Question:
Provide a marketing plan for an Australian based IT international company that plans to launch a product that is a wrist watch that comes with technology of fitness and exercise.
The main purpose of writing the report is to specify the marketing plan of an IT company in Australia for the launch of new product. It analyzes different marketing strategies such as SWOT analysis, objectives of the firms, its competitors, market segmentation, marketing mix and the macroeconomic factors that affect the market of the company. The main purpose to conduct the survey of factors that affect the business is to get an estimate that whether the new product that is being launched will be successful or not. The manager also identifies the costs and the expected revenue that it is going to earn from the launch of the product provided the product targets the customers that it intends to. The main purpose off examining the external factors that affect the business is to form a marketing strategy that will solve the problems that the firm is likely to face in future. The product that is being launched is a wrist watch that comes with an innovation (Hollensen 2015).
There are various factors that affect the business and the environment under which it operates. The external factors that affect the business can be explained using PESTEL analysis. These are:
Political factors- government of the economy greatly influence the business. Since Australia is a mixed economy government influences the economy. So it is essential for the company to analyze the tax structure and the government that influences the market before launching the product (Yüksel 2012).
Economic factors- the economic factors that influence business are interest rate, growth condition, price level and the employment. Economic growth in Australia depends on the service sector so it will beneficial for the IT Company to reap the maximum benefit that it can (Yüksel 2012).
Social factors- social factors that affect businesses are beliefs, values, customs, attitude, lifestyle, sex, demography and behavior. It is essential for the IT company to examine these factors before launching the product that whether people are ready to accept the change or not. Customer’s behavior greatly influences the market (Yüksel 2012).
Technological factors- it includes technological aspects such as research and development of the economy. Since it is an IT company it is essential for the organization to analyze the technological aspect whether some better technologies are available in the market or not that it can use for innovation (Yüksel 2012).
Environmental factors- factors also affect the business. It is essential for the organization to make sure that the product that it is launching is eco friendly. The company has an added advantage because Australia is rich in its natural resources (Yüksel 2012).
Legal factors- government policies such as environmental protection laws and rules also affect the business that the manager should keep in mind before launching any product. It is essential to identify that the company fulfills all the norms or not (Yüksel 2012).
Swot analysis is another form of marketing strategy that analyzes the strengths, weakness, opportunities and threats of the company.
Strengths- the strength of the company is that the market for technology and accessories is already growing in Australia that will make it busy for the company to sell its new product in the market. It is also a large international IT company that already has support from the international market. So it can target the international customer’s as well.
Weakness- the weakness of the firm and the market under which it is operating is not well developed. The price that is expects is low. The other weakness that can arise for the firm is from its competitors.
Opportunities- the opportunity that the Australian based IT company is that its gets great support from government because the product that it is launching is a fitness product. The other opportunity that it has is the support that it gets from international market.
Threats- the main threat of the company is from its competitors. The other threat that the organization is likely to face is from the change that is it is trying to introduce. The threat is that whether customers will accept the new technology and innovation that the company wants to launch (Hartley and Claycomb 2013).
The main objective of the IT firm based in Australia is to maximize the profit that it can get form the lunch of the product. The aim and the goal of the company are to promote its product not only in domestic market but in international market as well to grab as many customers it can. The aim of the company is to increase customer satisfaction as well as employee satisfaction. The marketing objective of the firm is to launch the product in a well established market so that the firm does not have to face any loss. It includes a marketing strategy that is set by the manager of the company to achieve the overall organizational goals and objectives. The company also aims at building brand awareness in both domestic and international market and capturing the maximum market share that it can. The objective is to spread the awareness of the product it can and mitigate all the threats that it is likely to face in market (Sashittal and Tankersley 2015).
Marketing strategies includes marketing segmentation where the market is divided into subsections for launching the product and capturing it. Marketing strategies are formed so that the firms can achieve the goals that it has set. It is essential for the firms to form a market segment or the customer segment to which it would like to sell the product. Market segmentation depends on the various factors such as geographical, demographical and environmental. The company that is planning to launch an accessory in form of wrist watch that incorporates technology in it will target the customers aged 20-45. Mainly the male members of the society will be targeted because women go for stylish products instead of technologies. Since the product includes technology that can be used to improve health those people will be targeted who are health conscious (Wedel and Kamakura 2012).
Positioning strategies is creating a unique position in the market. It includes competitor analysis. The main competitor of the IT Company that is planning to launch wearable accessories is Apple Company that has launched a similar type of product in the market. It can face competition from accessory firms as well such as Fastrack and others. A proper strategy can help the company mitigate the ill effects of competition. Competitive advantage can be achieved by formulating a good marketing plan and targeting the customers who are not aware of the technology that it is going to launch (Solomon 2014).
Marketing mix another tool used in marketing planning that includes the four Ps such as price, product, place and promotion.
Price- price plays an essential role in the market because the demand for the product depends on the price. The company will set the price at the level where it is able to cover up the cost and that is affordable by customers.
Promotion- since the firm is launching a product that is new in the market it is essential for customers to be aware of the product. Various promotion techniques can be used such as internet, social media, sales promotion and direct sales.
Place- the place where the distribution of the product is Australia as well as the international market. It is an Australian based international company. Place is the distribution area.
Product- the product that the firm is planning to launch is a wrist watch that comes with a technology to measure fitness and exercise (Jobber and Ellis-Chadwick 2012).
Since the company incurs the cost of $15 per watch while producing and marketing it. It will charge approximately $30 per watch to earn a profit of $15.
Conclusion
Hence it can be concluded that forming a good marketing plan is essential for the organization to achieve its goals and objectives. It helps in good coordination of the employees that helps in increasing the profit and increasing the brand awareness.
References
Hartley, R.F. and Claycomb, C., 2013. Marketing mistakes and successes. Wiley.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Huang, R. and Sarigöllü, E., 2012. How brand awareness relates to market outcome, brand equity, and the marketing mix. Journal of Business Research, 65(1), pp.92-99.
Jobber, D. and Ellis-Chadwick, F., 2012. Principles and practice of marketing(No. 7th). McGraw-Hill Higher Education.
Pollack, J. and Adler, D., 2014. Does Project Management Affect Business Productivity? Evidence From Australian Small to Medium Enterprises.Project Management Journal, 45(6), pp.17-24.
Sashittal, H.C. and Tankersley, C., 2015. The Marketing Planning and Implementation Interface: Some Empirical Evidence. In Proceedings of the 1994 Academy of Marketing Science (AMS) Annual Conference (pp. 103-108). Springer International Publishing.
Sheth, J.N. and Sisodia, R.S., 2015. Does marketing need reform?: Fresh perspectives on the future. Routledge.
Solomon, M.R., 2014. Consumer behavior: buying, having, and being. Engelwood Cliffs, NJ: Prentice Hall.
Wedel, M. and Kamakura, W.A., 2012. Market segmentation: Conceptual and methodological foundations (Vol. 8). Springer Science & Business Media.
Yüksel, I., 2012. Developing a multi-criteria decision making model for PESTEL analysis. International Journal of Business and Management, 7(24), p.52.
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