Marketing Plan on "Marketing Plan for MNC Molex"

Marketing Plan 10 pages (3535 words) Sources: 15

[EXCERPT] . . . .

Marketing Plan for MNC - Molex

Marketing Plan for MNC -- Molex

Strategic Situation Summary

In the context of a more and more dynamic industry and a more and more demanding consumer base, electronics manufacturers develop and employ various strategies that answer to the emergent challenges. One particular means of responding to the new requirements and consolidating a competitive position is that of presenting the customers with hi-tech products which increase the quality of life, but in the same time protect the environment and the user. These types of products can only be achieved with the incorporation of high quality components.

Molex is an internationally recognized provider of electronic interconnectors such as electrical connectors, optical fiber connectors, switchers or the Molex connector. Given the rapid pace of development imposed by the it industry, a question is being posed relative to the potential for computer and computer affiliated products manufacturers to no longer consider the traditional Molex connector as able to serve the incremental needs of the market base. In this order of ideas, it would become necessary to research the market in search of consumer demands, use the feedback to construct a new product and then develop marketing campaigns to promote the new item.

2. Marketing Target and Objectives

Given the already presented status quo, several marketing objectives arise. The first and most important one is that of identifying the characteristics of the modern day market and industry and identifying the need for the new product. Consequently, it is necessary to identify the company's ability to produce and deliver the respective item. These objectives would be achieved throughout the Market Research section which will present the brief PEST and SWOT analyses.

The next marketing objective is that of identifying the target market, aspect which will also be dealt with throughout the Market Research Section. Finally, the last scope is that of pin pointing to some crucial marketing dimensions which would ensure the success of the launch of the new Molex connector.

3. Market Research

3.1. PEST Analysis

The PEST analysis is developed in a context of a changing environment, in which it is necessary for the companies to familiarize themselves with the changes and to develop new strategic courses of action which answer the modifications. "Firms operate in a changing and at times hostile business environments. The environment does not always accommodate the interests of the firm. […] Organizations need to respond and adapt to changing environmental conditions if they intend to survive. They can even investigate changes in the environment which are in their own interest" (Proctor, 2000).

Political environment

At an international level, the political climate is rather unstable in the context of the internationalized economic crisis and the uncertainty of the political and legal measures which should be implemented. In light of the lack of protectionism within the banking sector which led to the crisis, it is possible that the government and other regulators take a more proactive role, which could lead to increased interventionism (PBS, 2009).

Economic environment

The global economic environment is struggling with the recession commenced in the United States real estate sector and soon expanded to the rest of the sectors and to most global regions. Given this context, it might be advisable to not invest in new ventures, but to conserve the financial resources.

Socio-cultural environment

Two elements are relevant for the new Molex connector from a socio-cultural standpoint. The first is that of the populous increase in concerns over environmental stability, and the second is that of a sustained desire to keep up with the rapid rhythm of development.

Technological environment

Finally, at the technological level, the advancements which occur on nearly daily basis force companies to develop alongside or lose their competitive position. In other words, while the economic climate promotes prudence and savings, the technological field sends the message that companies, including Molex, do not afford not to invest in new technologies.

3.2. SWOT Analysis

Internal strengths

Molex is a reputable presence within the national and international markets, having managed to secure a leading position

The company's net income continues to register values above the industry average (MSN Money, 2010)

Molex places great emphasis on the satisfaction of its stakeholders' needs and wants, be them customers, employees or shareholders. Throughout the past five years, the Molex dividend ratio has been of 43.57, whereas the industry average was of only 6.61 (MSN Money). This means that the company is able to take the inventors' money and transform it into profits.

Internal weaknesses

Measured in terms of sales, the company has registered decreases in comparison to the industry; its annual sales rates for 2009 indicate an index of 9.4, whereas the industry ratio is of 9.9. Relative to the five years average, the company's sales ratio was of 2.80, significantly lower than the 12.73 industry average (MSN Money)

Despite the introduction of some new products, the company's product offering remains limited. This lack of diversification translates into a low attractiveness of consumers and a reduced ability to diversify and consolidate earnings.

External opportunities

Numerous developments are made and they allow companies to integrate them in order to better satisfy the customer and as such attain their financial goals

The electronic industry is strong and stable and presents the industry players with the security of future demands for these products and services

Most of the industry players are small size companies (Business Link), meaning that they serve niche sectors and do not pose significant competition for large size players such as Molex

External threats

The electronics industry is a highly competitive domain, in which the competitive positions of Molex and other players are threatened on daily basis

The developments within the industry force Molex and other players to continually invest their financial resources in purchasing new technologies and developing new products; this feature significantly increases the competitive pressure as well as reduces the financial stability of companies

The changing consumer demands add more pressures as the bargaining power of the buyers increases (Investopedia, 2010).

3.3. Target market

Molex would present its product to all consumer categories, but would specifically address it to two types of clients:

Individuals with a technical education and/or expertise who are in need of electronic connectors for personal or professional objectives.

Electronic appliances manufacturers, including computer manufacturers, who would integrate the new Molex connector within their manufactured product lines.

4. Positioning Statement

Product positioning is a crucial aspect of any marketing endeavor as it represents a powerful commutations tool. It represents the mechanisms by which the first interaction between company and consumer is constructed and later on influenced. Due to its scope of helping the company "be seen and heard in the overcrowded marketplace" or "communicating in an overcommunicated society" (Ries and Trout, 2001), the positioning of a product has to send out a clear and strong message.

The positioning statement for the new Molex connector would be pegged to the long standing organizational tradition with electrical connectors, and well as its commitment to high quality and customer satisfaction. Out of these commitments -- strengthened through organizational brand -- a new product is born to help the consumer better cope with the dramatic changes of the society.

5. The Marketing Mix

At this stage of the marketing plan development, it is necessary to reveal the marketing mix, or the four Ps of marketing -- product, price, promotions and place (distribution). Each of these Ps offers important answers to questions referring to elements such as the product characteristics, the pricing strategy to be used, the distribution channels through which the product would reach the customer or the components of the promotional campaign. "These four P's are the parameters that the marketing manager can control, subject to the internal and external constraints of the marketing environment. The goal is to make decisions that center the four P's on the customers in the target market in order to create perceived value and generate a positive response" (Net MBA, 2007).

An example of how the marketing mix can be used is offered on the Thinking Made Easy website and it focuses on the it company Global System and its main product the Global Smart Card. Some relevant elements in its analysis include the following:

Product: "Global initially offered consumers a 10% savings and a 100% satisfaction guarantee to increase adoption in the transportation sector and to remove uncertainty about the new technology. Metro and rail transportation operators provide discounts to Global cards over single ticket cards; the discounts vary according to the distance traveled. Smart card adoption for metro riders is 90% and for rail commuters over 80% These incentives, along with the simplicity, speed, and convenience of the system's technology, resulted in over three million cards being issued during the first three months and established a critical mass of smart card users who were familiar with RFID technology as metro and rail transportation operators offer multiple ride tickets on the Global card and single ride tickets on magnetic stripe cards."

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