MARKETING PLAN
Product:
Automatic Language Converter
Submitted to:
Sir Tayyab Baig
Submitted by:
Shahzaib Manzoor (Roll No. 2211035)
Hasham Zahid (Roll No. 2211037)
Amar Islam (Roll No. 2211028)
Hammad Tariq (Roll no. 2211050)
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Table of Contents
Sr. No.
Title
01.
Executive Summary
02.
Product overview
03.
Product Logo and slogan
04.
Company Description
05.
Mission and Goals
06.
SOWT Analysis
07.
Market Analysis
08.
Target Market
09.
Marketing Mix
10.
Budget Schedule & Monitoring
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1.EXECUTIVE SUMMARY
The following marketing plan forms the basis for the introduction of a range
of innovative new products in the form of Automatic language converter.
This device helps its users to easily convert Words Spoken in one language
into another Language. The conversion process is very fast and it takes less
than a minute to convert languages. However, it depends upon your Internet
Speed. But our product is very lightweight and is with good features. So,
with a slower connection, you will also get instant results. This marketing
plan is programmed to introduction a new version of Language Convertor as
a project of BBA students’ group of National University of Modern
Languages, Islamabad.
We are planned to introduce Automatic Language Convertor, attractive look
up, its shape Just look like Air buds and it’s also affordable. We f o c u s
o u r objectives on providing the superior quality products that fits high tech lifestyle. The marketing environment will be very receptive to our best
quality Convertor with different styles that reflect the interest of General
public.
As our group with limited resources, we want to explore to generate the
opportunity for sales and income in future.
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2.Product Overview:
Our product for project which decided is automatic language converter. Our group
concentrate both male &female. We added the different color and style for female
customer. Competition which creates fire to success for every company, as it is
fast moving consumer product the scope for the growth rate is also good which
creates to chance for national player.
1. Product logo and slogan:
Product logo
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Product Design
Product Slogan
Better Translation, Better value
2. COMPANY DESCRIPTION
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Our group is founded by our mutual understanding with Samsung Co. to produce
this new version of automatic Language convertor. We use premium software to
inter convert languages. We aim to create an environment where your phones,
computers, and other devices get more interactive than ever before. We tend
to provide the easiest and quickest modes of communication through the best
language convertor ever. It helps you to;

Convert your call-in real time, Try our speech synthesis and speech
recognition technology in multiple international languages.

Deliver a seamless experience to customers in local languages.
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3. MISSION& GOALS
To convey imaginative, easy to understand and better-quality items,
best case scenario worth to the clients, remembering the thriving of
the organization and its partners.
Our mission also includes surmising the inspiration of students who wants to be
distinct from other universities students with this convertor to experience its
working by communicating with international students in the university in their
languages. During the next two to three to years our group seeks the following
financial and non-financial goals.
a. Financial Goals:
i.
Contribution of funds by each group member to expand our
manufacturing capabilities, increase distribution and induction
of new stationary items.
ii.
Increase of revenues by at least 50 percent each year.
b. Non-Financial Goals:
i.
Introduction of two new products i.e., converter which convert
text to speech and speech to text.
ii.
Entering in new international markets.
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iii.
Developing and promotion of our product aimed at to make
own manufacturing units across the whole country.
4. SITUATION ANALYSIS
SRENGHT S
WEEKNESS
AFFORDABLE
NO WARRENTTY
EASLY AVAILBLE
LOW AWARNESS
Easy sync with mobile
Highly volatile
LIGHT WEIGHT
OPPORTUNITIES
THREATS
Best product for the students who study in
NEW PLAYERS
international Universities
Best for international conferencing
Best
for
people
working
in
MANY COMPETITOR
foreign
countries.
DIFFERENT STLYES
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5. Market Analysis and Strategy
Presently, the product is not rampant in the market. The market demand for the
product is not so high because the product is an innovation and many don’t yet
know about it. Moreover, Automatic voice convertor is a new product. The latest
promotional campaign of Voice convertor was launched only on the internet. They
did not have any offline activity particularly.
In a few years from now, the business will be competitive in nature because of the
market demand for the product will be high and almost everyone would have
known about it functions value. Setting up the business at a period when it is not so
competitive will be of a great advantage to my company business because our
business company would be able to make its name and gain its customers. For the
business to grow, customers are needed. The business will get customers by
advertising the product on social media such Facebook, Twitter, Instagram etc.
6. TARGET MARKET
Our target market for our product (Automatic Language Convertor) is international
students and professor of not only NUML but different universities across the
world and business people also people working in different foreign countries as
employee and labor. People of different ages, who like to purchase some
distinguished items such as sports items, music items, T-shirts, Note Books, Race
Cars, Mobile Phones etc. as with our limited resources we just targeted the
international University students and businessman.
It’s important that you recognize your customers as your best resource for how you
can continue growing your business. Growth is more than just earning new
customers. It’s also retaining and continually delighting the ones you already have.
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The best way to keep customers happy is by listening to them. This is where the
voice of the customer plays a vital role.
7. MARKETING MIX
Our marketing Mix consists of following:
i.
i.
Product Strategy
ii.
Distribution Strategy
iii.
Promotion Strategy
iv.
Pricing Strategy
Product Strategy:
Our product strategy offered automatic language convertor with
distinct logo, different design and attractive colors.
ii.
Distribution Strategy:
Currently our distribution market is Universities main areas like IT
rooms, boys’ hostels and business places like markets, chambers of
commerce etc. which is locally situated and easily accessible and
without transportation charges.
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Over the next three years we seek to expand the distribution to
different mobile accessories through the home country and then to the
whole World.
The expansion of distribution plans linked with beneficial outcome of
our project.
iii.
Promotion Strategy:
Our promotion strategy with consumers i.e., students of different
universities across the whole world which is currently about our
product through advertisement on university Facebook pages and in
person bases. Our promotional efforts also seek to differentiate our
brand product from competitors and maintain strong relationship with
national and international students of universities.
iv.
Pricing Strategy
We priced our buds with competition in our mind through market
survey and our competitor’s i.e., prices of Air pods, air buds and other
different convertors.
We offered the price 10% less than those compatriots’ price, to
achieve the goals by selling high quality and quantity of products.
We offered the price little lower than the competitors as we
introduced newly product (language convertor) but of good value and
quality with different color and different design than our competitors.
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8. BUDGET, SCHEDULE, AND
MONITORING:
a. Current Budget:
Sr. No
Particular
02.
Expenses
Amount
i. Product expenses
$ 100/-
(For 3 products)
ii. Travelling charges
iii.Promotional
charges
$ 20/for newly launched
product
Total
$ 20/-
$ 140/-
Expenses
Price Per convertor:
Price per product = $50
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b. Projected Income Statement
i. For the year 2021
Particular
Amount
Total Revenue Earned
$ 50,000/-
Expenses
i. Rent for Shops per year
$ 5000
ii. Salary of Sales Man
(Per year)
$ 10,000
iii.Utility Charges
$ 2000
iv. Decoration Charges
$ 5000
v. Appliances
$ 8000
vi. Carriage Charges
$ 4000
Total Expenses
$ 34,000
Net Income= Total Revenue-Expanses
50,000-34,000= $16,000
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ii. For the year 2022
Particular
Amount
Total Revenue Earned
$ 68,000
Expenses
i. Rent for Shop per year
$8,000/-
ii. Salary of Sales Man
(Per year)
$14,000/-
iii.Utility Charges
$5,000/-
iv. Appliances
$14,000/-
v. Carriage Charges
$8,000/-
Total Expenses
$ 49,000
Net Income= Total Revenue-Expanses
68,000-49,000 = $ 19,000
For the year 2023
Particular
Amount
Total Revenue Earned
$ 85,000
Expenses
i. Rent for Shop per year
$ 10,000
ii. Salary of Sales Man
(Per year)
$ 18,000
iii.Utility Charges
$ 7,000
iv. Appliances
$ 17,000
v. Carriage Charges
$ 9,500/14
Total Expenses
$ 61,500
Net Income= Total Revenue-Expanses
85,000-61,500= $23,500
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