Marketing Strategy and Plan Filters in Australian Market

Question: Describe about the Marketing Strategy and Plan for Filters in Australian Market. Answer: Introduction The report consists of a marketing plan for 3M gold screen filters in Australian market. The marketing plan focuses on a specific product category of the company i.e. privacy filter screen for laptop. The company deals in many products. 3M is a company that focuses on innovation. There are approximately more than 4000 products in the market of 3M. However, the study focuses on marketing plan for one product line that is privacy screen for laptops. The case study of 3M focuses on the gold privacy filters of 3M for wider screen laptops. Nowadays, privacy is also maintained by people while working in public places. These privacy screen filters not only save the laptop from dust and other hazards but also from prying eyes of other people. The marketing plan for this line of product must be unique so that it can focus on more target customers. Many aspects are discussed in the study such as SWOT analysis, PESTEL analysis, internal environment analysis and consumer analysis in Australian m arket. Apart from that, marketing mix is also described along with implementation of positioning tools for the privacy filter screen. The marketing plan will have some goals that will be aligned to the organizational goals and objectives of the company at strategic level. Macro environment analysis Analysis of macro environment includes PESTEL analysis of Australia. Political: The country is a safe for investment. It is the hub for multinational companies to extend their business operations in Asia Pacific region. The country is ranked first due to the adaptability of the government in the tough economic conditions. Effectiveness and transparency of government is highly rated (Tugut et al. 2015). Economic: Australia is a country with high per capita income and GDP. It is a wealthy country with high market economy. After Switzerland, Australia ranks second in terms of average wealth in the year 2013. It is seen that the nation is witnessing an economic growth of 3% in the year of 2015. Hence, it is favourable for 3M to run its gold screen privacy filters in Australian market. Social: Social factors include nature, culture of the nation as well as people of Australia. The country is politically stable and democratic. Regulations of Britain and North America are followed in Australia but in a different manner. The people of the country spend money which is beneficial for 3M to sell its specialised gold privacy screen in Australia (Altuntas and Turker 2015). Technological: Technological dearth of Australia is very fast and developed. New technologies of Australia help in creation of new specialised gold screen filters for wide screen laptops. Environmental: Environmental factors include change in climate, temperature and weather conditions. Global warming is the cause of change of temperature that may affect the productivity of the manufacturing unit of the company. Apart from that, many Environment Protection Acts of Australia affect the profitability of 3M gold screen privacy filters(Garoufallou et al. 2013). Legal: Legal factors include regulations of Australia. Introduction of disability discrimination law and age discrimination legislation in the field of minimum age affects the business operations of the company in Australia. Law sometimes affects the buying behaviour and likelihood patterns of availing a service or buying a product (Wilson 2015). Internal and Micro environment analysis Micro environment of 3M gold screen privacy filters in Australia refers to banks, customers, public, trade unions, suppliers, distributors, competitors, banks, employees and media. Customers of the products of 3M (gold screen privacy filters) include the target customers of Australia. It is the responsibility of the company to satisfy the needs and demands of the people of Australia. The company must be committed to deliver quality products and services to the public of the country. It is used to create good reputation for the company in the market. Employees are valuable assets of the company that are responsible for improved productivity of the firm. Suppliers and distributors are very important for a company (Hsu et al. 2016). Good relation is maintained by the company (gold screen privacy filters) to its distributors and suppliers for smooth flow of operations. Competitor analysis include porters five forces model. Bargaining power of the suppliers is low in case of 3M that is an advantage for the company. Bargaining power of the buyers is high that results in bargaining of prices of the products of 3M. However, gold screen privacy filters is new in the market so customers will not able to bargain prices in few months. Threat of substitutes for this product in Australian market is almost nil. It is also a situation of advantage for gold screen privacy filters. Threat of substitutes in the Australian market is high. There are many competitors like ITT Corporation, Honeywell International Inc., etc (Pearson 2013). These companies can innovate filter screens for laptops in future in Australian market. It can also lead to threat of new entrants in the market. SWOT analysis Strength: 3M has strong base of employees with over diversified portfolio of products. The company operates in more than 65 countries across the world. 3M gold screen privacy filters has robust financial improving position along with cash flow. High brand image across the world is strength for the privacy filters. Weakness: Litigations and environmental issues in certain circumstances have affected the profitability of the company as well as the brand image of the 3M gold screen privacy filters. As the company is a market leader in its own industrial sector, any wrong step in marketing and CSR activities would hurt the image of the brand in the competitive marketplace (Nichols 2014). Opportunity: Australian market is a booming market. 3M by implementation of effective marketing strategies would able to increase their reputation in the market along with tapping more customers for the gold screen privacy filters. Global presence of 3M helps in acquisition while strengthening its gold screen filter screen market in Australia. Apart from that, the product is innovative that is a great opportunity for 3M (Ancarani and Gisco 2014). Threats: Threats of 3M privacy filters include presence of competitors in the market such as Honeywell International Inc., ITT Corporation, and Avery Dennison Corporation that can be a potential cause of loss of market share. Apart from that, strict governmental policies along with unfriendly environmental regulations can affect the business operations of 3M (Whalen and Boush 2014). Consumer analysis Consumer behaviour is a field that helps companies in understanding the nature of consumers in the market. Nowadays companies are focusing on this field to formulate different practices and policies that helps in promotion of the particular product of the company. The first responsibility of a company is to identify the target customers. After that, extensive market research will be conducted by 3M in order to understand the buying behaviour of the buyers in the market. Product category of 3M is different from that of its competitors (Berman 2016). The product line selected for formulating marketing plan is privacy screen filters. It is a different category of product. Hence, the need of consumer analysis is very necessary to increase the sale of the company especially this product. Apart from that, there are many theoretical frameworks of consumer behaviour used by companies that will help in gaining a better understanding of the decision making and nature of the shoppers in the mar ket. Marketing Plan Goals and objectives The strategic goals of the marketing plan for launching 3M gold privacy filters in Australian market are categorised into sales, profit, pricing and product objectives. 3M is a renowned company that wants to launch its gold privacy filters in Australian market. Pricing of the product is kept as premium pricing as the product belongs to niche market and the brand has high reputation in the market (Gonzalez-Padron et al. 2016). Product objectives include development of the added benefits as per the demands of the customers. The most important part of the plan is successfully commencing the marketing plan of gold privacy filters within the allocated budget. Positioning Tools Positioning map is used as a positioning tool apart from traditional segmenting targeting and positioning. A perceptual map for the product as well as the brand is very useful while formulating marketing and branding strategy. It is used to determine the thinking procedure and perception of the consumers towards the brand. Companies for differentiating their brand in the market use positioning map. It provides a competitive advantage to the brand. Gold privacy filters is a niche product that is a differentiator in the market (Pradhan and Kundu 2016). However, for sustaining the innovation in the market, 3M is using positioning map and differentiation strategy in the market. Figure: Perceptual Map of 3M (Created by Author) Implementation of marketing mix Product: The product selected for the marketing plan is gold privacy screen for wide screen laptop. The product is new in the market. It is an innovative product by 3M for privacy of the users of the laptop. The gold filter will help the user of laptop to see the screen clear. Anybody peeping from side will see golden screen that will prevent loss of data or saving private data (Papadopoulos and Heslop 2014). The new product will definitely hit the market in successful implementation of the marketing plan. Product of 3M is new and unique in the market that will hit the mind of the customers by its promotion in the market. Price: The pricing of the product is formulated by premium pricing as the product is very new in the market. The brand reputation of the company is very high in the market. This is the reason of charging premium from the market. The company is famous for its private screens for laptop of different sizes. This category is new and innovative i.e. gold screens. Gold is the symbol of royalty and it is also a reason of charging premium price from the customers. However, pricing would be also a strategy in the marketing plan (Armstrong et al. 2014). Place: The marketing of the gold screen should be done in shopping malls and other places where electronics goods are available especially in electronic malls. Sponsorships with FMCD companies and in own branded shops. The company have to maintain a well network of distribution channels so that supply of goods should remain intact (Ryan 2014). Promotion: It is the most important part of the marketing plan, the budget allocated for the plan will be spend in the promotion of the product. 3M will spend its budget both on traditional and online marketing channels. Budgets are allocated for creating advertisements on Television, display ads, radio promotion, print ads, newspaper ads, etc. Relation between suppliers and retailers is promoted by the company. In store promotions like point of sales, point of purchases, sidewalk talks are promoted for dragging the attention of customers. Alliance campaigns are promoted by 3M (Zeriti et al. 2014). Conclusion The report analyses details on product category of 3M i.e. gold privacy filters for wide screen laptops. 3M is a company with high brand reputation in the market. Detailed marketing plan is formulated for this new product category. Goals are set along with the marketing plan for improved sales of the privacy screen of the company. A specific marketing budget is allocated in the marketing plan for promotion of the product in the market. Apart from that, consumer trend analysis is performed by 3M that will help the company in formulating the marketing plan in an effective way. References Altuntas, C. and Turker, D., 2015. Local or global: Analyzing the internationalization of social responsibility of corporate foundations.International Marketing Review,32(5), pp.540-575. Ancarani, F. and Gisco, A., 2014.Wellness Marketing: New strategies for new trends. EGEA spa. Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014.Principles of marketing. Pearson Australia. 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