Create an innovative product and then develop a marketing plan for that product?
This particular assignment deals regarding the innovations of a modern product. The name of the product is SmHeart Watch (Allyson Dooley, Jones & Iverson, 2012). This product has a lot of utility rather than showing date and time. This product is the world’s first wearable blood pressure, electrocardiogram and heart rate monitor watch. This assignment mainly covers all the factors, which is of which is required in order to promote this particular product (Lilien, Rangaswamy & De Bruyn, 2013).
The name of the product is SmHeart Watch. There are different kinds of modern and innovative features are loaded in this particular watch. This watch will become very much useful in determining the blood pressure, electrocardiogram and heart rate monitor. The entire above feature are loaded into a single platform. The major features of this particular watch are to measure tight high blood pressure, predict onset heart attacks, predict the onset strokes and manage diabetes (Lilien, Rangaswamy & De Bruyn, 2013). The watch has huge applications. The concept of this particular watch is based on the applications of the solar power device. This kind of watch requires a huge battery support. On the backside of this particular watch is structured with a solar panel. The solar panel helps the users to charge the battery of the watch. The built in the wearable technology of this particular watch takes a reading and transmits the ongoing electrocardiogram, blood pressure and heart rate to the user’s Smartphone tablet and computers. In this case, the use of the Smartphone, as well as the use of Bluetooth, is equally important. The majority of the people of the people now own a Smartphone. The concept of smart phones acts as a displaying panel of the result. The watch will be connected with the use of Bluetooth that will act as a parking device. An electronic record is logged into the secured cloud by which all the users can share all the information by using the official app of the company with family members, health care, etc.
At present, there are four kinds of marketing structures. Perfectly competitive market structure, Monopoly market structure, Monopolistic Market structure and Oligopoly Market Structure are the four kinds of marketing structure, which are present in the market. As compared with this particular watch, this will fall under the monopoly market structure. The features of monopoly market structure are quite different and unique as compared with other marketing structure. In a particular market structure entire, the buyers and sellers buy and sell a product that has no close substitute in the market. This is a modern concept, which is not fully available in the market. Only SmHeart Watch Company manufactures this watch. These features of the watch are only available in this to this particular company. In order to benefit all the buyers needs to buy this featured work only from this company only (Baines, 2011). The price is not determined as per the demand and supply of the market. This product is not homogenous in nature. The entire pricing decision is in the hand of this particular firm.
The company needs to follow different kinds of strategies and poles while developing the target market. The option, which all the company needs to develop, is to analyze the entire market situation (Allyson Dooley, Jones & Iverson, 2012). The first thing is to conclude about who are the customers. On the hand, the company needs to conclude that who are the targeted customers. On the other hand, what this particular company offers to the customers. Depending upon the nature of the product the entire segmentation procedure is framed. The concept of target market dedicates particular a groups of customers in the entire marketing procedure. Based on the demands and wants of the customers all the products are manufactured by the company based on the demand and supply of this particular groups of customers (Baines, 2011).
The market structure of this particular product is the monopoly market structure. This particular product is only developing by SmHeart Watch Company. This is the first company, which innovates this particular product. In this particular market structure, the level of competition is negligible as compared to other marketing structure. The SmHeart Watch Company is the only company to manufacture this watch with loaded features. This particular firm is known as price maker as the price of the product is not determined as per the demand and supply of the market. The entire pricing power is in the hand of the firm (Chakravarty, Kumar & Grewal, 2014). On the other hand, the company needs to adopt some unique pricing strategies to increase the sales of this particular product.
The concept of this particular watch is a modern and new concept. SmHeart is the only company to manufacture this particular watch loaded with the feature. In order to build a strong customer base, the company needs to adopt some unique marketing strategies. This particular watch has a lot of utilities. All the users will be benefited with the applications of the watch. The marketing structure of this particular watch falls under the concept of the monopoly market structure. The features of this marketing structure are quite different and unique as compared with other marketing structure. The company needs to adopt different kinds of marketing strategies and formulation in order to promote this particular product (Chakravarty, Kumar & Grewal, 2014). This particular product offers different kinds of advantages to the users. The watch will be connected through the Smartphone with the help of Bluetooth, which will act as a displaying panel. There are different kinds of the utility of this particular watch. The watch will help the user to treat high blood pressure, predict the onset of the heart attack, predict the onset of strokes and manage diabetes (Dinsmore & Cabanis-Brewin, 2011). The application of this particular watch is not restricted in the medical field. The application of this particular watch is also applicable in different kinds of sports management for the quick result in the treatment procedure (Daniel, 2012).
The product offers all the users a guarantee and full replacement of two years. The service centers of this particular watch are located in the major areas of the cities, which is easily accessible for the users. The most important thing this particular company maintains a good customer care and after sales services to all users. A 24×7-customer care service will be available for all the users of this particular watch. On the other hand, the company provides a two-year full replacement guarantee. However, the market structure of the product falls under monopoly market structure. In order to develop strong customer’s base management, this particular company wants will be able to make unique pricing strategies (Chakravarty, Kumar & Grewal, 2014).
This company falls under the group of the monopoly market structure. The pricing strategies and the systems of this particular company fall under different categories. This product is very expensive (Chakravarty, Kumar & Grewal, 2014). The company must develop the pricing strategies by keeping in mind the elasticity of demand. The concept of the elasticity of demand is the concept of determining the price of the product, which relates to the increase in the demand to change in the price of the goods and services. The entire pricing strategies and theories are the major factors of any kinds of marketing structure (Tanner & Raymond, 2012). This particular product is very much expensive. It is not possible for the lifestyle of the developing countries to adopt this featured watch. The primary job of the company is to study the demographic factor of the country (Daniel, 2012). Depending upon the demographic factor of the country all the company needs to implement the marketing strategies. In order to apply the best customer retention policy, the company needs to develop a unique pricing strategy (Thorson & Duffy, 2012).
The revenue structure, as well as the plans and policies of the government, put a huge effect on the entire pricing decisions of the company. Based on the demand and the standard of living the entire pricing structure of the product needs to be developed. Unique pricing decisions of the company will help in order to launch a new product (Goundrey-Smith, 2012).
There are different kinds of distribution strategies adopted by different companies depending upon the nature of the business (Kurtz & Boone, 2012). The distribution channel is the chain of the business through which a goods and services reach the customers. There are several channels of the distribution channel, which include wholesalers, retailers, distributors and the applications of the internet (Tanner & Raymond, 2012).
The company adopts depending upon the nature of the business the mode of the distribution. The distribution system needs to be organized by depending upon the nature of the product (Jobber & Ellis- Chadwick, 2013). This product falls under the category of electronic gadget. The best distribution channel, which this particular company can adopt, is the distribution process with the applications of the internet services (Lilien, Rangaswamy & De Bruyn, 2013). In a modern generation, the most important breakthrough is the application of internet as well as the applications of the social media tools (Hosmer, 2011). As per the latest statistical report, the most demanded source of shopping that the customers adopt is the concept of online shopping. There are several advantages of online shopping. The major factor of the online shopping all the customers have the opportunity to save time. This particular company is introducing a unique featured watch. The best way is to implement the entire distribution procedure is the applications of the online distribution ship (Kotler & Armstrong, 2012).
The concept of the integrated marketing service is the concept of developing different kinds of marketing strategies related with the business (Publications, 2011). The primary strategy, which the majority of the company develops, is the process of promotion. The process of promotion means the communication process of the business (Hosmer, 2011). There are two kinds of promotional process (Souza, Gosling & Gonçalves, 2013). One is the traditional mode of communication and on the other hand, modern mode of communication. Both the traditional mode of communication and the modern mode of communication are very much important for the organization. In case of the traditional mode of communication, the applications of newspapers, magazines, and handbills are the applied source of communication (Jobber and Ellis- Chadwick, 2013). On the other hand, in case of the modern mode of communication the applications of the social media tools and the applications of the emails and internet are applicable (Kapoor, 2014).
The entire communication process is equally important for both the buyers and the sellers. The process of communication is important for the buyers as all the buyers can conclude about the latest demands and supply of the market. In a particular market structure, there are different kinds of customer demands and wants (Dewani & Sinha, 2012). On the other hand, it is not possible for every firm to satisfy all the demands and wants of the customers at a single point of time. Based on the demand of the customers all the business firms need to organize the entire business proceedings (Rossiter, 2012). On the other hand, it helps the customers to stay updated about the different kinds of products and services of the company (Hansen et al. 2014).
This particular company needs to develop different kinds of market research procedure. The entire market research procedure will help the company to gather complete information about the latest marketing demands (Hansen et al. 2014). The company has adopted different kinds of marker research procedure in different counties. The most important point is the data collection procedure. There are two kinds of data collection procedure. One is the primary mode of data collection and on the other hand, there is the secondary method of data collection procedure (Goundrey-Smith, 2012). Both of the data collection procedure is very much helpful for the company to gather complete information about the market structure (Lilien, Rangaswamy & De Bruyn, 2013).
The entire Data Collection procedure is very much important for the company. This will help the company to gather complete information about the entire marketing structure of the country in which this particular organization wants to develop its business plans and proceedings. There are different kinds of customers in the market (Röglinger, Pöppelbub & Becker, 2012). Different kinds of customers have different demands and on the other hand, the purchasing decisions of the customers vary from each other. Keeping in mind the different requirements of the customers the company needs to develop the majority of the business plans and procedure (Dewani & Sinha, 2012). The entire market survey procedure is very much crucial for the entire business proceedings.
To implement the best marking strategies and policies of the company, the company needs to consider the demographic factor of the country (Dewani & Sinha, 2012). The concept of the demographic factor relates with the study of population. The demographic factor of the country varies from one country to another. Depending upon the demographic factor all the marketing decisions of the country are required to formulate. The second important factor is the pricing factor (Sinha, Sahgal & Mathur, 2013). This particular business plan deals with the concept of implementing the business plan related to a multi-featured watch. There are different applications of this particular watch. It will help in the medical field, and it is applicable in the sports department. This product, which is developed by SmHeart Watch, is a quite expensive product (Kotler & Armstrong, 2014). The standard of living of the particular country needs to be considered while marketing this particular country (Dewani & Sinha, 2012). This particular company will face the majority of the challenges while marketing in the underdeveloped countries (Dinsmore & Cabanis-Brewin, 2011). As compared with developed countries the standard of living of the underdeveloped countries is much low as compared with other countries. The company needs to develop strong marketing strategies while marking in the underdeveloped countries (Kotler & Armstrong, 2014).
Conclusion
This particular assignment mainly deals with the application of SmHeart Watch. This watch is very much useful and has different kinds of applications. This particular watch is required for measuring blood pressure, Treat high blood pressure, predict the onset of a heart attack, predict the onset of strokes, and Manage diabetes. The device will be connected to a smartphone with Bluetooth, and the smartphone will act as the displaying panel. The official app of this particular company will help to share the information with different groups. This watch will be very much helpful in the medical field as well as in the sports department. Different kinds of marketing applications and marketing strategies, which are required by the company to develop this particular product of SmHeart Watch.
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