Tuesday, December 14, 2010

Mktg plan of Nokia - Phase 2 (3)

Another tool to measure its marketing objective is through SMART i.e. Specific, Measurable, Achievable, Realistic, and Time bound.

·         Specific: It refers to be precise about what organizations marketing objectives. In case of Nokia SIM cards, Nokia needs to determine the target market which it will be focusing. It also needs to specify it’s positioning of SIM cards among the population such as teenagers, college students, professionals, etc.

·         Measurable: It refers to quantify a firm’s objective. In case of Nokia SIM cards, it needs to measure the growth rate of the market and plan its strategies accordingly.

·         Achievable: It refers an organization to verify its objectives and to make sure that they are not expecting too much growth from the market. In case of Nokia SIM cards, it needs to have a detail market as well competitor analysis so that they can accordingly plan its marketing objectives.

·         Realistic: It refers to availability of necessary resources to achieve the objective of an organization. In case of Nokia SIM cards, Nokia has necessary resources such as financial, R & D, Human resource, etc. Therefore, their objective is realistic.

·         Time bound: It refers to state the time when the objective will be achieved. In case of Nokia SIM cards, as they have necessary resources and expertise R & D, they can enter the mobile network market within a short period of time.

Market Segmentation
It is process of dividing the market in to segments based on different characteristics. The various ways to segment the market are: Demographic, Psychographic, etc. Consumer based segmentation can be executed on product specific basis. It is a process of segmenting customers on various dimensions. Nokia has to target its customers based on their usage. For instance, cheaper call rates and SmS for college students, faster internet connectivity for professionals, etc.

In order to evaluate the market segment, Nokia needs to look at two major factors: Overall attractiveness of the market and company’s objectives and resources.