A marketing plan is an intricate part of any organization as it helps in providing direction to the product or service, into the market and creating an impact on the targeted market. A marketing plan is built around the mission, vision and objectives of a company and it has a limited scope in comparison to the strategic plan of an organization. A marketing plan is a mere part of the strategic plan of the organization. Motiv is an organization which produces light weighted fitness tracker. In the competitive world of today, where there are numerous brands who are producing fitness watches, Motiv came up with an idea to produce a fitness product in a jewelry item.
It is one of a kind, which effortlessly fit on a finger and monitor our fitness level all through the day and also at night during sleeping. The mission of this organization is to produce and develop high technology products which seamlessly fit into the lives of people. The company’s main objective is to build products that are easy to use by the customers and helps them in their day to day life. A perfect amalgamation of technology and beauty is the main driving force of the company, giving the customers a beautiful and delightful experience. The marketing plan for Motiv will be built around these objectives and the financial status, that is, the budget which has been allocated for the marketing practices, especially promotions. This marketing plan has been proposed to deal with the rising competitors of Motiv.
1.Motiv Current Situation & Problem
1.1 Situation Analysis Recap
According to the current situation of Motiv, this can be analyzed that the company has a low profit margin, which is further reduced due to the health care program for customers that eats up the profit of the organization but the customers are provided with an increased productivity. There is an increase of the competitors in the market, this is having an influence on the sales of the Motiv. Huami is the biggest competitor of Motiv.
1.2 Problem Statement
The main problem which the organization Motiv is facing is their low profit margin and their small market size. The small market size directly have an impact on the demand of the product which affect the profits of an organization. The low profits are also due to high customization of rings which reduces the profit hugel
Core Approaches for Marketing Plan of Motiv
For building a marketing plan for any organization, there are some key segments which have to be determined and examined for building marketing strategies which are focused on these core approaches. For building an efficient and effective marketing plan, there is a need for building appropriates approaches for segmentation, targeting and positioning. The proposed approaches should fulfill the company’s objectives (Abbott, 2012). The different approaches of segmentation, targeting and positioning will form a strong base for an effective marketing plan.
2.1 Segmentation Approach
The process of segmentation helps in recognizing the niches with the individual needs of various segments, which helps in drawing more towards fulfilling them to gain new and loyal customers. The organization Motiv, has to build up a marketing plan which is segmented to multiple segments as to increase their market size that will also help in increasing the demand of the Motiv rings in the market (Babbush, O’Gorman & Aspuru-Guzik, 2013). The multiple segment have similar needs so the marketing message has to be formulated for each segment that emphasizes on the core benefits of the product which relate to the needs of each segment. This is a more efficient approach for Motiv ring as they will be catering to each segment in a same manner with different messages. This approach is thus more beneficial than a scattergun approach.
Motiv ring can identify the various market segments in two approaches that are, “consumer characteristic approach” and “consumer response approach” (Gök & Hacioglu, 2010)
Consumer Characteristics Approach
The consumer characteristic approach considers the personal information and segment as the bases to measure and understand the customer needs and expectations from the product. All the information collected through this approach showcases the customer in terms of “who they are?” “Where they live?” and “how they behave?”. The information which is gained in this approach can be further categorized into, demographic, geographic and psychographic.
This is the first basic segmentation approach which helps the marketers to identify the places and areas which will be fruitful for them and will provide comparative advantages as each region has different belief and have different mindsets. The Motiv ring has to select the most appropriate areas and places where they want to set up a strong base and have to put concrete efforts for organizing promotional activities which will help in attracting the people of that region (Buckworth, 2017).
This approach is one of the most popular and successful approaches. The demographic approach categorizes the segment, according to their age, family size, income, sex, religion, social class, ethnic status and in many other different ways. The demographic approach is the study of human population in density, size and distribution.
This approach is a new approach and is considered as a huge alternative to traditional approaches. This type of approach collects information about the lifestyles of the customer and their personality traits. The Motiv ring has to utilize this approach too, as their product is for a specific class who enjoy high value products and who have a keen interest in fitness (Chen, Chang & Cheng, 2010)
Consumer Response Approach
This approach to segmentation is different from the characteristic approach. This approach looks into the matter that searches for a reason for why a customer buys a product. This approach to segmentation gives information which is clearer and according to them the marketing strategies can be formed. This approach can be practiced in a few ways-
This seeks information about the benefits which a buyer wants to seek from a product. The benefits may include durability, efficiency, economy, prestige, resale value and many others. All these information are very beneficial for the Motiv ring.
This is the core aspect and will inform about the usage of the Motiv ring in a consumer’s life. This can also be determined by the level of usage for a customer (Faisal, 2016).
This practice will help in knowing the loyalty of the customers to their brand and also to the competitors’ brand. The information gained is useful as the most loyal customers are the people who make the most purchase and also the fickle minded customers who can be stolen from other brands into the Motiv ring. The occasion also plays a very important role in determining the marketing mix (Kalpana Priyadharshini & Krithika, 2016).
2.2 Targeting Approach
The importance of a target market strategy to focus on a single or multiple segment, which will help the organization in preparing a marketing plan, which will be focusing on that specific market. The best target marketing strategy which should be followed by the Motiv is differentiated marketing. This will help in focusing on multiple segments and fulfilling the needs and requirements of all the segments by an effective marketing plan. For practicing this target market strategies, the company has to launch some sub brands which will cater to different people differently (LeCren & Ozanne, 2011). This strategy of targeting multiple segments will also require distinctive marketing mixes. The differentiated target market strategies involve an evaluation of various aspects which are-
Motiv ring has to know the size of the market. The market has to be larger as this is the only way it will justify segmenting.
The difference between each segment should be easily measurable.
The expected profits should be able to beat and pass the additional cost which is incurred on other marketing plans and on the urgent changes.
The segment which is being targeted should be easily accessible by the team of Motiv ring and all there promotional messages should be received by the targeted segment quickly and without any hindrance.
The Motiv ring should focus on each segment differently. The different targeted segments should be managed with the different benefits which the customers seek from the Motiv ring (Mangram, 2012).
2.3 Positioning Approach
The product positioning strategy is an important process as it is through this that will help the company in forming a strong image in front of the targeted audience and also to gain the customers of their competitors. The best product positioning strategy for Motiv is product attribute strategy and competition strategy (Miina, 2012). Now, the company Motiv should position their products right next to their competitor’s product and compare both the products by highlighting all the positive and unique attributes which their product is offering and also highlighting the unique services which the company and the product is offering to their customers. The attributes in which their competitors are lacking that should also be highlighted.
3. Motiv Ring Objectives
There are certain basic company’s objectives which are the main focus of all the organizations. Motiv ring has some key objectives which can be categorized as marketing objectives and financial objectives.
3.1 Marketing Objectives
The three main marketing objectives of Motiv ring are-
The Motiv ring is a growing organization which is developing a base for the high technology product which still does not have prominent information in the market. The company has to provide the customer with enough satisfaction. This is the only method through which the company will be able to expand its market size and will gain loyal customers (Quin, 2016).
Motiv is an organization which is forming a name for itself and is in the developing stage. It is very important for the organization to add more marketing activities to make the brand Motiv prominent in the market. This will get the company profits and credibility in the market.
Motiv is majorly accessible for the customers through internet. The company has to combine its SMART goals with the marketing objectives. The company should form marketing strategies which increases the online revenue by 10% in the next two years (S. Monk, 2015).
3.2 Financial Objectives
The three main financial objectives of the Motiv ring are-
Motiv have to set up proper KPIs. This is important to measure the actual sale of the rings and also to clearly see the rise which has taken place due to the various marketing campaigns. The KPIs are very beneficial in measuring the changes.
This is an important aspect of any organization. The Motiv have to keep a check on the sales and also have to monitor the return on investment to further make any changes according to the various circumstances (Tej Adidam, Gajre & Kejriwal, 2009)..
The most important aspect for the marketing plan is to know and to control the cost which is spent on the advertisement activities. This check is important for the basic objectives of the Moti
Motiv Marketing Mix Strategies
Marketing Mix Strategies
For formulating an effective marketing plan, there are certain changes which are required in the marketing mixes of the company, which are-
In Motiv, the product can be customized according to the needs of the customers. This increases the price of making and cuts the profit margin and also will be targeted only to a particular section. The company should introduce some more products depending on the different target market. The Motiv should work towards developing a strong base for its product and should work on the development of the product in the market (Tsimonis & Dimitriadis, 2014).
The price of the product has to be different for each segment. So the company should bring different variant of the ring. This will attract a large number of customers, especially those who were earlier unable to afford it. The company should practice the strategy of economy pricing and premium pricing strategies (Rostamnezhad & Keimasi, 2011).
The place also is an important aspect of the marketing plan. The Motiv ring is easily available for everyone through the internet. The company should also increase its stores in the market so the people can see and buy. This will also help in gaining the trust of the customers. Also, the company is accessible to the customers through their website which is online. The Motiv ring should also tie links with some of the most popular sites for their promotion and advertising. The social media should be used to the best of the abilities of the company to gain more customers. Social media sites like Facebook, Twitter and Instagram should be effectively used for placing the product (Winter & Sundqvist, 2009).
This is the main factor of the marketing plan. All the strategies are formed around it. The promotional aspect of the marketing mix should be developed according to the different segments and their needs. A large amount of promotional activities should be conducted on the social networking sites utilizing the digital media strongly and effectively (Varadarajan, 2015)..
5.2 Budget Allocation for Promotions
The current business practices involve a large amount of budget for marketing and advertising the product. The Motiv organization has stepped into a market with a new product. This has to be marketed in a wider range, so maximum people come to know about it. The initial financial budget should be high as they are setting up a new product which requires more investment towards attracting customers and informing and educating people about the product. After, the company has set a successful image in the market (Slater, Hult & Olson, 2010). The company can reduce the budget of their marketing plan.
The promotional activities are the way through which a company forms an image in the people’s mind and heart. These activities are the real image of the company before the product hits the market. The interest of the people is gained through them and also in some cases are reduced through them. The promotional activities have to be planned in detail and also after examining all the repercussions (Abdullah Saif, 2015). The budget thus plays a very important role in all the promotional activities. The budget for promotion should be decided on various factors which are-
Conclusion
The proposed marketing plan has been developed after a close analysis on the Motiv. The analysis raised some opportunity and threats related to the organization which have been taken into consideration while forming this marketing plan. Motiv is an organization which is still in the growing stage. The company requires a huge budget which has to be spent on various promotional activities for forming a solid base in the market. The company currently caters to only elite class, but with the new marketing mix approach the company will be able to attract more customers from different segments.
The organization has to introduce different variants of ring to appeal to different segments and to fulfill all the needs and wants of that segment. Motiv promotional activities have to be equally divided between online advertising and other medium’s advertising. The online advertising is very crucial as the accessibility of the organization is majorly through the internet. The social media and digital marketing is growing with a rapid speed and the Motiv should use it for their benefit. The promotional activities should also include an objective of creating a credible image in the mind of the customers, for a growing organization this is paramount.
References
Abbott, A. (2012). Emergency Response Plan. ACSM’s Health & Fitness Journal, 16(5), 33-36.
Abdullah Saif, N. (2015). How does Marketing Strategy Influence Firm Performance? Implementation of Marketing Strategy for Firm Success. International Journal of Innovation And Economic Development, 1(3), 7-15.
Babbush, R., O’Gorman, B., & Aspuru-Guzik, A. (2013). Resource efficient gadgets for compiling adiabatic quantum optimization problems. Annalen Der Physik, 525(10-11), 877-888.
Buckworth, J. (2017). Staying on Track. ACSM’s Health & Fitness Journal, 21(6), 37-38.
Chen, J., Chang, L., & Cheng, J. (2010). Exploring the Market Segments of Farm Tourism in Taiwan. Journal Of Hospitality Marketing & Management, 19(4), 309-325.
Faisal, A. (2016). Marketing Strategies in Online/Digital Marketing. Account And Financial Management Journal.
Gök, O., & Hacioglu, G. (2010). The organizational roles of marketing and marketing managers. Marketing Intelligence & Planning, 28(3), 291-309.
Kalpana Priyadharshini, T., & Krithika, T. (2016). Enhancing Language Learning Through Modern Gadgets. Bonfring International Journal Of Industrial Engineering And Management Science, 6(3), 75-77.
LeCren, N., & Ozanne, L. (2011). Consequences of corporate environmental marketing strategies in New Zealand organisations. Marketing Intelligence & Planning, 29(2), 156-177.
Mangram, M. (2012). The globalization of Tesla Motors: a strategic marketing plan analysis. Journal Of Strategic Marketing, 20(4), 289-312.
Miina, A. (2012). Lean Problem: Why Conpanies Fail with Lean Implementation?. Management, 2(5), 232-250.
Motiv + Target = The Connected Future – Motiv.
Motiv Ring Coupon Code. (2018).
Pandurangarao, D. (2015).
Quin, C. (2016). Gadgets. Engineering & Technology, 11(7), 78-79.
Rostamnezhad, M., & Keimasi, M. (2011). Prioritizing Marketing Mixes of Commercial Vehicles by ANP Method – ‘Iran Khodro Diesel Company’. SSRN Electronic Journal.
Slater, S., Hult, G., & Olson, E. (2010). Factors influencing the relative importance of marketing strategy creativity and marketing strategy implementation effectiveness. Industrial Marketing Management, 39(4), 551-559.
Tej Adidam, P., Gajre, S., & Kejriwal, S. (2009). Cross?cultural competitive intelligence strategies. Marketing Intelligence & Planning, 27(5), 666-680.
Tsimonis, G., & Dimitriadis, S. (2014). Brand strategies in social media. Marketing Intelligence & Planning, 32(3), 328-344.
Varadarajan, R. (2015). Strategic marketing, marketing strategy and market strategy. AMS Review, 5(3-4), 78-90.
Winter, S., & Sundqvist, S. (2009). IMC strategies in new high technology product launches. Marketing Intelligence & Planning, 27(2), 191-215.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download