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Marketing Plan of the Smart Watches

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Added on  2020-04-07

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Even though the smartwatch market in Australia started off in a sensible way, soon the industry made its way to the priority list of Australian consumers. A recent study showed that the sales of smartwatches have increased by 89 percent in the last financial year in the Australian market. IBM is an international IT company that is working with another company to launch a smart wristwatch in the Australian market that incorporates new and innovative software for exercise and fitness (Hollensen 2015). The organization still requires making an effective marketing plan and successful marketing strategies which can be helpful in launching a new product in the market (Armstrong et al. 2015). Therefore this report discusses the detailed marketing plan including a detailed assessment of Australia's business environment and implementation plan. 
 

Marketing Plan of the Smart Watches

   Added on 2020-04-07

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Running head: MARKETING PLANNINGMarketing Planning Name of the Student Name of the University Author note
Marketing Plan of the Smart Watches_1
1MARKETING PLANNINGExecutive Summary The smart watches are considered to be a necessary gadget in the wearable energy industry inrecent times. The Australian market of the wearable energy is expanding in a fast ratenowadays. This report has dealt with the marketing plan and the communication ideas oflaunching a new smart watch with advanced technologies which consists of the softwaremade by the famous international IT Company IBM. The report also exhibits an extensiveanalysis of the marketing opportunities which is capable of enhancing the launch of theproduct in the Australian market.
Marketing Plan of the Smart Watches_2
2MARKETING PLANNINGTable of ContentsIntroduction................................................................................................................................3Situation Analysis......................................................................................................................3Opportunities and issues statement............................................................................................4Strength..................................................................................................................................5Weakness................................................................................................................................5Opportunities..........................................................................................................................5Threat.....................................................................................................................................6Marketing objectives..................................................................................................................6Marketing strategies...................................................................................................................6Segmenting:............................................................................................................................6Targeting................................................................................................................................7Positioning..............................................................................................................................7Marketing mix............................................................................................................................8Profitability analysis.................................................................................................................10Monitoring and control............................................................................................................10Conclusion................................................................................................................................11Reference List and Bibliography.............................................................................................12
Marketing Plan of the Smart Watches_3
3MARKETING PLANNINGIntroductionEven though the smart watch market in Australia started off in a moderate way, soonthe industry has made its way to the priority list of the Australian consumers. A recent studyshowed that the sales of smart watches have increased by 89 per cent in the last financial yearin the Australian market. IBM is an international IT company that is working with anothercompany for launching a smart wrist watch in the Australian market that incorporates newand innovative software for exercises and fitness (Hollensen 2015). The organization stillrequires making an effective marketing plan and successful marketing strategies which can behelpful in launching the new product in the market (Armstrong et al. 2015). Therefore thisreport discusses the detailed marketing plan including a detailed assessment of the businessenvironment in Australia along with implementation plan. Situation Analysis The wearable gadgets and software are a major part of the device ecosystem which isembedded with technology and internet connectivity. This incorporates several applicationssuch as smart watches, fitness trackers, different kinds of smart clothing and skin patches(Wang and Nien 2016). These wearable gadgets tend to capture the imagination of peoplefocusing on helping the users staying healthy and slowing down the aging procedure. Thewearable energy manufactures and software providers tend to face several challenges in themarket as the adaption of such gadgets in the consumer market has show a relatively slowpace despite of the plummeting prices of such products. At the initial stage of using theproducts, the basic features of the wearable tend to meet the requirements of the customers,while after a continued usage; the customers tend to face some issues such as not being ableto monitor their heart rates while they are exercising. The customers also face issues withvisualizing the information as the devices were not provided with any in-built screen (Wu,
Marketing Plan of the Smart Watches_4

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