Discuss about the Marketing Portfolio for Removable Online Security Device.
Q key removable online security device is a product founded and co-founded by Christopher Maus and Brandon Maus respectively. Christopher Maus, as a security expert, has previously architected products that help the individuals to take control. The product has been assembled by a varied global team of experts in technologies and security. These experts are exceptionally talented in aspects of engineering, design and business development.
Q key was introduced in the market to help people control their web privacy and security. It is simple, virtually anywhere, smart and secure, opening a new experience on the internet. Q key is termed as simple as it provides a uniform and rich online experience anywhere and at any time. For it to work, it simply requires the owner to insert it in a computer, enter a password, normally shop, open the digital wallet and choose a card and finally tapping the Q key to pay. Q key is practically anywhere as it is compatible with most existing websites. It contains a single access login that logs one instantly into web accounts that are protected by passwords. Furthermore, it is portable, as it can easily fit into a pocket. This product is termed as smart as it abolishes the need for one to dredge up all login access and passwords required for the web accounts that are secured. Q key is secure as it uses a smart chip like the one used in military evaluation encryption, physical touch sensors and new payment cards to ensure security on online payments.
Current market conditions for a particular product describes the characteristics of the market it is going to be released to, or introduced. These conditions may include the competitiveness level, the rate at which the market grows and number competitors already in the market (Feng et al., 2017)
Currently, the market is crowded by different cloud systems like Yahoo, JP Morgan Chase, eBay, and others. These systems support online shopping, allows people to store personal information online by providing accounts that are secured with passwords. The one thing common with these online systems is that they store such information in the cloud, which acts like someone else’s computer. This makes them susceptible to breaches and hacking (Smith et al., 2010). For example, Yahoo has got about 500 million accounts that have been hacked, JP Morgan Chase with 83 million while eBay records approximately 145million hacked accounts. This has led to the need for change of condition and output in the market, leading to a positive gradual change over the years.
An example of such change is the introduction of Q key into the market. However, there is growing competition from the online systems as they use technology to better their services. Such healthy competition also encourages the improvement of the Q key product, which aims to implement its idea of providing a simple, secure and smart internet experience needed as technology continues to grow. The consumers also need an assurance of their accounts being safe from hacking and breaches. With the information being stored online, such guarantee is not provided, making them feel violated and uncomfortable. Q key offers a simple solution of posing to keep personal data away from the online cloud, thus away from hackers and into our pockets, offering us a total control of the data.
SWOT analysis evaluates the Strengths, Weaknesses, Opportunities and Threats of the product. This helps in specifying the objectives of the project as well as identifying favorable and unfavorable factors that are available in achieving the objectives (Xing & Gao, 2015).
Strengths include the advantageous features and unique features Q key has over other products in the market. In this case, Q key plays a role in ensuring online accounts are completely under the owners’ control, thus decreasing cases of hacked accounts. This product aims to create strengths in its profitability, and by doing so, the cost of production is effectively managed (Phadermrod et al., 2016). The strengths of Q key comes from the need of satisfying a need of a specific targeted audience by using unique selling benefits.
Weaknesses in product launching signals that the product needs to overcome certain competitions in the market in order to gain consumers (Phadermrod et al., 2016). For example, in order for Q key to gain market share, more capital is needed in marketing. The product may also be sold at a loss for a short time so as to introduce it to the market. Since customer brand loyalty is hard to break, Q keys position will further be weakened even if it is better than other relatable products. This can be a weakness it might be experiencing as a new product in the market.
New products contain built-in Opportunities when they are the first to launch a certain idea (Phadermrod et al., 2016). This allows Q key to be able to sell at a higher price for a short time if too much competition is not an issue. The product also gets an opportunity of taking advantage of the media’s interest in advertising and showcasing new products.
Threats experienced by Q key may be as a result of the reactions its competitors have when it enters the market. It is therefore recommended for the launchers to have backup pricing, distribution channels, and promotion plans when the competitors start changing their playing fields (Phadermrod et al., 2016). This helps them respond to the competitors’ reactions.
Marketing refers to the act of creating, communicating and delivering a product or service to customers by an organizational (Hair & Lucas, 2014). This is done to benefit both the stakeholder and the organization. The nature of marketing is described by the fact that it is an economic function, a series of networking business activities, a legal process allowing transfers of ownership, a social process and a managerial function (Barnes, 2016). The scope of marketing studies consumers’ needs and wants, the behaviors of the user, the policies used in pricing, promotion, distribution, control of the market and customer satisfaction (Hanssens & Pauwels, 2016). The marketing concept involves identifying what the customers want or need, establish whether such wants can be satisfied if the wants are still on demand and finally coming up with ways to keep the consumers satisfied. This is done by an organization focusing on the consumers’ needs, aligning its functions used to focus on such needs and eventually realizing profits over the long term by fruitfully satisfying the needs of the customer (Morris & Rahtz, 2015).
The marketing research techniques are divided into the primary and secondary researches. Secondary researches involve studying existing data suitable for a particular research need. The main research methods involve conducting surveys especially if data is to be measured quantitatively, use of effective focus groups especially for exploratory qualitative researches, conducting interviews, use of observation technique and use of experiments especially in scientific testing (Andaleeb & Hasan, 2016). Research of the present market for a particular product helps organizations in making decisions regarding the product. A good research may suggest alternative options for products entering a new market. An organization may come up with ways of distributing a product using research outcomes, the promotion techniques, and pricing. External factors affecting the product may also be established and the target market for a particular product identified (Babin & Zikmund, 2015).
A business’ marketing mix refers to a combination of different elements it uses to enable it to meet the consumers’ expectations and needs (Khan, 2014). Each element used in the marketing mix is related to each other. The marketing mix consisted of four elements traditionally, but in recent years, new elements have been added to form the extended marketing mix. The four elements that previously constituted the marketing mix were; price, place, promotion and product. They worked together in order to achieve marketing intents. Three more elements were added recently, as mentioned, to form the extended marketing mix (Movchan & Karpenko, 2014). The added elements include; process, physical environment, and people. The seven elements work closely together to ensure marketing is effective.
References
Andaleeb, S. S., & Hasan, K. (2016). Marketing Research. In Strategic Marketing Management in Asia: Case Studies and Lessons across Industries (pp. 111-160). Emerald Group Publishing Limited.
Babin, B. J., & Zikmund, W. G. (2015). Essentials of marketing research. Nelson Education.
Barnes, S. (2016). Understanding Virtual Reality in Marketing: Nature, Implications, and Potential.
Feng, H., Neil A. M., and Lopo L. R. (2017). Firm capabilities and growth: the moderating role of market conditions. Journal of the Academy of Marketing Science 45.1 (pp. 76-92).
Hair Jr, J. F., & Lucas, B. (2014). Marketing Research. McGraw-Hill Education Australia.
Hanssens, D. M., & Pauwels, K. H. (2016). Demonstrating the value of marketing. Journal of Marketing, 80(6), 173-190.
Khan, M. T. (2014). The concept of ‘marketing mix’ and its elements (a conceptual review paper). International journal of information, business, and management, 6(2), 95.
Morris, M. M., & Rahtz, D. R. (2015). Integrating the Concept of Marketing: The Environment Organization Marketing Interface. In Proceedings of the 1983 Academy of Marketing Science (AMS) Annual Conference (pp. 598-598). Springer International Publishing.
Movchan, Y., & Karpenko, N. (2014). Marketing Theories- The Marketing Mix From 4 P’S TO 7 P’S.
Phadermrod, B., Crower, R. M., & Wills, G. B. (2016). Importance-performance analysis based SWOT analysis. International Journal of Information Management.
Smith, K. T., Smith, M., & Smith, J. L. (2010). Case studies of cybercrime and its impact on marketing activity and shareholder value.
Xing, B., & Gao, W. J. (2015). A SWOT Analysis of Intelligent Products Enabled Complex Adaptive Logistics Systems. In Encyclopedia of Information Science and Technology, Third Edition (pp. 4970-4979). IGI Global.
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