Question:
Discuss about the Computer Graphics and Interactive Techniques.
The purpose of this report is to prepare an effective business marketing plan for the Everysight Raptor Augmented Reality (AR) Glasses, which is one of the newly introduced technological gadget dependent upon the principles of virtual reality. Report will highlight upon the Features which are associated with the new technological gadget along with its importance that the user can enjoy. It is important to mention that Augmented reality glass, currently do not have huge popularity compared to many other technological gadgets, as less number of people are aware of its presence and features that are associated with the device. The marketing plan will help to increase Awareness of the technological lover by providing detailed information related to the AR glass.
The current marketing plan will conduct the SWOT analysis, along with examining the competitive environment of the product. It is important to fix upon the marketing and financial objectives, which will be reflected upon the marketing plan. Special focus will be given up on the digital communication, which will be a part of the promotional campaign for the newly launched product. The report will end by providing the technique of marketing control process, which is necessary for monitoring the overall business performance of the Augmented reality glass.
Deciding among the steps in the marketing plan is an important part of the sales procedure of Everysight Raptor AR Glasses. As mentioned by Manorek et al., (2016), in the primary step it is necessary to provide detailed description of the product along with its features and advantages. This is the primary step due to the fact that the detail information of the product will have the target customer groups to understand its significance and importance in the daily life. This is an important step in making the marketing plan as it is in the process of product and brand identification. The following step it is important for the company to decide upon the target audience. Due to the fact that this type of gadget is yet to gain popularity, currently the target customer for the marketing plan will be limited to small group, which will include only high gadget freaks individuals mainly belonging to the recharge section of the society. The following path the company will have to decide upon the steps of implementing and executing the marketing plan and gain competitive advantage in the respective domain (Paik & Zhu, 2013). Special promotional event will be held by Everysight Raptor Company, which can help them to highlight upon the importance of AR glasses and its significance. It is also important to decide upon the overall budget of the marketing plan before implementing the same. Due to the fact that the target audience for the AR glasses is limited to a small group of audience, it will not be necessary for the company to invest huge amount in the marketing plan.
The SWOT analysis tool is an essential part of the marketing planning, which helps an organisation to decide upon their internal strengths and weaknesses along with the threats and opportunities that exist in the market (Babin & Zikmund, 2015).
The major strength for the Everysight Raptor is due to the fact that they are able to provide high quality product and are able to incorporate the latest technological design, thereby incorporating smart features. The major strength of their Augmented reality glass is due to the fact that they are able to incorporate features of GPS, Bluetooth, Wi-Fi and many other forms of latest technology which can give them a competitive edge compared to other Rivals. The lower price of their product, compare to that of Samsung, Google or Apple, it is possible for Everysight Raptor to increase up on the range of customer and thereby enable them to increase the popularity of this new type of smart Technology.
The major weakness for the company is due to the fact that less number of people are aware about the brand, that and the use of this Augmented reality glasses. Due to the low level of popularity of this product, it is always important for the company to provide extra effort to increase the level of awareness of the technology lovers.
In spite of the fact that currently there is lower rate of popularity of the Augmented reality glass, it is expected to be one of the most popular products in the coming years. The consumer wearable products, which include fitness band and Augmented reality glass is believed to be one of the important for all fitness lover individual. The opportunity will also enhance due to the fact that fitness and sports have become an important part of the culture of most of the nations in the globe. It is also relevant to mention that between the year 2014 and 18 the market for wearable technological devices have increased to 78% (Giartosio & Tregnaghi, 2013). This is expected to rise even more the coming years due to the fact that more people are growing the tendency of making use of the product, which can enable them to provide smart information in the form of virtual reality.
The major threat for the company is due to the fact that it is highly challenging for them to gain competitive advantage and attract the customers, due to the presence of reputed brands such as Samsung, apple and Google. These large scale companies and effective marketing strategies which can be a major threat for Everysight Raptor and it can be a major challenge for them to seek the attention of the customers. There is also the threat from new entrants, which includes start up technological companies such as MJ Bale, who are providing same type of gadgets at much cheaper rate. It is relevant to mention that cheaper product will be more popular due to the fact that most of the people might not be willing to spend huge amount for a gadget which is currently not much popular within the technological market. There is also the threat from alternative products of augmented reality glasses which includes the Lenovo New Glass C200 and the Snap’s Spectacle Glasses (Lanman et al., 2014).
All these alternative devices of augmented reality glasses are some of the major competitors, who can capture a significant part of the market share of wearable technological devices.
It is important for the company decide upon their financial and marketing objectives, which will be reflected upon their Marketing plan and the process of making financial budget. At the initial stage the financial and marketing objectives will be decided on a period of first 6 months.
Following are the set of marketing objectives for Everysight Raptor Augmented Reality (AR) Glasses:
The 4 P’s of marketing mix tool will be used for implementing the business strategy, which will help the company to control certain parameters related to price and promotional techniques (Kim & Lee, 2015).
Product: It is important for the company to highlight upon the smart features of the product, which includes GPS enabled spectacles with 2GB of RAM. Advanced level of processor along with Wi-Fi and Bluetooth will also be enabled in the new glass. These smart new features will enable the user to project the physical environment into the virtual reality glass, which will have dedicated speaker, gyroscope, barometer, magnetometer and accelerometer. The product will also have a longer battery life compared to most of the rivals. This will ensure that user do not have to worry about frequently charging of the device (Denning et al., 2014).
Price: Due to the fact that augmented reality glass is yet to gain popularity among the technological never, the price will be kept at premium level, which will help the company to make sufficient level of profit thereby ensuring sustainability for the future market, which can be help them to make use of the upcoming opportunity. It is also relevant to mention that due to shortage of supply, the company has to spend high-level in the manufacturing process. This will have direct impact on the pricing level of the product.
Place: Everysight Raptor Augmented Reality (AR) Glasses will be launched all across the globe. The main area of purpose will be communities, which have a strong fascination towards maintaining a level of fitness and passion towards outdoor Sports. In most of the places the product will be available through both online and offline distribution channels. However, in the remote regions, the company will only have to depend upon online channels.
Promotion: For promotional event company will be depend upon digital marketing channels, which will mainly depend upon the digital communication channels. This will include online technological blogs and social media websites. The company will publish dedicated blog for raising the level of awareness of the target customer about the significance of using augmented reality glass. Special dedicated pages will be designed in social media platforms, which will help them to form online communities to discuss and communicate about the importance of AR glasses. With the help of digital communication techniques, it will also be possible for the customers to reach out the company executives for issues related to after sales service.
The product growth life cycle planning will be used as a part of the action program achieves the financial and marketing objectives of AR glasses of Everysight Raptor. In the initial phase, the product will be in the growth phase. In this stage, the company cannot expect to gain any profit due to the fact that most of the expenditure will be spent upon marketing activities. For the first three months, the product will be at its growth stage, where the company will have to face financial loss. However, for the next few months the product will be at its maturity stage and action program will be taken accordingly to maximize the profit level.
During the growth phase, the company will offer some introductory offer, which will be Limited for the first month after the launch of the product (Silaban et al., 2014). During the maturity phase, the company will aim to maximize the channel of distribution, which will help them to increase the volume of sales.
It is important for every business organisation to effective process of marketing control, which will help them to monitor the overall performance (Xie & Liang, 2013). Following are the Major steps that are incorporated in the process of marketing control that will be implemented by Everysight Raptor.
Conclusion
In the concluding note it can be said that the existing marketing plan that are resented for Everysight Raptor Augmented Reality (AR) Glasses will aim to increase the market popularity of the product. It is important for the company to evaluate the internal strengths and weaknesses, which will ultimately help them to exploit the opportunities that exist in the respective market. The company will also use the platform of digital communication, which will be the major source distribution.
Reference
Babin, B. J., & Zikmund, W. G. (2015). Exploring marketing research. Cengage Learning.
Denning, T., Dehlawi, Z., & Kohno, T. (2014, April). In situ with bystanders of augmented reality glasses: Perspectives on recording and privacy-mediating technologies. In Proceedings of the 32nd annual ACM conference on Human factors in computing systems (pp. 2377-2386). ACM.
Giartosio, F., & Tregnaghi, G. (2013). U.S. Patent Application No. 14/439,595.
Kim, K. Y., & Lee, B. G. (2015). Marketing insights for mobile advertising and consumer segmentation in the cloud era: AQ–R hybrid methodology and practices. Technological Forecasting and Social Change, 91, 78-92.
Lanman, D., Fuchs, H., Mine, M., McDowall, I., & Abrash, M. (2014). Put on your 3D glasses now: the past, present, and future of virtual and augmented reality. In ACM Special Interest Group on Computer Graphics and Interactive Techniques Conference, SIGGRAPH 2014. Association for Computing Machinery.
Manorek, S. L., Pangemanan, S. S., & Rumokoy, F. (2016). The Influence of Brand Image, Advertising, Perceived Price Toward Consumer Purchase Intention at Samsung Smartphone. JURNAL RISET EKONOMI, MANAJEMEN, BISNIS DAN AKUNTANSI, 3(4).
Paik, Y., & Zhu, F. (2013). The impact of patent wars on firm strategy: Evidence from the global smartphone market. Harvard Business School.
Silaban, D. P., Saerang, D. P., & Rumokoy, F. S. (2014). Analyzing the personal factors influencing purchase decision of samsung smartphone in manado. Jurnal riset ekonomi, manajemen, bisnis dan akuntansi, 2(1).
Xie, W., & Liang, H. (2013, July). A case study: Innovation strategy assessment of the leading smartphone companies. In Innovation Conference (SIIC), 2013 Suzhou-Silicon Valley-Beijing International (pp. 121-126). IEEE.
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