Marketing Management for Smart Goggles

This assignment discusses the marketing strategies and plans for introducing Smart Goggles in the market. It covers topics such as market research, customer behavior, identification of market segments, brand positioning, and pricing strategies.

MARKETING MANAGEMENT

Table of Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
Marketing for new Smart Goggles...........................................................................................................3
Marketing strategy and plan....................................................................................................................3
Market research.......................................................................................................................................5
Customer behavior...................................................................................................................................5
Identification of market segment and target.............................................................................................6
Brand positioning and programs..............................................................................................................6
Product strategy.......................................................................................................................................7
Pricing strategies and programs...............................................................................................................8
Integrated marketing channels and distribution system...........................................................................8
Designing and managing integrated marketing communication..............................................................9
Managing mass communication............................................................................................................10
CONCLUSION........................................................................................................................................10
REFERENCES........................................................................................................................................11

INTRODUCTION
Marketing management refer to procedure of developing plan, executing conception,
advertising, pricing and distribution of products, services and ideas. The current assignment will
be based on new product, and that is Smart goggles that captures authentic videos and pictures as
well as track location.
MAIN BODY
Marketing for new Smart Goggles
It is quite important for marketer to conduct their practices related to marketing, which
enable them to introduce new realies in market, where potential buyers are seeking to buy
something new and innovative like Smart Goggles. In the world of business, varied forms of
marketing techniques, tools and methods as well as platforms are available, which they may use
to obtain desire outcomes (Danish, 2020, p7(3)). Social media, paid, traditional, video, content
and digital marketing are the types of product promotion. Marketer may choose one from these
and successfully introduce new product in market, which no one has introduced before. They
may continue this process by creating shareable content, optimizing website speed, choosing
target customers and analyze current market needs & trends, which is actually quite important
and beneficial for them in term of customer attraction.
Furthermore, for purpose of new innovative product marketing, marketer may take
benefits by engaging continually on social media platforms or pages, where millions of people
has created their accounts for taking updates about key market trend, launch of new service or
product, etc.
Marketing strategy and plan
In term of tactic, marketer may use social networks and viral marketing, which allow
them to promote Smart Goggles all over the world successfully (Cho, 2020, p24(1)). Along with
this they may take initiative to develop effective and appropriate marketing plan, which convers
varied components that mention below-
Executive summary-

Marketer has been taken initiatives to promote Smart Goggles that help to capture
pictures and videos clearly. It helped to track location, which is quite unique feature of this new
product. By using social media marketing, they advertised item in market, which in return
increased their sales. They have applied appropriate strategies and tactics that contributed to
achieve strategic goal and objectives.
Aim-
To generate awareness about Smart Goggles in market and attract customers towards it.
Objective-
 To increase sales by 40% within 1 year
 To maximize customer base by 30% within 1 year
 To generate web traffic
Situational analysis-
By referring to PESTEL analysis model, technology advancement, key market trends,
etc. are those external business environmental factors that may affect new product in varied
manner. Furthermore, under this stage, intense competition in market for customer attractions via
new product or service launch is high, which may also impact, marketing process that conduct
for new item.
Tactics-
In term of tactic, marketer may take appropriate action in term of dividing role and
accountable of workers to conduct specific activity related to product launch for example, market
research, target customers and others.
Strategies-
In term of strategies, marketer may choose the right pricing strategy for Smart Goggle
and also select influencing platforms for marketing purpose like Instagram.
Marketing budget-
Resources Cost $

Market research 2500
Social media marketing 2000
Marketing platform 1800
Creative or design software 1500
Recruitment 2000
Hardware 2300
Total 12,100
Controlling and measuring-
Marketer may measure success of their marketing plan by identify profit ration from last
to current year. Furthermore, they may control overall process by monitoring staff performance
and providing directions & guidance to them.
Market research
In term of process, this element is used to determine viability of new Smart Goggles
through investigation conducted directly with potential customers. It made marketer capable to
discover target market and get their opinion as well as feedback from consumers about their
interest in specific service or item. It may be conducted in form of demand forecasting, which
also help marketer to determine the needs and demand of buyers for particular products
(Abbasimehr, Shabani and Yousefi, 2020, p.106435).
Face to face interview, survey via digital platforms, telephonic method and event, are the
most common methods of market research, which also support to analyze and identify demand in
the context of new innovative product in market.
Customer behavior
Consumer behavior refer to the study of individual or group behavior, and perspective
related products or services purchase. This kind of study define marketer that how individual
buyer, groups or companies choose, purchase, utilize and dispose ideas, service and item, in
order to satisfy their demands.
Here, marketer may take initiative to understand behavior of their target customers, by
observing their product adoption procedure, for which they may use social media and other sites

or platforms where each customer may get information about product in which they are highly
interested. It allows them to learn more about Smart Goggles and permit to quickly adopt as new
innovative item, which they seek to buy from so long. Customer behavior related to product is
analyzed by considering number of visitors on website or official page, where marketer may
provide all information about good. It is a kind of digital survey, which help them to know more
about target customers and their wants.
Identification of market segment and target
In order to identify potential buyers for Smart Goggles, marketer may choose appropriate
framework or model, such as STP (Farida, 2020, 8(2). pp.136-147).
Segmentation-
Varied forms of strategies for target segmentation exist and has been used in the context
of many products and services by marketers. Here, marketer may use demographic, behavioral,
and psychographic segmentation tactics, to target specific group of customers, who are interested
to buy Smart Goggles and demand for it.
Targeting-
For purpose of market targeting, they may use undifferentiation strategy, which enable
them to target those people who are bike riders, and also those who love skydiving, hiking,
bicycling and outings with friends. These types of people, aged 20 to 45+ seek to buy a new
product, which is travel friendly and easy to carry, and smart goggles it appropriate for them.
Positioning-
For product positioning purpose, marketer may offer discount to gain the attention of new
customers and made strong brand image in their mind, which is quite important for them to do,
in effective and influencing manner.
Brand positioning and programs
Brand positioning is defined as act of designing a firm offering and image, in order to
occupy a distinctive place in target customers mind, in systematic and precise manner (Brand
Positioning: Meaning and Positioning Strategies, 2020,
https://www.yourarticlelibrary.com/brand-management/brand-positioning-meaning-and-

positioning-strategies/32314). There are several forms of techniques and methods are existing in
the market that has been used and taken into consideration by variety of brands for their business
positioning reason.
In term of programs, marketer may use price as key element for influencing target
customers and set unforgettable brand image in their mind, which is not that easy to remove or
replace by any other firm, until they may not offer their product or service even better than those
which image set in mind of people.
Moreover, they may take initiative to concentrate on communication strategy, through
which skilled and highly influencing workers may attract and communicate with people who
take interest to purchase of Smart Goggles. In term of key component, communication also help
to set positive brand image in customer’s mind and build trustworthy relationship between both
of them.
Product strategy
An item strategy refers to high extent plan that define what a venture hopes to accomplish
with its goods and how it may plan to do so, systematically. It outlines organizational strategic
vision for their items offering by stating where it is going, how they may get there and why they
may succeed. Product strategy include five key elements that are;
Vision-
To promote smart goggles in the whole world and drive the attention of customers
towards its purchase.
Product aim-
 To increase satisfactory level of buyers
 To maximize repeat purchase.
Product strategy-
Marketer may use cost, quality and service strategy in regard to smart goggles, which
allow them to obtain unexpected outcomes.
Product roadmap-

Under this stage, marketer may create roadmap in regard to smart googles in term of
reaching at customer by using social media marketing and strategic directions.
Reviewing vision and strategy of product-
Along with above activities, marketer may review vision and tactic relate to product in
systematic manner, by monitoring staff performance who are accountable to conduct above
element into practical manner.
Pricing strategies and programs
It is quite necessary for marketer to choose specific pricing strategy and programs for
their Smart goggles, which they seek to promote in market and generate revenue through product
sales. Here, marketer may use competitive pricing strategy that help them to set price for their
new innovative item after considering pricing tactics of their competitors, which is also
important as setting price (Wu, Liu and Wang, 2020, 257. p.120333). This tactic enable marketer
to respond to every move of their rivals and make them stronger in term of gaining competitive
edge, which help to set strong image of brand and its product in market, which is not that easy
for any company to replace. It also helps to prevent loss of potential and profitable target
customers. In term of pricing program, marketer may use competitive tactic in effective and
systematic manner, which in return contribute to increase sales, profits margin, web traffic,
revenue, etc.
Integrated marketing channels and distribution system
Social media is the best integrated marketing channel that has been used by many firms
to advertise their products and services in market, which in turn provide a lot of advantages to it
in term of achieving desire outcomes. It can be said that integrated marketing is defined as
procedure of unifying each aspect of advertising communication such as PR, and including
chosen one as well.
Distribution term entails making an item accessible for purchase by dispersing it via
market, it includes packaging, transporting and delivery products. Management may choose the
right distribution system or source for Small Goggles sells. For example, retailing and direct
sales are the two forms of systems that manager may use to reach specific location in Australian

market, for which about 2 hours may take to make operation successful. Both methods
contribute to increase sales and make product distribution operation appropriate.
Designing and managing integrated marketing communication
Marketer may design and manage integrated marketing communication, which is a
method that may use to create a seamless and unexpected experience for target market to interact
with firm (Integrated Marketing Communications, 2019,
https://www.hitechnectar.com/blogs/integrated-marketing-communication-tools). They may
design this approach by following below stages;
Understand target customers-
For success of marketing plan and communicate effectively with target customers,
marketer may take initiative to understand consumer first, in term of identify their needs,
expectations and behavior towards new products or services, like Smart Goggles.
Set up a budget-
Resource Cost $
Market research 2000
Marketing communication methods 2500
Selection and recruitment 2200
Training and development 1500
Total 8200
Determine unique selling proposition-
Marketer may adopt and use strategic differentiators to stand out their product in a crow
of innovative products.
Marketing communication method-
They may utilize sales promotion, direct marketing, social media, public relations and
other marketing communication approaches, which allow marketer to promote their products
quickly as possible as they can.

Success metrics-
By considering increasing number of sales of Smart Goggles and web traffic, marketer
may identify success of their integrated marketing communication plan (7 Steps To A Better
Integrated Marketing Communication, 2020, https://www.smbadvisors.com/capabilities/demand-
generation/insights/7-steps-to-a-better-integrated-marketing-communication). They may consider
these as success metrics or criteria’s,
Execute, test and reiterate-
By executing staff performance, and reiterating them in term of providing directions,
marketer may manage their plan appropriately.
Managing mass communication
For managing mass communication, marketer may use all possible effective
communication media sources such as internet, television, Sales promotion, events, public
relation and other approaches as well. By using these approaches, it is quite easy for them to
manage mass communication.
CONCLUSION
From above analysis, it has been summarized that by choosing the best and most
effective marketing tools, marketer has successfully launched Smart Goggles in the market,
where they have attracted target customers.

REFERENCES
Book and Journals
Abbasimehr, H., Shabani, M. and Yousefi, M., 2020. An optimized model using LSTM network
for demand forecasting. Computers & industrial engineering. 143. p.106435.
Cho, S., 2020. Unethical Viral Marketing in Social Network Service. International Journal of
Entrepreneurship. 24(1).
Danish, M.T., 2020. Influence of marketing in New Product Development. Advances in Social
Sciences Research Journal. 7(3).
Farida, N., 2020. Pengaruh Strategi Segmentation, Targeting Dan Positioning Terhadap
Keputusan Pembelian Handphone (Studi Kasus Rizqy Mobile & Comp Gresik). GEMA
EKONOMI (Jurnal Fakultas Ekonomi). 8(2). pp.136-147.
Wu, L., Liu, L. and Wang, Z., 2020. Competitive remanufacturing and pricing strategy with
contrast effect and assimilation effect. Journal of Cleaner Production. 257. p.120333.
Online
7 Steps To A Better Integrated Marketing Communication. 2020. [Online]. Available Through:
<https://www.smbadvisors.com/capabilities/demand-generation/insights/7-steps-to-a-
better-integrated-marketing-communication >
Brand Positioning: Meaning and Positioning Strategies. 2020. [Online]. Available Through:
https://www.yourarticlelibrary.com/brand-management/brand-positioning-meaning-and-
positioning-strategies/32314
Integrated Marketing Communications. 2019. [Online]. Available Through: <
https://www.hitechnectar.com/blogs/integrated-marketing-communication-tools/ >