NOKIA Corporation
Presented to the
Marketing and Advertising Department (MAD)
Ramon V. del Rosario – College of Business
De La Salle University-Manila
Term 1, Academic Year 2022-2023
December 2022
In Partial Fulfillment
of the course requirements in
Principles of Basic Marketing (FDNMARK)
Submitted by:
Dasal, Fionna Therese P.
Jacinto, Maria Martina F.
Lu, Jerard Matthew P.
Lu, Nancy Kyla C.
Rillo, Gerrold M.
Vitug, Daniel B.
Yeung, Rende H. @Edwin Yu
Submitted to:
Ryan E. Acosta
ACKNOWLEDGMENT
First and foremost, We would like to acknowledge and express our sincere appreciation to our
dear instructor, Ryan E. Acosta, for his valuable guidance and helpful recommendations. It was his
constant encouragement and support that allowed us to successfully complete this project.
We would also like to give special thanks to our families and friends for their understanding and
continuous support in completing this project. Without them, we would face many hardships while doing
this.
Finally, We would like to give thanks and honor to our almighty God, for showering blessings
throughout the marketing plan and giving us enough strength and knowledge to complete our work.
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TABLE OF CONTENTS
ACKNOWLEDGMENT...................................................................................................................... 1
Executive Summary ............................................................................................................................ 3
Current Marketing Situation Analysis Industry Study..........................................................................4
Current Product/Brand Situation.......................................................................................................... 7
Competitive Situation......................................................................................................................... 10
Macro Environment Forces ............................................................................................................... 12
Goals and Objectives ......................................................................................................................... 13
Marketing Mix Strategies and Programs .......................................................................................... 14
Product Development/Innovation Program ..................................................................................... 15
Pricing Program ................................................................................................................................ 16
Sales and Distribution Program ........................................................................................................ 18
Marketing Communication Program ................................................................................................ 20
Investment Plans ............................................................................................................................... 24
References.......................................................................................................................................... 26
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I. Executive Summary
The plan for this paper is to determine what can be the future predictions in order for Nokia to
grow again as to what it was before. Our group wants to dig down the specifications Nokia is facing
and how it can be fixed. The goal is to break down all the things that started Nokia, the history of
how it started to what it is now in the present days. We tend to talk about the situation on what can be
the cause of Nokia’s downfall which includes the SWOT analysis on the Weaknesses and Threats of
why the company went to a downfall and what can be the strengths and opportunities to make this
company grow again.
By focusing on the company’s strengths, whilst attending to the customers' needs and wants in
the product, Nokia will be able to increase its sales and grow again as to what it was before. This
business plan will target the improvement of the brand through strategic goals, adding value, and
having a vision of how this company can profit by providing a step-by-step plan including the current
marketing situation analysis industry study, the current product/brand situation, the competitive
situation, the macro environment forces, the company’s strengths, weaknesses, opportunities and
threats, the goals and objectives, the programs, the product development, the pricing program, the
sales, and distribution program, the marketing communication program and lastly, the investment
plan for the company. All of which will benefit Nokia’s brand, product, and consumer behavior.
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II. Current Marketing Situation Analysis Industry Study
Nokia is a communications and technology company that was founded in 1865. A corporation
that has employed over 88,000 people and emerged as a global leader in the mobile market in its early
days up until 2011. Nokia focuses on data networking services and telecommunications equipment. In
time, the business has been involved in cloud computing and mapping applications.
The market for Nokia phones is strong in the US, ranking top 5 smartphone brands. 10% of
Nokia’s total shipments go to the US. It aims to be one of the top sellers in the US by the time 2022 ends.
Their model the Nokia C100 was also ranked as the top 15th most-bought smartphone in the US in the
2nd quarter of 2022. The company is also 3rd in market share for smartphones in the UK. The company is
also growing in smartphone market share globally as it increased by 1% in the 2nd quarter of 2022. The
company is strong with its trademark feature phones(Non-touch display), ranking 2nd in the market
globally. Although this may sound good, the market for feature phones is expected to decline by 4%
annually from 2022 - 2027. This shouldn’t be a fear as the feature phone market as a whole is still strong,
generating 11.2B USD in 2022.
The blue color represents HMD (Nokia)
4
The market still shows promising year-on-year growth with an 87% increase in North America
and a 31% increase in Western Europe. Nokia is one of the most trusted brands over the past years due to
its affordability and simple features. When compared to other brands, Nokia failed to adapt to the
demands of its consumers. It lacks innovation in upgrading its software since they are unaware that
consumer preferences are always altering. Based on a survey by Stiles (2013), users mostly consider the
features, platform, and applications when choosing a smartphone. The survey shows the customers'
experiences with Nokia and Apple, and as shown in the results, the system performance of Nokia
becomes quite sluggish after using it for some time. It does not offer a higher image quality, but its cost
was much cheaper as compared to the iPhone.
According to a statistical study conducted by Alsop (2022), Nokia's worldwide net sales increased
rapidly between 1999 and 2008. The total net sales that the company generated for the year 1999 was
19.77 billion euros, and it reached its highest point of 51.06 billion euros in the year 2008. However,
growth has been decreasing since 2009, with the lowest net sales of 11.76 billion euros in 2014. From the
result, it implies that Nokia’s revenue has been declining year-over-year. The company has slowly lost its
market share as other competitors have emerged, such as Apple and Samsung.
5
5 Forces Model
Threat of New Entrants: The competition is highly competitive with a few big companies dominating
the market. Entry would be very hard, making the threat lower.
Threat of Substitutes: Mobile phones have been recognized as the superior means to communicate due
to their wide array of functions and features that make communication easier. Other methods of
communication include postcards, handwritten letters, landline phones, etc. This makes the threat of
substitutes less.
Bargaining Power of Customers: There are many phones in the market that consumers could compare
to. Customers could easily replace their phones with better ones in the market. The market is very
sensitive to price, features, and new phone releases. This makes the bargaining power of customers
high.
Bargaining Power of Suppliers: One of the most important parts of the phone, the chip, currently has a
global shortage. This leads to the higher bargaining power of suppliers.
Competitive Rivalry: There is an ongoing competition rivalry between the big companies of
smartphones, These include Apple, Samsung, Xiaomi, and more. The market is highly competitive.
6
III. Current Product/Brand Situation
A brief history of the product/brand
Nokia started as a paper mill in 1865, and in the 1990s, it began to shift to a major concentration
on telecommunications. Its primary concentration has been large-scale communications infrastructure,
technological development, and licensing. Nokia released its first camera phone in 2003, and The phrase
"Connecting People '' was coined by Nokia. Nokia formed a strategic alliance with Microsoft in 2011 in
response to increased competition from the iOS and Android operating systems. Nokia Networks was
founded in 2013 following the acquisition of joint venture partner Siemens. It acquired the
Franco-American telecoms equipment firm Alcatel-Lucentin in 2015, which, together with other further
investments, has propelled Nokia to the forefront of global communications technology. Nokia sold its
mobile and devices division to Microsoft in 2014. Nokia contributed significantly to the mobile
communication business by developing the GSM, 3G, and LTE standards. The Nokia brand, however,
re-entered the mobile phone market in 2016 under a license arrangement with HMD Global, allowing
them to produce Nokia-branded phones. Nokia employed approximately 92,000 people in over 100
countries, operated in over 130 countries, and made about €23 billion in sales in 2020.
Relevant market/definition of the market or market segment targeted (primary and secondary)
The primary target market for Nokia is college students, who are mainly aged 18 to 25 years old
since these people have a high demand for mobile phones. Due to the government's ongoing investment
in education, the segment of college students is sizable enough and it is increasing rapidly. This is one of
the reasons why there are a large number of potential target customers for the mobile phone market.
College students are more tech-savvy, making them able to understand the features of a new innovative
product. Moreover, when college students enter the labor market, they also need a phone to
communicate with their co-workers. With this, they are more likely to purchase Nokia's products with
their high disposable income, which can be the main source of profit for Nokia.
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People need a mobile phone to communicate with their family and friends who live far away.
Hence, the secondary target market of Nokia includes all consumers because everyone is likely to
purchase their phone if they need it.
Market positioning vs. product positioning (what product really is vs. consumer perception)
In the Lawyers & Jurists article (n.d.), Nokia was named the fifth-best global brand in 2007 and
has been in the top 10 for over a decade. So, what precisely is it about the Nokia Brand that makes it so
valuable, and what is Nokia's value proposition? "If Nokia Corp. were a person, it would be young,
beautiful, intellectual, stylish, and consistently "on," says Tam Harbert of Electronic Business magazine.
Recently, Nokia released high-end phones aimed at both consumers and business customers, and the
corporation has a significant presence in both emerging and developed markets. The brand has effectively
applied its goals to Connecting people and Human Technology's slogans. Customers can spot Nokia's
strategy on the company's official website: Nokia's approach is to establish trusting consumer connections
by providing engaging and valuable consumer solutions that mix attractive and unique devices with
context-aware services.
Past and current marketing strategies vis-à-vis objectives and goals
Peter Sadeen (n.d.) claimed that Nokia's marketing strategy was inconsistent. The absence of
consistency is why individuals do not understand what makes Nokia products
better than competitors in the market. In the article of Team Pepper, they also claimed that the company
sought to offer new models under other brand names, such as the N series, E series, etc. As a result,
consumers were perplexed when deciding to purchase the product. It was also unable to develop a brand
appeal for these items.
Based on the Essay Sauce paper (2021), Nokia's current marketing strategy comprises a wide
range of services such as the Nokia Music Store, N-Gage, Nokia Maps, and others. However, the issue
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with these services is knowing how to market and deliver them to clients. Because of its distinct brand,
marketing approach, and distribution policy, Nokia holds a monopoly in a competitive market. The
marketing strategies would strive to raise awareness of the products and services before expanding the
consumer base. Nokia conveys that "connecting people" refers to a product with the same preference for
everyone and helps people connect or the product's features. Websites may express this message through
adverts, television commercials, and movie stars, delivering a wealth of product information. The concept
of simplicity will considerably boost Customer Value, supporting Nokia in grabbing market share. The
main goal of Nokia is to be seen as a decent corporate citizen, a responsible and constructive member of
society wherever it operates.
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IV. Competitive Situation
The following listed below are the direct competitors of Nokia:
1. Samsung - Samsung occupies the highest market share among global smartphones due to their
approach of catering to different price points compared to other brands, however emphasizing on
affordable smartphones with the moderate build quality, resulting in global success for Samsung,
particularly in price-sensitive regions.
2. Apple - The market share for Apple is high due to its global presence. It follows a premium pricing
strategy since it has a powerful brand image, making consumers willing to buy it even though it is
expensive. Apple is also user-friendly, and it offers special features such as iMessage, a note scanner.
3. Oppo - Low-cost smartphone brands such as Oppo have been outselling giants in the
telecommunications market. In the country, Oppo led the mobile vendor market with 18.63% of the
total mobile market in June 2022.
4. Xiaomi - Xiaomi’s market share is slightly lower than Apple's. It is well known for its affordable
price and high-quality smartphones. Xiaomi offers mobile phones with the latest features,
long-lasting battery life, and great cameras.
5. CherryMobile - CherryMobile is known for its affordable smartphones, despite its alleged bad
quality. Nevertheless, CherryMobile still remains a considerable choice for many consumers because
of its marketed cheap price and accessibility, managing to even be the top smartphone brand of the
country with a market share of 23% in 2017.
6. LG - The price of LG is significantly low when comparing it with other mobile brands. However, it
still has a low market share. LG has slow phone performance, and it also has poor connectivity
issues. Consumers also experience phone hanging problems, like the screen will suddenly black out
for no reason.
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Perceptual map of smartphones
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V. Macro Environment Forces
Strength: Nokia has been and continues to be one of the most well-known mobile phone
companies. It is known for the durability and reliability of the phone, which can have a great impact on
the market because of its quality. Nokia phones have a much higher resale value than phones from other
brands, and the company offers products in all price ranges. Numerous products are user-friendly and
typically come with useful accessories.
Weaknesses: Nokia should change their price range because even middle and lower classes
cannot afford their products which can lower sales. The company should also consider adding new
features to their products since they declined or refused to accept changes or take risks in their market
even though it is being dominated by larger companies such as Apple and Samsung.
Opportunities: Nokia should start considering new changes in their features because in the past
they kept on declining changes which made their competitors stronger with their new features. Lowering
their price range is also a good opportunity for Nokia to boost up their sales; marketing the middle and
lower class society considering that other competitors have expensive products like Apple which are
usually targeted for middle to upper class. Nokia can expand into more consumer goods that have the
potential to generate substantial avenues of income.
Threats: With the high sales of Nokia in 2007-first quarter of 2014. It has been marked as the
most famous smartphone company not until Samsung and Apple came into the picture. As mentioned
above, Nokia had lots of competitors for example Apple, since it is marked that it “has a powerful brand
image, making consumers willing to buy it even though it is expensive” and Samsung as “highest market
share among the global smartphones due to their approach of catering to different price points compared
to other brands”. It shows that Nokia has fallen out from the picture of the Global presence or mobile
market because of its huge competitors.
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VI. Goals and Objectives
● Statement of the goals of the firm for the product/brand
-
To continuously maximize shareholder value of the company.
-
To deliver valuable products and improve customer satisfaction.
-
To create a positive brand image to attract more buyers.
-
To build a strong customer relationship in order to achieve customer loyalty.
●
Short-term objectives (for the next fiscal year)
-
To increase net sales by 5%.
-
Increase stock price by 5 Euros.
●
Medium-term objectives (2-3 years)
-
To introduce 1-2 innovative products to the market.
-
Increase market share by 2%
●
Long-term objectives (4-5 years)
-
To boost the profit margin by 5% by increasing customer perceived value.
-
To expand the business to new locations.
-
To establish a top 5 spot in the Global Phone Market.
Current top 5 in the market:
Source: https://www.counterpointresearch.com/global-smartphone-share/
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VII. Marketing Mix Strategies and Programs
Nokia remains one of the world's most renowned mobile phone companies. Because of its
cost-effective and accessible features, it has become one of the most trusted brands in recent years.
Compared to other brands, Nokia still needs to adapt to the needs of its customers. This part appears if
there is a need for the firm to change, expand its current target market. This includes:
Demographic and Geographic Characteristics
●
●
●
●
-
Teenagers and Adults
Students and Employees
Lower to Middle Income Class
Urban areas
Nokia offers smartphone devices to teenagers and adults, primarily low- to middle-income levels,
available in all regions and urban areas.
Psychographic Characteristics
●
●
-
Social Class: Low to Middle Class
Lifestyle: students, athlete, entertainer, social contact seekers
Nokia's former motto, "Connecting People," is still the goal of the phrase in its branding and
marketing strategies today. Nokia products cater to students, the middle and working class. And
lastly, Nokia's products are accessible and work with their consumers' lifestyles to meet their
needs.
Behavioral Characteristics
●
●
-
Benefits: The Quality of the Products
Loyalty status: Strong
Nokia phones have a substantially better resale value than other brands' phones, and the company
provides models at all price levels. The benefits are that Nokia products are user-friendly and
come with unique and handy accessories. It is well-known for the phone's durability and
consistency, which can have a significant impact on the market's good quality.
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VIII. Product Development/Innovation Program
Unique selling proposition or benefit
-
Give more features to the phone such as a stronger camera, folding capabilities, and improved
software and hardware compatibility to make the phone hold up in the future.
-
Adjustments to upcoming technology such as 6G connection and pairable with more advanced tech
like smart and AI technology.
-
Always providing the best possible performance and aesthetic at lower price points.
Product positioning: benefits, performance, quality, usage·
-
Nokia Phones will continue to run on the Android OS after previously running on windows
-
Use the latest parts available for the best results on phone performance.
-
Keep the camera distinct, and give many different options for photography and videos on
smartphones.
-
Making the phone ready for heavy usage or for daily work activities.
-
Giving the phone tough materials to keep the “indestructible” characteristic of a Nokia.
Packaging
-
Packaging includes the standard white box with the charger and the manual
-
The packaging is already very unique and top-notch which should be kept to stay in line with their
slogan “connecting to people”, which will be integrated to the layout of the box, all the way to the
contents inside that come with the phone.
Other significant decisions like changing the brand name, labeling, customer service, etc.
-
Carry over the notorious indestructibility of old phones into the new ones.
-
Provide affordable and reliable customer support and repair service.
15
IX. Pricing Program
●
Product costing
NOKIA
Particulars
Value (rough estimate)
Direct Labor Cost: Engineers, Researches and
developers, software installers, manufacturers
Direct Labor hourly rate is P1500, and it takes 0.1
hours to manufacture one unit of a product, the
direct labor cost per unit equals P150 (P1500 x
0.1).
Direct Material: Rent, raw materials available for
use (copper, tellurium, lithium…,rear and camera
flash, antena, buttons…)
Manufacturing overhead
Rent
550,000
Raw Materials
70,000
Indirect Taxes
15,000
Packing charges
5,000
Total
640,000
Manufacturing overhead of one unit x total
number of units
P250 x 5,000
Total (estimation): 1,250,000
Total Product Cost
P826
Product cost per unit
P826
Selling price per unit
P 1,360
Profit or markup %
60%
Final selling price:
P1,400
Total: 1,895,912
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Computation of selling price
-
Selling Price = Cost Price + Profit Margin (60% markup)
Pricing objective and strategies which may be planned and developed during the year for the
product/brand.
•
The pricing objective and strategy we have utilized for this brand was cost-based pricing. With
pricing being a major component in this marketing plan and given the business and financial goals of
the company, profit maximization is the most appropriate pricing objective for Nokia given that the
business plan aims for growth in production in its future since there will be a need for funding in
facilities and labor. Another objective would be status quo considering that Nokia is reestablishing
its name, it would be best to keep the products in line with other similar products from other
competitors. In this way, we can avoid price war. Once the company has reached its point of target,
items that have received more attention can be charged for more, rather known as the “good, better,
best pricing” strategy.
•
Big tech companies or business companies that use smartphones and gadgets can be the main target
market of Nokia. The company selling their product through wholesale would benefit by spending
less because products for a lower price are being sold in bulk, which reduces the handling time and
costs involved.
17
X. Sales and Distribution Program
Policies
- To attract consumers and customers to purchase goods or services, Nokia should employ sales
tactics and strategies. Sales and demand for the product line on the market with new, advanced
and updated policies that should be maintained.
-
Nokia Sales personnel must be able to engage the customers, where they should simultaneously
act as a consultant and specialist to the clients. It's a strategy where the sales are knowledgeable
about the issues that clients have and how to address them
-
Customers are the most crucial stakeholders since they keep businesses operating and in
existence. Therefore, in order to ensure that they will continue to support a business, clients must
receive the most special treatment possible.
-
Keep potential clients' interest by interacting with them through specialized marketing that
develops leads.
-
Nokia Sales personnel should employ the code of conduct and ethics of Nokia.
Sales Targets (Target Market or Geographical Areas)
-
Nokia can set its principal target market or geographical area as the urban population, especially
those young people aged from 18 - 35, as these people have a strong demand for cell phones and
these people generally have a high purchasing power.
-
In terms of sales targets, Nokia needs to find the right product/market, determine its lead
acquisition strategy, and design a qualified sales channel to convert these leads into prospects and
eventually into customers.
-
In addition, Nokia should identify the customer demand and the relevance of its products to
potential customers in order to assess market potential and room for growth, as well as to ensure
that its products would be in demand long enough to be profitable.
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Extent/Terms of Distribution
-
In terms of distribution, Nokia distributors need to be aware of market trends in order to take
advantage of opportunities during peak seasons for the products to make sure they take advantage
of market prospects.
-
Nokia provides a wide range of logistics and shipping services on its resellers, as well as
innovative services. Nokia's distributors have a global, regional, and local presence and offer a
specific go-to-market strategy via indirect resellers.
-
Additionally, Nokia must analyze the market in terms of regional distribution.
-
Through its distribution networks, Nokia may work with other companies to achieve the same
goal and increase their reach throughout the Philippines.
-
Nokia could also distribute the products using online commerce or online applications (Shoppee,
Lazada, etc.).
-
Nokia should expand their distribution in terms of geography whereas e-commerce can offer a
wide range of potential consumers throughout the country to meet the market demands.
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XI. Marketing Communication Program
1. Advertising Program
o Objectives
-
To increase product awareness by 3%.
-
To create new advertisements for every new launched products.
o Target audience/s: Lower Class- Middle Class
o Creative approach
-
New raw materials for the gadgets to be able to set new standards of quality.
o Material requirements (mock ups are required)
-
Dummy phone for nokia
-
Presentation tools (laptop, canva, powerpoint)
o Other advertising aids (which may include non-traditional)
-
Canva
-
Adobe photoshop
-
Social media platforms (Facebook, Instagram, Tiktok, and Twitter)
-
Podcast
-
Commercials
-
Tarpaulins
o Media planning (mix, frequencies, schedules and TARP computations)
●
Audience: Lower Class- Middle Class
-
The group chose this set of audience since we mentioned that an opportunity for Nokia is to lower
their pricing range so that they can be able to open to new customers who can afford their
products to have high sales.
●
Platform: Social Media
-
With the high use of social media, the group chose this platform since it has a strong “pull” to the
audience and it is an effective way to market the messages and brand itself.
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●
Frequency
-
The group decided to follow the traditional 1-2 times per week. With the majority of well-known
brands continued to advertise 1-2 times per week and routinely had excellent sales growth of
5–10%.
●
TARP computations
-
50% of US middle class - 83M / 332M(US Population) = 0.25 x 100 = 25%
-
TARP is 25.
2. Sales Promotion Program (Consumer and Trade)
o Objectives
-
To introduce the product for first time users of smartphones (such as students and teenagers).
-
To capture the attention and interest of current smartphone customers.
-
To meet the period's sales targets based on the target customers.
o Specify whether for consumer or trade
-
Sales Promotion Target: Consumers
o Types/frequencies
-
Requires re-exposure to the broader populace.
-
People should be aware that Nokia phones are still available in the market; they may rely on its
durability and cost, as well as certain new features gained via innovation.
-
Follow the current trend of firms paying social media influencers to promote their products.
-
The tendency nowadays is to use social media rather than conventional media.
-
Another consideration: time.
-
Customers' purchasing power is high on the same month and day dates, such as 10.10 (October
10), 11.11 (meaning November 11) and 12.12 (meaning December 12), etc.
-
Nokia could offer certain promotions, discounts, and freebies during stated times, promoted by
social media influencers via their reels, videos, and vlogs.
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o Coverage
-
An ongoing activity for the whole year, once every month.
-
The discounts and promos can be done on 1.1, 2.2 up to 11.11 and 12.12
-
The social media influencers will upload videos and vlogs at least 2-3 days before the said dates
so their posts will be able to reach their followers at least prior the promotional period.
o Promo schedule
o Promo casting
-
Social media influencers with at least 5,000 - 10,000 followers on social media platforms.
-
Recruiting social media influencers = less expensive than paying celebrity endorsers.
3. Public Relations Program
o Objectives
-
To build a strong brand reputation and foster consumers’ trust
-
To maintain a positive relationship with the public
o Strategies
-
Taking the advantage of using digital media to enhance online presence.
-
Organize a list of campaigns that the company wishes to collaborate with.
-
Create interesting and truthful contents that would grab the attention of the public.
o
Public Relations materials to be used and cost
22
-
News conferences for Php 5,000 - Php 10,000
-
Press release for Php 5,000 - Php 10,000
-
Company websites (including blogs, podcast)
-
Sponsorships for approximately Php 35,000
-
Special events for Php 15,000 - Php 25,000
o Schedule
-
Nokia may do two to three news conferences and press release for every new products they
launched. For their official social media websites, it would be best to post blogs or podcast every
three to four days since it has to be updated always. Furthermore, the company may opt to
conduct sponsorships and special events on a semi-annual basis.
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XII. Investment Plans
●
Estimates of Profitability
Without the implementation of the Marketing Plan 2023
Values are in Millions(Euros)
Net Sales Revenue
€22,222
Cost of Sales
(13,114)
Gross profit
€9,078
Other income
49
Total Income
€9,127
Operating Expenses
(6,302)
Other Expenses
(391)
Net Income
€2,434
Income Tax
(272)
Net Income after Tax(NIAT)
€2,162
Calculations
Profit Margin = NIAT/ Net Sales = 2,162 / 22,222 = 9.7%
Profit Margin = 9.7%
With the implementation of Marketing plan 2023
Values are in Millions(Euros)
Net Sales Revenue
€23,110
Cost of Sales
(13,639)
Gross profit
€9,471
Other income
51
Total Income
€9,522
Operating Expenses
(6,554)
Other Expenses
(407)
24
Net Income
€2,561
Income Tax
(282)
Net Income after Tax(NIAT)
€2,279
Calculations
Profit Margin = NIAT/ Net Sales = 2,279/ 23,110 = 9.9%
Profit Margin = 9.9%
Net Profit Margin = 9.9% - 9.7% = .2%
Conclusion: Profit Margins will increase by .2%.with marketing plan applied.
●
Evaluation of Results
This part should consider a schedule of activities that will monitor progress and the
implementation of the marketing plan. It provides management with guidelines for review. This
can include a summation of the measurements by which management can gauge the success of the
strategies and implement control mechanisms.
Schedule of implementation of the marketing plan in 2023
Activity
Start
Date
End
Date
Conduct product research
1/1
1/3
Begin production of smartphone
3/1
4/1
Proceed with marketing campaigns
2/1
4/1
Begin Distributing the new smartphones
4/1
12/31
Make adjustments in marketing plan based on
initial product performance
4/15
5/1
Begin mid-late year sales promotions for new
smartphone
9/1
12/1
Review Customer Feedback for
improvements next year
11/1
12/31
Set new goals for next year based on results
12/1
12/31
25
References
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https://www.wsj.com/market-data/quotes/FI/NOKIA/financials/annual/income-statem
ent
Marin. (2022, September 18). Nokia shipping numbers increasing in 2022 | Nokiamob.
Nokiamob.net.
https://nokiamob.net/2022/09/18/nokia-shipping-numbers-increasing-in-2022/
MBA Skool Team. (2022, February 26). Nokia Porter Five Forces Analysis. MBA Skool.
https://www.mbaskool.com/five-forces-analysis/companies/18343-nokia.html
Nayan. (2022, February 5). Report: Nokia Mobile grew smartphone shipments in 5 regions,
registered highest ASP & tripled US smartphone shipments. Nokiapoweruser.
https://nokiapoweruser.com/report-nokia-mobile-triples-us-smartphone-shipments-highes
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Individual Reflection - Lu, Jerard Matthew P.
During the term, I learned that marketing focuses on the relationship between the customer and
the business, not just selling stuff. Selling is part of marketing, but there’s more than that in marketing.
There’s this quote my Highschool teacher gave us from Scott Cook that stuck with me, “A brand is no
longer what we tell the consumer it is – it is what we consumers tell each other it is”. We as marketers are
in charge of creating something to satisfy our customers so that they can eventually become regulars,
indirectly promote the business, and create this image of the brand. I also learned that marketing is very
similar to art, but in the case of marketing, we first identify the needs of the market before we start the
creation of a product, which is a concept I was able to grasp during the film review assignment.
We’ve been able to cover a lot of information about marketing this term. A big chunk of what
we’ve learned is on the 4Ps. These 4Ps are essential in the marketing process. This knowledge is a
must-have, especially since my course in marketing management. The marketing mix opens up thoughts
and ideas about what I can provide to the customer, which is extremely crucial for marketing. We were
able to go through these and go even deeper into each P in the mix.
Overall, I’m happy to be able to take this subject. It serves as a foundation for my current
marketing knowledge, which will also help me understand other areas of business. It will definitely be
important moving forward in college, and probably even after college. I’m still excited about similar
subjects like these as I know we’ve only scratched the surface for this specific subject regarding
marketing.
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Individual Reflection Paper - Lu, Nancy Kyla C.
Marketing is not only about promoting a certain product; it also involves delivering satisfaction to
its consumers. Companies should identify their target market so that their implemented marketing
strategies would have a focus point. The marketing environment also has a huge impact on the
organization’s performance. Hence, the company may opt to conduct PESTEL analysis or SWOT analysis
to take into consideration the internal and external factors that would affect business operations.
In this course, I learned that a well-established marketing mix is an essential tool that would
enable the firm to gain a competitive advantage in the long run. Marketing mix consist of product, price,
place, and promotion. People often look at the attributes, packaging, and labeling of a product. It is
important for the firm to focus its attention on improving the product quality because most consumers
choose quality over quantity. Before introducing a new product to the market, we have to observe
customers' feedback during the idea evaluation stage to ensure that the marketing strategy is working.
Place or the distribution channel is where the goods and services are available. Intermediaries
helps in distributing the products at a wider scale of area, which would be more accessible and convenient
for the consumers to purchase. Setting the right price helps in generating revenues, and it also shows that
consumers are paying an amount that is worth the value of the product offered. Moreover, promotions
boost sales as they communicate information with the buyers that would affect their decisions. There are
several ways of promoting a product, such as advertising, sales promotions, personal selling, direct
marketing, and so on.
To maximize profits, I learned that it is vital to understand the buying behavior and build strong
relationships with its potential clients. By conducting marketing research, we will be able to gather
information with regards to the preferences and buying habits of consumers. Buyers will feel satisfied,
and they will repurchase the product once their demand and expectations have been met. A good brand
reputation also attracts more buyers since they are more likely to choose a brand that gives them positive
experiences.
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Individual Reflection Paper - Rillo, Gerrold M.
Initially, I have started this course with the belief that marketing is about finding the right product for
the right customers using promotion or advertising methods. While this remains to be true, I have gained
an even better and more well-grounded understanding of the concept of marketing, and that marketing
goes beyond advertising and selling. First, I have learned that marketing is all about building value, as
well as forging strong and loyal customer relationships in order to maximize the awareness potential of
the product or brand. I have gained more understanding of the 4 P’s of the marketing mix, which have
become the fundamentals of what makes marketing impactful. Marketing is the effort of accomplishing
and achieving customer satisfaction, while earning a profit as a return on investment. It is where ideas and
proclaimed needs conjure to reality and sold to consumers that defines the goal of marketing.
Throughout the course, I have realized that marketing can be a systematic process, that consists of
determining the “wants” and “needs” that affect the consumers’ purchasing decisions, or building value to
make a profit. It is at this point that we have fully understood the concept of marketing management,
which is about choosing target markets and creating positive yet profitable relationships with customers.
It is through the interactive and challenging collaboration with our group-mates for designing our
marketing plan for our chosen brand that we are able to share each other’s ideas to achieve a common
goal, something marketers strive and yearn to do. We have gained an even better understanding of the 4
P’s, such as the types of products, using the consumer product classification, that aided us in the more
effective way of finding what product would suit our objective and marketing plan. Product development
has proven to be one of the most interesting concepts I have learned in this course. To create a great
product, means tailoring and designing the products with utmost attention to detail. Surely, learning about
the business environment has proven to be useful in assessing which company or brand we would like to
choose for our marketing, including learning the socio-cultural, technological, economic, and
environmental factors and many more that affect the marketing plan. Consumer behavior is built on the
foundation of marketing, and as such it is crucial for us to learn, for this is about learning the purchasing
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behavior of consumers in order to cater our products according to their preferences along with its related
concepts.
Finally, we went further in depth of marketing, gaining knowledge on the concept of integrated
marketing communications, which is the ultimate way of communicating the product in a way that
persuades them to purchase it.. These are appreciated for its usefulness as I aspire to venture in the
advertising path in marketing, as I think it most suited my skills and personal interests or goals. Overall,
marketing has turned into an even more interesting profession to study as I learn more about it. With all
these I have learned in marketing, it has further sparked my interest to pursue this profession. I have faith
that our learnings and realizations will enable us to be wise enough to venture on our paths with a passion
to succeed in our endeavors, and to help spread a positive brand for our business.
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Individual Reflection Paper - Yeung, Rende H. @Edwin Yu
Marketing is a crucial aspect of any business, as it involves the process of identifying,
anticipating, and satisfying customer needs and wants. It helps the company attract and retain
customers, which ultimately drives sales and revenue. By understanding customer needs and wants,
businesses can tailor their products and services to meet these needs, which leads to customer
satisfaction and loyalty. This, in turn, can help businesses to grow and succeed in the competitive
market.
Through this course, I have learned about the four basic elements of marketing, also known
as the marketing mix, which are product, price, place, and promotion. The product is the first element
of the marketing mix. It refers to the products or services that a business offers to clients. A good
product should be designed to satisfy the demand of the target market and should be of high quality
and value. Second is the price which is the amount of money that customers must pay to purchase the
product. Usually, people prefer something cheaper, so when a company introduces a new product or
service, it can utilize penetration pricing, offering a lower price to entice customers to buy and keep
them away from competitors. The third is the place, also known as distribution, which illustrates the
means and channels a company uses to make its products accessible to customers. The target market
should be identified in order to select the appropriate distribution channel to ensure that the product is
easily accessible to the market. Last is promotion which refers to the methods that a business utilizes
to communicate with customers and promote its products. This can include advertising, sales
promotions, and public relations. These four elements are interrelated and should be carefully
considered to develop a successful marketing strategy. Businesses can create a product that satisfies
client requests and set the price appropriately by comprehending their target market and customer
demands. The positioning and promotion should then be selected to effectively reach and engage the
target market.
Additionally, building long-term client relationships is essential for any business to succeed.
Companies can build trust and client loyalty by continuously delivering high-quality products and
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services and exceptional customer service. This can lead to repeat business and positive
word-of-mouth, which are both essential for long-term success.
Individual Reflection Paper - Jacinto, Maria Martina F.
With everything I have learned from marketing class, I now have understood that its importance
is not merely to promote a product but to ensure the brand's quality. Marketing is more than just the
business, it is connecting with people, specifically your customers and providing the proper service that
satisfies their needs and wants. Without marketing, one’s business can really take effect as it sets the
standards of the business. By creating value for the business, quality develops and attraction comes.
Marketing allows us to produce results that determine the development of the business. Starting
with strategizing the brand, conceptualizing the idea and executing the product, all of these affect the
customer response and the financial results. Investing in a marketing team is equally as important as
investing in your business. I would say that marketing is the heart of any business. All businesses
compete with one another therefore marketing your product gives you leverage and helps people identify
what is unique about your brand. The four basic factors of marketing which are product, price, place and
promotion, all play a vital role in the process. Analyzing the business situation, the target market, a
strategy, sales and budget all contribute to the decision as to why the customer will buy your product.
Marketing builds trust with the client and protects the reputation of the business itself.
Encountering success and failure in the business world, anybody can be a business owner, but it takes
more than what you think you know to be able to market your business further and be successful.
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