Marketing Management Summary Narrative Essay Example

political instability in the country last year, the company continued to make profits annually (Abraham, 2013).

The main objectives of Fast Fix are to capture at least 80% of the market within 10 years, provide customers with quality service at the highest speed, and provide appropriate training facilities to its employees.To establish a positive relationship with customers, expand services to include the sale of Smart Phones within the next five years, and aim to capture at least 20% of the Smart Phone market within the first three years, a SWOT analysis was conducted.

Strengths:
- The company is currently a leading mobile repair service center in Male'.
- The service includes the installation of the latest software and applications.
- The staff is knowledgeable and friendly, providing excellent customer service.
- Focusing on customer needs and expectations helps to build strong customer relationships and a loyal customer base.

Weaknesses:
- Being new to the smart phone sales market is a potential weakness.
- Entering the smart phone market requires a significant capital investment.

Opportunities:
- The increasing demand for smart phones due to changes in lifestyle creates an opportunity for attracting customers.The growing market for installment schemes has allowed customers to access the latest technologies through various companies. The expansion into an untapped market presents opportunities, but there are also threats due to political instability. The country is currently undergoing significant changes in government regulations related to trade, financing, and taxation, which hinders accurate financial planning. Additionally, the instability in power has affected the country's financial markets. Furthermore, the economic downturn worldwide has had negative impacts on local businesses, particularly small and medium-sized ones. Continuous economic decline may lead to high inflation rates in the future,

potentially affecting the market. In terms of competition analysis, Ell Mobiles has emerged as the leading provider of mobile phones and accessories in the country, offering not only the latest mobile devices but also electronic products like DVD players, flash players, and card readers.Ell Mobile and Smart Phones are two renowned mobile retail outlets in Male', offering a wide range of mobile phones and accessories at affordable rates. Ell Mobile stands out from its competitors by having two retail outlets conveniently located on the main commercial road, allowing easy access for customers. They also provide repair services for the products they offer, attracting many customers. On the other hand, Smart Phones is a leading mobile distributor in Maldives, offering the latest smartphones and accessories. They also provide services from the local telecommunication company, Draught, which further entices customers to visit their shop. Both companies have set marketing objectives for themselves, with Ell Mobile aiming to achieve a 15% market share in the Smart Phone retail market by 2015.

The objectives mentioned above were established in order to achieve a 20% growth in the business by 2015. Additionally, the goal is to make Fast Fix the preferred retail outlet for customers and to open another retail outlet in the center of Male' by 2015. These objectives were determined by considering factors such as customers, social trends, economy, competitors, and segmentation.

Market segmentation involves identifying and profiling distinct groups of consumers with different needs and behaviors. In the case of Fast Fix, the main target market is the consumer market, specifically individuals such as shoppers, working class individuals, and youth. The segmentation bases and justifications are detailed

in the following table:

Variables Justifications

Geographic City Operations and coverage are limited to Male' city area due to having only one retail outlet.

Demographic Age Income Demand for the product and buying habits vary based on age. Youth are more likely to choose latest smart phones. Purchasing power differs between classes.

Cryptographic Lifestyle/values The lifestyle in Maldives is now heavily influenced by western cultures. Owning the latest mobile phones is seen as a necessity rather than a luxury.

Behavioral Benefits Individuals who carry the latest smart phones tend to have higher self-esteem as it brings recognition.

Segmentation profiles are chosen to successfully cater to the needs of customers. Shoppers, working class, youth, and males are demographic categories that are considered. Social class, occupation, and income are also factors to be taken into account. Different lifestyle values such as mainstream, price sensitivity, convenience, and quality sensitivity are considered when targeting these profiles. The compiled work of authors emphasizes the market attractiveness based on growth, size, competition, and substitutes. Company objectives and resources have an impact on the competitive advantage. The positioning strategy focuses on product value, specifically for highly demanded items like smartphones. Customers prefer purchasing options at the time of international product launches to create a good brand image and attract

reputable customers. The company will adopt a Unique Selling Proposition as its positioning strategy and will offer installment opportunities to customers.Fast Fix needs to have a strong understanding of the target market's needs in order to develop a close relationship and achieve profitability. This competitive advantage is vital for the company's positioning within the market.