Marketing Plan for Musiclens in Australia

This presentation provides an overview of the business of Musiclens in terms of Australian perspectives and focuses on the development of a marketing plan to introduce the product successfully in the market. It discusses target market identification, marketing objectives, marketing mix strategy, company analysis, PESTEL analysis, competitive analysis, SWOT analysis, and a time schedule for the newly launched product.

MARKETING
MANAGEMENT AND
DIGITAL
COMMUNICATIONS

Introduction
 The presentation provides an overview of the business of
Musiclens in terms of Australian perspectives
 The assignment focuses on the development of a marketing plan
to introduce the product successfully in the market
 It can allow the company to create a good brand image
 The company can manage business expansion with the product
to be newly launched in the market

Target Market Identification and
Marketing Objectives
 The right target market is selected to position the product to be
launched well in the host country
 Musiclens aims to market segments include those comprising of
the musicians, music enthusiasts
 The customers with active lifestyles are also targeted by the
company to whom the Musiclens can be a good choice
 Majority of the younger customers are preferring the high tech
gadgets of Musiclens

Marketing and financial objectives
 To gain consistency in sales by achieving a growth over 10 percent in the
development of online customers
 To improve the marketing efficiency by establishing good and effective online
website for engaging more clients and spread awareness about the newly
product launched
 To enhance the level of distribution by 10 percent through social media
marketing and products offered through e-commerce by Derringers Music
company in Australia
Financial objectives
 To increase the level of profit to more than 20 percent for Musiclens, Australia
 To facilitate the marketing efforts and manage investments by shareholders or
investors for improving the working capital and the financial condition too

Marketing Mix Strategy
Product
 The product here is nil introduced by Musiclens
 The products are classified under different product levels
 Extended warranty period is offered along with discounts, which can influence
customers towards the product

Marketing Mix Strategy
Price
 The price range will be around $168 to $200
Place
 Online distribution of the product
 Available at stores
Promotions
 Social media platforms are used to promote the product
 Positive word of mouth promotions
 Advertisements on newspapers, magazines, online website

Analysis

Company analysis
 Musiclens is based in California, United States
 They are offering innovative smart glasses for different alternate usages
 As of now, they are exporting their products across the world through their
online portal
 They are willing to enter the Australian market with their existing products

PESTEL analysis
Political factors
 The taxation and interest rates controlled by the Australian Government
impacts pricing of products and revenue generation for the company
 The management of public expenses can allow the company to establish the
product and brand online for attracting more clients
Economic factors
 Inflation rate can influence the spending behaviours of individuals and affect
the industry performance
 The growth perspectives in terms of economy also contribute to the
management of suppliers and production rate

Competitive analysis
Social factors
 The love for innovative tech gadgets contribute to the purchasing behaviours
of people in Australia
 The change in behaviour and lifestyles also allows for getting inclined
towards the brand product that will be launched
Technological factors
 Advanced technology usage can allow Musiclens to put more efforts to
marketing
 It can also allow for expanding the production and attain good brand image
too

Legal and environmental
factors
 Implementation of laws related to the protection of copyrights,
and managing patents, trademarks to prevent duplicity of
product
 Introduction of environment friendly musical instruments to
ensure creating positive mind sets among customers
 Protection of environment can contribute to social responsibility
towards the community

Competitors analysis
Major competitors Background
Niro Niro is having photo capturing facilities with dual camera installed in the front frame. They can
take up to 70 videos and photos and transfer to the phone. They are following premium pricing
with the expensive price points. However, the product varieties are low compared to Musiclens.
Vue Vue is positioned as more mass market and affordable alternative to Musiclens. However, the
features on the product are inferior compared to Musiclens. It is also identified that this brand is
facing the issue of authenticity and trustworthiness. They are catering to the customers on the
basis of cost effectiveness.
Intel Vaunt Vaunt is offering one of the most of technologically advanced smart glasses in the market. They
are based on Google glass but with more user conveniences. In addition, vaunt is having the
retina display in their glasses. On the basis of these features, premium pricing is being followed.

SWOT analysis
Strengths
 Musiclens is known for its great knowledge on the sound engineering and
thus copes up with the latest trends and innovation consistently
 Diverse product portfolio helping in catering to larger target customers
 Presence of competitors in the market offering similar kinds of products

SWOT analysis
Opportunities
 Collaborative working with business partners within the tech industry
 The expansion into new markets in Australia and aiming to enter New
Zealand can be a trend setter
Threats
 The threats of substitute products such as there might be other smart glasses
available at a similar price in the marketplace
 The operational costs tend to be higher due to lack of economies of scale

Time schedule for the newly launched product
Jan Feb. mar apr may jun jul aug sep oct nov dec
Objectives
Documentation
Positioning
Segmentation
competitor analysis
Pricing
Distribution
Promotion
Evaluation

Bibliography
 Ashley, C., & Tuten, T. (2015). Creative strategies in social media
marketing: An exploratory study of branded social content and
consumer engagement. Psychology & Marketing, 32(1), 15-27.
 Baker, M. J. (2014). Marketing strategy and management. Macmillan
International Higher Education.
 Clarke, A. E., Friese, C., & Washburn, R. (2016). Situational analysis in
practice: Mapping research with grounded theory. Routledge.
 music-lens.com. (2019). MusicLens Audio Glasses - Listen to Music
without earphone!. Retrieved from http://www.music-lens.com/
 Myrthianos, V., Vendrell-Herrero, F., Parry, G., & Bustinza, O. (2014). Firm
profitability during the servitization process in the music industry.
Strategic Change: Briefings in Entrepreneurial Finance, 23(5-6), 317-
328.

Thank you