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MARKETNG 7032 Strategic Marketing

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MARKETNG 7032 Strategic Marketing

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Course Code: MARKETNG 7032
University: The University Of Adelaide

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Country: Australia

Question:
Marketing and financial objective should be well touched. Including  calculation of break even point showing profit and pay back period.
Discussion of the segmentation, targeting and positioning approach Set 3 marketing and 3 financial objectives Formulation of a detailed marketing mix strategy Budget allocation for promotion mix.
Answer:

Introduction
As a marketer, the individual is required to prepare an effective marketing plan for providing direction and need to focus on the promotion of the brand. Therefore, with the help of a detailed plan, a specific business organisation will be able to prepare themselves effective for launching a new product or develop sales for the existing products. However, a strategic marketing plan has a limited scope than a business plan as it provides a wide overview of the entire company’s mission, goals and strategies along with the allocation of the resources.
Based on this, the section highlights a marketing plan for motiv ring for a hypothetical company whose first product is smart motiv ring. It is a smart device ring that helps in measuring activity such as heart rate, work out movements. Beneath the smart features, the device is highly durable, waterproof fixed with titanium, shell with a combined Bluetooth for tracking fitness.
Discussion of market segmentation
A current report by IDC showed that the global shipping of the wearable devices is estimated to grow by 101.9 million by the year 2022 and the market industry for these devices is assumed to expand by CAGR of 20.3% by the year 2017-2020 (Kekade et al., 2018). By the end of the year 2020, the net shipping of wearable device will be reaching 213.4 million per unit.
There is an increasing adoption of smart devices in the mass market that represents that there will be the growth of more sophisticated devices with the increase of demanding users. A more intuitive user interface will be developed for enhancing the user experience for offering value beyond core operations. However, from the perspective of design, the wearable devices have not been observed as successful in developing a device with affordability (Do, Martini & Choo, 2017). In addition to this most of the wearable devices have focused mostly on the operational utility of the smart device
Financial objectives

Increase sales with at least 8 % by the year 2018 and 10% by the end of the year 2019.
To develop a gross profit margin of market higher than almost 2% each year.
To increase the cost of goods sold by 6% each year gradually in year 1, year 2 and year 3.

Market segmentation
Based on the application of the motiv ring device the technology can be classified into several major segments including fashion, communication, lifestyle computing, health fitness and clinical security. However, the market trend in Australia witness over the past decades shows that leading wearable devices such smartwatch and fitness tracker such as fit bit has been used by the consumers for multiple application mostly for health and fitness (Anaya et al., 2018). Therefore, as a consequence, the barrier in between health and fitness, wellness and computing and health has become more blurry.
The target market strategy of the organisation is based on the differentiation of product through the development of motiv ring device. In this context, the primary consumers of the company are middle class to the upper-middle-class population who are more concerned about their health and are need of a portable device to balance their busy schedules. In addition to this, the secondary target customer is high school children and students from the university who are acquainted with the use of multimedia, dual mode device (Gretzel, 2015). However, these segments can be represented as the age group from 16 -35 with proper educational level.
Moreover, the primary business target is large size fitness organisation that want to help their management employers for the stay in touch with regular health and able to access critical health-related and data (Delabrida Silva, 2017). The company is also targeting small business entrepreneur along with users who are keen about accessing patient’s medical data thereby reducing paperwork.
Positioning approach 
The company will be using a product differentiation strategy for positioning the Motiv ring device. This will be the most versatile, convenient, and value-added process for the purpose of personal as well as professional use (Meritam, Ryvlin & Beniczky, 2018). Apart from these, that the market positioning strategy of the company will be based on hands-free functions for multiple channels of communication and information distribution that will allow them to differentiate from their competitors.
The motiv ring will be including all the characteristics that have been illustrated earlier that will be sold within a period of one year warranty. Most of the smart jewellery are sold today designed for the purpose of catwalk or celebrity events (Byun et al., 2018). The device, therefore, will be designed for measuring and capturing events and that will sidestep the regular cleaning and battery issues.
By doing so, the company will be introducing a more compact, lightweight and attractive model in the second year of the launch provided with an increased number of colours. Developing the motiv ring brand is the important part of the product development strategy. The brand and logo will be displayed on the packaging of the product that will be enforced by the efficiency of the introductory marketing campaign.  
Pricing strategy
The company will be offering a premium pricing strategy that will be most fruitful for the beginning phase of the motiv ring production. In this context, the premium price for the product will be set at AU $185. The product will be shipped in international locations as well as at the local area across Australia (Nikolaou & Lean, 2017).
However, it has been estimated that there will be a reduction in price after the launch of the first product in the market due to the uncertain nature of technology. People may not be preferring a smart device at a high price. After introducing the product line, the wholesale price for the motiv ring product will be set at $165 per rings. This pricing strategy will be effective for attracting potential distributing partners and other established competitors.
Promotional strategy 
Promotion for the motiv ring will be done by integrating all the information through different media channels and by spreading brand awareness by adding up major points for creating differentiation. Moreover, research on the consumption of media will allow the company to build a partnership with the advertising suppliers thereby allowing them to select suitable media tool and real-time to reach the prospects (Jaworski, 2018).
Therefore, the strategy will be based on the promoting the motiv ring on the basis of pulsing for managing brand awareness and to spread several messages of differentiating strategy through social media platform.
The company will be posting attractive images on a social media platform such as Facebook, Instagram and Twitter for attracting increased customers. The company will also be preparing a user-generated video in social media sites for illustrating the advantages of the characteristics of Motiv ring and to influence the consumers for purchasing the products.
Strategy for distribution
The traditional form of distributing channels are dependent on the product that can be obtained through direct as a well indirect distribution of channels. However, the reach out results can be quantified, but it is not possible to manage the social media marketing network as restricting it is not feasible.
The camping and promotion of the motiv ring device may become viral spreading out amongst larger mass. In this context, research has found that almost 94% of the organisation uses at least one social media channel for the purpose of distribution whereas 83% of them concentrates on social media promotion as a necessary factor business (Wensley, 2016).
Therefore, a wide social media distribution strategy is required for the wearable motiv ring device for managing the competitive market. The organisation uses a selective strategy for distribution that is being done through different marketing channels via online suppliers like an advertisement, websites, email and online campaign. However, during the first of production, the company has been planning to add up a few channel partner through online networks.
Content plays a crucial role in social media marketing and it is essential to have a well-developed strategy to assist the product vision. Zeriti (2014) stated that customer segmentation and research is not enough for persuading the customer and to increase brand awareness. It is the appealing content story that is required to attract the target customer for creating a position in customer thought. The company will be investing in creating content in the social media platform along with attractive pictures of the motiv ring devices on Instagram.
Budget allocation and promotional mix

Marketing Budget Plan

 

 

 

 

Category

EstimatedQuantity

EstimatedCost per Unit

EstimatedSubtotal

 

Research

 

 

 

 

Research firm fees

3

$1,000.00

$3,000.00

 

Web research

2

$500.00

$1,000.00

 

Independent research

0

$300.00

$0.00

 

Other research

0

$250.00

$0.00

 

Research Costs Total

 

 

$4,000.00

 

Communications

 

 

 

 

Promotional brochures

6,500

$0.45

$2,925.00

 

Television

7

$3,500.00

$24,500.00

 

Radio

15

$375.00

$5,625.00

 

Web

2

$485.00

$970.00

 

Communications Costs Total

 

 

$34,020.00

 

Networking

 

 

 

 

Memberships

0

$0.00

$0.00

 

Affiliations

0

$0.00

$0.00

 

Subscriptions

0

$0.00

$0.00

 

Networking Costs Total

 

 

$0.00

 

Additional Costs

 

 

 

 

Invitation (printing and postage costs)

 

$850.00

$850.00

 

Time & Expense (T&E)

 

$750.00

$750.00

 

Company staff T&E

 

$250.00

$250.00

 

Customer testimonial T&E

 

$150.00

$150.00

 

Additional Costs Subtotal

 

 

$2,000.00

 

 

Promotions

 

 

 

 

Product giveaways

50

$8.00

$400.00

 

Product discounts

300

$3.00

$900.00

 

Special offers

200

$2.50

$500.00

 

Promotions Costs Total

 

 

$1,800.00

 

Advertising

 

 

 

 

Brochures (development and production)

2,500

$0.30

$750.00

 

Mailings

4,000

$0.02

$80.00

 

Postcards

5,000

$0.03

$150.00

 

Television

2

$600.00

$1,200.00

 

Radio

4

$300.00

$1,200.00

 

Newspapers

6

$220.00

$1,320.00

 

Billboards

2

$556.00

$1,112.00

 

Bus sides

3

$125.00

$375.00

 

Advertising Costs Total

 

 

$6,187.00

 

Public Relations

 

 

 

 

Charity events

3

$200.00

$600.00

 

Advertising

4

$200.00

$800.00

 

Employee promotions

6

$200.00

$1,200.00

 

Sponsorships

3

$200.00

$600.00

 

Public Relations Costs Total

 

 

$3,200.00

 

ESTIMATED MARKETING GRAND TOTAL

 

$51,207.00

Conclusion 
From the entire scenario, it is evident that wearable technology market has a highly positive outlook with a consistent growth that expected to rise at a CAGR of 20.3% by the year 2020 (Schmidt, Spann & Zeithammer, 2014). Therefore, motiv ring while entering the market with a fashion launch of device fixed with fitness and wellness segment may encounter intense competition. In this context, an increasing number of players in the market and price is one of the major issues that may be faced by the organisation.
In response to the increasing competition in the consumer wearable segment. Motiv ring products may help the consumers to turn their attention in some other direction. Motiv ring is a device that is attractive in outlook and advanced in technology that will help in newly entering the demanding market (Liu & Chou, 2016). This move is expected to outgrow competitors in the market.
Regardless of the consumer fitness and wellness features attached to the segments, the new entrant is needed to be considered. It is for developing strong parameters of differentiation from the dominant players in the market with an instinctive user expertise and attractive product design that will easily convey the message to the consumer (Liu & Chou, 2016). However, Gamification of the market is one of the most significant solutions that may be helpful for the production of motiv ring.
 Therefore, in a nutshell, the expected marketing strategy is to develop a successful product and a brand name by:

The objective of the company needs to have a strategy aligned to the product’s vision and core competencies of the organisation
The company needs to recognise the appropriate consumer to create a successful marketing campaign
The channels planned needs to have a significant role in distributing the message to impact the visibility of the brand.
Engagement with the consumers is required to be developed for converting the opportunities into the direct lead.
The company needs to supervise the planning and implementation of the social media promotional strategy
Finally, feedback is the last step to retrospect the analysis of the process for the enhancing the characteristics of the product.

Evidence of research 
Conducting research on the market will help the company to recognise the characteristics as well as the benefits of the potential market segments. Feedback collected through market research will help them in the establishment of the product. Feedback and surveys conveyed are inevitable to understand when the organisation will be introducing the new research and added a new research in the product (Hunt, 2018). However, robust community members and focused groups will help in providing the real appreciation for the product.
Research in this context shows that wearable devices in Australia account for almost $106 million in the year 2018. In this context, the revenue is expected to grow at an annual rate of 2.8% leading to a market volume of $118 million by the year 2022. Moreover, user penetration of the devices is 8.2% in 2018 that is expected to hit 9.2% in the year 2022 (Öztamur & Karakad?lar, 2014).
Mechanics 
Employees and people work in collaboration to provide service to the customer. All these members need to think and act in accordance to commit towards a shared goal, need to understand the complementary roles they play in accomplishing the objectives (Helm & Gritsch, 2014). Moreover, the members working together need to communicate consistently with each other to ensure the engagement of the members with each other and to maintain the track.
A high involves and aligned product team will help to enhance the productivity of the organisation thereby reducing cost that would directly influence the satisfaction of the customer and business metrics. According to Hasan & Ali, (2015), organisations with highly shared engagement often experiences a 147% higher profit for each share in comparison to their competitors.
Marketing mechanics

This will help the clients of the company to obtain insight into customer’s requirement and changing demand
This will help to establish a collaborative and agile approach towards the development of the product thereby offering the satisfaction of the customer
Help in rejuvenating and enhancing the processes while improving the individual’s insight and effectiveness.

Reference list
Anaya, L. S., Alsadoon, A., Costadopoulos, N., & Prasad, P. W. C. (2018). Ethical implications of user perceptions of wearable devices. Science and engineering ethics, 1-28.
Byun, W., Lee, J. M., Kim, Y., & Brusseau, T. A. (2018). Classification Accuracy of a Wearable Activity Tracker for Assessing Sedentary Behavior and Physical Activity in 3–5-Year-Old Children. International journal of environmental research and public health, 15(4), 594.
Delbridge Silva, S. E., Rabelo Oliveira, R. A., & Loureiro, A. A. F. (Eds.). (2017). Examining Developments and Applications of Wearable Devices in Modern Society. IGI Global.
Do, Q., Martini, B., & Choo, K. K. R. (2017). Is the data on your wearable device secure? An Android Wear smartwatch case study. Software: Practice and Experience, 47(3), 391-403.
Gretzel, U., Sigala, M., Xiang, Z., & Koo, C. (2015). Smart tourism: foundations and developments. Electronic Markets, 25(3), 179-188.
Hasan, Z., & Ali, N. A. (2015). The impact of green marketing strategy on the firm’s performance in Malaysia. Procedia-Social and Behavioral Sciences, 172, 463-470.
Helm, R., & Gritsch, S. (2014). Examining the influence of uncertainty on marketing mix strategy elements in emerging business to business export-markets. International Business Review, 23(2), 418-428.
Hunt, S. D. (2018). Advancing marketing strategy in the marketing discipline and beyond: from the promise, to neglect, to prominence, to fragment (to promise?). Journal of Marketing Management, 34(1-2), 16-51.
Jaworski, B. J. (2018). Commentary: advancing marketing strategy in the marketing discipline and beyond. Journal of Marketing Management, 34(1-2), 63-70.
Kekade, S., Hseieh, C. H., Islam, M. M., Atique, S., Khalfan, A. M., Li, Y. C., & Abdul, S. S. (2018). The usefulness and actual use of wearable devices among the elderly population. Computer methods and programs in biomedicine, 153, 137-159.
Liu, C. H. S., & Chou, S. F. (2016). Tourism strategy development and facilitation of integrative processes among brand equity, marketing and motivation. Tourism Management, 54, 298-308.
Meritam, P., Ryvlin, P., & Beniczky, S. (2018). User?based evaluation of applicability and usability of a wearable accelerometer device for detecting bilateral tonic-clonic seizures: A field study. Epilepsia, 59, 48-52.
Nikolaou, C. K., & Lean, M. E. J. (2017). Mobile applications for obesity and weight management: current market characteristics. International Journal of Obesity, 41(1), 200.
Öztamur, D., & Karakad?lar, ?. S. (2014). Exploring the role of social media for SMEs: as a new marketing strategy tool for the firm performance perspective. Procedia-Social and behavioural sciences, 150, 511-520.
Schmidt, K. M., Spann, M., & Zeithammer, R. (2014). Pay what you want as a marketing strategy in monopolistic and competitive markets. Management Science, 61(6), 1217-1236.
Wensley, R. (2016). The basics of marketing strategy. The marketing book (pp. 75-107). Routledge.
Zeriti, A., Robson, M. J., Spyropoulou, S., & Leonidou, C. N. (2014). Sustainable export marketing strategy fit and performance. Journal of International Marketing, 22(4), 44-66.

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