marketing_plan - Situation Analysis: At the current time...

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Situation Analysis : At the current time VRD4U&ME, is in first place. This is due to the company’s belief that its competitors would go after the larger segments like, Managers, Assistants and Creators, and leaving up for grabs, smaller segments like home users, students, and parents. By combining these smaller segments VRD4U&ME was able to create one larger competitive segment. By doing this we allowed ourselves more opportunity for growth and brand awareness. This put our company in a good position to develop a strong brand and attract many customers to our product. After developing strong brand awareness VRD4U&ME developed a SWOT analysis to help us better compete at a higher level. Our strengths consist of strong brand awareness, strong market sales, low prices, and a strong growing market. Brand awareness was one thing that our company knew we had to develop in order to succeed. VRD4U&ME prides itself on the brand awareness that we have developed; first starting our brand awareness was 0.707. As the other firms started to grow however we lost some of our brand awareness. We set up goals to help us get back to high brand awareness. These goals consisted of spending more on advertising and promotion each period. We thought by using the reminder-advertising scheme we could get back some of our brand awareness. Once we reminded our customers we then moved to a direct advertising scheme to attract new potential customers to our brand. It worked; currently our firm has the highest brand awareness with 0.703. Looking forward we plan to further develop our brand by using more direct advertisement and reminding advertising when needed. Strong market sales and a low price is another one of our strengths. When we decided to combine smaller segments to form one larger one we looked at all the customers’ preferences. We discovered that all of our customers valued a quality product at a low price. We took this into great consideration and developed a quality product with a low price. By having a low price it caused other segments to buy our product as well. This gave us huge leg up in the market sales. Currently we are out selling our competition
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marketing_plan - Situation Analysis: At the current time...

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