computer peripherals and accessories tailored to the unique requirements of small businesses. This could include specialized keyboards with programmable hotkeys, ergonomic mice, and video conferencing equipment optimized for collaboration.

Industry Partnerships: Forge strategic partnerships with software providers and small business service providers. This collaboration could result in bundled offerings, exclusive discounts, or tailor-made solutions for small business customers, providing added value and differentiation.

Online Presence: Enhance Logi Tech’s online presence by creating a dedicated small business section on the company’s website. This section would provide resources, case studies, and testimonials showcasing how Logi Tech products have benefitted small businesses (Rumyantseva & Welch, 2023). Additionally, leverage social media platforms to engage with small business communities, offering support and highlighting the benefits of Logi Tech products.

Influencer Marketing: Collaborate with influencers who have a strong presence within the small business community. These influencers can review Logi Tech products, provide demonstrations, and endorse their suitability for small business needs.

Differentiation from the Competition

Logi Tech will differentiate itself from the competition in the small business market through the following strategies:

Quality and Reliability: Emphasize Logi Tech’s commitment to manufacturing high-quality products that are reliable and durable, ensuring long-term value for small businesses.

Customization Options: Highlight Logi Tech’s ability to provide tailored solutions that cater specifically to the unique needs and workflows of small businesses.

Industry Expertise: Position Logi Tech as a trusted advisor by providing educational content, webinars, and guides that help small businesses navigate the technology landscape and optimize their operations.

Marketing Program Assessment

To determine the effectiveness of the marketing plan, Logi Tech will employ the following strategies:

Key Performance Indicators (KPIs): Define measurable KPIs such as sales growth, market share, customer acquisition rate, and customer satisfaction. Regularly monitor and analyze these metrics to evaluate the plan’s success.

Customer Feedback: Gather feedback from small business customers through surveys, focus groups, and online reviews to assess their satisfaction with Logi Tech products and identify areas for improvement.

Return on Investment (ROI) Analysis: Evaluate the financial impact of the marketing plan by comparing the costs incurred with the revenue generated. Adjustments can be made if the plan fails to deliver the desired ROI.

Market Research: Continuously monitor market trends, customer preferences, and competitor activities to identify any shifts in the small business segment. This information will help guide decisions on whether to redirect funds to different marketing initiatives.

Conclusion

Logi Tech International S.A. aims to expand its reach and capture the small business segment through a targeted marketing plan. By customizing products, forging industry partnerships, enhancing online presence, and emphasizing differentiation, Logi Tech can effectively position itself as the go-to technology provider for small businesses. Regular assessment through KPI tracking, customer feedback, ROI analysis, and market research will enable the company to make informed decisions and optimize the marketing plan’s success.

References

Rumyantseva, M., & Welch, C. (2023). The born global and international new venture revisited: An alternative explanation for early and rapid internationalization. Journal of International Business Studies. https://doi.org/10.1057/s41267-023-00613-2 

The Impact of Technological Change on Business Activity. (2019, February 12). Small Business – Chron.com. https://smallbusiness.chron.com/impact-technological-change-business-activity-2191.html 

Tow, H. (n.d.). What Is Market Segmentation? Importance for Your Business. https://learn.g2.com/market-segmentation