MarketingPlan: IT Today
Overviewof the IT Today Company
ITToday Company is a firm that operates in the technology industry.However, its main focus is the provision of technology services tocustomers who wish to adopt the latest technology, such as tablets,smartphones, laptops, and printers. Some of the services that ITToday Company offers include advisory services on the best technologydepending on desired functionality, installation, system diagnosis,and management of performance of the device as well as system. ITToday Company is a start-up firm that will need to consider factorsin the external environment as discussed in the PEST analysis sectionand use the online and survey market research strategies to enhanceits competitiveness.
Marketresearch is a significant process that helps companies assessconditions in their target markets and make decisions that canenhance their competitiveness. IT Today Company should employ twostrategies to conduct an effective market research. First, thecompany should utilize the online research tools to identify andmonitor trends that are taking place in the market. These tools willalso allow the company to study the actions taken by competitors fromtime to time, which will help the firm develop up-to-date andcompetitive products. Secondly, online research tools are cheapsources of information, but the company needs to conduct marketsurveys regularly in order to obtain detailed information on specifictopics. A formal survey that is conducted on a random sample providesobjective information (Choy, 2014). This information will be used tomake decisions that will guide the company in the right direction.
ITToday company is likely to face two major political factors in itsoperations. The first factor is the political stability that is beingexperienced in the U.S. and other western countries. This politicalenvironment will give the company an opportunity to flourish andestablish its market segments (Vasileiou, 2014). Secondly, theincrease in emphasis on the free market policies in the region willgive the company an opportunity to try the international market byselling its services in the neighboring nations. This implies that ITToday Company has a broad market. The free market policies will makeit easy to enter the foreign markets.
ITToday Company will face two economic conditions, including a declinein the purchasing power of many people and the fact that countriesare successfully recovering from the financial crisis. Thesignificant decline in the purchasing power of many potentialcustomers can be attributed to the increase in the rate of employment(Todorava, 2012). Although the global economy is recovering from the2008 financial crisis, many people who lost their businesses and jobsmay not be able to return to the financial status that they werebefore the menace. However, economic stability and recovery are theopportunities and indicators of the fact that the company will have asubstantial number of customers with adequate purchasing power.
ITToday Company will be affected in a positive way by two major socialtrends in the market. First, there is an exponential increase in therate of reliance on mobile devices at a global level (Sumari &Alomari, 2014). This is an opportunity for the company since themarket is more likely to expand than shrink in the future. Therefore,the company’s services will have a ready market. In addition,trends indicate that the number of people who are relying ontechnology-based types of media (such as the social platforms) as theprimary sources of information is increasing (Sumari & Alomari,2014). This is an opportunity because the demand for electronicgadgets will continue to grow over time. Although the world hasexperienced a decline in the purchasing power of the middle and lowerclasses, the rich people have a high tendency to buy luxuriouselectronic devices. This is a challenge for IT Today Company since ithas to offer services that will address the needs of all targetconsumers.
Therapid change in the level and type of technology may act as a threatto the future progress of IT Today Company. The change in technologycalls for an increase in the funds allocated to the research anddevelopment units, which will escalate the cost of running thecompany (Hajiheydari, Dastgir & Soltani, 2011). The high cost ofoperation might limit the company’s capacity to sell its servicesat market competitive prices. In addition, cloud computing hasbecome a common trend in the technology industry. It implies that thecompany should deliver services that are friendly to the cloudcomputing environment. Moreover, technological integration providesthe company with an opportunity to offer services that can seamlesslyinterconnected devices. This can enhance its competitive advantageover competitors that limit the capacity of consumers to interconnecttheir electronic devices.
Thetechnology industry is quite competitive and a start-up enterpriseshould use reliable information to make decisions. Objectiveinformation can be obtained through a formal survey, but online toolsmay also help the company access up-to-date information. TheInformation provided under the PEST analysis will help the start-upcompany identify opportunities and threats in the macro-environment.
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Hajiheydari,A., Dastgir, M., & Soltani, A. (2011). The effect of research anddevelopment costs on the profitability of pharmaceutical companies.InterdisciplinaryJournal of Contemporary Research in Business,3 (8), 914-918.
Sumari,P. & Alomari, S. (2014). Statistical information of the increaseddemand for watch the VOD with the increased sophistication in themobile devices, communications and internet penetration in Asia. TheInternational Journal of Multimedia and Its Applications,3 (4), 183-198.
Todorava,T. (2012). The economic dynamic of inflation and unemployment.TheoreticalEconomics,2, 133-140.
Vasileiou,E. (2014). Political stability and financial crisis: What the datasay for the European Union’s countries. InternationalJournal of Research in Business and Social Science,3 (1), 143-169.