This assignment is to present the marketing plan for hp Chromebook X2. HP company was founded by Bill Hewlett and David Packard in car garage and firstly they concentrated on manufacturing electronic test equipment. HP was the world's leading PC manufacturer. Chromebook is a laptop or tablet running the Linux-based Chrome OS as its operating system, screen size of 12.3 inch and drive capacity 32 inch built in storage expansion available upto 256 gb. The major feature of this product is detachable design able to differentiate this device to another device and its upto 12 hours of battery life.
Marketing communication plan
There is a number of companies that are dealing with electronic gadgets. HP is one of the famous company providing the best quality products at an affordable price. Recently HP launches Chromebook X2 with some good features. It's a detachable design able to differentiate this device from another device. Although, this is a new product due to its unique features this device become famous in the market now. Moreover, Chromebook X2 is still in the growth stage in the product life cycle as competition in this field is so high, a lot of famous touch gadget companies like Apple, Samsung etc. are well-reputed brands in the market and have their loyal customers. So, to gain a competitive edge, the company needs to develop and implement proper marketing plans, tactics and strategies.
There are two main strategies for marketing communication plans-
- Pull strategy-
- Push strategy-
HP company is a reputed company and has a good reputation in the market but we are launching a new product that is the Chromebook x2 product we are expecting great sales from this product. As we know that this company has a good reputation and goodwills so we are expecting to have a good sales from this company but this product is new and we are launching this for the first time so there are various marketing strategies that we are following which are as follows:
DIGITAL INTERACTIVE PLAN: Digital interactive plan means that we are marketing our products through various interactive plans that we have made for the company in a digital way. These plans are related to the technology as we are selling technology product that is HP Chromebook laptop so we have decided that we will adopt some interactive plan so that we can get a successful business and we can increase sales for the company.
Objectives: There are various objectives of Digital interactive plan which are as follows:
We are adopting the interactive marketing plan because it is the best way to convert the prospect into the real customers so our basic objective will be to convert a prospect into the customer through this plan.
Nowadays this is a good method to promote the product in a digital way and we can engage the customers through this.
We can interact with the customers and we can actually know about the customer and that what actually customers want. Nowadays all people are using the Internet so much that they will note that things more easily as compared to the traditional method so we are going to adopt this method because of the popularity of this method.
Strategies: There are various strategies of digital interactive marketing plans which are as follows:
Quiz: we can interact with the customer through the quizzes. We can post some quizzes on the social media websites or on the website of the company so that people can participate in that quizzes and we can get customers because of that so for that reason it is very important that customer do not get bored because of that quizzes so it's very important to make them interesting and related to a product. We can promote a product through those quizzes and we can give them a discount and as well as some gift to increase their motivation level.
Contest: online contest can be organised to attract the customers towards a product for example we can arrange a contest for the people that if you will upload the picture then you will get a laptop free so that people can get the knowledge about that thing and if they will see that product and if they will see the features and benefits of the product they will refer that product and in that way we will get the ultimate objective that we want to achieve that will increase sales of the company.
Emails: Emails can be sent to the people to attract their attention to words the new products and new launches of the company. We can tell the customers that we are launching a new product and we have added some new feature in to the product then they will see the emails as well as they will get to know about the new product and existing customers can be the new customers and they can buy the new product so it will help a lot. We will send emails to our existing customers as well as the new customers for our chrome book product.
Videos: Through videos we can attract the customers towards a product for example we can say to customers that we will give free laptop to those who will send us the video regarding the benefits of the laptop so if they will win they can get the HP laptop so that we will get the attention of the people and if they will make the videos they will get to know the product more and if they even if they are not winning the video contest then also they will buy that product.
Budget: Budget is a very important decision factor. Without budget, you cannot determine how much will be the cost of plan so it’s better to decide the budget of this plan so we have decided to spend $1 billion on digital marketing plan to promote the product it is very important that we promote the product in all the areas so that we can get maximum profit through this
Competitive Impacts & Analysis: We have different methodologies as compare to our competitors so there is an opportunity for the company to stand differently and make the business successful with the help of that methodology. Skilled employees and better inventory are needed to make a solid product which can increase the cost of the company.
Competitive advantage for the company is as follows:
- High quality
- Low price
- Meet the requirements of customers
Market Size, Trends and Opportunity
Market size: As HP company is an old and reputed company so it has a big size for the company so it will be easy for the company to make a new position for the new product. The market size of the Hp company is really great. But as our product is mew so we have to be careful about so many things. There are a various different type of people in the world which even do not use the technology that much so we have to make them understand the importance of for new product Chromebook
MARKETING COMMUNICATION OBJECTIVE: Marketing communication objective means how to stay in touch with the customers and how to give the information about your company to the customers. communication can be done through various ways for examples email and written material and the newsletters, website so education and brand awareness can be done through these kinds of things which can help the company to increase the sales volume of the company so HP Has various marketing communications which are as follows:
Promotion and Advertising Strategies: Promotion is an important element of any product or services. If a person wants to grow their business, it is very important for them to promote the product or services. There are various methods through which we can promote our product to increase the volume of customers which are as follows:
- Print Advertising: Print advertising method is an important method for our business because there are various people who read the newspapers so if we will advertise through the print advertising method that will go to many people who have a habit to read the newspaper so it will promote our product at a large level.
- Referrals: Referrals by customers will be a good strategy and discounts can be given to customers who are referring to the new customers. The customers who are purchasing that product can refer the product to other people and our company will provide the discounts and some prizes to that customers to attract the new customers as well as to build customer relations with existing customers.
- Social Networking sites: Social networking sites have been used by our company such as Instagram and Facebook and so on because of these sites' popularity. Mostly nowadays everyone is using social networking sites so it will cover the largest number of people so It will be a great idea for promoting our honey product through social networking sites.
- Gifts: Giving away functional branded gifts can be a more effective promotional move than handing out simple business cards. Providing business cards is a good method to promote the product but it will provide the things free of cost with the business card then they can become our customers.
- Sponsoring Contests: Contest is a very good method to promote the product. There is various contest such as musical contest that happens nowadays and various people attend that contest so many people can be attracted at such place. If we are sponsoring that contest then they will show the name of the sponsors on the hoarding and they will also tell the name of the company that is sponsoring them so we can take the advantage of that.
- Place: HP company who is a technology centred company and its target market is almost the whole world. There are may company present in the market who give great competition to the Hp Chromebook company.
- Promotion: There are many types of promotion strategies that companies use to promote a product like Advertising 2) Sales Promotion 3) Personal Selling 4) Publicity. HP invests 5lakh Canadian dollars every year to promote its product.
- Price: HP focuses on the quality of the product. But after that, they provide less price with a discount on bulk purchase. They sell goods with a 21% margin. They earn a 1+ dollar profit from 1 jar of honey. Price with high quality is very attractive to consumers.
- Product: HP sells Chromebook which is a high-quality product. This is the product which solves many problems of customers because the nowadays people are using laptops in every field to do their work so it is most utmost need of the customer to have a laptop for various thing.
PRICING STRATEGIES: Price is one of the significant elements in the market mix. Other factors that affect pricing is the number of competitors in the market. It is important to select appreciate pricing strategy and tactics that will help the business to be competitive, we can increase the customer base by penetration offering a lower price to the market at first. There are various pricing strategies that can be adopted by our business which are as follows premium pricing method, market penetration, economy Pricing, Skimming price, Psychology Pricing, and Bundle Pricing. For our business, the economy pricing strategy will be best because if we have to run our business for the long term then it is very important to keep the prices down so that most consumers can purchase our product so we will go with economy pricing strategy.
Economy Pricing: This is the cost in which seller minimize the cost of the marketing and production in order to provide the lower prices to the customer. This method is very beneficial for the buyers because they get a quality product at a low rate. We are providing them with quality products at low prices. We have kept the prices very low because we are a new company and if we want to increase the number of customers then its important to give them a good product at a reasonable price.
SALES PROMOTION PLAN
Objective: Sales promotion plans means we are thinking to promote the product to increase the sales of our company. Since promotion plans are also used to encourage the user trial of a product or service sales promotions are of different types which focus on the target audience so that they can become the clients of the business and they can purchase the product so we are following various sales promotion techniques which are as follows for increasing the sales of the HP Chromebook
Strategies: Sales promotion strategies are as follows:
- Free gift: Free gifts can be distributed to attract the customer, for example, we can give them the offer that if they will buy the HP Chromebook then we will give them a power bank free of cost so this will be an offer to the customer that we are giving them the offer letter please buy one and you will get another thing free of cost so we are selling two things together and we are increasing our sales.
- Customer loyalty programs: Our company is giving the HP cards to our customers so that whenever they will buy any product from the HP company then they will get some points on the basis of which they can get the cashback so we are doing this so that we can increase our sales of the company as well as we have some different option for this product that is if they will buy the chrome Bagh then they will get the highest points and the card and they can buy some another thing from that points.
- Distributor: HP will target to sell a large quantity of Chromebook and for that, they have chosen distributors as compared to agents and direct selling. Distributors have contact with many customers and the industries who are ready to purchase the Chromebook from the selected distributors.
- Budget: The sales promotion plan is very important to increase the sales of our company so the budget for this plan has been decided by the marketing team and for this plan we have $50,000 to promote the product in Canada only.
SWOT ANALYSIS OF HP CHROMEBOOK X2
- Strength: HP has launched its very first convertible laptop with a high resolution LED screen with an unbeatable 24hour battery life. The HP Chromebook X2 is detachable with a slim and stylish tablet. Compare to all other convertible laptops HP Chromebook X2 is one the best till date which is also very comfortable on the lap and easy to type on.
- Weakness: The HP Chromebook X2 is a bit heavier than its competitors brand Microsoft, Google and Samsung detachable laptop's. Some of the consumers choosing their respective competitors' laptop just because of its weight, HP needs to implement proper product features and look in which the company lacks.
- Opportunities: HP has an opportunity to increase their market share through this new product which is very reasonable at just $599 compared to all other convertible laptops HP Chromebook X2 is very affordable. Competitors brands haven't focused on their product parts and services, so HP has an opportunity to make every product part available throughout their outlets and easy customer support and all services.
- Threats: Technology updating very fast nowadays which is the biggest threat to all companies in the market, the one who is modifying and updating their products very frequently and inventing new technologies in the market have the future.
Integrated Marketing Communications plan:
CREATIVE PLAN: The creative plan of HP is to provide excellent services to its consumers while ensuring integrity and imagination + creativity + empathy + innovation = value creation. The company is well known for its creativity, media plans and public relations plan.
CREATIVE OBJECTIVES: To reach every small area of the world while providing innovative and creativity to our consumers.
CREATIVE STRATEGY: To pay attention to how to reach consumers in different areas of the world. Using mass communication to reach all consumers.
CREATIVE EXECUTION: Hp company will execute the strategies by making links with the mass communication companies and taking care of the costs, which the company will incur in the following process so that the profits are way higher to let the company go in the long run.
PUBLIC RELATION PLAN:
OBJECTIVES: The company will make links with the public to maximize the sales so that the product and the services of the company can reach every small consumer in the market.
STRATEGIES: The company will provide offers and services to the public which are best for them. Doing the surveys from time to time so that there can be improvements in the product.
Tactics: The company will open the customer care centers where they can talk about the worries and the shortcomings of the product in person with the representatives of the company.
BUDGET: Company is investing in good areas and has a good financial position overall.
MEDIA PLAN: The media plan will be such, which enables us to reach the consumers who will need the products the most.
MEDIA OBJECTIVES: The advertisements of the company, selling the products should be attractive enough to provide about all the brief and unique features from other competitors in the market.
MEDIA STRATEGY: The advertisements should be made partnering with those companies which are well known for their services. Through those advertisements, people get attracted.
CRITERIA FOR REACHING TARGETS: The criteria of the company are to reach those people from the age of 16 years to middle age because they are the ones who make the use of these products the most.
REASONS FOR MEDIA SELECTION: One of the main reasons for the media selection is that the company can reach maximum people.
The advertisement can be shown in an attractive way.
EXECUTION: The business can earn good profits. The cost should be to make higher profits. The costs need to be minimized to earn good profits. Using the strategy, the company is baling to cover the whole market.
Events and sponsorship plan:
Objectives: The company's event and sponsorship plan are to increase sales and brand awareness focusing on the particular product ( Hp Chromebook x2). The company mainly aims at the target audience and creates awareness about the product among them and gives a competitive advantage among the other companies.
Strategy: The company use their marketing and communicating strategy in direct selling and also collaborate with the market sellers to increase sales and brand awareness.
Tactics: The company uses events to create brand awareness among the customers and also uses attractive and eye-catching advertisements to increase sales and promotion. The latest advertisement about the product is done by Samantha peszdeck an Olympic medal winner who uses her Chromebook to create her daily routine.
Budget: The company spends $600 million on its sponsorship and events and collaborates with other direct sellers and events to increase product awareness.
Direct Response Plan:
Objectives: The Company focus on direct selling among the customers by giving them sales discount and warranty to maintain a proper relationship with the customer.
Strategy: The company aims at enhancing interaction with the customers so that we get proper response and feedback from the customer faster.
Tactics: The company asks for customer reviews so that they can understand what a customer needs and it also increases the relationship with the customers.
Personal selling plan:
Objectives: Hp focuses on building long term relationship with the customer and also encourage loyalty customers by providing personal offers.
Strategy: The company aims and focus on activities that increase interaction with customers so that they get proper response and direct customer feedback. The also uses follow up to maintain better relationships with customers.
Tactics: The company uses its feedback forms and questionnaires to get feedback from the customers as a part of the personal selling plan.
Budget: The personal selling plan is expensive to set up and the budget is around 1.5 million. The company spends in this plan to enhance interaction and increase direct sales and long- term relationship
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