Type of paper: Essay

Topic: Business, Products, Company, Customers, Market, Telephone, Technology, Strategy

Pages: 7

Words: 1925

Published: 2021/02/23

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Core competences/competitive advantage(s).. 5Industry Analysis 6Industry Trends 6Competitors Analysis.. 6Market Analysis.. 7Market Trends.. 7Target Market Analysis 7
Demographic Profile 7Psychographic Profile.. 8
SWOT analysis. 8Marketing Mix Strategy.. 9
Product Strategy 9Product Positioning ... 9Points of different 9
Pricing strategy 10Promotional Mix 10Internal Marketing Communications 10Distribution strategy. 11Financial data & projections.. 11Implementation Plan.. 11Evaluation of Marketing activities 12Conclusion 12References 13Appendix Page.. 15

Executive summary

Out Keyed, a company that has entered the keyless mobile app market in today’s competitive world. The company offers its customer’s state of the art, keyless home entry system via a simple to operate mobile application. The goal of this company is to dominate the keyless home app market in the next 5 years with its efficient and evolving technology.

The company stands out from its competitors in a few different ways, example; by offering solar rechargeable batteries.

Since the corporate world is also embracing keyless technology and many other organizations are starting to turn to keyless technology, more competition has started to enter the market as well. The competitors are at the top of their game and a couple have made it into the world of hotel management.
Since the market is opening up to keyless technology, it is of great advantage to Out Keyed, if the cards are played right, that its strengths help dominate the market.

The market analysis is followed by the SWOT analysis, the Marketing mix strategy and Financial data and projections.

Lastly, the Implementation strategy and Evaluation will determine the stand of the company in the industry.
It would not be easy to enter an industry that is relatively new in the market, but with the right strategies and determination, the company goals and mission can be achieved

Company Introduction

The market as we know it is currently trending out into the keyless world. People are now switching to keyless entry systems rather than the old school way of doing it as this enables people to lock the door from a distance and other reasons .
Out Keyed, is a mobile app and device that offers its customers the advantage of keyless entry. With the finest developers and engineers working for Out Keyed, the company delivers nothing but the very best for its consumers.
The product delivered by Out Keyed, is customer friendly and offers premium pricing. The product is easy to install and operate, helping people forget the hassle of using a key.
Stage plan: After an in depth analysis of the industry, Out Keyed has come up with a product that tries to fulfill all customer needs and requirements. The product is the combination of everything that the competitors offer, do not offer, and more.

Mission: To achieve maximum level of customer satisfaction while offering state of the art and ever evolving keyless entry technology.

Goals: To provide customers the safest and the most compatible keyless option along with the best customer services available 24/7
Core Competences/Competitive Advantage(s)
Out Keyed is a product that can be downloaded and used by any Smartphone, be it an android set or an iPhone. It is user friendly and can be installed easily by the purchaser. It works from great distances and in case someone leaves their phone inside the house, this app can recognize finger prints at the door knob to allow the person inside the house.
Out Keyed is a competitively affordable app without any manufacturing issues and a user manual that helps all customers understand the app. The product is beautifully designed to give the customer’s house an accessorized look. Out Keyed has customer service representative available to them 24/7, and in case of an emergency, a representative would be sent out to the customer for unlocking issues.
The product also offers free 3 months security services as well, after which the services can be either continued for a minimal fee or discontinued.
Industry AnalysisThe industry has started to accept the keyless lock system, which has caused many hoteliers to change their lock systems as well. There have been some integration issues with the technology, but they are being resolved . The brands have to make their product Smartphone friendly, the device should also good and be user friendly with a longer battery life, in order to survive in the market.

Industry Trends

Hotels are now accepting the new advanced technology of keyless locks. Starwood Hotels and Resorts is already in progress of installing the new system in all their hotels for the convenience of their customers .

Competitors Analysis

Many competitors offer an addition of all features while most don’t. Some are available only on iPhone , some don’t offer Wi-Fi but only offer Bluetooth connectivity services. Some offer easy installation and other uses while others offer longer battery life, example Kevo detects whether the person is inside or outside the house.

Market Analysis

The six major players in the keyless mobile app market are UniKey, Lockitron, Goji, August, Yale Real Living and Haven, all priced between $179 and $300. All these products have their own strengths and weaknesses. The battery life of these products is not long lasting becoming a con for the products. The consumers are looking for a combination of features that these companies are offering; like portability and battery life, and hope to someday have a product that offers the same .

Market Trends

Biometric locks, keypad locks and RFID locks are becoming the things of yesterday; people are now embracing and liking the new keyless mobile lock systems . Some locks allow guests to enter the house by permission of the owner which is required by some consumers. The lock, when locked turns red and when unlocked turns green making it useful for the person .

Target Market AnalysisDemographic Profile:

Out Keyed caters to the audience from SEC A and B. This applies to both males and females starting from the age of 20 to 65. The annual income of the target market starts from $95,000 and above. Out keyed is also targeting corporate organizations (various industries, especially those who are concerned with security) and hotels as well. This will allow business professionals to lock their cabins and hotels to allow their customers to open and lock their rooms from the phone app. Psychographic ProfileThis technology is especially created for those who are in a rush, forgetful, very busy or have to travel a lot. Their lifestyle does not allow them time to lock the door or worry whether they have locked the door behind them or not. Since they are in a rush or are far away from home and have forgotten to lock the door, they can use the app to take control of the situation and fix it. The product is especially targeted for areas where there is a risk of burglary.

SWOT analysis

The strengths of this company outweighs its weaknesses. The company is technology, engineering and manufacturing efficient which gives it a good competitive edge over its customers. With its low pricing, the company caters to a wider range of customers. With its special security service, the customers get to avail an added benefit to the offering. It’s beautiful design adds a sophisticated look to the place. The product is highly safe and secure since it does not allow any other person to use the product unless the other phone has already been registered with the company. It can be used on any type of Smartphone and instructions can be given from a great distance away. The customers have a 24/7 customer service representative present for them as well, who, if required, will show up at their door step to help with the problem.

The weakness is creating market awareness of the product in an already highly competitive market.

Loyal customers will be unwilling to switch to a new product in the market. Its limited distribution may cause the company a loss in sales that can be gained in other parts not being catered to.
Opportunity for the company lies in case the phone gets stolen of forgotten somewhere the company can help the person unlock the door. Expanding the product on an international level is also an opportunity to the company that can be availed if it is a success in the market.
Fast evolution of technology is a threat to the company as investing in a product whose technology may change over the next year or two will cause damage to the company as it may be slow in evolving its product compatible to the new technology.

Marketing Mix Strategy

Product Strategy: The product responds to the customer’s needs of safety and convenience combined. Not only does the product offer safety of the house by keeping it locked and not allowing any others methods of entrance but keeping a check on the lock in case a person has forgotten whether they have locked the door or not.Product Positioning: The brand offers its clients the best technology in terms of safety and convenience. And services that will follow the product till the very end. Points of Different: If the phone gets stolen, then the customer can call ahead to the customer center, who will block the number which will in turn block the device from being used to open the door for any stranger. Customer services will be available 27/4 and security services will also be offered to the customer.

Pricing strategy

After analyzing the market and the prices of other brands, the strategy adopted is competitive pricing. Since the price of the product varies from $300-$179 , Out Keyed has priced its product at a retail price of $200. This allows the company to make a profit on its sales while maintaining a brand name and keeping in line with the competition.

Promotional Mix

For its debut in the market, Out keyed shall be offering its first 1000 customers free installations. Along with that the company is also offering 3 months of free security service.
The company plans on adopting both traditional form of marketing (ATL and BTL) and digital marketing. Out Keyed plans on running commercials on prime time television network. Along with that, the company shall be putting up creative billboards in different states of the country. Its most important promotional material will be conveyed to the customers via the social media. The company will keep its self engaged with the target market on daily basis and entertain any queries on this medium as well. Demonstration stalls will be set up in different malls at different parts of the country.

Internal Marketing Communications

Training sessions will be held, department wise, for every employee of the company. No department will be left behind as it is essential that every employee has the product knowledge.
Briefing sessions, training sessions and test sessions will be held for the sales team on monthly basis. This will ensure that the sales team is fully equipped with the right information. All employees will be invited to attend the product launch and any event hosted by the company for its product.

Distribution strategy

The manufactured products will be delivered to the retail stores directly by the company’s supply chain department. From there the product will be sold to the customers at the retail price of the product. The regional offices of the company will be responsible to look after the distribution of the product to the retail stores. The product will be available in all technology related stores and super markets like Wal-Mart.

Financial data & projections

Research and development of the product will be given most share of the revenue (at least 35%) as the company shall need to keep evolving itself with technology and provide its customers with the best quality product. 20% of the revenue will be given to the marketing of the product, while the rest will be used for other departments. The prediction to hit breakeven for the company and enter a profitability era is 4 years. The company hopes to take over 29% of the sales in the market as compared to the rest of the companies.

Implementation Plan

After the main idea of the product has been sorted out, engineers and developers will be hired for making the idea a reality. Simultaneously, the market shall be analyzed and research shall be conducted regarding the product need and requirement, the target market, the marketing strategies and other areas required to be worked on. Once the product has been formed and tested and analysis of the market has been made, strategies regarding its 4 P’s shall be made and distribution channels will be decided upon, alongside which the all the employees of the company shall be trained and briefed upon about the product. The last step would be to launch the product into the market and put it up for sale in different parts of the country.

Evaluation of Marketing activities

BTL marketing activities, like a demonstration stall will be most likely to create customer awareness of the product and customer interaction more than any other marketing activity. This may also create people to buy the product as well. ATL activities will help create product awareness and so will the social media activity, which will also result in customer engagement on a written level.

Conclusion

Though a tough market to enter, Out Keyed shall make room for its self in the market with the help of its marketing strategy. With the ever developing technology, the company shall need to be on its toes with its technology and engineering department. Though it may take time to break even for the company but the future outlook for it is bright if the strategies made and implemented are the ones that correspond to the market needs.

References

Brown, R. (2014, Oct). August Smart Lock Review. Retrieved from CNET: http://www.cnet.com/products/august-smart-lock/
BusinessWire. (2014, Nov). Announcing the Global Debut of SPG Keyless from Starwood Hotels & Resorts: the First Truly Mobile, Keyless Room Entry. Retrieved from Business Wire: http://www.businesswire.com/news/home/20141103005046/en/Announcing-Global-Debut-SPG-Keyless-Starwood-Hotels#.VSrPvvmUel8
CHANG, A. (2013, June). Your Door Is About to Get Clever: 5 Smart Locks Compared. Retrieved from Wired: http://www.wired.com/2013/06/smart-locks/
Henry, W. (2015, Jan). Which is the Best Keyless Door Lock? | Four RFID & Keypad Options for your Home. Retrieved from HubPages: http://gadgetboy.hubpages.com/hub/Which-is-the-Best-Keyless-Door-Lock-Five-RFID-Keypad-Options-for-your-Home
Manley, B. (2015, April). Issues loom for keyless entry in hotels. Retrieved from Hotel News Now: http://www.hotelnewsnow.com/Article/15618/Issues-loom-for-keyless-entry-in-hotels
Murphy, C. (2014, Nov). Mobile Keyless Entry, Guest Preferences, and the WTM Industry Report. Retrieved from Revinate: http://www.revinate.com/blog/2014/11/mobile-keyless-entry-guest-preferences-and-the-wtm-industry-report/
Smart Lock Comparison – Kevo vs. Goji. (n.d.). Retrieved from Smart Lock Reviews:
http://www.smartlockreviews.com/unikey-vs-goji/
Towne, S. (2014, Nov). The Current State of Smart Locks. Retrieved from Schuyler Towne: http://schuylertowne.com/blog/smart-locks
UniKey. (2015). The Evolution is Here. Retrieved from UniKey: http://www.unikey.com/
WOOLLASTON, V. (2013, May). The smart lock that lets you open your front door using just your phone - and can even let in guests when you're not home . Retrieved from Mail Online: http://www.dailymail.co.uk/sciencetech/article-2333375/The-smart-lock-lets-open-door-using-just-phone--let-guests-youre-home.html
Appendix Page
Financial analysis
SWOT Analysis

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