the paper for the product is below power point needs ref please. the power point should have these  bullets in it .

• Your promotional strategy for your product or service, including how you may use the following:
• Cover slide – 
• Advertising – 
• Public relations – 
• Digital marketing 
• Sales promotion – 
• Direct marketing
• Event marketing
• Outdoor

• The effect professional selling may have on your offering
• An initial budget for your plan
• The methods you use will measure the success of your plan
• Any ethical issues your marketing plan might have

Prepare a 15- to 20-slide Microsoft^® PowerPoint^® presentation as a supplement to the completed marketing plan that illustrates it’s most important elements.

Introduction

NLA Inc. was founded in 2015 by five University students from the University of Phoenix. NLA Inc., is independently funded and marked by the students which make up the marketing team. After online chat sessions one evening the team discussed losing different items throughout the week. The marketing team decided to create and market an item to help find lost items.  This paper will concentrate on the various details that contribute to the product’s unique traits, and discuss what elements are vital in preparing and adjusting it for success in an ever changing market.

Description of product

NLA Inc. created a product that would be a press on disk that comes with an app that can be downloaded onto any phone, tablet, and some 2014 model vehicles equipped with app capabilities. The app and the first disk are sold together, and additional disks may be purchased and added to the app.

The disk may be placed in a phone, child’s toy, remote control, or key ring. The device works with the installed app and shows the distance within a quarter of a mile of which the item can be located. The phone app will provide the distance along with a beep that will become more intense as the proximity of the lost item and then is located.

The device must be sewn into the child’s stuffed animal to avoid a choking hazard. The disk will have a small opening in the middle to allow it to be sewn into the toy. The disk is revolutionized with a waterproof covering up to 10 feet in water. Each app sold can hold up to 20 different chips coded in it to be watched. Once loaded, the chips can be edited so the item is identified by the specific name of the owner.

SWOT Analysis for the Lost and Found

A competitive analysis of using Potter’s five competitive forces

NLA Inc. has designed a product which is used to assist customers to find items that are lost by simply using their phones to indicate where they are. This was done by developing a small device which is fixed on the item that can be lost. Each device will have a unique code which is accessible by the phone. In order to facilitate communication between the phone and the device, an app is installed on the phone which keeps track of the location of the tracking device, consequently showing the location of the item in which it is attached.

This device is designed in a way that it is tough and durable enough to be attached to car keys without getting destroyed. It is also designed to be safe enough to be attached to a small child’s teddy bear without causing any possible harm to a child.  In the case the item that this device is attached gets lot, the app installed on the customer’s phone will detect the attached device and show the proximity of the device and the customer will know exactly where to find the lost item. On the other hand, if the phone gets lost, the customer will lose the location of all items tracked using these devices. In order to minimize this risk, the customer is advised to install the app on two phones which will ensure that lose of tracked items is minimized. This paper will analyze this organization using Potter’s five competitive forces model.

Potter’s five competitive forces model states that there are five factors that are significant in determining the competition within an industry. These factors are; threats posed by new entrants, the suppliers’ bargaining power, the customer’s bargaining power, the level of aggressive competition and the threat of alternate product. This tool is primarily used to determine if a specific venture can be profitable and also shows how power is balanced in other situations. Therefore, analyzing an organization using this simple model will ensure that potential profitability is measured (Porter, 1980).

First is the threat of new competing companies into the market. Phoenix Group inc. specializes in a technical product which requires great technical knowledge and skills to start up and maintain. Furthermore, the cost of investment is very high because of the high level of technical expertise and initial capital for acquiring assets. In addition, this product requires securing customer data and is therefore governed by strict legal restrictions. All these factors make it very difficult for new entrants to enter the market, limiting entry to only established companies which are few in number. This means that the threat of new entrants is minimal strengthening the market position of Phoenix Group Inc (Porter, 1980). 

NLA Inc. will be solely responsible for developing the tracking devices and the mobile phone app. This means that the organization’s purchases are limited to raw materials. However, there are generally many suppliers dealing with these materials. According to Porter, (1980), the bargaining powers of suppliers tend to go up if they are few or if the resources they supply are scarce.  In the case of phoenix though, the supplier is not likely to exercise this power because of several competitors in the market. This is also due to the fact that the demand for their materials is not very high (Porter, 1980).

According to Porter, (1980), customers can also have a great bargaining power. They may exercise this power by pressurizing the company into price reductions or an increase in quality at the same price. This can reduce the profits of the company. However, NLA Inc. provides a product that is unique and not readily available. This is because of the minimal competition caused by the barriers to new entrants in the market. Furthermore, the demand for this product is very high because it can be used by virtually everyone who wants to track their important belongings and prevent possible loss. This technology is very effective and customers do not have a choice of integrating backwards. This means that customers are not advantaged to demand for reduction in prices.

Another issue that might determine the profitability of this organization is the threat other products that may be used as alternatives. Substitute products refer to things that can be used to serve the same need as the product in question. These products can be developed by different industries but meet the same customer needs. Having many credible substitutes can increase customer bargaining power and reduce the company’s profits. NLA Inc. is likely to enjoy great bargaining power because of the unavailability of substitutes to their tracking devices. This means that the company is advantaged and maintains a high bargaining power (David, 2005).

Another factor in Potter’s model is the degree of competitive rivalry. This suggest that if there is increase in rivalry, businesses will be forced to engage in price reduction competitions, to invest highly in innovations and development of new products and to promote intensively through advertising and sales promotions. All these activities can increase costs and as a result, lower the profits of the company. This factor depends on the number of competitors in the market and will be higher in industries which have many competitors. It also depends on the size of the market and its growth meaning that competitive rivalry is more intense in stagnating markets (Marburger & Business Expert Press, 2012).

The strength of buyers and also the availability of close substitutes is likely to increase competitive rivalry. However, NLA Inc. is unlikely to be affected by competitive rivalry because of the small number of competitors. In addition, the demand for their product is high as it is has the potential to solve a common problem among a very large population. Therefore, new entrants coming into this market are not likely to affect the market share because of the high demand and fewer suppliers. This means that NLA Inc. is will be very profitable and will command a large market share and a high bargaining power (Marburger & Business Expert Press, 2012).

Criteria used to segment the market and select a target market

Market segmentation is the procedure of grouping different customers into segments, which will respond in a similar manner or have common needs to a marketing activity. Every segment will respond to a diverse marketing mix strategy, each of them providing alternative profit and growth opportunities. It is practiced by many businesses in different forms, as a means to streamline their strategy of marketing. It is carried out bydividing the broad-based target markets into specific consumer groups, and inventing marketing methods that will appeal to every group.

The lost and found device will provide a solution to the problems associated with losing the teddy bears of the children, cell phones, and car keys. The system will help in searching for the lost items by the use of cell phones. The device is designed in a way that when customers install the app on their cell phones, they can trace the missing item by dialing the code number of their mobile phones. It will show the proximity of wherever the lost item is. Since the cell phones can get lost, people are advised to install the app in two different cell phones. This medium will also help in theft reduction. People will be aware of the system and will be afraid of being caught with the lost items.

According to Kotler (2008), a market segmentation criterion that is clearly defined ensures that consumers are more likely to recognize and buy the product, which is right for them. The item should also be able to reduce resources wastage, minimize the time used when marketing the wrong products to the wrong consumers. It is important, though, to focus the resources on the market segments with good profitability, size, and growth. When planning the market segmentation strategy of the company, the following market segmentation criteria is helpful for the new lost and found device:

The market segment ought to be: Measurable- The market segment of the new device will have one hundred customers in each segment. Safety and durability- the new lost and found system should be safe to use even when in a children’s teddy bears. It should not cause any harm or have a negative effect on the health of the kids.  It should also be durable enough for the car keys. This is because customers prefer products that are long lasting but not those that are likely to get destroyed within a period of one or two years. A substantial marketing budget should not be wasted on a market segment that has spending power, which is negligible or is not large enough.  The market segment of the new lost and found system is a homogenous group with characteristics, which are clearly defined as brand perception, age group, and socio-economic background.                                                                                                                                                                          Accessible- Since am dealing with different market segments, I will use different means such as social media campaigns, outdoor advertising, television commercials, or any other tactic to access consumers.

Accessible- Dealing with different market segments, requires using different means such as social media campaigns, outdoor advertising, television commercials, or any other tactic to access consumers. Differentiable- The differences between the market segments of the new lost and found device are clearly defined, to make products, campaigns, and tools of marketing applied to them easy to implement devoid of overlap. Actionable-the new lost and found systems market segment has a practical significance. The characteristic of its market segment provides a supportive data for a sales approach or marketing position. In turn, this leads to results that are easily to quantify, idyllically in relation to the market segment existing measurements as defined by original market research.

Some different ways in which to segment the market for the new lost and found system are as follows; Demographics- the device focuses on the customers with the following characteristics: individuals aged between 20 to 40 years, income bracket ranging from $681 and above per month, university graduates, people with white-collar jobs, and flexible cultural background. Psychographics- the market segment customer group’s lifestyle are high social class,  good lifestyle, famous people such as celebrities, newsmakers, VIPs, and superstars, people with good opinions, and positive attitudes. Behavioral-behavioral factors are based on the behavior of the customer (Adcock, Halborg, & Ross, 2001). The market segment will include those people who do their shopping online, prior procurements, brand preference, and   those who shop at Shopping Centre, and Geographic-geographic factors deal with the market segment location. The market segment will be United States of America.

Once the market is segmented on the basis of the diverse classes and groups, there is the need to select the targets. Being capable of developing particular strategies for the target market is very significant because no one strategy will be suitable for all customer groups (McDonald & Dunbar, 2013). When focusing on more than two market segments that are well defined, it is pertinent to come up with different strategies for each market segment, such as using the multi-segment targeting approach. This approach provides many benefits though it can be very expensive because it requires greater input from the management, augmented market research and augmented promotional strategies.

NLA’s Target Market and Needs that Influence Them to Buy

Perreault describes a target market as “a fairly homogeneous (similar) group of customers to whom a company wishes to appeal” (2011, p33). For NLA, this encompasses a broad population of people who attribute enough value in their possessions to feel the need or desire to safeguard them from being lost, who seek the convenience and ability to track items themselves, and who are willing to pay a particular price for a product that provides those specifications. 

 â€œMost products must fill more than one need at the same time” (Perreault, 2011). Emotional and logical drivers influence this target market to buy for different reasons. From an emotional standpoint, NLA understands this target market may become attached to certain possessions which may inflict a fear of loss. The psychological need that counteracts that fear may simply be the power to track those items if an incident should occur where the item was lost. This product also branches into an additional emotional needs that Perreault defines as “status” (2011). This type of need is often influenced greatly by a person’s peers and social rings. Keeping these influences in mind assists NLA to optimize its’ product marketability.    

NLA’s positioning statement

NLA’s target market for the lost and found product concentrates on the average consumer who often times may be distracted or forgetful due to their busy lifestyles, and whom have many possessions to track. One need that drives this target market to purchase the app and chip combination includes understanding the risk and cost to replace lost or stolen items such as cell phones, or other technology related products. Secondly, it provides a sense of security knowing products that consumer’s deem significantly sentimental in value, such as with a child’s favorite stuffed animal are traceable at any given moment.

The features and flexibility it provides makes the lost and found product unique in its industry.  NLA is considered part of the high-tech industry organization, where innovation and implementation of new and easy- to- use technology are critical in maintaining long term success. This requires companies to remain vigilant in researching current and future consumer needs, and adapt quickly to changes in the market. NLA’s versatile lost and found product takes into account the various types of products consumers may wish to apply this product to, and ruggedized it to provide ultimate consumer satisfaction.

NLA’s product addresses the target market’s need by identifying the many important parts to our daily life that can be lost and need the ease of access we provide when finding them. Most people have their phone on them or nearby at all times. NLA’s product solves the need of finding often misplaced items with the item most people commonly know the whereabouts of at all times. Our product also allows the client to find multiple items of all sorts rather than focusing on just one particular asset.

Competition in this field is widespread but not overtly flexible.  LoJack is a company that offers this service for your vehicle. “Find my iPhone” is a feature that Apple introduced for their cell phones in order to locate your phones if it was lost or stolen. There are also many different products in the marketplace that are designed to find lost keys.

Our solution differs from our competition in both convenience and in the expanse of applications it can reach. Where LoJack is designed to find only your car, it is not you that is locating the car and is not useful if you simply forgot where you parked. Our product allows you to find your car if it was simply misplaced, or guide police to the location if it was stolen. To use “Find my iPhone” a person must have a computer with internet access to locate their phone, which doesn’t help if you lost it at a concert, or in your house or while hiking in a state park. When compared to the key finding products, our product allows you to use your phone to find your keys and eliminates the need for the bulky and also commonly misplaced remote used to find your lost keys. By allowing the user to locate any item they have designated and giving the ease of using your phone as a remote locator, we separate ourselves from all forms of the competition.

            In conclusion, NLA’s unique product caters directly to the target market and fulfills multiple needs for consumers. It has a strong competitive edge by providing consumers the flexibility to apply it to a variety of products and taking into consideration the need to adapt differentiating strategies to cover various market segments. Overall, the lost and found product features combined with the marketing strategy creates the foundation for a successful product.  

References

Adcock, D., Halborg, A., & Ross, C. (2001). Marketing: Principles and practice. Harlow [u.a.: Financial Times Prentice Hall.

David, F. R. (2005). Strategic management: Concepts and cases. Upper Saddle River, N.J: Pearson Prentice Hall.

Kotler, P. (2008). Principles of marketing. Upper Saddle River, N.J: Pearson Prentice Hall.

Marburger, D. R., & Business Expert Press. (2012). How strong is your firm’s competitive advantage?. New York, N.Y.] (222 East 46th Street, New York, NY 10017: Business Expert Press.

McDonald, M., & Dunbar, I. (2013). Market Segmentation: How to do it, how to profit from it. Chichester: John Wiley & Sons.

Perreault, W. D., Jr., Cannon, J. P., & McCarthy, E. J. (2011). Basic marketing: A marketing strategy planning approach (19th ed.). New York, NY: McGraw-Hill Irwin.

Porter, M. E. (1980). Competitive strategy: Techniques for analyzing industries and competitors. New York: Free Press.