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ShowTime Media

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by

Muzna Ahmed

on 5 April 2013

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Transcript of ShowTime Media

Additional Questions Recommended Marketing Strategy Implementation and Control Issues Situational
Analysis Showtime Implementation Problems to Overcome More employees are needed for business expansion
Increasing the number of in-store clerks
Hiring part time workers during peak seasons so the business can maximize earnings at the lowest cost (2) Lack of human resources Testimonials and feedback from regular customers Business to Consumers Media Resources Additional Questions Company Analysis Retail store specializing in selling multimedia presentation equipment and services
Location : Along a busy street about two miles from the downtown metropolitan area, in close proximity to a large university. Products high quality video and digital cameras
colour scanners
flat panel monitors
projection equipment Services (customized & personalized) : video editing
graphic work Customers: School Boards
Industry
Freelance photographers Employees: Bob Merita - manager
4 full time store clerks
2 outside sales representatives Lower-quality digital cameras for amateurs Pre-Christmas Sales Discounted store prices
Placement of signs in the store's display windows
Advertisements in the Christmas gift-suggestion edition of the local newspaper
Use of company's web homepage What went wrong? Target sales of 100 cameras but sold only 5 cameras
Defied the sales trend which suggested 300% increase in sales during the Christmas season Customer Analysis Market segmentation: 3 groups
First Group : firms located in downtown area of the metropolitan city and small businesses that surround Showtime Media’s location
Second Group : professional video and presentation makers
Third Group : universities and schools New target market : Amateur photographers Nature of the relationship with customers: One-stop product and service center
Follow-up services to retain customer loyalty
Heavy reliance on its reputation Competitor Analysis
suppliers of equipment (compete by setting up stand-alone stores or signing contracts directly with schools) (2) Well-established electronic department stores: e.g. Best Buy and Radioshack
Competition focuses on product pricing in new target market
Ability to offer huge discounts as they buy products in large quantities (1) Suppliers: Market Context Analysis Technological Significant impact due to its rapid growth
Prone to technological obsolescence (short product life cycle)
Cheaper technology cost
Proliferation of e-commerce and widespread use of the Internet
School holiday schedules influence the demand of Showtime Media's products and services Economical conditions Consumers' purchasing power decreases during lean times
Not so technological savvy, and keep using their current equipment Political and Legal Legal Trends: : Rise of software piracy Political trends not perceived to have a significant influence on business Environmental
Multimedia becomes a mainstream in modern societies
The rise of social media (e.g. Facebook, Twitter, Youtube)
Increase of IT savvy millenials Sociocultural SWOT Analysis Strengths Strategic location
One-stop shop of multimedia products and services
Niche area in video editing and graphic consultation services
Differentiation through customization (USP)
Good business relations with its customers
Strong reputation
Readily available sales staff and store clerks
Attractive discounts of up to 25% Weaknesses Lack of knowledge in marketing research
Heavy reliance on word-of-mouth advertising
Does not have an online shop
Delayed entry into the saturated low-end digital camera market
Lack of manpower
Inefficiency in delivering goods
Limited financial resources Opportunities Add part-time workers
Ability to expand on its customization services
Provide more products and service that cater to university students
Could implement a new marketing strategy for its existing target market, as well as its new target market to gain more customers Threats Unable to compete with large discount stores
Low barrier to entry
Strong competition
Risk of idea replication in designing and video editing Focused on less sophisticated digital cameras
Require more guidance and recommendations
Lack of specialized knowledge
"shopping products"
More "price-conscious" Characteristics: Strategic Vision: Attain local market-leadership high-end multimedia equipment and services industry
Enter into a new target segment of low-end multimedia equipment Objectives Current high-end product range - Increase profits by 20%
New product range - 10% market share within the first 2 years locally Target Market: Current market: Expand by setting up an e-store
New target market: Increase its brand awareness In-depth market research Branding Strong reputation
One-stop location
excellent customer service Product "shopping products": compare the price and quality prior to purchase
e.g. Canon S95 Place 4 P'S Display complementary products next to each other
Display more popular and sought-after products at eye-level
Open an online store facilitating e-commerce
3rd party logistics companies - e.g. Price 2 types of pricing strategies Penetration pricing New target market of low-end digital cameras
Pricing as cheap as possible Price skimming Regular target market
Pricing at a premium
Willing to pay for reliable service
USP - service quality and multimedia expertise Promotion Bundling Grouping complimentary products together into one package
Selling at less compared to purchasing products individually Customized bundles suited to: serious photographers
digital photographers
newbie photographers Promotion: 4 marketing channels Business to Business Showtime Media and its clients such as business firms and universities
Can create special long-term contracts
Charge a lower price
Provision of freebies - e.g. extended warranty
Source for increasing sales and revenue Consumers to Business All walks of life
"Push" strategies
Participation in special events
Place posters or hand out brochures
Advertise discounts in university’s student newspaper
Promote lower-end digital cameras to employees of target market: special discounts
specific recommendations Consumers to Consumers Word of mouth: Maximize recommendations and referrals from long-term customers by offering discounts Word of mouse: reviews posted on blogs,forums and websites
Sponsoring reviews on technology blogs Promotion: Other online strategies Search Engine Optimization: to improve visibility on search engine results Advertising: pay for advertising on search engines Proper money management is very crucial for long term profitability
Must exercise caution in obtaining financing since it is a SME
Should conduct cost benefit analysis before making hiring or purchasing decisions (3) Proper Management Handling When entering a new market proper market research must be done
Proper planning,research and cost-benefit analysis
The business should offer what the customer wants and needs These websites are a big threat, especially in the lower-end digital camera market
They offer multimedia products at a much cheaper price and delivery the products for a nominal fee
Enjoy great popularity with consumers
The business should partner with these websites to prevent erosion of its competitive advantage. Yes, once business has built a sufficiently large customer base outside its current neighborhood
Business expansion may cause our current store to be unable to cater to customers’ needs
Brick and mortar stores will always remain relevant despite the rising popularity of e-stores
The new outlet can also serve as a convenient “pick-up-point” for customers that do not want to wait for the products to be delivered to them (1) Limited Financial Resources Are deal-of-the-day websites, such as Groupon, BuyWithMe, and 1Sale a threat to Showtime Media’s current and potential market? Should Showtime Media open a new brick-and-mortar outlet in another city to further expand its target market? Conclusion Strong reputation in current market segment
Met with lackluster results in widening target market
Different marketing strategies must be implemented through use of marketing mix
Must be done without alienating existing customers
Take this opportunity to strengthen all our marketing strategies: positioning as a one-stop location
selling innovative products
online store
penetration pricing and price skimming Promotional strategies: bundling
B2B - long-term contracts
C2C - "Word of mouth” and “Word of mouse”
Search Engine Optimization and Advertising Meet our strategic vision of attaining market-leadership Diversify by penetrating into the new target segment Increase our profits by 20% within 2 years Thank You For Your Attention!! Done by: Andrea Poh Shi Qing
Aishath Muzna Ahmed
Wenny Kalatting
Malika Sajan Lalwani
SKK Sharan
Full transcript