Marketing Plan of Smart Watch - Report

Added on - 28 May 2020

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Running head: FOREIGN MARKET ANALYSISForeign Market AnalysisUniversity NameStudent NameAuthors’ Note
2FOREIGN MARKET ANALYSISExecutive SummaryA smart-watch is a portable device which is designed to be worn on the wrist in a waywhich is similar to that of traditional watches. Smart watches have touch screens, supportapplications and often record the heart rate of individuals among other vital signs. Digitalwatches being around for decades, the concept of smart watches is relatively new. It isessential to assess the needs of individuals, the aesthetic taste as also the budget at the time ofthe choice of smart watches.South Korean smart watches are manufactured and favoured by severalmanufacturers. In order to gain popularity from the different parts of the world there is theneed to export smart watches made in South Korea for gaining popularity. The smart watchesare extremely beneficial in terms of providing benefits to the users by showing importantnotifications and reminding the users of any important tasks at hand.
3FOREIGN MARKET ANALYSISTable of Contents1.1 Background:.........................................................................................................................31.2 Objectives:............................................................................................................................31.3 Scope:...................................................................................................................................32. Analysis..................................................................................................................................42.1 Overview of Saudi Arabia....................................................................................................42.2 Main Economic Figures of Saudi Arabia.............................................................................52.4 Business SWOT analysis.....................................................................................................62.5 Market Analysis...................................................................................................................72.5.1 Environment......................................................................................................................72.5.2 Customer...........................................................................................................................82.5.3 Product Demand................................................................................................................92.5.4 Competition.......................................................................................................................92.5.5 Price.................................................................................................................................132.5.6 Distribution.....................................................................................................................133. Comparative Market Choice................................................................................................154. Market Segmentation and targets.........................................................................................164.1 Segmentation......................................................................................................................16Market Segmentation and Analysis:........................................................................................16Marketing activities:.................................................................................................................175. Marketing Strategy...............................................................................................................18
4FOREIGN MARKET ANALYSIS5.1 Generating Customer Value (4Ps).....................................................................................185.2 Marketing Activities...........................................................................................................195.3 Estimated Budget of the marketing communication activities..........................................216. Conclusion............................................................................................................................22References................................................................................................................................23
5FOREIGN MARKET ANALYSISIntroductionThe present scenario of smart watches is segmented in the market by the nature ofsmart watches which are bought by the people namely Ultra-Premium, Premium, Standardand Fitness and Wellness. The customers choose smart watches based on features, style andprice. A smart watch can also provide important information and notifications to the doctorsregarding the health condition of patients (Schaperet al.2014). Smart watches are in tandemwith the modern day scenario and technologically advanced times.Objectives:The aim of this particular study is to understand the foreign market that is theprospects for the export of smart watches in the country of Southern Arabia. The report aimsto create a proper marketing plan based on the conditions of the market and acceptability ofthe product. The conditions in Saudi Arabia are to be studied in order to market the producteffectively and make the export procedure a success. The aim of the export of high end smartwatches is to gain a fairly significant market in the new country that is Saudi Arabia (Dawidet al.2017).The competition in the market needs to be analysed to succeed over the existingcompetitors if any.1.3 Scope:The scope of the project report aims to clearly analyse the project planning whichinvolves the determination and documentation of a list of specific project goals. In this case itrelates to the analysis of the market. The report covers the analysis of the market in this casethe market of Saudi Arabia. The business analysis of the product export is to be calculated.The need of smart watches in Saudi Arabia needs to be understood and the marketing planneeds to be formulated accordingly (Agnihotriet al.2016).
6FOREIGN MARKET ANALYSISAnother important part which is included is the evaluation of the product in the exportmarket. In the present report, the actual need for the smart watches is to be understood in thecountry of Saudi Arabia (Foxall 2014). The evaluation of the need of smart watches is to beunderstood. The possible competition in the area needs to be understood and the promotionalactivities of the watch also need to be looked into.2. Analysis2.1 Overview of Saudi ArabiaSaudi Arabia that is officially referred to as Kingdom of Saudi Arabia (KSA) is essentially aself governing Arab state located in Western Asia comprising of the bulk of the ArabianPeninsula. Essentially, with the land area of around 2150000 km2, the nation Saudi Arabia isthe largest state in Asia geographically and second largest state in the entire Arab world. Thenation Saudi Arabia is primarily encircled byJordanas well asIraqtowards the north,withKuwaiton the north east,plus Qatar,Bahrainas well as theUnited Arab Emirates (UAE)tothe eastern side,Omanin the southeast direction andYemento the southern side. In additionto this, it is detached from the nationIsraelandnation Egyptwith the Gulf of Aqaba (Shethand Sisodia 2015).
7FOREIGN MARKET ANALYSISThe nation Saudi Arabia possesses approximately 20% of the world’s proven reserves ofpetroleum, positions as the greatest exporter of petroleum, and plays an important part in theOrganization of Petroleum Exporting Countries also simply referred to as OPEC (Armstronget al.2015). The petroleum industry accounts for approximately 80% of budget revenue,roughly 45% of GDP and 90% of export income.2.2 Main Economic Figures of Saudi ArabiaParticular20112012201320142015Population(million)28.3729.229.9930.7731.52GDP (inbillion US$)671.24735.97746.65756.35654.27GDP (for percapita inUS$)20575.521056.32100521183.5215082.3 Demographics of Saudi ArabiaPopulation growth:The population of Saudi Arabia is approximately 33 335000Population growth rate:1.49%Birth Rate:18.78 birthsLife Expectancy:74.92 years-Male: 76.89 years-Female: 78.94 yearsRate of Fertility:2.17 children that are born for every womanInfant Mortality:14.58 deaths for every 1000Structure of Age:
8FOREIGN MARKET ANALYSISAge between 0 to 14 years: 27.6%Age between 65 years and over: 4.2%.Sex ratio:At birth: 1.05 males for every femalePeople under 15: 1.05 male for every femalePeople between 15 to 64 years: 1.22 male for every femaleSpoken Language:Arabic2.4 Business SWOT analysisStrength-Largest Arab state with high GDP growthrate and higher purchasing power that canprovide a good market base-Innovative design-Cost effective and simultaneously premiumquality (Foxall 2014)Weakness-Entry in a new market-Initially low margin of profit (Sheth andSisodia 2015)Opportunity-Generating demand for superior qualityproduct-Generating higher job opportunities forpeople in Saudi Arabia-Altering customer requirements or elsepreferences (Agnihotriet al.2016)Threat-Acceptance of the company’s product in thenew market-Swift change in technology-Alteration in the needs of the customers2.5 Market Analysis2.5.1 EnvironmentPolitical Environment:Saudi Arabia formally referred to the Kingdom of Saudi Arabia canbe regarded as the largest Arab state in terms of area of land. Essentially, the Kingdom of
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