Executive Summary
This paper is titled the marketing analysis of CSR, a global company that manufactures designs, and distributed personal sound equipment. The company is credited with some of the newest revolutionary technology in the form of personal sound equipment.
This paper analyses some of the internal and external challenges that face the company which has led the market in the distribution of consumer sound applications and equipment. The paper summarizes some of the challenges such as market trends, changing technology, competition, and environmental that the organization is exposed to in the industry. Also, the paper discusses consumer characteristics including the behavior and psychology of the clients who come to the company.
The paper also discusses the details of applying the marketing mix which is the Four C’s, created by Shimizu. Furthermore, the paper analyses the market segmentation strategy, positioning and targeting for purposes of improving product sales.
The study concludes that the CSR company:
Is a next-generation company, with high chances of growing larger and becoming a benchmark in the industry
Leadership is vital for purpose of steering the company and its products towards maximum profitability.
Research is important in the market; to determine where there exists a gap to be filled by the company products.
The diversification of the CSR products, makes the company unique, thereby ensuring that clients are constantly treated to the newest and best technology available.
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1.0. Introduction
The CSR company is the focus of this paper, and specifically one of the newest and most profitable products of the company that is the IT7*2-Bluetooth stereo headphones.
The CSR Company is an internationally acclaimed developer and inventor of consumer electronics ranging from appliances used in the home to carry around appliances. The company is registered in Wales and England, where it is licensed to research into, develop and manage the distribution of personal electronic appliances. The company founded by a group of creative innovators has in a short while that it has existed to become a leader in the industry (Calkins 2008).
According to Calkins (2008), the CSR Company is renowned for unveiling products with unmatchable technology, new and savvy in the market. Its products employ dynamic technology continuously adapting with the market trends to ensure that the products are not only savvy but in fact, serve the consumer better than previous products. Each product introduced by the company is an improvement to previous versions, meeting and resolving the challenges faced by clients with previous products.
Recently the company has expanded its interests to voice applications, music, and gaming applications. This expansion has included partnering, purchasing, and acquiring companies involved in these developments (Calkins 2008).
2.0 Csr’s IT7*2-Bluetooth Stereo Headphones
The blue tooth application is often used to connect devices such as smartphones and tablets for purposes of exchanging and sharing files and documents.
The IT7*2-Bluetooth stereo headphones are enabled to work with both devices and can be used on low energy stereos. The headphones work in much the same way as any blue tooth device, while allowing the consumer to listen to the stereo, they also allow for continued sharing of information from the devices in close range. The low energy standard integrated into the device allows it to transform, recode, and transfer files without needing much energy. The low energy use is a signature of the CSR Company allowing a variety of consumers who previously were deterred by the size of the Bluetooth devices it makes use of a more convenient version (Ferrell 2012).
The IT7*2-Bluetooth stereo headphones are equipped with revolutionary home automation technology. This implies that they can automatically be used to select and record files, information such as programs, even when the homeowner is not near the area. Home automation can be automatically set on the device and changed or edited to the tastes of the client.
Ferrell (2012) pointed out that IT7*2-Bluetooth stereo headphones are unique because of their size. Compared to other blue tooth headphones, this device is smaller and therefore easier to manage. The device can be easily transported in pockets and carried around when one is engaged in various activities. Its small nature makes it unique, and once again a pioneer in the market for CSR.
The CSR Bluetooth devices are renowned for their simplicity. Where other products making use of the Bluetooth smart application are much more complex, the CSR device is simple, easy to use. As such the customers are more attracted to using this device, which they can install, manage, and run much easily (Ferrell 2012).
2.1. Aims and objectives
- Provide background information on the CSR company
- Educate on the IT7*2-Bluetooth stereo headphones produced and distributed by CSR
- Understand and explore the marketing strategies employed by the company
- Explore the nature of consumer behavior and trends in the market
- Understand the social responsibility ventures undertaken by the company
2.2. The scope
This paper focuses on the CSR company and its product the IT7*2-Bluetooth stereo headphones. This is the limit of the study. The paper does not explore in an in-depth manner any other products by the company or other companies related to CSR.
3.0. Opportunities For The Csr Company
3.1. Social responsibility
Social responsibility has been identified as one of the growth strategies for improving a company image. Consumers are willing to be associated with companies that are constantly involved in giving back to their community (Luther 2011). Companies that make huge profits and are not involved in improving the community surrounding them find that they lose consumers and even employees. The CSR Company has invested heavily in ensuring that communities, where the company is located, has improved greatly. From the improvement of the local heritage such as the management of zoos to building schools, the CSR Company is giving back to the communities around them.
Luther (2011) asserted that the social responsibility efforts of the company have diversified and grown in the recent past greatly, very much that the organization has established a department and budget to deal only with creating opportunities for social responsibility. The projects have been quite successful so that the company’s image is unequaled in the industry.
3.2. Quality management
The CSR Company has set up a quality management system that has been licensed with the ISO 9001. The quality management system is directed at ensuring that a mutually beneficial and satisfactory relationship exists between the customers and the company. The customer receives quality services from the company products which have been actively tested, and for which they are willing to pay. This in turn translates to high income and profits for the company (Luther 2011).
According to Westwood (2002), the quality management department is filled with experts who not only comprehend and understand the functional abilities of the IT7*2-Bluetooth stereo headphones but are also in constant consultation with experts who understand the consumer and customer needs. Also, the department ensures that the company enjoys a mutually beneficial relationship with suppliers, receiving the best raw materials, at good prices, and in time. Production is therefore not deterred by a lack of supplies.
3.3. Investing partners
Westwood (2002) indicated that the CSR Company is involved in partnering with high quality and successful companies with products that are easy to market. Revolutionary companies with high-quality products are often sought for purposes of partnering and purchase of such products. Many of the products that have been invested by the CSR company have been supported by software and development products from purchased and partner companies.
The company leadership can identify the best companies to partner with, those companies with products that could easily jell with the products being offered by the company. With the company undertaking new ventures, there has been increased mergers and partnering with small, innovative, and pioneer companies. Such mergers have allowed the CSR Company to venture even further into new markets and continue to be a leader within the industry (Calkins 2008).
4.0. Consumer Behavior
Understanding consumer behavior is important for companies, in turn, to find out the best method to market their products, manage the products already in the marketplace, and build up the right products for the clientele. Consumer behavior refers to buyers’ reaction to the firm’s strategy and products (Calkins 2008).
Understanding consumer behavior involves a three-part process. The first stage of the process involves understanding how consumers come across their information. There are various channels for accessing information and if the CSR company is to market the IT7*2-Bluetooth stereo headphones, the marketing information must be placed in places where consumers are likely to see it. For example, for some people, newspapers are a good source of information but with the advent of the internet, they are fast being phased in favor of online news (Calkins 2008). Therefore, the newspaper may not reach the required target market for the company.
The second stage involves understanding how consumers evaluate the product they are purchasing. This means understanding what consumers are looking for in the product that they would like to purchase, (Westwood 2002). Different consumers are concerned with different issues when purchasing the product. While some could be concerned with price, others could be more concerned with the features of the device. Understanding what consumers consider when purchasing a product means that the company can focus itself on ensuring that the product meets these requirements.
Ferrell (2012) indicates that the third stage of the process involves influencing the purchasing decision of the consumer. While the previous two stages are concerned with creating a background for the decision of purchase, this stage involves influencing the actual purchase. Sometimes the intention or desire to purchase the product, does not exactly mean or translate to the actual purchase. Once the consumer has evaluated all the alternatives, they pick the product that actually closely meets third needs.
5.0. Marketing Strategy
The marketing strategy forms the foundation for the marketing plan. The company requires choosing the right strategy, in turn, to make sure that the establishment is laid for the right marketing plan. Marketing strategies are not static, but they are in fact much more dynamic. They are required to change constantly, adapting to market trends (Ferrell 2012).
The CSR Company operates in a market that is constantly bombarded with new technology. The changes in technology are happening at an astonishing speed, and therefore the company needs to adapt constantly. Consumers’ tastes and preferences are constantly changing and evolving themselves.
According to Ferrell (2012), the marketing strategy takes into consideration the internal and external market environment under which the company operates. The internal factors affecting the sale of the IT7*2-Bluetooth stereo headphones include the marketing mix employed by the company. On the other hand, the exterior or external factors include consumer behavior, competition in the markets, and the general economic environment that could easily influence the success of the product.
Since the IT7*2-Bluetooth stereo headphones are newly being introduced into the market, the company has two strategies to choose from and these are penetration and niche. With penetration, the company works to insert the product, setting it apart in the market from other products. Penetration is often much more aggressive, with the company employing advanced techniques that aggressively diminish the products that are of the competitor and highlight the advantages of the new product. Also, aggressive measures could include severe price cuts to ensure mass sales. On the other hand, niche marketing involves marketing to specific clients. Ferrell (2012) the marketing is directed to clients who have much higher chances of purchasing the product. Niche marketing involves researching to understand the nature of clients who would be more open to purchasing the product and therefore targeting these clients only. The company aggressively markets to this group of clients, with little attention being given to others.
5.1. Market Target
Luther (2011) observed that the market target will be identified through much consumer research. Targeting is important to the company so that the right marketing message can be created for the right people. Targeting allows the company to market to those customers who have a higher likelihood of going to purchase the products. Targets are chosen by identifying the following distinguishing characteristics:
Demographic characteristics, which are the common features found in a population such as a gender and age. Each of these groups responds to different products and messages. It is important to identify who among them have a higher likelihood of buying the product and target that group (Luther 2011).
Socio-economic status: whereas for some products, the socio-economic status does not factor in, for luxury products, the socio-economic status is important. The company must ensure that the consumers being marketed to have the ability and resources to invest in their product. Otherwise, the marketing tools and channels employed all do waste.
Lifestyle: finally and most important is the consumer lifestyle that is the tastes and preferences of the consumer. These tastes and preferences, beliefs, and attitudes define the consumer’s desire to engage with a particular company and purchase a particular product.
6.0. Marketing Mix
The marketing mix that the CSR company employs for the IT7*2-Bluetooth stereo headphones product is virtually known as the four C’s by Shimizu. Although not as popular as the Four P’s mix, this marketing mix has proved to be as unique as the product being offered by the CSR Company.
Fours C’s begins with designing the right commodity forsake. This means that the marketing mix begins with the product development, where the company ensures that it has the right product for the market, (Calkins 2008). Designing products that offer no unique value to the consumer ends up frustrating the company in terms of low sales and therefore diminishing profits. The IT7*2-Bluetooth stereo headphones have several advantages offered to the consumer, top among them being the size and simplicity of the device.
The second c stands for the cost that is, pricing of the product. Even with the right product and its unique features, if the price of the product is wrong the sales will definitely be affected. The IT7*2-Bluetooth stereo headphones are not a necessity but a luxury product in today’s world. With the global economic trend heading downwards, many consumers are watching how they spend their money. The company, therefore, has a responsibility to ensure that the consumers understand and feel that the process set by the company is right, (Luther 2011).
Thirdly, the four C’s marketing mix also considers the communication that is passing the right information in just the right way to the targeted customer. The IT7*2-Bluetooth stereo headphones client needs not just to see the information, but understand and internalize the information being sent by the company. Communication involves creating the right message, using the right words so that the right information reaches the client. A communication breakdown could cost the company a large number of clients. When clients misunderstand what the IT7*2-Bluetooth stereo headphones do for them, they end up frustrated and reduce their purchases not just of the product, but also other products in the company (Westwood 2002).
Finally, the last C in the mix stands for choosing and electing the right channel to ensure that the flow of goods is constant and timely. Competitors for the IT7*2-Bluetooth stereo headphones are many, and should consumers find a way to access the company’s products faster and easier they are likely to stop purchasing the IT7*2-Bluetooth stereo headphones. All channels of distribution should be properly explored and utilized to ensure that the IT7*2-Bluetooth stereo headphones are enough for consumers who are seeking them and that the process of acquiring them is easy (Westwood 2002).
7.0. Conclusions And Recommendations
CSR is a revolutionary company that is progressing heavily instead of personal technology, with a wide range of products. The organization employs a wide range of individuals who are talented who constantly develop new products that are advanced in technology terms. The company is constantly changing and improving on previous products, ensuring that challenges faced with the previous products are resolved to the satisfaction of the clients.
Calkins (2008) indicated that the company enjoys a wide customer base. The variety of customers targeted by the company range in terms of demography, behavior, and trends. The company with each product seeks to meet the needs of all these clients. The IT7*2-Bluetooth stereo headphones, for example, are suitable for each gender, coming colors and designs that are pleasing to both males and females. Also, they are suitable for people of all ages, whether young or old.
The CSR Company proposes to employ a marketing mix that begins at product development, designing the product to satisfy the needs of the clientele, and thereby using this as the foundation for the marketing message. The marketing mix is also concerned with the right price, the right message, and the right channel of distribution (Ferrell 2012).
7.1 Recommendations
The CSR Company requires investing slightly more in understanding the client’s behavior than expanding blindly. The technological industry and especially that concerned with personal and home use appliances are constantly affected by changing trends and preferences which the company should be able to predict to take advantage of the same.
The marketing mix requires that the company understands the proper channels through which they can maximize the sale of the IT7*2-Bluetooth stereo headphones. The use of the wrong channel could lead to a shortage of the product and in turn, affect the sales.
Finally, the company leadership needs to invest properly in making sure that customers are provided with quality support even after they have purchased the IT7*2-Bluetooth stereo headphones. This creates a ready market for improved versions of the same product.
References
Calkins, T. 2008. Breakthrough Marketing Plans. Palgrave Macmillan
Ferrell, O. 2012. Marketing Strategy, Text, and Cases: 6th Ed. Cengage Learning
Luther, W. 2011. The Marketing Plan: How to Prepare and Implement It. Green Press Publishers
Westwood, J. 2002. The Marketing Plan: A Step By Step Guide. Kogan Page
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