COMPARISON OF PRODUCTS

Comparison of products



Comparison of products

Introduction

This report is based on the introduction of an alarm clock by a company named Rekofa. It is new to the market. This new product will fall into the category of durable products. The target markets for the product have a broad range of ages from trendy teenagers to the office goers; each market needs a different marketing mix to suit their needs. Benefits include: having an alarm clock for all the basic needs of today's life.

An early prototype of the alarm clock was invented by the Greeks around 250 BC. The Greeks built a water clock where the raising waters would both keep time and eventually hit a mechanical bird that triggered an alarming whistle.

The first mechanical alarm clock was invented by Levi Hutchins of Concord, New Hampshire, in 1787. However, the ringing bell alarm on his clock could ring only at 4 am. On October 24, 1876 a mechanical wind-up alarm clock that could be set for any time was patented (#183,725) by Seth E Thomas (http://inventors.about.com/od/cstartinventions/a/clock.htm).

With the change in technology, the function of an alarm clock has also changed dramatically.

Rekofa alarm clock is committed to its philosophy of "a better product with better options" to keep up with the modern day technology keeping in mind the customer's needs and wants.

Rekofa alarm clock will enter Australia's rapidly growing to compete with Panasonics, Sony, TEAC and other more alarm clock companies.

This report will examine the companies that are already in this market. We will also look at what features they are providing to the customers, and what benefits Rekofa alarm clock can add to the market.

Product Description

Rekofa alarm clock will be introduced into the Australian market as a durable product keeping in mind the consumer's wants and needs with the changing technology. The alarm clock will be introduced into the market with the following features:-

AM/FM Radio Alarm Clock

CD player

Built-in 3" Subwoofer with Variable Bass Sound

USB Ports to charge and play USB sticks

LED Digital Display

Sleep/Snooze Function

Wake to Music or Buzzer

Battery Backup

Dual alarm setting

Buzzing / vibrating alert,

Temperature display,

Date, month and day of the week display,

Simultaneous time and alarm screen display,

12/24 hour time format,

Green back light,

Clock stand,

Keylock

Rekofa alarm clock comes with a 2 year warranty and the company also provides service for any queries regarding the functions of the clock.

Competitive Analysis

To enter the alarm clock market, Rekofa will face a very stiff competition from companies like Panasonic, TEAC, Sony and Akai. The reason why Rekofa alarm clock would face such a stiff competition is because all these competitors have different models of alarm clocks and are already established in the Australian market. They are all competitive with each other in order to sell the most alarm clocks as possible.

Here is some of the competitor in some of categories compared to re-creation 2005 shown on the next page.

Market Segmentation

Businesses from all industry sectors use market segmentation in their marketing and strategic planning. For many, market segmentation is regarded as the panacea of modern marketing (Wind, ...