GMU Marketing Plan Part 3 Template Completed

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Northern Virginia Community College *

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MISC

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Marketing

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Feb 20, 2024

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docx

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4

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Product Marketing Plan Part 3 Marketing Research COMPANY NAME HID Global PORTER’S FIVE FORCES MODEL COMPETITIVE RIVALRY This is a difficult question to answer, as HID Global has many different business units within the organization, so there are different competitors within each BU. Focusing on the Intelligent Patient Visitor Management (IPVM) solution, there is no one true competitor from a total solution standpoint. We do compete with Stopware and their PassagePoint Global solution, as well as FAST-PASS 7 by SISCO due to pricing. THREAT OF NEW ENTRANTS This isn’t a solution that can be created overnight, so it is not that easy for a competitor to enter the market. THREAT OF SUBSTITUES As I mentioned before, there is no other option from a solution standpoint. But if someone is looking to replace due to cost, it would not be an easy task. It could mean a complete overall of a hospital’s physical security system in certain cases. BUYER POWER With the IPVM, there is only one or 2 sets of buyers, and not a lot of credible options to choose from. They do not hold much buying power, and they understand that it is not a cheap solution from the beginning. We do have flexibility with the solution in order to play within someone’s budgeting confines, as one can purchase a base solution and build/expand from there.
Product Marketing Plan Part 3 SUPPLIER POWER Once again, from a purse solution standpoint, there are not many suppliers out there and can offer a full visitor management solution the way HID Global can. It is not very easy to switch. MARKETING PLAN RESEARCH EVALUATION MARKETING RESEARCH VALUE Why is market research important? In order to affectively market a product, and organization has to understand who they are marketing to within a certain city, region, country, etc. While one marketing campaign could do well in the US, the same campaign can tank an organization in China. So it is always important to conduct market research prior to any business efforts. EVALUATION How will the marketing plan be evaluated for effectiveness? According to Leadspace, the marketing effectiveness is “measured by short-term and long-term revenue generated by a campaign and by how well the company’s costs of customer acquisition are lowered during that campaign” i , so those would be my benchmarks. TYPES OF MARKET RESEARCH In paragraph format, provide two types of quantitative and qualitative research to benefit the company’s marketing plan. QUANTITATIVE RESEARCH 2 tools I would use would be customer questionnaires and surveys. The goal of each research is the same, and that is to collect data from both customers and prospects to see what they like to buy and how they like to buy it. This information is vital in both product planning and marketing planning.
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