Question:
Discuss About The Marketing Planning Implementation Interface?
Even though the smart watch market in Australia started off in a moderate way, soon the industry has made its way to the priority list of the Australian consumers. A recent study showed that the sales of smart watches have increased by 89 per cent in the last financial year in the Australian market. IBM is an international IT company that is working with another company for launching a smart wrist watch in the Australian market that incorporates new and innovative software for exercises and fitness (Hollensen 2015). The organization still requires making an effective marketing plan and successful marketing strategies which can be helpful in launching the new product in the market (Armstrong et al. 2015). Therefore this report discusses the detailed marketing plan including a detailed assessment of the business environment in Australia along with implementation plan.
The wearable gadgets and software are a major part of the device ecosystem which is embedded with technology and internet connectivity. This incorporates several applications such as smart watches, fitness trackers, different kinds of smart clothing and skin patches (Wang and Nien 2016). These wearable gadgets tend to capture the imagination of people focusing on helping the users staying healthy and slowing down the aging procedure. The wearable energy manufactures and software providers tend to face several challenges in the market as the adaption of such gadgets in the consumer market has show a relatively slow pace despite of the plummeting prices of such products. At the initial stage of using the products, the basic features of the wearable tend to meet the requirements of the customers, while after a continued usage; the customers tend to face some issues such as not being able to monitor their heart rates while they are exercising. The customers also face issues with visualizing the information as the devices were not provided with any in-built screen (Wu, Wu and Chang 2016). Therefore, the purchasing drive of the smart gadgets has reduced a lot. Therefore, it is necessary for the new organization to create the software which produces right data which resembles with the actual amount of data. Other than that manipulating and integrating the data with different other applications seem to be impossible for several smart gadgets in the market, therefore the new watch can take this previous glitches and incorporate these features in their watches (West, Ford and Ibrahim 2015). The targeted customers of this industry are the health conscious higher income group customers who can pay sufficient amount of money for the gadgets. As there are several prominent competitors in the market, other than the international brands, such as the small companies, the brand needs a well-organized marketing plan for entering the market.
This particular industry is expanding in a fast pace, even though the industry has shown a downside forecast in the initial stage. The Australian customers are adapting this technology and opting for smart watches that have been associated with healthcare and fitness (Choi and Kim 2016). A recent survey has shown that the market is now worth approximately $US14 billion. Therefore, this market offers a great opportunity for any new products.
There are already well-established organizations in the Australian market that offer the customers smart watches, such as Samsun, Apple, Toshiba etc. Samsung and Apple have made their way within the top five companies dealing with wearable energy (Connor 2016). Therefore, a newly launched product would require a well-developed marketing strategy for making their way in the market.
There are numbers of opportunities in the wearable energy market in Australia. Most of the companies have incorporated the technology off monitoring the blood pressure and glucose level. However, the newly launched product is including activity monitors, sleep sensor and heart rate and fitness monitors. The products can be chosen on the basis of the added activities or specialties and the price may vary (Connor 2016). The supporting software is making healthy activities easier for the customers, so it would be easier to reach the targeted customers.
The established companies such as Apple, Samsung have already entered the market; therefore this newly launched product would have to compete with these international organizations (Choi and Kim 2016).
The company will put a bigger focus on the basic characteristics of the primary customer base within the Australian market. The primary target group of the product is the higher income group including the business professionals who are health conscious and are willing to spend money on gadgets (Tabatabaei, Sadjad and Makui 2017). With the budget range products the company is also targeting the middle income group. Therefore developing the products will be a major marketing strategy of the organization.
The organization will include the improved battery service which was lacking in the previous models available in the market along with and advanced software which will not create much problem for the users (Connor 2017). If the product is being targeted to the health conscious young adults, the products should include advanced applications along with easily integrated data from the other devices.
The new smart watch with IBM software promises the users to meet all their necessary requirements that had been missing in the available products in the market. As stated by the marketing team of the company, this product will include sleep sensor, blood pressure monitor, glucose monitor, emotional measurement, smart glasses, insulin pumps, smart clothing etc. The product will also include several improvements for the existing features such as sleep sensors and glucose monitoring with the hearing aids and head up display for entertainment as well. The company will also launch their product with an aggressive marketing strategy (Tabatabaei, Sadjadi and Makui 2017). This will help the product to have a competitive edge in the market; therefore it will be positioned ahead of the products of the competitors within the market.
Price: There is a recent trend of dropping the price of the smart watches in the Australian market, therefore the company will also follow the trend and drop the price a little so that the middle income group of customers can also avail the service (West, Ford and Ibrahim 2015).
Product: The product smart wrist watch includes software made by IBM, therefore the product will have improved and innovative features like sleep sensor, blood pressure monitor, glucose monitor, emotional measurement, smart glasses, insulin pumps, smart clothing etc.
Place: The organization will launch their product in the Australian market as the reports indicate that the Australian market of wearable energy is expanding in a fast way.
Promotion: The promotion of the product will involve aggressive and integrated promotional strategies such as advertising on television, print and social media and branding promotion.
People: The targeted customer group for this product will be the health conscious business professionals and the young adults. As the company will launch the products in two price strata, for the higher strata the target audience will be the higher income group and for the moderate strata the targeted customer will be young adults and middle income group (Connor 2016).
Process: The new product will be launched in a way that the demand of the products is met fully. As the market of wearable energy is blooming in Australia, the product will be first launched in the Australian market.
Physical environment: The technology motivated business market will act as the prime inspiration of the launch of the new product.
Budget plan of the smart watch:
|
Business activities |
Expenditure |
|
Broadcast of business |
$100 M |
|
Commercial on TV |
$500 M |
|
Newspaper and Magazines |
$500 M |
|
Social Media |
$200 M |
|
Outdoor expense |
$200 M |
|
Total estimated cost |
$1500 M |
Monitoring of marketing plan will ensure the company objectives are met and the brand name and standard are maintained. The management of IBM and the developer of the smart watch should sit together and discuss the ongoing progress of the entire business situation and employ the necessary action plans (Meidan, Moutinho and Chan 2015). The main discussion of such meeting should aim the alignment of all the strategies for launching the product. However, before the management sits with the marketing team, they require having a private meeting with blueprint of strategies. As the Australian wearable energy market is expanding and Australia has the higher rates of adapting this technology, there are other international companies entering the market. Therefore unique marketing plan should have greater adaptability.
Conclusion
In conclusion, it can be said that the existing marketing strategies of the smart watch should improve for generating more revenues from the Australian marketing. The marketing planning of the organization will have to ensure that the organization is capable of drawing a wide range of customers from the Australian market. Therefore the promotional strategies should include various social and digital media platforms along with the marketing strategy of word of mouth. The organization should also involve strengthening its customer services after selling the products.
Reference
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Choi, J. and Kim, S., 2016. Is the smartwatch an IT product or a fashion product? A study on factors affecting the intention to use smartwatches. Computers in Human Behavior, 63, pp.777-786.
Connor, R.A., Medibotics Llc, 2016. Smart watch and food-imaging member for monitoring food consumption. U.S. Patent 9,254,099.
Connor, R.A., Medibotics Llc, 2017. Smart watch and food utensil for monitoring food consumption. U.S. Patent 9,536,449.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Meidan, A., Moutinho, L. and Chan, R.S., 2015. Marketing Effectiveness Index (MEI)-Tool for Strategic Marketing Planning. In Proceedings of the 1992 Academy of Marketing Science (AMS) Annual Conference (pp. 480-485). Springer, Cham.
Nijssen, E.J. and Frambach, R.T., 2013. Creating customer value through strategic marketing planning: A management approach. Springer Science & Business Media.
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, Cham.
Tabatabaei, S.R.M., Sadjadi, S.J. and Makui, A., 2017. Optimal pricing and marketing planning for deteriorating items. PloS one, 12(3), p.e0172758.
Wang, C.H. and Nien, S.H., 2016. Combining multiple correspondence analysis with association rule mining to conduct user-driven product design of wearable devices. Computer Standards & Interfaces, 45, pp.37-44.
West, D.C., Ford, J. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.
Wu, L.H., Wu, L.C. and Chang, S.C., 2016. Exploring consumers’ intention to accept smartwatch. Computers in Human Behavior, 64, pp.383-392.
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