Marketing Strategies Of Solar Smart Watch †MyAssignmenthelp.com

Question: Discuss about the Marketing Strategies Of Solar Smart Watch. Answer: Backgroundto sustainable offering The concept of solar smart watch was introduced due to the excessive usage of non-renewable sources of energy and the need to save energy for future consumption. This is also being done to reduce the gap between the usage of renewable energy source and nonrenewable energy sources. With complete research and understanding of idea and concept the team was able to form a complete business idea of introducing a new product (Tasaka and Iwasaki 2016). Environmental analysis While doing the environmental analysis it is necessary to know the current condition of the non-renewable sources of energy in the world. However, the managers should be aware of factors that causes a depletion in the non-renewable sources of energy and put forward certain economic factors that will help them to gain financial stability. For this reason the business can come up with the new solar enable smart watch (Hamatani et al. 2017). Market and customer analysis The main target market for the solar smart watch that the business wants to launch keeping in mind the depleting amount of non-renewable resources will be the high income and tech savvy customers. There are customers that love to buy and own technologically advanced things. These types of customers will be targeted by the customers. The solar power enabled smart watch will not only offer the tech savvy customers to have a new experience with different type of watch, it will also improve the environmental condition and check the depletion of non-renewable energy resources. The customers will get the opportunity to try something new, educate their family about the necessities of saving energy that will not hurt the environment further (Komninos and Dunlop 2014). Solar enabled smart watch will enter the market with the aim to improve the condition of energy used by the customers and educate them about the usage and benefits of solar energy. This will be done by the business with the help of market segmentation. Market segmentation is one of the best way company can enter in the market and be successful. This is because it becomes easy for the company to penetrate into the market after dividing it into different sections. This allow them to set their goals and othermarketing variables according to its different target markets. The solar smart watch introduction will primarily focus on the behavioral aspect of the market. In the behavioral aspect it focuses to capture almost 80 percent of eh total revenue from only 20 percent of sale (Pipada and Xu 2016). For this purpose the company will target the niche customer market that loves to accept the advanced technology at any possible prices. The next segmentation that the company aims at is the ge ographic segmentation in which it will focus at the geographic areas having maximum number of niche customers having the mentality of buying technological advanced products. It will also look for areas having the least non-renewable resources available and will readily accept products that is a substitute of those resources (Baran and Iftene 2015.). Objectives The goals that solar smart watch will achieve to target in will include fianancial,marketing and sustainability objectives. They include both the short term and the long term goals. The objective has been designed in such a way so that it becomes easier for the company to achieve the realistic and time bound ideas (Zhou et al. 2014). The financial objectives of the company are- Achieve gross profit of 65% and net profit of 45% Generate sales of $20000 The marketing objectives of the company are: Attract new customers Provide customer satisfaction Available to the customers at an affordable cost. The social and the sustainability objectives of Solar Smart Watch are: Eco-friendly product to be preferred by the customers. Create awareness among the people and encourage people to use these watch rather than battery or digital watch Target market Target market is that group of consumers at which the company aims its product and services. The main target group of solar smart watch is the tech savvy people. People who are an ardent watch collector or wearer will prefer to buy solar smart watch. The target group is the customers of the age group of 18-45 years who prefer to use their smart phone without carrying them. They can use it through their smart watch which will be in operation with solar energy. The watch will not have any battery. China is the main target market of the company. If any company sets up in China, it can produce its product at a cheaper cost due to low cost of labor and low cost of raw materials. The neighboring countries of China are also the target market of the company. Marketing strategies: Positioning and Product offered As solar smart watch is a new concept which is widely accepted by the people. The companies that have developed or are trying to develop the product has to position its product in the market in such a way so that people will prefer to purchase the watch. The consumers will prefer to use these watch because of its wireless charging method. Moreover, it will also use GPS technology and thus it will be easier to track different location or serve the needs of the customers. It will be also eco friendly and consumers can also exchange their watch after using it for longer period of time. The smart watch will also have alarm monitor and can also be connected easily to the smart phones. The product will be available in varied ranges for customers of all age group. The kids and the youth who prefer fashion and are tech savvy will prefer to purchase the watch because of its benefits at an affordable cost. Price The price of solar watch varies according to the product range and benefits. Some watches will be user friendly and will be available at an affordable cost. On the other hand there are some premium and high quality brands which are costlier and will be preferred by high income groups. The functions of these watches will also vary depending on the price range. Place Solar watch will be preferred by customers all over the world. Though this watch will run on solar energy but it will also be preferred by the people of USA and UK because of its eco friendly advantage. The watch will be preferred mostly by the people of Asian countries such as Thailand, Singapore, China, Nepal and many more (Xiao et al. 2014). Promotion The company will use various television advertisements for its promotion. Moreover, it will also use social media and e-commerce sites for its promotion. Hoardings will also be used so that people become aware of the product and they will be willing to purchase the product. Customers will get attractive discounts if they purchase the product online. The products will also be available in varied offline stores (Wile et al. 2014). Marketing implementation The marketing and advertising campaign of Smart watch will worth $10000 for the first year and it will also cover varied elements such as TV advertising, e-commerce advertising and many more. Solar smart watch will spend $1250 on TV Advertisement. Advertisement will be broadcasted especially on sports channel which is viewed by people of all age group. The advertisement commercial will run for 15 seconds in various channels other than sports channel. The company will also spend a huge amount on billboard advertisements. Moreover, investments will also be made on development of e-commerce websites. Social media advertising is also used by the company so that the customers can post their query and know more about the product. Paid advertisements will be also be used by the company on facebook pages. Moreover, if a customer will also get 30% discount on the fourth watch if he/she purchases 3 watches at a time (Chen et al. 2104). Budget The budget of solar smart watch is given below for the first year of operation. The revenues and cost will be based on the demand of the customers and the cost incurred on manufacturing and marketing. The profit generated will exceed the targeted profit if the company can sell the product of $34000 in the first year of operation. Discounts will be given to the premium customers who purchases high quality watches. Revenue $240000 Total income $450000 Gross Profit $25000 Expenses Advertising fees $10000 Other costs $4500 Total expenses $14500 Net Profit $87500 Evaluation and Control There are different people who are engaged in the company for monitoring the financial, marketing and sustainable objectives. The company needs to check that it meets all its financial requirements by tracking the weekly and the monthly sales and expenses of the company. This will help to keep a check on the revenue and cost incurred by the company. There is special team who is responsible for keeping a check on the marketing objectives. It includes keeping a track of the customers, sendi8ng premium customers attractive discounts and offers and thus attracting new customers. Moreover, efforts must also be made by the company to keep a check that it maintains sustainability and eco-friendliness. The objectives of the company will be achieved if all the requirements are met (Gordon et al. 2016). References Baran, A.B. and Iftene, A., 2015. Disruptive Technologies-UV Protect-Smart Watch Application. InRoCHI(pp. 87-90). Chen, X.A., Grossman, T., Wigdor, D.J. and Fitzmaurice, G., 2014, April. Duet: exploring joint interactions on a smart phone and a smart watch. InProceedings of the SIGCHI Conference on Human Factors in Computing Systems(pp. 159-168). ACM. Gordon, M., Ouyang, T. and Zhai, S., 2016, May. WatchWriter: Tap and gesture typing on a smartwatch miniature keyboard with statistical decoding. InProceedings of the 2016 CHI Conference on Human Factors in Computing Systems(pp. 3817-3821). ACM Hamatani, T., Uchiyama, A. and Higashino, T., 2017, March. HeatWatch: Preventing heatstroke using a smart watch. InPervasive Computing and Communications Workshops (PerCom Workshops), 2017 IEEE International Conference on(pp. 661-666). IEEE. Komninos, A. and Dunlop, M., 2014. 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