Mktg plan of Nokia - Phase 2 (6)

MARKETING MIX

It is the most famous marketing term and is used by all organization to target its customers. The elements of marketing mix are the basis of a marketing plan. It includes 4 P’s for products and 7 P’s for services. They are Product, Price, Place, Promotion and extended P’s i.e. Physical evidence, People and Process for services.

Product

A product is a tangible thing that is sold by an organization to its customers in order to gain market share. To gain market share a firm needs to differentiate its products from competitors, be innovative, and eliminate the products which are not doing well in the market. In case of Nokia, it is a market leader in cell phone market. To gain market share and increase its customer base, Nokia is diversifying into SIM cards market. To differentiate its product from the competitors it has to use various strategies such as mass marketing. The product offered by Nokia i.e. SIM cards can be described with the service that they can offer.

Price

Price refers to the amount a customer is willing to spend. It is determined by a number of factors such as market share, growth rate, competitor pricing, etc. Nokia has to keep its SIM card prices low in order to penetrate into the mobile network market. They need to offer service plans as per the usage of the customers. While pricing, Nokia needs to keep in mind different segments that they are targeting. For instance, different plan for youngsters, corporate, businesses, SBUs. They also need to constantly update its pricing in order to compete with its competitors.

Place

It refers to geographical area where the product is placed. It also includes outlets, distribution channel. Nokia needs to make available its SIM cards both in rural and urban areas. It can also use its geographical reach to untap the rural markets which is still not properly covered by the existing competitors. Nokia can also use its customer care centres to sell its SIM cards. Apart from this, they can provide its SIM cards to retailers and dealers.

Promotion

It represents all the marketing activities that are carried to promote a product in the market. There are various mediums to promote products such as advertisements, hoardings, etc. Nokia can use various mediums to promote its SIM cards. It can use celebrities, advertisements, hoardings, sponsoring events, etc. They can also spread awareness about its SIM cards by using canopies outside colleges.