Competitve Analysis Direct Competitors: Franklin Merriam-Webster USB Dictionary and Thesaurus The Talking 14-Language Portable TranslatorIndirect Competitors:All language dictionariesHow well they are doing: Due to this product being so new on the market, sales trends over any period of time were not available.
We will attempt to introduce our product into all major department stores (i.e. Kmart, Wal-Mart, and Target) instead of only being available on the Internet. We will offer a full warranty on the product which protects the buyer in case of damage. Our product will be cheaply priced and affordable to the masses.
Our target customers are businesses and consumers. We have determined the majority of our customers to be living in the eastern, mid-western and western parts of the United States. The following are major cities and states in which our customers reside: New York, NY; Los Angeles, CA; Chicago, IL; Philadelphia, PA; Dallas, TX; and San Diego, CA. Our product is intended for use by males, females and ages 17-55. This product is also meant for people who are interested in the Spanish language and are interested in foreign travel. This is also intended for people who do not want to spend money to hire an interpreter. Our product is also for people who can afford an interpreter, but do not trust interpreter’s translations.
Our firm will be using direct mail advertisements to the persons subscribed to the following lists: The Nation – Travel Enthusiasts, Magellan’s and the HFM Enriched Database – Frequent Travelers. We wish to reach at least 10,000 customers a month, at a yearly cost of $3960. After our first year of promotions, we will be commencing local newspaper and television advertisements to raise awareness and interest in our product. We are estimating a $15,000 budget for local newspaper advertisements and a $25,000 budget for television advertisements. The total yearly costs for advertisements are as follows: Our first year: $949,216.26. For the years following, we will be continuing our direct mail lists, newspaper ads in The Wall Street Journal and Travel & Leisure magazine. We will discontinue our advertisements in Business Week magazine. Our costs for advertisements will be $399,506.26 for the remaining 2 years. Our costs for a website (domain name and hosting costs) are $25 per year.
Reading/Translating PenMegan Youells,Yu GAO, Carl Dixon, Chris Miller, Kyle Yoder<br />
What is our Product?<br />For persons vacationing/staying abroad<br />Highlight/scans words in a foreign language and translates into any language you want <br />
Technology<br />Competing with other forms of translators, scanners, USB, and flash<br />Reading pen can combine all these functions into a single hand held device<br />Effective productivity tool for businesses, people, and students<br />
Our Competition<br />Direct competitors<br />Franklin Merriam-Webster USB Dictionary<br />The talking 14-language portable translators<br />Indirect competitors<br />All language dictionaries<br />
How they do their marketing<br />Both companies do almost all 100% exclusive online marketing because it is an international product and sold all over the world<br />Competitor’s strengths and weaknesses<br />
Target Customers<br />Businesses<br />Consumers<br />Major cities such as New York, L.A., Chicago, Philadelphia, Dallas, San Diego<br />Males and Females ages 17-55<br />People interested in travel <br />
Research Plan<br />Test our durable our product is in the hands of a consumer<br />What our potential customers are looking for in the case of a product like ours.<br />We will survey the current market and what is currently for sale.<br />Cost approximately $15,000<br />
Test Plan<br />Test within cities of Witchita Falls,Tx, Grand Junction,Co, and Pittsfield, MA.<br />Have direct communication within the above cities in appropriate technology/electronic stores.<br />Purchase ads in local TV and radio stations, and newspapers<br />Have 3 salespeople(one per city) get permission from retailers to sell product.<br />
Use direct Mail- Hope to reach 10,000 customers at a yearly cost of $3960</li></li></ul><li>Promotional Plan Continued<br />After 1st year<br />Commencing local newspaper and television advertisements to raise awareness and interest in product.<br />Eventually discontinue ads in “Business Week Magazine”<br />Estimated cost for remaining 2 years=$399,506.26<br />
Conclusion<br />In conclusion, we would like to say that we believe 100% in our product. Without that belief, there would be no product.<br />