Executive Summary The report was commissioned to elaborate the marketing strategies introducing a new product called Voice Recognition Device (VRD). The function of VRD is to translate “natural language” into digital commands without the use of the common input devices like keyboard and mouse. This report analyzes the marketing mix and marketing strategies based on results from The Marketing Game (TMG) which is shown in the form of sales result and profit. Marketing strategies covers from research and development of the product to cater the consumer needs of targeted market segment to appropriate pricing to maximize profit. 1.0 Introduction Voice Recognition Device (VRD) is an alternative device/software for users which has taken the art of operating a computer to a whole new level. Users are able to process their typing work verbally by speaking to the device and it will translate verbal speech into digital text on the monitor. It can also capture spoken words and convert them into digital command to access and control certain applications in a computer. The company’s marketing plan covers the main goals, marketing strategies, targeted segment, short and long term plans. The main goal in this marketing plan is to analyze the situation of the market, strategies used by competitors, penetrate the market with the product and generate higher dollar sales with appropriate pricing and relevant product specification. The company has decided to target the high price market segment as consumers in this segment are less price sensitive who are willing to purchase products with adequate specification at a higher price. The marketing strategy is to examine targeted consumer market segment, identify consumer needs and a... ... middle of paper ... ...oduct pricing and positioning. The decision of allocating more resources in distribution channel 1 was reflecting a good result as services provided and sales approach by dealers in channel 1 best suits our target audience. The goal of the firm is to penetrate the market with continually updated product which constantly meets consumer’s expectation and generate high dollar sales. The strategy of increasing the product features, special commands, error protection, the ease of learning, as well as advertising budget also help increase the profitability of the firm. The company hopes further growth in market share and ultimately profit with the long term marketing strategy adopted by the company. Furthermore, the company also hopes to further understand the selected target market to sustain the growth of the company by satisfying targeted audience’s desire and needs.
Nevertheless, it must “defend” its current market share if not increase it, by maintaining premium quality and develop innovative products. The marketing mix strategies will effectively achieve targeted revenue and profitability in the near future.
The co-operating business recently failed to maintain its reputation, thus the business tries to making and implanting a new marketing plan. This marketing plan contains its objectives, situational analysis, target market, market segmentation, marketing strategy and marketing mix, implementation and control. First it find its objectives which the business is, and which it want to be. Then it find the strength, opportunities and weakness and thread then represent the target market and customer and define the market segmentation. Then it formulate it strategy to capture the target market. Lastly it described the implementation and control procedures.
For the organization, the vision is to increase satisfaction of customers. By offering products with better quality, providing quick services, providing a wider variety of products in the product portfolio along with being hospitable and friendly to customers, satisfaction of customers will be increased. Furthermore, the objective of the company
This report investigates four of the leading voice recognition applications to determine whether this technology has become a practical option and to determine which application is the best choice. And so that this report and further study of the software can be better understood, an introduction to the subject of voice recognition software follows. Introduction to Voice Recognition Technology Several different voice recognition products currently exist in the marketplace, and viable choices are greater in number than they were only a few years ago.
Chapters are made in short format, they are intended to convey one point and free of jargon. The author summarizes the point in one sentence in boldface italics. Hints and tips cover the conventional four P’s of marketing, which are product, place, price and promotion, in an irreverent and iconoclastic manner, nothing is sacrosanct.
The business world is becoming more and more heated up as a result of the ever increasing levels of competition. Each and every industry is witnessing an alarming rate in the number of competitors that exist within it. This is further fueled by the increasing world population, which brings about the speculations that the future of the market is rather bright. It is interesting as to how many things are nowadays done based on speculations and future expectations. In the turmoil of it all, marketing has been established as a very effective tool used by various firms to gain competitive advantage over others. As such, each organization has been able to develop its own marketing strategy based on the various things that affect the industry and the nature of business undertaken. Theories and practical research are two major items that form the basis of development of marketing strategies. Rolls-Royce is one of the many organizations that have been in big business for a long time. As such, the company has been able to identify major areas of strength and weakness when it comes to marketing.
The company is using intensive retail distribution strategy in order to make the product easily available for customers. The company would be adopting mass distribution strategy in which the product is available in a broad range of locations consisting of grocery stores, convenience stores, vending machines, hotels and a lot of other locations. With such a large number of places vending this product the distribution cost is extremely higher and must be counterbalance with very high volume of sales. Moreover, the manufacturer is involved in multilevel marketing in order to attract and retain the
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
Primarily, strategic marketing initiates its process through market research, thereby inculcating the optimal target customers throughout the development phase of the product or service. Market research enables the firm to identify trends from the horizon, especially by studying major competitors in the market that eventually informs the firm’s product designs and development. Strategic marketing does thus enable the company to use to researched information to differentiate products for individual client niches, which provides the firm with a competitive
After this decision internet distributors and Express respectively has to be considered as strong competitor due to the price-sensitivity of the electronic industry. Therefore A/S should work on its company image to highlight their advantages compared to discounters. Therefore A/S has to point out that they are aware of being not the cheapest but nevertheless will create more benefit for the customers by offering service and competence.
When a business aims to be as successful as possible in selling its products and services, it must examine in detail whether or not the products will be attractive and necessary; if the price is optimal; if the product is being distributed in the best locations; and finally, how interest and awareness can be created for the products. In order for a business to target all of these elements at the right people at the right time, it must employ the right type of marketing mix: Product, Price, Place and Promotion.
Speech recognition is the process by which the computer uses special software that enables the computer to take in what is said by a specific human or humans and be able to translate it in computer language so that the computer could now act on the instructions given to it. Just like clicking with your mouse, typing on your keyboard, or pressing a key on the phone keypad provides input to an application, speech recognition allows you to provide input by talking. Speech is basically just another user interface, an input method, like using a mouse or a keyboard. According to Webster Speech recognition is simply, it “converts spoken words to text”. If you are not familiar with the term speech recognition it goes by other terms such as automatic speech recognition, computer speech recognition and speech to text. Speech recognition works like this, first you speak into a microphone that is connected to a computer with the speak recognition program running. Some speech recognition software’s just to name a few are VoiceAttack (used in gaming), Trigamtech(features for medical users) and WRSToolkit(for dictionary and grammar). While saying what you would like the computer to do for you, as you speak you would see the words as you say them pop up on your screen. Information that I came upon while doing my research stated that “You can speak at your normal speaking speed (about 120 words per minute) and the computer "guesses" using mathematical algorithms what word you mean in that context from what it knows about the English language.” Using speech recognition programs on computers are not going to give you for certain the exact information that you asked for but it works and tries to understand what it has been told and in the end gives y...
At the beginning of the Twenty-First century we are experiencing an informational revolution. The whole business world is changing as a result of new technology, including new ways of entering data into computer systems. Gone are the days of spending long hours in front of a computer typing word processing documents and emails or punching numbers into a phone. Voice recognitions systems are at the forefront of data-entry technology. Through voice recognition systems and voice interfaces, users can input data into a computer, retrieve data from a computer, and direct the processing of computers simply by speaking a few simple commands. The systems then use speech synthesis, or the computerized deconstruction of words based on common language patterns, to encode and decode the instructions before routing them to the computers. Telephony systems are one type of voice recognition system that incorporate the telephone as some part of the system (voicewizard.com). The dawn of the voice recognition systems era promises to make life easier for users in the future.
Speech recognition is a computer application that lets people control a computer by speaking to it. In other words, rather than using a keyboard and mouse to communicate with the computer, the user speaks commands into a microphone that is connected to a computer. By speaking into the microphone, users can do two things. First, they can tell their computers to execute some commands such as open a document, save changes, delete a paragraph, even move the cursor, all without touching a key. Second, users can write using speech recognition in conjunction with a standard word processing program. When users speak into the microphone their words can appear on a computer screen in a word processing format, ready for revision and editing.
...of input device. As I read and reflect on the vast and varieties of input devices, I now realised its importance of mankind as it brings enormous advantages to us. As a conclusion, input device is a part of computer hardware. It allows users to enter and give instruction to be able in process into the computer system. An input device has improved so much with time. It is substantial to say that people of this generation cannot live without those input device. Input device have not only made our life easier but it also helps in easing our financial and time. For example, the innovation of recent popular application, Wechat. This application is designed for those who are illiterate. People can just touch the ‘hold to talk’ button and says the word out. Then, release the button, the device will record down your voice and sent it out. This will be much easier for them.