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Marketing Plan of Software Companies

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Imagine you work for a company that produces software, and the Research and Development department has developed a way of getting information from consumers about their buying habits and producing an 'unmet needs list' that accurately anticipates future purchases. The information, however, comes from the customers' use of credit cards and bank cards, raising some privacy concerns. Nonetheless, with only a few months of data, this new software can predict with some 95% accuracy what product a consumer will likely buy (or need to buy) in the next 30 days. Senior management is cautiously optimistic about the product and has asked you to develop a marketing plan.

Create a comprehensive marketing plan that identifies your market, establishes a price point, chooses a distribution channel, proposes a communication (advertising) venue, and identifies who will be the buyer of the product.

Table of Contents should include:
ABSTRACT
OBJECTIVES
LITERATUE REVIEW AND RESEARCH METHODS

MARKETING OBJECTIVES
- Short Term Objectives
- Long Term Objectives

MARKETING STRATEGY
- Marketing Segmentation
- Targeting Strategy
- Target the Market
- Product Life Cycle
- Marketing Strategy

MARKETING ELEMENTS
- Marketing Mix
- Product
- Pricing
- Distribution
- Advertising and Promotion

Conclusion

References

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Solution Summary

INFOSOFT Technologies is a company developing and selling software and software services to its business-to-business clients from the industry verticals of Hospitality and Tourism, Banking, FMCG, Insurance, Railways and Research organization. The company has launched new software which has the ability to provide information about the customer's unmet needs and also discloses with 95% accuracy, the consumer intention to buy a product with 95% accuracy. The only concern for the consumers is the privacy as the information is taken from the bank credit cards. This issue can be resolved with the help of further R&D. The company aims to create awareness among the target market and be a $2 billion product by 2015.

- Research has to be done on the impact of privacy and adoption of the software.
- The Segments chosen by the company are Research Organizations such as ACNielsen ORG Marg and Gartner for whom the brand is Accurate Res, FMCG companies such as Proctor & Gamble and Unilever for whom the brand name if Accurate Fast and Automobile companies such as Volkswagon and Toyota for whom the brand name is Accurate AUTO.

- Market skimming strategy will be used in introductory stage of the product life cycle of Accurate. The prices for Accurate Res, Accurate FAST and Accurate AUTO are $1,00,000 ; $2,50,000 and $7,50,000 respectively.
- The positioning of the product has been done as realizing the vision of the organizations.
- Products will be advertised in niche magazines, initial sales offers will be provided for first 40 customers with 20% off for first 10 customers, 15% off for next 10 customers and 10% off for the next 20 customers.
- Distribution of the product will be done through the sales force

Solution Preview

Although the research details are not available but based on the assumption, the Marketing Plan can be developed as follows:

COMPANY NAME: INFOSOFT TECHNOLOGIES

MARKETING PLAN FOR INFOSOFT TECHNOLOGIES

ABSTRACT/Executive Summary

INFOSOFT Technologies is a company developing and selling software and software services to its business-to-business clients from the industry verticals of Hospitality and Tourism, Banking, FMCG, Insurance, Railways and Research organization. The company has launched new software which has the ability to provide information about the customer's unmet needs and also discloses with 95% accuracy, the consumer intention to buy a product with 95% accuracy. The only concern for the consumers is the privacy as the information is taken from the bank credit cards. This issue can be resolved with the help of further R&D. The company aims to create awareness among the target market and be a $2 billion product by 2015.

- Research has to be done on the impact of privacy and adoption of the software.
- The Segments chosen by the company are Research Organizations such as ACNielsen ORG Marg and Gartner for whom the brand is Accurate Res, FMCG companies such as Proctor & Gamble and Unilever for whom the brand name if Accurate Fast and Automobile companies such as Volkswagon and Toyota for whom the brand name is Accurate AUTO.

- Market skimming strategy will be used in introductory stage of the product life cycle of Accurate. The prices for Accurate Res, Accurate FAST and Accurate AUTO are $1,00,000 ; $2,50,000 and $7,50,000 respectively.
- The positioning of the product has been done as realizing the vision of the organizations.
- Products will be advertised in niche magazines, initial sales offers will be provided for first 40 customers with 20% off for first 10 customers, 15% off for next 10 customers and 10% off for the next 20 customers.
- Distribution of the product will be done through the sales force

Objectives

- To create awareness and the need for the new software among the research organizations and the target segments.
- To promote the product and create brand equity in the minds of the target segments.
- To generate revenues of $2 billion by 2015.
- To research the consumer requirements and to know the acceptability of the products given the privacy concerns for consumers.

Literature Review

Lot of literature is available in the field of technology acceptance and diffusion of innovation. Davis (1989) has identified the relationship between perceived ease of use on technology acceptance. Perceived ease of use has been defined by him as "the degree to which a person believes that using a particular system will be free from effort." Another factor identified by Davis (1989) is the Perceived Usefulness defined as "the degree to which a person believes that using a particular system would improve his/her job performance."

Adams (1992) replicated the work of Davis to show the reliability and validity of the instruments used in the study.

Segar and Grover (1993) re-evaluated Adams replication of Davis work and were critical of measurement model and developed different models based on the constructs of usefulness, effectiveness and ease of use and their impact of technological adoption.

Tornatzy and Klein (1982) identified the three factors - compatibility, relative advantage and complexity to use the technology to be influencing the adoption of the new product.

Independent of Technology Acceptance Model developed by Davis, Scherer ...

Solution provided by:
Himanshu Mahobia, MBA
Education
  • BCom, M.D.S University, Ajmer
  • MBA, M.D.S University, Ajmer
  • PhD, Suresh Gyan Vihar University, Jaipur
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