It is with humble honor and respect that I submit my internship report on "Market Development Strategy of Symphony Mobile". I certify that this project report titled “Symphony Mobile Marketing Strategy” is the Bonafede work of Prant Saha who conducted the research under my supervision. I would like to thank all the people who helped me achieve the title of my report "Market Development Strategy for Symphony Mobile" at Edison Group.
In this report I would like to briefly discuss the market development of Symphony Mobile. This is all about my internship report, which mainly focuses on Symphony Mobile's market development service and different types of market development strategies.
Introduction
Origin of a report
Objective
Scope of Study
Methodology of the Study
Limitation of the Study
Chapter-2
The marketing strategy is the way in which the marketing function organizes its activities to achieve profitable sales growth at the marketing mix level.” A marketing strategy can be defined as a plan (usually long-term) to achieve the organization's objectives as follows...'. Drucker (1973) “Strategic marketing viewed as a process that includes: analyzing environmental, market, competitive and business factors affecting the company and its business units, identifying market opportunities and threats and forecasting of future trends in business areas of interest to the enterprise, and participate in setting objectives and formulating corporate and business unit strategies.
Selection of market target strategies for the product markets in each business unit, establishment of marketing targets as well as development, implementation and management of the marketing program positioning strategies to meet market target needs”.
Chapter-3
- Edison Group
- Brands And Wings
- Overview of Symphony
- Products
- New Product of Symphony
EDISON Group, one of the dynamic and developing business groups, was established with the aim of improving all aspects of life for the customers with powerful brands, reliable products and services. Edison group is the most encouraging inspiring and constantly growing business entity in Bangladesh for brands symphony mobile is the most popular and the highest selling brand in Bangladesh market. They want to be number one in the near future in all other segments they operate like properties power communication logistics and electronics area.
The Edison group started its journey in 2009 and in a short span of time it has become one of the largest groups in Bangladesh. They want to launch new models with good quality and beautiful design and they also want to introduce innovative technology and all this has to be done within the purchasing power of the customer. Making the difference to be the best in every market they serve, for the benefit of their customers and their stakeholders.
Whether they've been around for decades or launched in the last seven years, some brands just have a little magic when it comes to grabbing attention and establishing themselves as fan favorites. Within a short period of time after its incorporation in late 2008, the Symphony brand has established itself as the fastest growing and most important mobile phone brand in the Bangladeshi market. Symphony, a brand of EDISON Group is pleased to enjoy the leading position in the smartphone handset industry, Symphony became the market leader in the handset segment in 2010.
Modern features, elegance, aggressive pricing strategy, global build quality and durable distribution network have contributed to Symphony Mobile being the popular choice of Bangladeshi customers. The company's core focus is to continuously provide exceptional and satisfactory customer service as it continues to explore new opportunities to provide newer and better solutions to its most valued premium asset, its customers.
Chapter-4
- The Mobile Phone Industry in Bangladesh
- Mobile Handset Sales Status in 2020
- Mobile Handset Sales Status In 2020
- The Growth of Mobile Handsets Market in Bangladesh
- Major Players
Relying heavily on imports, Bangladesh is poised to become a self-sustaining smartphone manufacturer, already commanding a huge market share of 82% and localization just three years after its inception. The presentation of the Bangladesh Telecommunication Regulatory Commission (BTRC), the total number of mobile phones or cell phones manufactured and imported in 2019-20FY was 29.48 million units. It should also be noted that of the total number of mobile phones used in the country, only 92% have mobile phones and only 8% are smartphones.
Samsung exports grew 203% year-on-year, helping it take the top spot in Bangladesh for the first time. This is a market share that has grown by 22%, while the former market leader, Symphony only has a market share of 16%. The product had a market share of 7% and was among the top five smartphone products during Q1 2019.
Huawei also offers discounts to customers by purchasing mobile phones from Huawei-approved retailers or stores. Symphony, Walton and Maximus were among the top five smartphone products in terms of market share. Symphony is in second place in terms of market share, with sales of the best-selling V98 falling.
A few years ago, local brand Symphony controlled some of the volume with its low-end smartphones while Samsung took the lead. Symphony did really well in Bangladesh, but in recent years Symphony's market share has fallen extremely. Symphony consistently fails to bring high-quality, customer-centric and value-oriented mobile phones to the market.
Chapter-5
- Business Model of Symphony
- Distribution Network and Channel
- Market Development Strategy
- Internal
- Competitor Analysis
- External
Their main business was to move over time; introduced mobile accessories and mobile app under the Symphony brand as a supporting company. Designer representatives are two kinds first kind is that who creates or plans the versatile equipment framework and second kind builds the portable programming or application framework. Consider this a long-winded technique, they have to build a long-winded system that makes them coordinate the general methods of the organization.
Partnerships – Symphony can partner with numerous incredible master brands, allowing mobile phones to flood the market with Symphony, reducing the cost of promotion and building revenue through long-distance agreements. i) Brand image - The Symphony brand is not focused on financial specialists and does not have a reputation as a viable company in the corporate world. ii) Price-Symphony does not yet offer lower estimated models for more cost conscious customers. iii) User Interface – Touchscreen interfaces are experiencing the ill effects of the “gorilla arm” issue. More organizations may enter the market, and contenders or even Symphony contract workers could transfer licenses to make comparative gadgets. ii) Downward pressure on valuation - The Symphony is presented as a top smartphone; However, the cost of smartphones will most likely drop as various organizations undercut Symphony's costs. iii). Palm can add numerous comparative options to their items that coordinate the Symphony and expand into a more extensive market through cheaper and more powerful items. vi) Competitor in local market - A new rival in nearby market with cheap mobiles like Xiaomi, Walton, Realme, Samsung and so on is considered a danger to Symphony.
Strength and deficiencies are internal elements like income, asset pool, designer suitability and so on While opportunities and dangers are external variables like rivalry, request and so on Dissect the capitals of removal - cash, time, individuals and how they can use them viable. They need to do a proper exploration of all the items that exist for a similar reason as theirs. When, if an organization is to build their center item as a market manager, they must distinguish their center use from the start, who will buy their item and spread status.
These are essential and important things to recognize the correct use of the particular item. A go-to-advertise technique (GTM) is the basic arrangement to focus on the right point with the correct deals and promoting strategy, so that an organization can develop their business with the best movement. Directing normal consumer loyalty studies and test group meetings to follow customer and non-customer views of the nature of his own and his competitors' items and administrations.
Phone’s Design
Display Size
How to work Market Audit and Development department
Visit points of various distributors periodically and report to management on their performance. Random verification of field forces about their note, route chart, presence, market relation, target achievement etc.
Chapter-6
Symphony Journey to The Top
Symphony has Towards new possibilities
Findings & Analysis
Chapter-7
Recommendation
Part of the market improvement methodologies needed to limit the shortcomings and keep away the risks with the help of using openings and strength. Symphony has given excellent quality mobiles before but they need to zero in on improving the quality of their items in case they have to take the current and dynamic market. As they have prevailed to get a huge market, they should now stop bringing more elite mobiles with better quality to introduce different sections in the market.
In this regard, in case they need to make their progress more viable, they should zero in on this fragment. They need to zero in more on the actual television commercials and adds to the web the chance that they need to make their special action more powerful. Their rivals so far have different TV and online ads and are still sending out new ones to connect with buyers.
In this way, to counter their competitors, they have to concentrate more on TV and web advertising. Administration focus is essential to expand consumer loyalty through the large number of customer service. Either way, Symphony doesn't have enough customer support or customer service centers.
So they need to expand their customer space to give their customers better insight and better assistance. It is extremely fundamental to give the best possible preparation to make the root workers productive. On the side, synchronization is also essential which is necessary to make among developments to build transactions and part of the overall industry.
Conclusion
Bibliography
Books
