The report provides elaborated understanding of all the aspects and approaches that are related to the marketing so that enabling the authorities of the Motiv Ring Company. This report focuses on the various approaches of the marketing along with the significant marketing factors. Position can be attained by the company in terms of the competitors. Further provided, the project report has discussed on the proper layout of the promotion strategy that can further assist in the allocation of the budget so that better work patterns can be conducted. The project report has also provided for the suitable and appropriate recommendations and suggestions that can assist the authorities of the Motiv Ring Company in making proper and effective judgment leading to better and suitable position in the market arena.
While the conduct of the activities and events of the Motiv Ring Company, the authorities are required to have proper and elaborated focus on the segmentation. The concerned approach requires the authorities to narrow their focus on the better promising groups. Further, this will enable the management to divide the total market into small groups as per the needs and requirements (Anderson, 2014). With the concerted approach the company will be able to grasp the following benefits through which better command can be attained:
The approach is basically concerned with the selection of those sets of the customer to whom the business wants to sell its products and services. The concerned approach is much broader as it focuses on the dividing of the market and then after the suitable and effective evaluation selecting the target portion (Donaldson & Joffe, 2014). This will assist the company in developing a prime focus on the required set of the customer. Further provided, the approach will enable in the formulation of the strategy in which a major focus can be set on the more elaborated demand of the existing customers so as to retain them for the long run. With the concerted approach the company will be able to grasp the following benefits:
The positioning approach focuses on the formulation of the overall strategy that supports the business concerns engaged in the conduct of the activities in the attainment of the better position in the market in terms of the competitors through the creation of the effective brand value. Further, the approach focuses on the modification of the behaviour of the individuals in a positive manner towards the products and services that are being offered (Donaldson &Joffe, 2014). With the concerted approach the Motiv Ring Company will be able to grasp the following benefits:
The objectives of the marketing are basically concerned with the promotion of the product and services in the wide market so as to attract large sets of the customers. The manner of marketing may be different for different individuals. However, their purpose is the same that is to attain a better and strong position in the market arena ( Baker&Sinkula, 2015). The three objectives of the marketing that is required to be focused on by the Motiv Ring Company involve:
Objective 1: The review of the product
This involves proper evaluation of the benefits and the negative aspects that are associated with the products that are being offered by the concerned company. This is because it will assist the company in the proper and effective variations that can better satisfy the needs of the customer from a greater segment.
Objective 2: The review of the competitors
This involves a proper and elaborated focus on the strategies that are being adopted by the competitors from time to time so that to make suitable variations in the current policy structure leading to the better dealing with the competition.
Objective 3: The review of the channels
In the concerned objective the marketer focus on the various channels of the distribution that can be adopted by the company that can lead to the maximum benefits (Armstrong, et. al., 2015).
Financial objectives are the objectives that are basically concerned with the ascertainment of the better profit margin. The various financial objectives of the Motiv Ring Company involve:
The marketing strategy of Motiv ring is basically based on the product positioning so that the differentiated product can be distributed which turn may help in capturing the market share. The main target customers are upper-middle-class customers who need the fitness tracker in their busy lives to evaluate their calories burn (Larimo, et. al., 2018). The secondary target for same is the students who are using this device for their fitness purpose. So, the segmentation which is used is demographical which can be said that the segmentation has been done according to age. The business target is the corporations as it will help managers and others in assessing the critical information for their office (Larimo, et. al., 2018).
Positioning: Through the product differentiation the Motiv Ring is positioning its product as the most valuable and the convenient model for the purpose of personal and professional use (The marketing mix, 2017). The marketing is focused on making the ring of fitness waterproof so that the position can be gained in the market than that of competitors.
Product Strategy: The Motiv ring sells approximately 100 of products with diversified features and the warranty for one year (Huang & Sarigöllü, 2014). The integral part of the Motiv ring is to develop its own brand. It is planning to develop more innovative and powerful products in the coming year so that the sales for it can be increased.
Pricing Strategy: The price for all the products are kept differently, which depends upon the features it possesses. The basic price for the retail is kept at $199 per ring (Huang & Sarigöllü, 2014). With this, it is also expected to lower the prices when the product line will be expanded which will be done by launching 14 different products at the same time so that the catering demands of the customers can be met. The prices are reasonable which will help in attracting a large number of channel partners (Larimo, et. al., 2018).
Place Strategy: The channel strategy is to sell the Motiv ring through various stores and retail showrooms. With this, the online platform is also used as a channel for distributing the products. The investigation has also been done at the initial stage so that the coverage can reach to the metropolitan markets as well as the online websites (Huang & Sarigöllü, 2014). In the support for the channel partners, Motive will provide the products through demonstration by determining the specifications of the product so that the customers can get encouraged to purchase the products as compared with that of competitors.
Promotion Strategy: The promotion of Motiv rings has been done through various channels such as media and the advertising agency so that the awareness about the product can cater the large customers before the launch of the product (Huang & Sarigöllü, 2014). The advertising will also help in maintaining the brand awareness and will help in communicating various messages. The user-generated videos will also be created and this will be used for doing promotion through websites. The trade sale promotion and the person selling will also be done in order to retain and attract the customers and also for motivating the channel partners (Huang & Sarigöllü, 2014). Budget Allocation for Promotion Mix
The launch of the Motiv Ring will be done in March. The action plan for the whole month of March has been so that the commercialization of the product can be done (Key differences, 2015).
|
Actions |
Start Date |
Finish Date |
Time Duration |
|
Collection of Data |
1-03-2018 |
8-03-2018 |
8 Days |
|
Analyze |
9-08-2018 |
15-03-2018 |
7 Days |
|
Evaluation and developing design |
16-03-2018 |
19-03-2018 |
4 Days |
|
Demonstration |
20-03-2018 |
24-03-2018 |
5 Days |
|
Feedback |
25-03-2018 |
26-03-2018 |
2 Days |
|
Testing |
27-03-2018 |
29-03-2018 |
3 Days |
|
Final Product Launch |
30-03-2018 |
31-03-2018 |
2 Days |
The sales volume for the first year has been projected to $75 million with the average wholesale price of $150 per unit of the ring the variable cost is $100 (Money matters, 2018). The losses are projected up to $8 Million. The breakeven point is a follows:
=$32500000/$150-$100
= 650000 units
So, this can be evaluated from the calculation above that the heartbeat tracker ring will be profitable when the sales volume for the tracker will exceed 650000 units (Money matters, 2018). While calculating the break even it has been assumed that the fixed cost is $32.5 million and the variable cost is $100 per unit while the revenue of wholesale price is $150.
The measures are also taken for the control so that the quality of the ring can be tracked and the customers can be satisfied. The timely monitoring will enable that the problems will be solved on the timely basis (Money matters, 2018). With this, the evaluation of weekly revenues and the expense will also be done so that the measures to control the expenses can be taken and may help in achieving profitability within the organization. With the contingency plan, it will be easy to cope up with the environmental changes as well as the new competitors in the market (Money matters, 2018).
The marketing plan which is made up of various dynamics that is associated with respect to the marketing are discussed so as to analyze the requirements of the customers as well as the requirements of the market. Further, all the aspects with positive and negative discussions have been provided enabling the authorities to make a better judgment with respect to the functioning of Motive Ring. Various sources are considered so as to evaluate each and every aspect in an effective manner.
Through the marketing mechanism, it will be ensured that the planning which has been done will help in achieving the sales target as well as the objectives which are being set for the promotion. With this, the objectives which are set will also ensure that the key areas which are for the growth and development of the Motiv Ring Company are also identified and implemented. The proper advice of the professionals will also be taken so that the business can lead towards the right direction, which in turn will help in achieving the organizational goals easily and successfully.
Conclusion
From the overall report, it can be summarized that the report gave an understanding about the various marketing plans which are being used by Motiv Ring. The benefits of the products which are being produced by Motiv Ring is also explained which has revealed the advantages of launching the products so that the customer needs can be satisfied. The discussion of segmentation, positioning, targeting and is also determined which will help in analyzing the better position in the competitive market. The upper middle class has been targeted as it will help to increase the profitability of Motiv Ring by sustaining in the competitive market. The marketing mix strategies reveal that these strategies when implemented will enable to capture the market and will also help in increasing the market share. The proper budget for Motiv Ring is also prepared which will help in minimizing the expenses of organization and maximizing the revenue.
References
Anderson, D. L. (2014). Organization Design: Creating Strategic & Agile Organizations. USA: Sage Publication.
Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Australia: Pearson Education.
Baker, W. E., & Sinkula, J. M. (2015). Market Orientation and Organizational Performance: A New Product Paradox?. In Creating and Delivering Value in Marketing, 254-254.
Exportto (2013). Ways to Export Your routes to new international markets. Retrieved from: https://www.exporttogroup.com/routes-to-market.html
Gillespie, K., & Riddle, L. (2015). Global marketing. Germany: Routledge.
Hartsfield, S., Johansen, D., & Knight, G. (2017). Entrepreneurial orientation, strategy, and marketing capabilities in the performance of born global firms. International Business: Research, Teaching, and Practice, 2(1), 12-38.
https://marketingmix.co.uk/
Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to the market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors, 113-132.
Keegan, W. J., & Green, M. C. (2015). Global marketing. Upper Saddle River, NJ: Pearson.
Key differences (2015). Difference Between Domestic and International Marketing. Retrieved from: https://keydifferences.com/difference-between-domestic-and-international-marketing.html
Larimo, J., Zucchella, A., Kontkanen, M., & Hagen, B. (2018). Patterns of SME’s Marketing Mix Combinations and Their Characteristics in Export Markets. In Advances in Global Marketing, 333-364.
Look fantastic (2018). Butter London. Retrieved from: https://www.lookfantastic.co.in/brands/butter-london.list
Money matters (2018). Elements of Marketing mix decision. Retrieved from: https://accountlearning.com/elements-of-marketing-mix-decision/
The marketing mix (2017). The Marketing Mix 4P’s and 7P’s Explained. Retrieved from:
Yan, A., & Luo, Y. (2016). International joint ventures: Theory and practice. Germany: Routledge.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download