You are to write and make a presentation on marketing objectives, marketing strategy and action programs for the new product that you choose.
FitOn is a world’s first smartwatch which is affordable for all types of market segments as well as it helps in blood oxygen saturation to its users. With the help of this, users could identify the tracks of their wellness. This product was introduced in the market with the objective of uplifting its performance in the international market along with providing the affordable smartwatch to the consumers. This device is made up of various trending technologies, through which users could track their fitness and along with this, the smartwatch will help the consumers in personal health guide (Kickstarter, 2018).
The product has been launched in the international markets and now company has planned to expand their market share. To make this into reality, organizational management has chosen the Australian market to gain their desired targets. Management has designed following objectives accordance with the launching of the product in Australian market within the first six months:
Sales Targets: In Australia, there are lot of brands which provides smartwatch, fitness devices and other crucial devices which are helpful for the people to analyse their health conditions. These brands are quite expensive, thus, these are not affordable for all segments of users. Reviewing the demand of the smartwatch along with the fitness tracker and health guide option, FitOn watch is introduced at affordable prices. For setting the affordable rates for the product, organization has adopted unique pricing strategy. Assuming all these points, organizational objective is to increase their revenues by at least 20% from the Australian market only. To fulfil this objective, organization has planned to implement the trending promotional techniques in relation with increasing the demand of their advanced smartwatch (Armstrong, et. al., 2015).
Customer retention and satisfaction: This objective is developed with the view to attain the success in the future market conditions also. This objective could be fulfilled with the help of providing qualitative product along with the appropriate and useful features. These features will help the organization to develop a positive image through which the customer retention objective would easily be fulfilled. Along with this, organization has adopted the product differentiation strategy through which their smartwatch FitOn contains unique and advanced features which are not yet available with other brands’ products. With the help of this, organization is being able to differentiate its smartwatch from its competitors’ through which the customer satisfaction and retention related objectives would easily be fulfilled (Madill & O’Reilly, 2010).
Brand Management: This objective says that organization is required to develop an effective image in order to compete with its competitors. For establishing the effective brand image in the target market, it is required to provide unique features and products from its competitors’. Along with this, it is required to provide the same sort of features and services through which the same level of brand image could be maintained. In order to improve the customer satisfaction and to attain the sustainable growth and development in the long run, organization is required to invent certain new features and add those elements into the product for increasing its effectiveness. This will help the organization to develop its positive image in the current market conditions along with improving the goodwill in the future market conditions (Lee, Kozlenkova & Palmatier, 2015).
These are certain crucial objectives from the perceptive of the management of the organization from the launching of the FitOn Smartwatch in the Australian market within the first six months. For gaining those objectives, it is required to adopt and implement advanced and trending promotional techniques which could help the organization to spread the awareness amongst the target audience along with describing the uniqueness of their product in comparison with the competitors’ products.
The combinations of these techniques together are useful for the organization in the situation of expansion in the new target market. In this case, FitOn Smartwatch is going to be introduced in the Australian market in 2018 with the objective to increase their sales, development of effective brand image and to increase the customer satisfaction objective to the optimum level. Their product is useful for gaining their desired objectives and for the same, STP techniques will be implemented for analysing the market conditions, impact of external business factors, and the like and effective promotional techniques will be used for setting up an effective position in the target market with the objective of gaining competitive advantage (Ko, et. al., 2012).
This objective is useful for the organization to analyse the market conditions of the Australia. With the help of outcomes originated, organization will be able to approach its suitable audience with the objective to enhance the demand of products as well as to uplift their revenues.
For analysing the appropriate market segment for the organization, segmentation techniques could be used i.e.:
From the above segmentation criteria, organization will focus over the all types of segmentation variables in order to expand their market share. The price of their new launched product will act as the important element in order to approach their target audience. Along with this, it will help the organization to enhance the demand of their products. For approaching their selected segmentation of market, appropriate marketing strategies will be used. These strategies will help the organization to spread the information regarding the product, its features and the crucial elements which are unique and makes their products different from other brands’ products (Aizenman, Hutchison & Noy, 2011).
In order to set up an effective image in the target market along with developing crucial image in the targeted audience’s mind-sets, it is required to implement the trending techniques. These strategies could be spreading information about the products, showing the significance of the product and highlighting the unique features which are not available in the other brand’s products. Apart from this, organization could also utilise the positioning statement in order to attract its target audience. “FitOn is The World’s First and The Most Affordable Blood Oxygen Saturation Smartwatch that well tracks your vital sign and wellness”. This statement will help them to build an effective image in the global market along with the domestic market. Digital communication and advertisement campaigns could also be utilised for spreading awareness amongst the target audience along with showcasing the crucial elements of the smartwatch (Hofmann-Wellenhof, Lichtenegger & Collins, 2012).
This is the tool which could be used for developing an image in the target audience’s mind-sets. In the scenarios, where consumers feel requirement of the product, organizational product should come in their mind before any other product (Lovelock, 2011). The most effective marketing strategy for this product and for the Australian market would be marketing mix technique:
This is the first element of the marketing mix technique which could be used for spreading the awareness amongst the target audience through showcasing the vital elements and unique features of the product. Along with this, organization could also adopt the product differentiation strategy in order to showcase the unique and special features of the organizational product (Gordon, 2012). This strategy would also help them to differentiate their products with their competitors’ products which will lead to them to attain the adequate competitive advantage (Huang & Sarigöllü, 2014).
This technique is the vital element of the marketing strategy and for marketing plan. In order to enhance the market presence of the organization and to uplift the organizational products in comparison with their competitors’ products, this strategy could be utilised in an effective manner. This strategy includes promoting the organizational products, services and other elements with the help of promotional strategies, digital communication systems, print medium and digital medium of advertisement (Leonidou, Katsikeas & Morgan, 2013).
|
Operations |
Start Date |
End Date |
Reporting person |
Department |
|
Objectives |
1/3/2018 |
31/3/2018 |
Top level managers |
Management |
|
Segmentation, targeting and positioning |
1/4/2018 |
30/6/2018 |
Marketing manager |
Marketing department |
|
Marketing strategies |
1/7/2018 |
31/8/2018 |
Marketing managers and team |
Marketing department |
Conclusion
From the aforesaid information, it can be concluded that the organization is going to launch its advanced smartwatch which is capable enough to help the users in sports, fitness and wellness. It is world’s first watch which is affordable for all segments of the consumers. In order to promote their smartwatch in the target market, company has used various promotional and advertisement methods. Along with this, this report includes several objectives of the management in relation with the launching of the product. The next phase of the report includes the discussion regarding the segmentation, targeting and positioning strategies used to develop the separate position in the Australian market. The last part of the report includes the marketing strategy under which 2 P’s amongst the 4 P’s of the marketing mix techniques are used to spread the awareness amongst the market in relation with the product.
References
Aizenman, J., Hutchison, M. and Noy, I., 2011. Inflation targeting and real exchange rates in emerging markets. World Development, 39(5), pp.712-724.
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Gordon, R., 2012. Re-thinking and re-tooling the social marketing mix. Australasian Marketing Journal (AMJ), 20(2), pp.122-126.
Hofmann-Wellenhof, B., Lichtenegger, H. and Collins, J., 2012. Global positioning system: theory and practice. Springer Science & Business Media.
Huang, R. and Sarigöllü, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors (pp. 113-132). Springer, New York, NY.
Kickstarter, PBC. 2018. FitOn world’s 1st-blood oxygen saturation smartwatch. Accessed on 27th January 2018 from https://www.kickstarter.com/projects/567949755/fiton-worlds-1st-blood-oxygen-saturation-smartwatc
Ko, E., Taylor, C.R., Sung, H., Lee, J., Wagner, U., Navarro, D.M.C. and Wang, F., 2012. Global marketing segmentation usefulness in the sportswear industry. Journal of Business Research, 65(11), pp.1565-1575.
Lee, J.Y., Kozlenkova, I.V. and Palmatier, R.W., 2015. Structural marketing: Using organizational structure to achieve marketing objectives. Journal of the Academy of Marketing Science, 43(1), pp.73-99.
Leonidou, C.N., Katsikeas, C.S. and Morgan, N.A., 2013. “Greening” the marketing mix: do firms do it and does it pay off?. Journal of the Academy of Marketing Science, 41(2), pp.151-170.
Lovelock, C., 2011. Services marketing: People, technology, strategy. Pearson Education India.
Madill, J. and O’Reilly, N., 2010. Investigating social marketing sponsorships: Terminology, stakeholders, and objectives. Journal of Business Research, 63(2), pp.133-139.
Onaolapo, A.A., Salami, A.O. and Oyedokun, A.J., 2011. Marketing segmentation practices and performance of Nigerian commercial banks. European Journal of Economics, Finance and Administrative Sciences, 29(1), pp.35-48
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