Memo for Recommendation for Micromotors Inc- myassignmenthelp

Question: Discuss about theMemo for Recommendation for Minnesota Micromotors Inc. Answer: Minnesota Micromotors strategic marketing vision has been working fairly well in currently as well as in the past. It has been successfully able to create a nice position for itself in the area of brushless, direct current (BLDC) motors with presence of a large number of competitive market participants. Analysis of its cumulative revenue and market share depicts positive trends however, there is presence of advantages that it can use to leverage its niche potentiality and promote its brand presence in the market. In order to capture more market share, the company needs to focus on new product development. Till now the company has been focusing on development and designing of orthopedic products only, but its research and developmental capabilities can further be extended to accommodate scopes for products in related areas as well. New products will act as a brand extension for the current brand and some marketing communication techniques can act for leveraging outcomes for the produc t. Marketing is the sole criteria for the company that can help it create a sustainable market share and develop brand loyalty from its customers. Till date the company had been striving to establish its competency in the field with its orthopedic products, but in the new strategic focus it will aim at extending its scope. The company will devise an exclusive team of marketing personnel who will be trained to attend to more distributor segment and healthcare personnel for making tie-ups for selling the product. A related product in the field as testing instruments can entail development of product categories generating more brand recognition for the company. For such endeavors there needs to be extensive investment related to marketing communication tools. The company had been focusing on smaller market share till date, with new products it can establish broader market focus. It can aim to diversify in global areas where such products are not available or there is lower rates of competi tion. With its high end quality, the company can focus on creation of market share in all potential areas in global markets as well. It will need to develop its global supply chain for furnishing products across all markets that it will cater to in the future. It will position its product in the premium product segment across all categories of product with premium pricing policy, though it will attract a sizable proportion of the population but with global market share its scope will increase. For marketing practices, the company will need to focus on newer marketing techniques and strategies as increasing sales force and including new methods. The company till date had been resorting to traditional modes of marketing but with development of new products it will aim at social media marketing and digital promotional techniques. Combining traditional techniques with digital ones will allow the Company create more competitive advantages for catering to a broader spectrum of customers. The Company including bannering, poster at healthcare centers, television and other form of advertisements will accommodate traditional modes of advertisement. Social media and digital marketing techniques will attract more customers, which will be aimed at retaining by the company. Along with social media and digital marketing techniques of Facebook, Twitter, YouTube and other promotions it will also be developing an App through which customers will be able to order products. The App will lever age companies marketing capabilities to cater to more number of markets, where customers will be able to order products in an easier manner. All its tactics will be bend on attracting customers in developing economies where there is present substantially large number of customers with higher propensity to spend. Such consumers across greater geographical segments will offer the company with varied type of psychographics. With increasing number of demographic segment, consumers will be from varied differing areas will render sustainability to the business. The Company will aim at conducting frequent market surveys for collection of data and in analysing them. It will collect data through social media platforms through questionnaires and surveys, this will help the Company attract attention from a broader range of the market. While increasing market share in developing markets, outside the U.S., the Company will need to adopt price leadership strategy. It will initially set higher prices for products while introducing new products and then later reduce the price. Along with market expansion and product development strategy, MM will also adopt market penetration strategy for catering to larger demographic segment of customers. It marketing and sales staff will need to be continuously trained and developed in order to understand RD of the Company. Overall it will need to increase its marketing budget to incorporate larger segment of the market and attain sales growth in the area. It will have to make tie-up with distributors as well as su ppliers of orthopedic products in developing countries such that it can easily enter such markets. In order to create a brand in new markets, it will need to offer larger distributor profits such that they are able to generate a sizable market share. It sales force will be primarily focused on attracting more distributors and healthcare personnel to the products of the Company. It will have to deploy multi-channel mode of distribution for its various products for increasing its strength in the market. Through such marketing endeavors the Company will be easily attract larger share of consumers and create a brand recognition globally. It revenue and growth will allow it to support rapid market development and sustainability with respect to research and development criteria. Its competence in the automated sector will allow it to create competitive advantage and extend its core capabilities. Its servicing capabilities will allow it to attain greater levels of growth in the automation segment with exclusive product range.