In the year 2013, Motiv organization was founded which has its headquarters in San Francisco, California. Michael Strasser is the Chief Executive officer of this organization. This organization is a private and independent which tends to operate in various industry sector of healthcare(Huang & Sarigöllü, 2014). Motiv ring can be used for fitness, sleep tracker and lastly heart rate. The organization focuses designing and developing wearable rings which are based on technology. It is considered to be a first organization which is needed for fitting an optical heart rate sensor is the size of the ring. The ring has been built in such a way that it can easily synchronize the mobile phone in the background. It generally has a minimum impact on the mobile phone and battery of the ring. Ring has been designed in such a way that it can monitor activities, heart rate,and human sleep (Datta, Ailawadi & van Heerde, 2017). The product has been designed more especially for the finger of customer. The given product is unique in nature as it is durable in nature and comes up with battery life of 3 days. The product can do range of activities like proper tracking, editing and adding which is available in the mobile platforms like iOS and Android.
In the coming pages of the report, an idea has been provided regarding potential market segment of this organization that is Motiv. After that, a discussion has been provided on target markets and its positioning. The marketing objectives and goals of the organization have been provided in details. Apart from this, financial objectives and goals have been discussed in details. An overview has been provided regarding the market mix which can be applied to this organization. The market strategy of given implementation has been provided in details.
Problem Statement
Wearable industry has grown a lot in the last few years, but many customers around the globe are complaining about the issues with various fitness tracker. Some complaints are registered due to discomfort and the unattractiveness of the band (Fan, Lau & Zhao, 2015). There are large number this fitness tracker like steps, battery, comparing and lastly calorie. This data provided by Motiv ring is not fully accurate. This little device many fails to count all the steps of the individual. So the users cannot fully depend on the data provided by this device. Motiv ring is a smart brand which is electronic and so it needs to be charged on regular basis. If anyhow the user forgets to charge, then he will not be able to use it.
Potential Market Segment
Vision: The organization has a wide of range of experts. The vision of this organization is to bond the people together as they are moving towards a common goal.
Mission: The organization that is Motiv is very much passionate about all the product and its price (Shaw, 2016). All the thing which is done by this organization helps in having a better understanding of its effect on its customer.
Target market and analysis of Customer
Target strategy is all about recommending to have selective marketing in places where Motiv ring can easily have the platform to give a differentiated model that is health benefits and various features.
The main targeted customers are middle and upper class of the society. The customers are expected to go for this product as it provides a large number of benefits (Hanssens et al., 2014). The targeted customer will be of age 20-60 where the ultimate target will be on sportsman and health conscious people.
Divergence of preferences: Proper awareness among consumers is known to be an important factor which has taken place due to exposure of media and education within certain domain (Khan, 2014). With increase in demand for healthy lifestyle, various people inclusive of sportsman are emphasizing on increasing the use of this fitness band.
Structure of Industry: Intensity of competition is not that much high and there can be upcoming barrier. The whole process can be complex and delicate in nature and it can cause tremendous effect to crunch the middle size organization.
Competitive advantage: In the domain of fitness ring, proper competitive advantage can be obtained with the help of proper distribution and efficient marketing.
Target Market and Positioning
Motiv target mainly targets sportsman and other citizen who are between age of 20 to 60. This ring can be bought by people who income more than average (Lee, Kozlenkova & Palmatier, 2015). Apart from this, mostlytech-savvy people are merely interested in this ring. Most of the inactive people tend to be active and have motivation. It is in high demand among people who get back in proper shape. Various athletic wants to track down the data.
The main notion of this Motiv ring organization is all about increasing awareness of its product and services (Alabdulkader et al., 2017). The organization wants to be a market leader in this industry. They generally target the young women who are between age of 18 to 34 and men who are between age of 18 to 50. The organization is planning to add some more features like camera and linking to some of the social platform like Instagram, Twitter and lastly Facebook. Apart from this, the organization is planning to personalize various kinds of option for this brand.
Marketing objectives and goals
As the organization, Motiv ring is emphasizing the gain towards the target audience this sportsman. Motiv ring comes up with three marketing objectives which the organization will like to focus.
Financial objectives and goals
Financial objectives emphasize certain number of objectives which will help the organization that is Motiv ring for gaining profit (Cucui & Cucui, 2017). It generally emphasizes on certain number of mission and vision which is needed for long term. Financial objective emphasizes certain number of outcomes which comes up with good cash flow, growing worth, dividing growth and lastly appreciation of stock price.
There are large number of financial objectives of Motiv like
The following table shows the marketing and financial objectives of Motiv ring such as:
|
Objectives |
Description |
|
Specific |
To sell of more fitness tracker devices located into malls to take advantage of effects of healthcare that will happen in the city |
|
Measurable |
To increase the target market of sportsman by 10% within the upcoming years |
|
Attainable |
To achieve of 35% increase into sales by end of this year |
|
Relevant |
To increase market share of the company by 10% by manufacturing of more fitness tracker devices by end of this year and take advantage of increase into consumption generated by the healthcare |
|
Time-based |
To increase revenue by 35% within 1 year by end of 31St July 2019 |
MOI: To increase of sales and profit by 10% so that there are 5% increase of market shares of the company. The company wants to attach 200 new customers with increase of 5% ROI in California by 31st July 2019.
MOI= to increase * by 10% in California by 31st July 2019.
Motiv is very much focused to easily sustain and improve the overall strength and long-term position which is obtained through proper customer value. Strategic objective emphasizes on gaining market value or innovation related to product (Robinson, 2015). Apart from this, the organization emphasizes achieving some lower cost in comparison to rival costs and gaining competitive advantage on certain product. Financial objective emphasizes on having some additional market and gaining strength for organization to long-term position. The internal objectives of the organization emphasize on a certain number of business process which aims in creating better customer value and satisfaction among people. The internal objective of the organization emphasizes maintaining core competencies in Motiv (Petri?kovi?, 2014). The objective of the management emphasizes on certain number of functional process or activity within an organization like research and development, customer service, production and another kind of activities within the organization. The operation activity of the organization that is Motiv emphasizes the organization with certain units in the business and performance of some of the operating task.
Marketing Mix
A marketing mix can be easily defined as 4P classification which is needed for the development of proper marketing strategy (Jha et al., 2016). The four Ps in marketing mix are product, placement, promotion and price. Based on the type of the industry, the target plan of marketing plan, various managers can easily take necessary step for approaching each of the four Ps.
The ultimate goal of marketing mix is to make the customer of this Motiv ring is to make the customer aware of this product. Utilization of this model emphasizes the marketers to each reach the level of their advertisement (Tiago & Veríssimo, 2014). A proper marketing mix will help the organization like Motiv to easily take strategic decision at the time of launching new products or even making modification of products. Although the four Ps in each of the cases are independent of one another they are dependent each other in most cases.
Product: It refers to certain number of certain number of service or item which has been designed for satisfying the need of the customer.
Price: It is respect to the selling price of the products and focuses on the amount which the customer is willing to pay (Paniagua & Sapena, 2014). Various marketing professional takes into consideration which is related to development and research.
Place: It emphasizes on distribution of product which is to be sold. Proper consideration of the kind of product is useful in analyzing the certain area of distribution (Jobs & Gilfoil, 2014). As Motiv ring is premium consumer product it will be available in some of the selective zones.
Promotion: It refers to proper kind of marketing campaign which is known to be marketing mix and used for promoting a product. Some of the promotional activity refers to sales, promotion and lastly selling of product.
Fig 1: 4P of Marketing Mix
Source:
Marketing Strategy and proposed implementation
Both the aspects that is implementation and managing a marketing strategy is vital for organization like Motiv ring (Todorova, 2015). It requires development of a plan and promotion of organization product and its service in proper way. Organization like Motiv ring can easily make use of resources which is given small business administrator for ensuring the adaptation of proper strategy for this industry. It aims in providing proper kind of marketing funding which makes use of proper tips and techniques for gaining customer.
Analysis: Various successful managers can easily analyze the market of different product and service (O’Cass & Heirati, 2015). A proper kind of research needs to be done by the help of Hoover website which helps in having an insight and analysis of the competition. A proper marketing strategy can easily make use of information for building the presence of brand.
Customers: Various marketing managers can easily gather information about the prospective of the customer (Petri?kovi?, 2014). The marketing professional can easily conduct some kind of online survey and focus on analyzing the buying preferences, goals and lastly financial service.
Management: For managing the proper marketing strategy can be easily done by the help of successful marketing and managing the results (Jha et al., 2016). Marketing professionals can easily have campaign which is required for having survey regarding the advertisement. The development of a proper catalog helps in providing a better customer base.
Customer focus: By emphasizing on the effort for maintaining the customer base, an organization can easily save huge amount of money. A proper considerable effort is needed for winning the business. Organization like Motiv ring can easily provide some better kind of customer base and support for ensuring customer return which is required for buying some of the additional products and services.
Budget allocation for promotion mix
Promotion mix can be easily defined as various kind of tool which is needed by business for creating, maintaining along with increasing demand for various products and services (Tiago & Veríssimo, 2014). The fourth element of Marketing mix is all about promotion which emphasizes building awareness among customers. There are several tools which can be used for promotion of objective of the firm. Promotion mix comprises of five type of elements that is advertisement, public relation, sales promotion, direct marketing and lastly personal selling.
Advertisement: The overall advertisement of the organization is considered to a larger subset along with proper marketing budget (Paniagua & Sapena, 2014). It is considered to be section of sales and marketing effort. Money which is spent on advertisement is considered to be important for building the whole business. Currently, the digital marketing strategies like social media can easily play a key role in overtaking the traditional form or method of advertisement. An emphasis should be given social media at the time of establishing communication with the customers.
Sales promotion: This is considered to be a proper method which can be used for buying various products and services (Jobs & Gilfoil, 2014). Sales promotion are considered to be vital in the domain of service industry as various people are not willing to pay the full price during the vacation.
Public relation:Organization like Motiv ring require public relation but in many cases, they can easily overlook with certain number of associate which can easily affect any organization. A better public manager is required by a business which is needed for handling the business which should be dynamic to handle both the situation that is positive and negative.
Direct Marketing: It generally makes use of certain number of technology which is needed for targeting the client (Todorova, 2015). Various organization like Motiv ring can easily make use of email for providing special deals to client.
Personal Selling:It is considered to be as one of the best tools in promotion mix (O’Cass & Heirati, 2015). It is considered to be effective in nature as it is very much helpful in building relationship between client and employee of Motiv ring.
Conclusion
From the above discussion, it can easily be concluded that this report is all about Motiv ring organization. Motiv ring aims in integration of customer life as it provides with custom fit, comfortable, stylish and durable. It comes up with high competition in the market just because of its best benefits. The organization is very much focused on making use of advantage due to emergence of development of technologies. The firm has well established itself in the industry due to disposal income of different customer along with focusing on nutrition and fitness. Motiv encounters different kinds of threats just due to unstable business environment. Classification of high can be easily carried out due to highly competitive, changes in regulation, uncertainty in economy. After that, a discussion has been provided on potential market segment of this organization. An idea has been provided regarding target marketing and its positioning. In the above pages of the report, an overview has been provided regarding marketing objectives and goals. A concept of marketing mix and its application of proposed implementation has been provided in given in details. The report also highlights the budget allocation for promotion mix. The last section of the report mainly deals with budget allocation for promotion mix.
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