Question:
Discuss About The Regard Customer And The Sales Objective
This report creates the market planning for launching a new product that is Bio-magnetic wrist watch in the Australian market that incorporates latest electronics technologies for the fingers touch and activities. The report analyzes the external and internal environment of the business is launching a new product in the market of Australia such as marketing, industry, competitors, consumers, company. The report also determines the main threats, opportunities, strength and weakness and the main problems that will be directed accessed in the plan, creating suitable strategies in order to implement a marketing strategy plan, determining the appropriate control techniques for marketing strategy plan and suitable measures to evaluate a marketing strategy plan.
According to Ernst et al. (2010), the marketing planning for launching Bio-magnetic watch in the market consist several steps which are explained below:
Situational analysis is a collection of techniques that supervisor use in order to examine an organization’s external and internal environment to comprehend the business potential, consumers and business environment (Hollensen, 2015).
Micro factors are those factors which directly impact the organization. The main micro-factors which affect the company are as follows:
The company can use various intermediaries which are the middlemen that are retailers, agents, distributing market service business for the watch.
The customers buy the product only when it fulfills their objective. Biomagnetic wrist watch helps the people in maintaining energy level rises and balanced. This watch offers a whole wellness by restorative nerves and improving the blood flow. Company launches an innovative product in order to attract the consumers in a wide range.
According to Kapferer (2012), there are competitors in the market which also offer latest watches like a Mp3 watch which offer various features with the latest technology. So, the company should establish an effective method of accounting to bring better results.
The macro factors which influence company are as follows:
According to Kim et al. (2012), Australia is world 6 biggest countries in which over 85 percent lived in urban areas and approximately lived in the capital cities. The target of the company product is young generation aging from 20-35 years.
In Australia, there is a large number of opportunities for creativity are available. Thus, it also based on the companies that at what extent research and customer response prefer.
The manager of a company should identify the major threats, opportunities, strength and weakness and the key major problems which will be accessed in the marketing plan of Bio-magnetic wrist watch:
|
Threats Challengers with large worldwide availability and brand recall is a danger for the product Copy or duplicate of the watches Economic unreliability which states people will spend less |
Opportunities Company can increase its worldwide retail connection to involve more companies The product with its positioning can launch a luxury unique and innovative edition line of its watches by considering the latest technology in developing countries |
|
Strength The company provides lifetime warranty to its customers in order to gain the faith of the product The product holds high recall and product awareness in Australia Helps the people in keeping energy level up and balanced |
Weakness The company has low product recall in exceptional few markets like the UK which are their powerful markets The product has not been able to penetrate internationally and has fewer brand recall in comparison to industry innovators |
According to Leekha Chhabra & Sharma (2014), the key issues or problems which will be addressed in launching a new product in the market are as follows:
The major problem which will be addressed in the marketing plan is identifying the market segment for the product. Marketers utilize these market segments to build a target market for their product or service (McDonald & Wilson, 2016). Thus, in order to market Bio-magnetic wrist watch in the market, it is important that company should customize the marketing and sales efforts to particularly reach the segment of the population that will buy company products.
Business needs to frequently distinguish their products from their competitors. For gaining the success in the market, business needs to be continually establishing new value and advantages in new product and services in order to remain in a market leader position.
Basically, there are two types of marketing objective which are explained below:
The principle objective of the company is to enhance the sales volume of Bio-magnetic watches and build a superior goodwill of the product in the customer mind.
According to McNally et al. (2011), the long term goal of business is launching a Bio-magnetic watches are as follows:
Customer retention
Enlarging large market share
Initiating latest technological changes for the watches
The company will target on the basis of:
Demographic: Age 6-65 years
Social class: working class, middle class, lower level, students
Lifestyle: culture-oriented, sports-oriented
The company can position its products by including the various factors such as product advantage, price, and quality, use and application (Matthiesen & Phau, 2010).
Branding means creating value for the customer and the main key strategies of Bio-magnetic watches:
Define brand: For creating a strong brand, the company should look at the skills and expertise that business possess.
Brand position: Bio-magnetic watches have unique and innovative benefits which will attract the customers with the special value proposition.
The marketing mix strategies for Bio-magnetic watches are:
Product: Company launches a new product of wearable accessory that is Bio-magnetic wristwatch with the latest advancement and innovative features.
Place: Company can sell their products to final users. The company can use a marketing channel in order to create interdependent companies engaged in the procedure of creating watches available for use or consumption by the consumer.
Price: Company launching a new product for the special class of consumers, so the company can use value based pricing.
Promotion: The company can sell their product to the customer by the several promoting sources such as advertisement, magazines and newspapers, sign board and feedback form.
According to Taghian (2010), the Bio-magnetic watch has strong product benefits contrasted with current market offerings. To accomplish business goals, the company will offer innovative watch in a variety of plans at a recommended retail cost assumes $ 45. Promoting of the product will concentrate on the uniqueness of the Bio-magnetic watch and is weighted toward print and purpose of-procurement shows.
The projected budget analysis of Australian multinational IT company:
Projected profit and expense
|
Profit |
$ |
|
Sales |
15000 |
|
Revenue from other services |
4000 |
|
Revenue from rent of Skateline ECP |
25250 |
|
Revenue from rent of Escoot Scape Less: rental fee waived on purchase |
12750 (1275) |
|
55725 |
|
|
Expenses |
|
|
Promotional cost: |
|
|
Total event cost |
20250 |
|
Physical store: |
|
|
Delivery charges |
500 |
|
Leasing of unit with utilities |
7500 |
|
Maintenance of PEV’s |
2750 |
|
Depreciation |
6500 |
|
Manpower cost |
|
|
Salary of employees |
6000 |
|
Other expenses |
|
|
Distribution of pay-outs |
8595 |
|
52095 |
|
|
Net Profit (Sales-expenses) |
3630 |
According to Wymer (2011), the major techniques used in order to control and monitor the marketing plan of Bio-magnetic watches are:
Customer surveys: A survey with the first purchaser helps the business to identify the common features of customer who like the product, data which could use to strain marketing strategies.
Pipeline tracking: This method can track that how many customers companies have in each phase and then compare it to what business estimated.
Marketing reviews: Having marketing team such aseeting every week will give the review of the status of the product. This method focuses on attention from a different group of a person which can make an actual gap in noticing issues.
Conclusion
From this report, it has been concluded that marketing planning is very essential in launching a new product in the market. This report explains the market planning of launching a new Bio-magnetic wrist watch in Australia and describes all the essential elements that are necessary for the marketing planning of a new product such as marketing strategies, positioning, branding strategies and marketing mix.
References
Ernst, H., Hoyer, W.D. & Rübsaamen, C., 2010. Sales, marketing, and research-and-development cooperation across new product development stages: implications for success. Journal of Marketing, 74(5), pp.80-92.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Kapferer, J.N., 2012. The new strategic brand management: Advanced insights and strategic thinking. Kogan page publishers.
Kim, K.H., Jeon, B.J., Jung, H.S., Lu, W. & Jones, J., 2012. Effective employment brand equity through sustainable competitive advantage, marketing strategy, and corporate image. Journal of Business Research, 65(11), pp.1612-1617.
Leekha Chhabra, N. & Sharma, S., 2014. Employer branding: strategy for improving employer attractiveness. International Journal of Organizational Analysis, 22(1), pp.48-60.
Matthiesen, I.M. & Phau, I., 2010. Brand image inconsistencies of luxury fashion brands: A buyer-seller exchange situation model of Hugo Boss Australia. Journal of Fashion Marketing and Management: An International Journal, 14(2), pp.202-218.
McDonald, M. & Wilson, H., 2016. Marketing Plans: How to prepare them, how to profit from them. John Wiley & Sons.
McNally, R.C., Akdeniz, M.B. & Calantone, R.J., 2011. New product development processes and new product profitability: Exploring the economics role of speed to market and product quality. Journal of Product Innovation Management, 28(s1), pp.63-77.
Taghian, M., 2010. Marketing planning: Operationalising the market orientation strategy. Journal of marketing management, 26(9-10), pp.825-841.
Wymer, W., 2011. Developing more effective social marketing strategies. Journal of Social Marketing, 1(1), pp.17-31.
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