Question:
Discuss about the Marketing Strategy and Business Plan in the Context of Systecnic Solution.
This report has been designed to produce IWATCH, which is a merger of security cameras with that of a special security watch, which is associated to the cameras. This will improvise the sales of IWATCH over the following two years. Systecnic Solutions LLC is among the leading ICT Company with their headquarters in Dubai, UAE that provides excellent services over the Middle East as well as the subcontinent to numerous sectors. However, according to the company their success comes from their unique approaches in their planning, implementing as well as managing their customer technological needs while supplying them with specialized support protecting their business functions as systematically and effectively as possible. However, their main mission of Systecnic is to maintain a balance in between the interest of their customers, shareholders as well as their employees. For the company their customers are mainly their strategic partners and the problems they face are like challenges to them. Their main objective however is to provide innovative, economical and reliable products and solutions to their customers, which is totally fit for the motive, intended without compromising on the product’s quality at any point of time. Their mission thus is to constantly update their system to use the state of art technology that is available to attain their goals (Systecnic.com 2017). The products that they are currently providing to their customers are CCTV, Network IP, HD-SDI video surveillance systems along with CCTV equipments for home, businesses and Government installations. However, the factors that influence the demand for their products are because it brings their customers with wider range of surveillance products, they have been operating in various segments that offer solutions for apartments, offices, small establishments inside or outside retails or Private Villas of UAE. Moreover, they have also installations in countries like Qatar, KSA, DR Congo, Kinshasa, Uganda and Azerbaijan, which further brings a multinational experience to their rapidly growing client base. Lastly, they are very much committed in getting the latest technology in the video surveillance for their apparent customers. However, their latest technology mainly comprises of remote control room setup through internet. It further provides possibility where their customers can monitor their valuable belongings through their Iphone, android phone or IPad.
PEST analysis
Political factors- The political factor that is beneficial for Systecnic Solutions is that UAE has no political parties but that does not mean this country is not involved in politics. However, they play major role in international politics. Therefore, they are mainly found to have healthy trade relationships with many neighboring countries all over the world. Dubai has been found to have political conflicts, which are mainly occasional mainly about land or oil reserves. Therefore, overall political conditions are beneficial for Systecnic Solutions.
Economic factors- The economy of Dubai is vastly dependent on its export of oil along with its tourism and commerce. However, the local people of Dubai do not perform laborious jobs for which this country has to depend largely on foreigners to join their workforce but the government has already forced certain strict restrictions on the foreign labors and so no one can stay beyond certain period of time, which is allowed by the Government. Dubai is mainly a trade free zone, which attracts executives as well as investors. However, it does not have any trade barriers or any kind of exchange controls. In Dubai, the foreign trades are mainly expanding with an average of 11% for the last 27years that shows that it has become very popular among businesses to open their head offices here. This is where Systecnic Solutions is benefiting.
Social factors- The inhabitants of this country live a very comfortable lifestyle because of their well paying jobs. Moreover, Globalization is moderately resulting in a blend of various cultures within this country. For those who are expatriates and have arrived from the third world countries with the motive to earn well, have difficulty surviving their because of the living conditions in Dubai as well as the long working conditions.
Technological analysis- Dubai mainly has wealth along with middle-aged population thus; technology is not at all a problem. Dubai is mainly advancing with their technologies like for instance Fly Dubai and Emirates are among the largest airlines in the world, which are world’s largest technologically furnished aircrafts. Not only it has the busiest airport but it also has very advanced metro. The population there us very much tech-savvy that permits the companies all over the country to influence technology. This country can also afford to buy new equipment and be in the forefront of technological development. Therefore, for such a technologically advanced country the new product of Systecnic Solutions will be very much beneficial (GRADE 2013).
SWOT Analysis
Strengths- Systecnic Solutions has a much-diversified market along with rapid growing client base. They are very much committed in providing latest technologies in their video surveillance. Another strengths point is that people can operate their products sitting anywhere through their Iphone, IPad or android phones. However, they have international pioneers in imaging business. They have wide range of products starting from CCTV, network IP, HD-SDI video surveillance systems along with CCTV equipments (GRADE 2013).
Weaknesses- The weakness that Systecnic Solutions faces in this industry is mainly the intense competition, which means limited market share development for this company.
Opportunities- The opportunity one may have in this industry is mainly of the increasing customers who are willingly to spend on these types of products for monitoring their important assets. Another opportunity is their developing presence in the international markets.
Threats- There can be several threats as well for this company and the main threats are having a single supplier of their raw materials along with decreasing ability to spend on research and development due to their decreasing sales. Along with these, the other two threats can be economic crisis or the fluctuating currency.
The customers are mainly the rich people. Their products mainly attract those customers who fall in the higher class. As Systecnic Solutions LLC provides security solutions, which is mainly for those customers who have valuable products, so they can use this product to monitor those assets (Gundala and Khawaja 2014). However, based on the customers Systecnic Solutions the 6 important variables has been selected to create the target market which are explained as follows-
Maslow proposed the Hierarchy of Needs in the year 1943. His theory mainly deals with classical depiction of Human motivation. According to Maslow’s hierarchy needs which comprise of mainly five levels of human need within a pyramid mainly states that people are motivated to attain certain needs and that some of the needs take priority over others. His five-stage model is mainly divided into deficiency and growth needs (Noltemeyer et al. 2012. The first four levels which are physiological, safety, belongingness and love needs and esteem needs fall under the D-needs or the deficiency needs and the top level which is the self-actualization comes under the B-needs or the growth or being needs. However, the customers who are buying the product of Systecnic Solution are mainly satisfying their safety needs. Safety needs as defined by Maslow mainly involve the physical, environmental as well as emotional safety and protection. Thus, when people are buying this product their safety and security needs are fulfilled because they are getting a financial security by monitoring their luxurious assets or properties and family security. Thus, this product in a way satisfies this safety and security need of the customers by providing them a worry free life from the safety and security of their family or monetary assets (Lester 2013).
Systecnic solutions face competition with other companies who are in this same business offering the customers with ICT facilities. The main completion they faced is from Technoxen- IT solutions, DOS Technologies LLC and I-Trust Systems. Technoxen is taking the customer’s money being among the leading IT infrastructure and solutions proving on different platforms. Presently, they are the IT equipment supplier of wider network of vendors as well as collaborate across the UAE. Their main customers of Technoxen are spread in different sectors like Hospitality, Telecom, Media, Banking, Healthcare, ISPs, Network Integrators, Networking Consultants and Educational Institutes. Their consumers are mainly from MNCs, large Enterprises, Small and Medium Enterprises to Service Providers, Small Offices and Home Offices (Technoxen.com 2017). On the other hand, competitor is DOS Technologies LLC, which is another Dubai based innovative technology solution supplier. They are mainly famous for the IT solutions, telecommunications, and security and automation systems in Dubai (Dubai and Emirates 2017). This company is of biggest threat to Systecnic Solutions because customers are so satisfied with their products and services that they have highly rated this company. Lastly, I-Trust Systems, which is in the Dubai, market since 2006 with the aim of providing their customers the latest technologies, innovative, reliable security as well as sound system. This organization is a real threat to Systecnic Solutions because they have built up their teams with qualified engineers, technicians as well as experts to provide the most innovative security for their customers. Customers are very satisfied with the working of the employees of this company and thus, this company retains many beneficial customers (I-Trust Systems 2017).
Systecnic Solution is a seller of electronic goods across Dubai. This organization offers all types of security solutions like CCTV camera, HD-SDI video surveillance system and network IP. However, it is important for this organization to compete in the current market by innovating new features in their product. However, it is important for an organization to improve their product feature or innovate something new to capture the customer attention in the market (Hult and Ketchen 2017). However, Dubai is a technology-oriented country thus; innovation of new technology in this country is beneficial for the electronic goods seller. In the context of Systecnic Solution, it is important for this organization to utilize the advanced technology and develop new products to cover a large portion of the target audience. As per the given scenario, Systecnic solution is going to propose IWATCH as their new product. This is a combination of security cameras with a special security watch. This will ensure the security of an organization in a proper and innovative way.
However, such innovation of Systecnic Solution will be helpful for this organization to get opportunities in the wearable market. However, wearable technology market has rapid growth in the recent years (Lester 2013). Keeping this in mind Syatenic Solution needs to develop the features of such IWATCH. IWATCH acts as a good activity tracker. This is the major benefit of such watch. Wearing this watch the manager or supervisor of an organization will be much more aware of the employee’s activity in the organization. They can keep a tracker about the regular activities of the employees within the office premises. Calling notification is another feature of the IWATCH. However, an individual will be able to be notified by their wristwatch during their work (Silva-Rodríguez et al. 2016). On the other hand, this advanced wearable device acts as the citymapper. That is a quality feature of such product. People will be able to measure the time during their travel. Transportation time can be measured properly by using this device. This device also acts as the substitutes of passbook. The QR code of a ticket can be scanned quickly by using this watch. Hence, it can be said that, IWATCH is a gift of the modern technology. This highlights the combination of two latest technologies, which makes easier the daily life of the people.
The major drawback of this IWATCH is its high price. However, the price of an IWATCH starts from $899. This is very costlier and hard to afford for the all classes of people. Price of a product is directly associated with its sales (Cui and Wu 2016). Hence, the high price of IWATCH may affect its market in those countries where people have been suffering from extensive poverty. On the other hand, an overloaded notification is another loophole of IWATCH. Apart from this launching of this technological device in the Dubai market will be beneficial for Systecnic Solution to expand their business.
Figure 1: IWATCH
(Source: Lester 2013)
Both internal and the external factor play a major role in the development of the pricing in a business while introducing a new product (Olawale and Joel 2017). In the context of Systecnic solution, they are going to launch IWATCH which is a technological innovation. This product offers a combination of security cameras along with security watch. However, it is important for this organization to set a proper price for the new product, which can be affordable for the consumer and ensure the quality of the product. One of the major internal factors of the pricing is promotional activity. However, a promotional activity of a company is associated with the pricing (Hallberg 2017). In the context of the Systecnic solution if this organization incurs a heavy advertising then they need to high their product price in order to recover the cost, which they will expand for the promotion of the product. However, IWATCH is a costly product hence, it is important for the organization to cut the cost of the promotional activity to set a reasonable rate for this product. Competition is a major external factor of the pricing based on which an organization sets the price of a product (Kienzler and Kowalkowski 2017). Systecnic Solution needs to analyze the degree of competition in the current market of Dubai and. Based on the competitors pricing strategy Systecnic Solution will need to set their pricing.
Comparison of the pricing for two direct competitors of Systecnic solution
|
Technoxen |
DOS Technologies LLC |
|
Technoxen is one of the major competitors of Systecnic Solution as they also offer similar products to the UAE market. However, their set price $900 for the IWATCH, which is too costly and not affordable for all customers |
DOS Technologies LLC is another major competitor of Systecnic Solution. This company also offers IWATCH in the hospitality and MNCs of Dubai. Their price is $850, which is quite less from Technoxen. |
Table 1: Comparison of the pricing of the competitors
(Source: Author)
From the above analysis, it has been found that the competitors of Systecnic solution offer similar product at a high price. However, DOS Technologies LLC offers IWATCH in a low price in comparison to Technoxen. On the other hand, Technoxen offers high quality with high price. It is important for Systecnic Solution to select a strategy for their new IWATCH, which will be affordable for the customers and will enable them to gain competitive advantages. They will set $750 for each IWATCH. This pricing strategy will be helpful for this organization to cover a large population in UAE and outside of UAE. This price will be affordable for both small and large enterprise. However, mainly the large enterprises are the major customers of Technoxen. Hence, the setting of this particular price will be effective for Systecnic Solution to attract the small enterprises towards their products.
After an introduction of the new products, it is crucial for the business to make this product available to the customer domain (Subramanian 2017). In the context of Systecnic Solution, they will launch their product Abu Dhabi Mall and Mall of Emirates. These two places are popular in Dubai and crowded. Thus, launching of new products in these places will be beneficial for Systecnic Solution to gain the customer attention easily.
Many businesses are not sold their product directly to the consumers. However, often they use intermediaries for marketing the product. Marketing intermediaries lead the product to the final users (Walker et al. 2017). Wholesaler, retailer, agents, and broker are considered as the intermediaries to market the product. In the context of Systecnic Solution they need retailer and agents to introduce their new product IWATCH in the new place. The retailer will keep the product in their shops and the broker will help Systecnic Solution to connect with the customers.
High-class people are the main target audience of Systecnic Solution for their new product IWATCH. On the other hand, adoption of social media marketing will be an effective online marketing strategy for this organization. However, maximum high –class people and the customers use social media application to search product and shop them (Tuten and Solomon 2017). Hence, use of the social media marketing via Facebook, Twitter and Instagram Systecnic Solution will able to advertise their product in a large population. On the other hand, such online marketing strategy will be beneficial to introduce the product to the customer belong from different geographical regions.
Different promotional channels or media have been used to promote a new product in the customer domain. As for example, print media, television, and web pages are used to by maximum organizations to promote a business (Ramanathan at al. 2017). Print media is a very popular and traditional process to advertise the products in the market. Leaflets, Pamphlets, poster, newspaper, and magazine are the basic elements of print media. In the context of Systecnic Solution print media will be effective to introduce their product to each individual. On the other hand, Television is another media, which is popular for the advertisement of the product.
By using this media, Systecnic Solution will be able to attract the customer attention towards their product (Law and Stock 2017). However, Systecnic Solution will able to distribute videos and audio regarding their product details via television. Hence, people get a visual example of their new product via television, which attracts the customers towards this product. Apart from this development of product web page and introduction of this page via social media, will the latest way to introduce IWATCH in a large population. The web page includes detail information along with the pictures of the product. Through this media, the customers will be able to understand the function, price and benefits of IWATCH. In the recent years, people spend a lot of time on social media. Hence, one can share the web page regarding IWATCH with other via the social network, which will increase the popularity of the products. Systecnic Soultion will choose print media to promote their product as it is a low-cost media and is easy to distribute.
Application of print media is an old and effective process of advertising. However, one of the major advantages of print media is unlimited exposure. Use of magazine and newspapers cause unlimited exposure. Advertising via print media is a non-intrusive process in comparison to other media. However, in the television and radio, ads are very common, which interrupts the programming process. However, by using print media Systecnic Solution can distribute their product information in the customer domain without any interruption. Advertisement via television and radio create annoyance while people are reading or listening to the news (Nascimento and da Silveira 2017). Hence, by the application of the print media, such interruption can be eliminated. On the other hand, print media allows the organization to introduce their product to the specific target market. As for example, advertisement of IWATCH via magazine creates an appeal to a specific readership. In the context of Systecnic Solution they can target the high-class people for their new product who have the capacity to purchase IWATCH.
Advertisement through social media may affect the confidentiality of the business as well as the product information (Muhoho-Minni and Lubbe, 2017). Hence, by using, the print media such type of risk can be reduced and confidentiality can be maintained. However, social media advertisement covers the customers who are young and middle-aged. This often resists the old consumers to get information regarding a new product. Hence, print media as for example, newspaper distributes the product information in all types of customer domain. From young aged to old aged people can easily get the information of the IWATCH via the newspaper.
Launching time for a product is important for a business while introducing a new product in the market. However, effective timing is helpful for a business to attract their customers and optimize the profit and revenue (Law and Stock 2017). In the context of Systecnic Solution they need to fix a proper time to launch their IWATCH. This organization has selected a time in the next year to launch their product. They will launch their new IWATCH in March 2018.
March is considered as the peak season for the business. Hence, launching of the product during this season will be helpful for Systecnic Solution to get a large number of customers for their product. However, it is crucial for an organization to understand the timing when their competitors launch the product (Cui and Wu 2016). Based on this analysis Systecnic Solution will be able to launch their product at a proper time that cannot be affected by the launching of the product by their competitors.
Budget is crucial for the organization while developing a new product. However, it is important to set a budget framework at the initial stage of the product development as it helps the organization to understand the expenditure for the new product (Olawale and Joel 2017). Based on the budget, Systecnic Solution will set their product price in order to recover the cost.
|
Particular |
Amount |
Total |
|
Full-time salary |
$569,00 |
$16,7200 |
|
Consultants |
$1400 |
|
|
Training |
$1600 |
|
|
Outsourcing contact |
$23,000 |
|
|
Transportation |
$4,300 |
|
|
Advertising |
$50,000 |
|
|
Promotional campaign |
$30,000 |
Table 2: Budget plan for the IWATCH promotion
(Source: Author)
According to the above table, it has been received that Systecnic Solution needs $16,7200 to complete the entire promotional plan for IWATCH. However, this high amount will be helpful for this organization carries out their product promotion in a significant manner and they will be able to recover good revenue from this investment.
Conclusion
The entire study reveals marketing strategy and plan in the context of Systecnic Solution. For the external market analysis PESTLE analysis has been conducted, which shows that political environment of Dubai is positive for the business of Systecnic solution as the political environment is stable. On the other hand, the economy of UAE is strong due massive export of oil. On the other hand, the social life style of the people is good. One of the major advantages of this country is the technological advancement. However, it this country is technology oriented. Thus, innovation of IWATCH will be beneficial for this organization in this country. This product is a combination of security cameras along with security watch. Hence, this product will be beneficial for the people in their fast life. However, the price of this technological device is high and hard to afford for the all classes people. This is a major weakness of this product. On the other hand, this product is suitable for the business organization, as it will help the business authority to measure the activities of the employees within the office premises. However, Technoxen and Dos technology are the major competitors of Systecnic Soultion in the UAE market. However, Systecnic Solution will focus on the print media rather than other media for the promotion of their IWATCH. This media is effective for unlimited exposure and it is also a cost-effective process. On the other hand, the entire budget will be $167,200 for the promotion of this product.
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