This paper describes and researches the recon instrument company. The company based in Canada has been a pioneer in heads up display technology. The organization runs with a wide assortment of products; however this paper is more concerned with the jet recon instruments.
The heads up display technology often displays data to the recipient without necessarily requiring the recipient to view a device or turn. The technology first developed to assist pilots, who required to see information on the paths they were taking and the airplane positions without removing their eyes from the screens and tools they were operating. Several companies have been involved in development of the HUD technology; however, the Recon instrument company has quickly become a leader within this field.
The study continues to analyze some of the factors that influence the business of the company. Whereas some of them are internal, most are external and environmental factors discussed in this paper. The paper describes how each of these challenges is deal with. Furthermore, the paper analysis the marketing plan set forth or proposed by Recon instruments to publicizes and increase the sales of the Jet recon instruments. The plan includes the detailed marketing mix that the company suggests to use.
Finally the paper puts forth the following recommendations for the company in improving the marketing strategy and increasing income through sale of products:
- Recon instruments require an in-depth research into the market, in order to closely identify the right target that is consumers who are likely to become loyal customers.
- The marketing of the recon instruments products begins not after the product has been developed, but while the product is being developed. Therefore, consumer opinions should be sought even at these early stages.
- Maintaining customer loyalty is all about the proper customer care, even after consumers have purchased the products, the company requires to ensure that the consumers are provided with proper customer care at all times therefore generating loyalty.
- Finally although HUD products use advanced technology, they should be made as easy and simple to use as possible. Most consumers shy away from complex products which require the help of very skilled individuals to use.
The Recon instrument company is a venture company established by the University of British Columbia student. The students were required to develop a technological project that would in turn be used to assess their credibility as Masters Students. The project developed by the students formed the foundation upon which the Recon instrument company was built.
The company was born and licensed in 2006, and currently has its headquarters in Vancouver. Since its inception, the company has pioneered designs and advanced technology in the heads up display technology. From HUD’s which can be used in swimming , especially useful for competitive swimmers, to technology that can transmit data faster and in various contents, the company has become a benchmark to be reckoned with in the industry (Lamb et al 2008).
The company has had several successes in the industry. The top and most popular milestone in their history is the development of software development kits. These kits are the only ones in the market that allow software developers to design and advance applications that can be downloaded using HUD technology. Lodato (2008) asserted that this is a product that is first of its kinds and as many critics have stated, has become before its time. Another milestone by the company is introduction of Engage as an application in Recon products. Engage allows the use of Recon instruments to view information directly while at the same time allowing various users to share information directly. The information can be used in social network platforms, which is a platform for many users to keep in touch with each other.
In order to manage production of such advanced technology, and to keep abreast with the changes in the industry and consumer preferences, Recon Instruments Company has had to partner with several competitive and advanced companies. These companies provide raw material, applications, research studies and advice that is in turn translated to the development of Recon products. Distribution and marketing of these goods is done through various channels (Mohr et al 2010).
1.1 Aims and Objectives
This study was based on the broad objective of understanding the Recon Instruments Company. Specifically the objective was broken down into:
- Describe the Recon instrument company and its products properly.
- Determine some of the factors influencing the business environment under which the Recon instrument company operates
- Assess the market for the Jet recon instrument product, including segments and consumer behavior
- Explain the marketing strategy elected by the Recon instrument company to advance its product successfully.
2.0 FACTORS AFFECTING THE RECON INSTRUMENT BUSINESS ENVIRONMENT
There are many factors that are able influence the success of a business, and these factors can either be internal or external. Whereas internal factors are easy to deal with, the external factors influencing the business of a company such as Recon instruments maybe slightly difficult to deal with.
This is the strongest external factor that influences a business and charts its success. The Recon instruments company requires staying ahead of its competitors with advanced technology and products that address the consumer needs directly. The company operates in an industry where new technology is being invested daily; it can therefore not afford to be bypassed by new technologies. Whichever company introduces a revolutionary product first becomes the leader of the pack. Research into new products which consumers can respond to such as the Jet recon instrument is vital for purposes of ensuring that the company remains at the top (Prandelli et al 2008).
2.2. Consumer lifestyles
Consumer trends and preferences keep changing, and as they change some of the company products are phased off, in favor of new ones that continue keeping up with the shifting preferences and trends. For example, the Jet recon instrument allows consumers to record, share and talk about their experiences in social networks. Prandelli, Swaheney and Slater (2008) indicate that Social networks have in the recent past become so influential in terms of developing new trends and influencing consumer behavior. The access to the social networks using the HUD technology has propelled the recon instrument company to the top.
Further, consumer lifestyles also deal with the beliefs and attitudes of the society. To some consumers, the HUD technology used in the Jet Recon Instrument is a testimony to the advanced nature of technology and human beings. On the other hand, there are those consumers who view the technology negatively believing it to be for skilled and professionally advanced people such as scientists.
2.3 The government and legal system
According to Lamb et al (2008), Recon Instruments operates in an industry that is heavily guarded by laws, rules and regulations. The technology employed by the company requires constant regulation by the government. Importation and exportation of the technology is heavily guarded by government laws. In order to succeed, the company requires operating under these laws. Some of the laws while protecting the business deter chances of the company making good profits. For example heavy regulation on the exportation of advanced technology such as the Jet Recon instrument reduces the international market. Only consumers who are very willing can persevere through the strict processes included and required for shipping of the product.
In addition, the company requires protecting its own technology against counterfeiters. Counterfeit products have caused the company massive profits and sales. For example, the Jet recon instrument maybe introduced to the market at a specific price which reflects its originality and faith of the company to its performance, on the other hand, a counterfeit Jet recon instrument is introduced to the market at a much lower price which the original product cannot compete with. Copyright laws therefore are important and influence the environment under which the Recon instrument company operates (Lamb et al 2008).
3.0 MARKET FOR THE JET RECON INSTRUMENT
Lodato (2008) indicated that the Jet recon instrument is the first HUD technologically based product that allows the consumer to export data in real time. The Recon Jet was designed using suggestions from various consumers on other products by the company. Building on the strengths and trying to diminish the weaknesses and challenges that other Recon products had, the designers also included applications that were popular with the clients. In the end, the company designed and unveiled the Jet Recon, which allows the client to share and link information with sites that they are already registered in.
Unlike other HUD products, which required the client to make a record of the events, in turn later access them for purposes of sharing, the Recon Jet allows the consumer to access the information and share it in real time (Lodato 2008). This means that the user can recon videos for blogs, share maps of their location in real time and generally share as much as they would like with fellow friends in social sites and blogs.
The Recon Jet also includes the software development Kit, through which the user can share applications and develop some simple applications. There has never been a HUD device that includes software development, which then made it difficult for the developers for software to develop software that could be applied for different purposes with the HUD. The Jet Recon however allows the users to develop and share application, making it even more popular among software fanatics (Mohr et al 2010).
The Jet Recon has a high battery power life. Many of the consumers indicated that previous products failed to conserve energy and therefore required a constant change of battery. In fact it was found that some consumers stopped using their HUD deices because they were always running out of batteries. The Recon Jet takes advantage of the Micro LCD chip technology, which is low ion energy usage (Prandelli et al 2008). Therefore, even in extreme weather changes, including storms where power outages maybe common, the device still works and allows the user to do as they wish, communicate, record or even share their experiences with others.
3.1. Market target
According to Lamb et al (2008), the main focus of the Jet Recon instrument company is the computer savvy and technologically advanced generation. This includes the young people on social media and bloggers who are constantly sharing information with each other. The marketing for the Recon Jet focuses on the fact that clients can share and transfer information between themselves. While the older generation may prove to be slightly skeptical on the use of such advanced technology, the younger generation could be more willing to engage using the Recon Jet.
Secondly, the target market could also focus on business people, and especially those with project sites that are not near the company offices. The Recon jet can be sued to access data from the office while at the same time showing the managers and supervisors exactly how the work on the site is progressing. Managers and supervisors can therefore be able to anticipate challenges and find practical solutions for the same without compromising the project (Lamb et al 2008).
Finally, the company would target whole sales for the Jet Recon instrument to large companies with several branches and departments. Such companies often require sharing the same data in real time, securely and also communicating with each other directly over time without having to stop and video conference, (Mohr, Sengupta and Slater 2010). The Recon jet will provide them with this advantage, and with the right proposals the product could be bought in wholesale by many large corporations.
3.2. Market segmentation
The market segmentation will employ the simple technique of indentifying clients who are technologically savvy and who are looking for ways to constantly share the information and data that they have. Consumers for the Jet Recon will be segmented based on their lifestyles. Consumers who rarely register in social sites are less willing to pay for a luxury product that allows them to share information. However, consumers who are registered in almost any social network available are more willing to let in friends and acquaintances and can therefore spend money on purchasing the right tool for sharing life experiences (Lodato 2008).
Segmentation of the Jet Recon instrument could also be done through socio-economic status. The people in low socio-economic status are less concerned with luxury goods such as the Recon Jet and therefore advertising and marketing to them, may produce the willingness and desire to purchase the product. However, such willingness lacks the resources that could translate into an actual purchase. The marketing of the Recon jet should focus on clients who are not only willing to purchase the product but actually posses the ability to do so (Mohr et al 2010).
Finally, market segmentation through geographical location could also prove to be important. In some countries such advanced technology is not new and is common place. In such areas, the market is many more open. In other countries and areas the Recon Jet technology is too advanced and new. The support system required for the consumer to enjoy the product does not exist and therefore penetration into such a market would be difficult.
3.3. Consumer behavior
Understanding the behavior of potential clients is important for Recon jet in order for the company to design the right marketing tools that address the information and needs of the specific client, (Prandelli, Swaheney and Verona 2008). The consumer behavior can be studied through the attitudes and beliefs of the consumer with regard to a specific product. In the process of designing the Recon Jet, the company involved various classes of consumers at different stages. The reactions to various advances and breakthroughs were measured in order to gain insight as to how consumers would react to the finished product.
Companies that ignore research into consumer behavior often end up with products, which though advanced have made no impression to the market. The products produced by the company are not intended by the organization to be used by it but to be sold to a wide variety of consumers. It is therefore significant to appreciate how such consumers would react to the product and how they feel about the features (Prandelli et al 2010).
4.0 MARKETING MIX
A marketing mix can be defined as a combination if several factors that are given priority by the company when introducing a product into the market. The choice of the marketing mix, is highly dependent on understanding the consumer behavior, and prioritizing what is important to the consumes of the product in this case the Recon Jet.
The Recon Company proposes to employ the most popular marketing mix, commonly referred to as McCarthy’s four p’s marketing mix.
The first concern in the marketing mix is the product in itself. The product that is the Recon Jet should be planned to please the needs of a specific target. The product is the first concern of the company. Lamb et al (2008) stated that through focused group discussion and surveys, the company can understand what the expectations of the consumers are with regard to the Recon jet and therefore plan to meet such expectations. This means that consumers should be involved in the development of the product, which the Recon Company managed to do successfully.
Perhaps the most important factor in the marketing of any product is the price. The price of a product could be too high that it is unreachable for the consumers or too low that it does not seem quality enough. The research must be completed into the right price for the product. The Recon Company could use the Market penetration pricing system, where the price of the Recon Jet will be set slightly lower to attract consumers and therefore penetrate a market already saturated with high tech goods. It is important to note that the Recon Jet is a luxury product, and therefore if the pricing is too high, it will be generally ignored by a majority of consumers. With the current global trends pricing should be just right, (Lodato 2008).
Since the Recon Jet is a new product in the market, promotion of the same is vital. Aggressive advertising with the right message will leave many of the consumers with the desire to purchase the product. To create such a desire, the company requires engaging the consumer through the right channels. Some consumers, a majority of them in fact are not aware of the product, where it’s found and what it can do for them. The promotion part of the marketing mix covers all these information (Lamb et al 2008).
4.4 place and distribution
Finally, the Recon Company is concerned with distribution of the product. It is not enough to make sure consumers have heard and know about the product, Recon instruments must also ensure that the consumers can get access to the Recon Jet. All channels of distribution should be exhaustively explored to make sure that the company’s potential customers can get the product whenever they need or want it (Lamb et al 2008).
5.0. CONCLUSION AND RECOMMENDATION
The study made the following conclusions:
- The investments made by Recon instruments into improving the products they already have, and discovering new ones will ensure that the company continues to be the industry leader for long time to come ahead.
- The company has great value for its clients and customers, which is why the Recon Jet produced with the help and advice of the clients is likely to be an astounding success. The relationship with their clients does not end with the purchase but continues for a long time.
- The management of the Recon Instruments understands that creating and maintains a niche market in this industry is vital. Consumers are likely to purchase the same products from a company they have head experience with and therefore trust their products.
- Consumers would be even more involved in the process of product development, with the help of experts should understand the tastes and preferences of consumers. The involvements should be made as diversified as possible in order to draw insight from the different consumers and therefore make many more informed conclusions.
- The company requires creating a niche, which is a collection of customers and consumers loyal to the company and its products. Creating a niche can only be done when the company understands and identifies the right target for its products.
- Whereas the Jet Recon and other products from the company are based on advanced technology, there is need to simplify the ways in which the client can make use of the device. Complex devices would only baffle, confuse and frustrate the average consumer.
Lamb, C, Hair, J and McDaniel, C. 2008. Marketing. Cengage Learning
Lodato, 2008. Management of New Product Launches and Other Marketing Projects. Author House
Mohr, J, Sengupta, S And Slater, S. 2010. Marketing Of High Tech Products and Innovations. Pearson Prentice Hall
Prandelli, E, Swahney, M and Verona, G. 2008. Collaborating With Customers to Innovate: Conceiving and Marketing Products in the Networking Age. Edward Elgar Publishing
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