Discuss about the International Marketing for Strategy and Development.
SparkyStay Watches is a privately held start-up organizations that are looking to provide smart watches with advanced technologies for grabbing the major share of the Australian market. SparkyStay Watches is presently looking formulate one prime production unit in the Melbourne area to ensure that the product is available at every part of the country. SparkyStay Watches is sole proprietorship based organization that will look to provide superior quality of smart watches at the cheapest price to grab as much market as possible. In the present time, people are becoming more and more technologically friendly, which is creating major impact on the business perspectives of the gadget provides. Now, increasing desire of the society also has increased the business possibility within the given geographical range. As a result, it has opened windows of opportunity for the small start-up business entities like SparkyStay Watches to implement effective strategies for capturing good proportion of the market.
SparkyStay Watches mission is to emerge as one of the fastest growing organizations dealing in the advanced gadget sectors within the Australian market. Although SparkyStay Watches is presently looking to increase its popularity with the advanced type of smart watches within the Australian market. For that reason, SparkyStay Watches will focus on the effective utilization of both online and offline platforms to create desired on the market. In addition, SparkyStay Watches is also looking to expand its product diversifications in the luxury watches department within the next five years to fulfil business aim and objectives in an appropriate manner.
Presently, SparkyStay Watches is focusing on the effective development of smart watches with different digital and sporting characteristics to grab the attention of the customers in a major way. The organization has focused on the developing watches with high durability so that people can able to use it on their lives. Moreover, SparkyStay Watches has also tried to develop watches with water resistance capabilities up to the depth of 100 meters under water. Moreover, SparkyStay Watches have also focused on the development of smart watches with the attributes like smartphones facilities, blood pressure measurement facilities, and voice search facilities so that people can become addicted to the products. Moreover, SparkyStay Watches has also included music player, shopping and flight booking facilities so that people can able to handle their daily attributes.
Australian market always is extremely competitive in the advanced technologies gadget sector. For that reason, it is obvious that SparkyStay Watches will have to face extreme level of competition for achieving desired market share. Specifically, SparkyStay Watches will have to deal with major players in the technologies market including Samsung, Microsoft, iPhone, etc to emerge as one of the popular growing organizations in the Australian market. As highlighted by Berthon et al. (2012) sales of electronic gadget products have increased by 47% in Australian market for the past two years. In fact, spending pattern of the Australian people are highlighted the fact that products with higher attributes and low price are becoming very popular. Therefore, it has provided substantial opportunities for the new organizations like SparkyStay Watches to utilize the market trend for the fulfilment of the business objectives.
As highlighted by Ferrell and Hartline (2012) sales of smart gadgets will increase by up to 68% by the period of 2020. For that reason, it can be expected that sales volume of smart watches will also increase by huge amount in the coming years. Therefore, it is up to the organizations to plan, develop and execute effective strategies to gain the market share in an appropriate way. Moreover, Armstrong et al. (2012) have mentioned the fact that smart watches are still relatively new product. For that reason, many people do not have proper knowledge regarding the utility factor or usage pattern of the smart watches. However, with time knowledge of the people are expected to increase about the features, utilities and usage pattern of the product, which will increase the popularity in the Australian market.
As opined by Chaffey and Ellis-Chadwick (2012) selection of target market is key for creating desired impact on the market. For that reason, organizations need to analyze all the trends and activities of the market in an appropriate way. As mentioned earlier, sales of electronic gadgets like smart watches have increased all over the Australian market. Specifically, products with greater level of features and prices within the reach of the people have created major impact on the market. For that reason, it is necessary for the SparkyStay Watches to focus on formulating low price strategies for creating maximum impact on the market. Moreover, as smart watch segment is primarily captured by top technology organizations of the world, it is essential for SparkyStay Watches to focus on developing effective strategies for the niche market. As highlighted by Fifield (2012) it is next to impossible for any start-up organization to compete with the organizations like Samsung, Apple or Microsoft. For that reason, SparkyStay Watches will have to target people who have limited financial capabilities for purchasing smart devices of Apple or Microsoft.
On the other hand, Shih, Chen and Chen (2013) have highlighted the significance of utilizing segmentation technique to target the selected market in an appropriate manner. For that reason, SparkyStay Watches will have to focus on the effective utilization of the democratic, geographic, psychographic segmentation technique for capturing major share of the market. In case of demographic segmentation, SparkyStay Watches will have to target young people or teenagers to increase its popularity in the market (Sharma 2013). In addition, the organization will also provide specific attention for the senior citizen, as it have some specific health features like blood pressure measurement tools, amount of energy consumed and burned etc. Now, in case of geographical segment, SparkyStay Watches will focus on the entire Australian market to develop desired amount of popularity. However, it will primarily target the rural areas or the geographical region where people with limited financial capabilities lives. However, it will also target major cities of Australia to increase the level of acceptance and popularity among the Australian people. As per the article by Popkova et al. (2013), proper understanding of values, culture, believes and ethics of the target market is also necessary for the successful fulfilment of the business objectives. For that reason, SparkyStay Watches will have to focus on the development of such strategies that can easily goes with the culture of the market. Furthermore, Gilligan and Hird (2012) have highlighted the fact that proper utilization of service quality is also necessary for enhancing the satisfaction level of the customers. Many prime organizations are recently facing challenges associated with the provided quality of services to the customers. For that reason, it has created a window of opportunity for start-up organizations to target effective enhancement of provided quality of services for fulfilling all the business objectives in an appropriate manner.
As per the article by Gilligan and Hird (2012) proper utilization of marketing strategy is crucial for creating desired level of impact on the market. Particularly, for the upscale markets, effective utilization of promotional strategies can actually help organizations to gain competitive advantage in the market. Now, as SparkyStay Watches is looking to conduct business in extremely competitive business segment, it will have to focus on the utilization of aggressive promotional technique. For that reason, it will have to target different promotional tools like televisions and radio to provide information to the targeted customers in an appropriate manner. Furthermore, SparkyStay Watches will have to consider increasing popularity of internet platforms including the development of authentic websites, social media pages, etc. As highlighted by Fahy and Jobber (2012) social media platforms can help business entities to provide information to the entire world market. Therefore, SparkyStay Watches will have to focus on the effective utilization of all popular social media platforms including Facebook, Twitter, Instagram, MySpace and LinkedIn to have major impact on the market.
In addition, marketing strategies of SparkyStay Watches will have to focus on the effective utilization of different promotional and service offers to the potential customers, as it can increase the desire level in a major way. For instance, SparkyStay Watches will focus on provide two years of warranty for the smart watches to develop the trust level in an effective way (Maple 2013). Furthermore, SparkyStay Watches will also try to provide complete services within 24 hours to enhance the satisfaction level in an appropriate manner. Moreover, SparkyStay Watches will utilize low pricing as the significant component of the initiated marketing strategy to grab the attention of the customers. For that reason, SparkyStay Watches will focus on the display and face-to-face advertisement technique for gaining competitive advantage in the market. In case of face-to-face marketing technique, prime focus will be provided on enhancing the knowledge level regarding the product features, price level, warranty period so that it can able to grab the attention of the customers in an appropriate way.
On the other hand, SparkyStay Watches also focused on the development of the retail store in different areas of Australian market to ensure people do not have struggle too much on the accessing the products on the organization. In addition, SparkyStay Watches would also focuses on providing special additional benefits for the returning customers to create positive impact on the loyalty perspective (Kotler and Armstrong 2013). In addition, marketing strategy of SparkyStay Watches will also focus on the effective utilization of the customers’ feedback to understand the necessary changes that have to be implemented in an appropriate manner. On the other hand, effective utilization of customer feedback can actually allow organizations to formulate unique strategies that can create maximum impact on the market. Furthermore, SparkyStay Watches will also focus on the effective utilization of personal selling approach for the successful fulfilment of the business objectives (Hollensen 2015). For that reason, SparkyStay Watches will try to utilize personalize emails, messages and fax for the providing information to the customers. It has been assessed that effective utilization of personalize message can help to develop bonding among the customers, which will also help to fulfil the business objectives in an appropriate way.
However, SparkyStay Watches will have to consider different risk factors associated with the market. For instance, SparkyStay Watches has to face huge amount of challenges from the top players to sale smart watches in the Australian market. As prime organizations have already developed their brand value in the global market, it will always have the upper hand (Lin, Li and You 2012). Furthermore, changing needs and requirements of the customers can also create huge amount of threat factor for the start-up organization to run its business effectively in the market. Changing needs require change in the product feature, which will eventually increase the required investment from the company perspective. Moreover, as SparkyStay Watches is looking to utilize aggressive marketing technique, it will have to take huge amount risk to conduct the business in an appropriate manner. Aggressive marketing require huge investment that eventually increases the overall cost of the organization.
References:
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2012. Marketing: an introduction. Pearson Prentice-Hall, London.
Berthon, P.R., Pitt, L.F., Plangger, K. and Shapiro, D., 2012. Marketing meets Web 2.0, social media, and creative consumers: Implications for international marketing strategy. Business horizons, 55(3), pp.261-271.
Chaffey, D. and Ellis-Chadwick, F., 2012. Digital marketing. Pearson Higher Ed.
Fahy, J. and Jobber, D., 2012. Foundations of marketing. McGraw-Hill Education.
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Popkova, E.G., Morkovina, S.S., Patsyuk, E.V., Panyavina, E.A. and Popov, E.V., 2013. Marketing strategy of overcoming of lag in development of economic systems. World Applied Sciences Journal, 5(1), pp.591-595.
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