Market Simulation of World Tech Solutions

Categories: Swot Analysis

A company brand name that is selected plays a great role in marketing and branding the company. Therefore, it should be selected carefully since it has great implications in the development of the company. The name should be simple and memorable and to add on to this, it should be able unique and able to work on the internet. A good name gives a good impression to investors who will be willing to invest in the company. The name that I choose for the company was World Tech Solutions.

This is because the name is simple, easy to memorize and it also sound modern. This will help capture the market easily because we are in a modern world full of technology. Moreover, the name greatly suggests the values of our company and it somehow explains the nature of our business. This name is more likely to impress the investors who will be willing to expand the business worldwide since it is not limited to one place and therefore it will be easy to expand the business to other places.

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The name is also web friendly and each person trying to get us through the internet will easily get us.

After getting the company name, we needed to analyze the market and see how best to get into the market using the information from the market survey analysis. In this stage, we are able to speak and address our potential customers. More so, in the market survey we get to understand the purchasing power of the customers as well as their spending characteristics.

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This way we are able to know where to sell our products and our potential customers. Learning the traits of our customers will help us know when the products will easily be sold and when they will take long before they are sold.

When choosing the initial target segments, we have to consider a market that is large and is growing. This is however because the market that is being chosen must be right and the product must be right to the customers. However, the target markets must be large and growing at a good rate so that in case of errors, miscalculations and missteps on the part of the new entry and venture, it will be balanced out by the large market size. The choosing of a large target is good because the large market will sufficiently support the entry of the new business.

Marketing plays a very important role in the company. However, I need to define the role of marketing in our company. In order to establish a good relationship between the customers and the company, we need the marketing department to do that job. If there is a good relationship between the company and the customers, then it will be easy for our products to be sold out to them. Also the marketing department needs to publicize our company to the market so that the company can be recognized. Moreover, it will be the marketing that will be able to brand advertise and participate in public interactions on behalf of the company. If all these responsibilities are reached by the marketing department, then it will be very easy for us to enter the market and be able to deal with the competition that is already there.

In order to establish an interface between the customer and the company we need a sales officer and this means that we need to open a sales office. Since our company is new and young we will open one sales office whereby all our customers will be able to get the information that they need about our product and services. To add on, the sales officer in the sales office will be able to promote our company by doing the sales promotion. Presence of the sales office will spearhead the commitment of our company and will also demonstrate the main objective of the company. Most importantly is that the sales office will help in handling the grievances of the customers and also address the customer’s complaints. In this way we will be able to address their issues and if we give them satisfaction they will be able to come back again.

GO TO TEST MARKET

World Tech Solution decided to focus on China and Japan regions as the best place for a test market. The main reason for setting on China and Japan is because these are the most advanced nations in terms of technology. Technology is our business therefore such a market would be perfect for conducting tests. The population of these two nations runs into billions and it is very much intrigued by technology. Having such a ready base for World Tech Solution projects a greater performance for the company. Another reason for focusing on China and Japan as the test market location is because they are home to majority of the world’s best electronic and software companies, for example Samsung.

The aim of World Tech Solutions is to offer technology based solutions to such companies and also the population of China and Japan. By tapping into the potential that lies in these regions World Tech Solutions will be on its way to being among the most successful technology companies. The test market has great opportunities for our brand because we aim to integrate with non-diversified blue chip companies. By doing this the market projection will be wider and the products offered will be unique and acceptable by the test market population.

As for our competitors already in the test market region we intend to neutralize their threat by collaborating with small local technology companies that offer small packaged technology solutions. By working with micro-companies from the region it would be easier for World Tech Solutions to stay ahead of its competitors who prefer the approach of working alone. Breaking the barrier of the new market environment normally poses a challenge for most of the new venturing companies. World Tech Solutions will overcome this by either partnering with the local micro-companies that offer technology solutions or by even going a step further and acquiring them. The main reason for doing is because they understand the demographics better.

TEST MARKET RESULTS

World Tech Solutions recorded mixed results from the test carried out on the target market. The positive side of the results carried out the day. The main reason the brand achieved mixed results is because the population in the test market is composed of various consumers of technology solutions. The brand World Tech Solutions faced resistance from quarters of the test market which appeared to be leaning towards the old model of technology. However for the rest of the population they embraced what World Technology Solutions had to offer.

Another challenge that made the test market results to be mixed is because our competitors had deployed the tactic of partnering with local partners. This meant that World Tech Solutions had to carry out a quick market survey of partnering with a top local company which took a longer time. The good tiding is that sales were recorded on a high for the whole period that the market was being tested. This can be attributed to the uniqueness and affordability of the solutions offered by World Tech Solutions. Majority of the population in China and Japan are normally intrigued by technological innovations that bring out new products to the market. This ensures that competition is stiff.

As an emergency measure to neutralize the aspect of our competitors working with some local companies that deal in tech, World Tech Solutions geared up its activation campaigns by offering incentives to the leading micro-tech companies that are local. This strategy proved useful because it stabilized the effect of competition. The leading local tech companies agreed to partner with World Tech Solutions as long as they benefit from the partnership.

From the results it can also be noted that the products offered by World Tech Solutions to the target test market topped the charts. The reason behind this is that a proper survey had been carried out before venturing into the test market. The survey involved researching on the exact preference of the target test population. By offering products that go the extra mile of offering a long lasting solution to their problems, World Tech Solutions managed to win over the larger part of the population. Another plus was the involvement of electronics and phone manufacturing companies that are based in China and Japan. World Tech Solutions posed as the go to company when these companies required revolutionized tech ideas that would impact new products in the market.

A proper analysis of the results from the test market has proven that World Tech Solutions stands a greater chance of succeeding in the world wide market platform because of the uniqueness and presentation of its products. China and Japan are regarded as the most advanced technological fronts in the world. Based on the response from China and Japan it would be correct to indicate that better market projections lie ahead for World Tech Solutions. World Tech Solutions has carried out a strategic and well analyzed survey that placed its products at a vantage point ahead of the rest.

The brand has cut out a niche since the sales have plummeted in the test market. The future is indeed bright. By always being ahead of the competitors, World Tech Solutions aims at ensuring the technology world has been disrupted. This can be by either coercing other brands to partner with World Tech Solutions or forcing them out of the market by capitalizing on the huge and eager market base that exists in all continents. This is because in the wake of technology the world can be considered as a global village.

Cite this page

Market Simulation of World Tech Solutions. (2021, Sep 15). Retrieved from https://studymoose.com/market-simulation-of-world-tech-solutions-essay

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