The Introduction of Voice Recognition Devices

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Executive Summary

The report was commissioned to elaborate the marketing strategies introducing a new product called Voice Recognition Device (VRD). The function of VRD is to translate “natural language” into digital commands without the use of the common input devices like keyboard and mouse. This report analyzes the marketing mix and marketing strategies based on results from The Marketing Game (TMG) which is shown in the form of sales result and profit. Marketing strategies covers from research and development of the product to cater the consumer needs of targeted market segment to appropriate pricing to maximize profit.

1.0 Introduction

Voice Recognition Device (VRD) is an alternative device/software for users which has taken the art of operating a computer to a whole new level. Users are able to process their typing work verbally by speaking to the device and it will translate verbal speech into digital text on the monitor. It can also capture spoken words and convert them into digital command to access and control certain applications in a computer.

The company’s marketing plan covers the main goals, marketing strategies, targeted segment, short and long term plans. The main goal in this marketing plan is to analyze the situation of the market, strategies used by competitors, penetrate the market with the product and generate higher dollar sales with appropriate pricing and relevant product specification. The company has decided to target the high price market segment as consumers in this segment are less price sensitive who are willing to purchase products with adequate specification at a higher price. The marketing strategy is to examine targeted consumer market segment, identify consumer needs and a...

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...oduct pricing and positioning. The decision of allocating more resources in distribution channel 1 was reflecting a good result as services provided and sales approach by dealers in channel 1 best suits our target audience. The goal of the firm is to penetrate the market with continually updated product which constantly meets consumer’s expectation and generate high dollar sales. The strategy of increasing the product features, special commands, error protection, the ease of learning, as well as advertising budget also help increase the profitability of the firm. The company hopes further growth in market share and ultimately profit with the long term marketing strategy adopted by the company. Furthermore, the company also hopes to further understand the selected target market to sustain the growth of the company by satisfying targeted audience’s desire and needs.

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