Produce a report on the marketing of a consumer product of your choice Essay

Produce a report on the marketing of a consumer product of your choice utilizing some of the techniques discussed on your course - Essay Example In fact, Nokia Smartphones have pushed the company out of losses and set it on a path of reclamation and growth (Garside, 2013). 2. Key Market Segments for Nokia Lumia and Size of Market   2.1 Customer Segments Targeted Nokia smartphones are now available for many different customer segments as shown below: Lumia 920 and Lumia 820 These phones are based on the Windows 8 platform, are 4G enabled, and target customers who can purchase higher end products and who desire latest technology and a large variety of apps (Aulakh, 2013). Lumia 720 and Lumia 520 These smartphones target the price sensitive customer segment. These are priced at low and mid-range and provide almost similar hardware as its sophisticated higher end sets. However, the services provided are lesser. The concept behind these phones is to target customers who cannot afford high end phones but who still need cell phones for net connectivity and functional utility (Spence, 2013). Nokia Lumia 700 and 800 These are the lo w range of smartphones that were initially launched to create interest and awareness among the new customers (Spence, 2013). It can therefore be observed that Nokia Smartphones cover nearly all the customer segments with the variety of products that they have in the market. 2.2 Market Size and Growth The market for the smartphones is in the stage of rapid growth as can be seen from the growth statistics for the last year. In the second quarter of the year 2012, the mobile market grew at the rate of 1% with 406.0 million units of mobiles being shipped during the quarter (IDC Press Release, 2012). However, the smartphones market grew at a much higher rate of 42.1% in 2012 with 153.9 million  units being shipped worldwide (IDC Press Release, 2012). The main competitors in the smartphone market are Samsung and Apple. These two players have captured diverse market segments ranging from low priced to high priced. Samsung focuses on a diverse strategy where it introduces smartphones for a variety of customer segments so that it covers all sections of the market. On the other hand, Apple targets only the high end customer segment with sophisticated and highly priced smartphones. Smartphones growth markets largely consist of the European countries as well as emerging economies of Asia and Latin America. There is a continuous rise in the demand of smartphones in countries like India and China which provide a huge market due to their large populations. However, in spite of the large growth and expected progression of the smartphone market, Nokia has fallen behind the two main competitors – Samsung and Apple. The reason is largely attributed to the introduction of the Microsoft Windows Phone 8 that prevented existing uses of Nokia Lumia to upgrade to the new operating system (Garside, 2013). This restriction led to a decline in the sales of the Nokia Lumia though it is expected that the upgradation will eventually happen for the existing users. Like Samsung, Noki a also follows the strategy of penetrating diverse customer segments and has developed smartphones of varying prices and sophistication. The following graph shows the BCG matrix for smartphone market and the market position of Nokia: Figure 1: BCG Matrix for Smartphone Market and Market Position of Nokia Lumia 3. Future Trends in Smart Phone Market