Developing a Strategic Marketing Plan for Motiv Ring in Australia

Running Head: STRATEGIC MARKETING PLAN
STRATEGIC MARKETING PLAN
STUDENTS ID:
NAME OF THE UNIVERSITY
AUTHORS NOTE

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Table of Contents
Introduction................................................................................................................................4
Discussion of market segmentation...........................................................................................4
Market overview.....................................................................................................................4
Financial objectives................................................................................................................5
Market segmentation..............................................................................................................5
Targeting.................................................................................................................................6
Positioning approach..............................................................................................................6
Formulation of a detailed marketing mix strategy.....................................................................7
Product strategy......................................................................................................................7
Pricing strategy.......................................................................................................................7
Promotional strategy...............................................................................................................8
Strategy for distribution..........................................................................................................8
Budget allocation and promotional mix.....................................................................................9
Conclusion................................................................................................................................10
Evidence of research................................................................................................................12
Mechanics................................................................................................................................14
Marketing mechanics............................................................................................................14
Reference list............................................................................................................................15
Appendices...............................................................................................................................18
Appendix 1: Features of wearable devices popular in the market........................................18

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Appendix 2: Break even Point..............................................................................................19

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Executive summary
The report emphasises on developing a strategic marketing plan for Motiv ring in
Australia. These devices is smart and fashionable wearable device that is used for tracking
movements, measuring calorie burn while working out and other health issues. In this
context, the report presents a financial objective for three consecutive year by formulating a
budget allocation for promotional mix. Apart from these, through market analysis using
marketing tools the study elucidates an estimated marketing strategy for the production of
Motiv Ring in Australia.
However, the potential target market for the product will be middle class young and
middle aged people including university and school students’ who are concerned about their
health. The study focuses on in depth market research for preparing a plan for attracting
increased number of customers.

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Introduction
As a marketer, the individual is required to prepare an effective marketing plan for
providing direction and need to focus on the promotion of the brand. Therefore, with the help
of a detailed plan, a specific business organisation will be able to prepare themselves
effective for launching a new product or develop sales for the existing products. However, a
strategic marketing plan has a limited scope than a business plan as it provides a wide
overview of the entire company's mission, goals and strategies along with the allocation of
the resources.
Based on this, the section highlights a marketing plan for motiv ring for a hypothetical
company whose first product is smart motiv ring. It is a smart device ring that helps in
measuring activity such as heart rate, work out movements. Beneath the smart features, the
device is highly durable, waterproof fixed with titanium, shell with a combined Bluetooth for
tracking fitness.
Discussion of market segmentation
Market overview
A current report by IDC showed that the global shipping of the wearable devices is
estimated to grow by 101.9 million by the year 2022 and the market industry for these
devices is assumed to expand by CAGR of 20.3% by the year 2017-2020 (Kekade et al.,
2018). By the end of the year 2020, the net shipping of wearable device will be reaching
213.4 million per unit.
There is an increasing adoption of smart devices in the mass market that represents
that there will be the growth of more sophisticated devices with the increase of demanding
users. A more intuitive user interface will be developed for enhancing the user experience for

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offering value beyond core operations. However, from the perspective of design, the
wearable devices have not been observed as successful in developing a device with
affordability (Do, Martini & Choo, 2017). In addition to this most of the wearable devices
have focused mostly on the operational utility of the smart device
Figure 1: Growth of wearable devices
(Source: Do, Martini & Choo, 2017)
Financial objectives
 Increase sales with at least 8 % by the year 2018 and 10% by the end of the year 2019.
 To develop a gross profit margin of market higher than almost 2% each year.
 To increase the cost of goods sold by 6% each year gradually in year 1, year 2 and
year 3.
Market segmentation
Based on the application of the motiv ring device the technology can be classified into
several major segments including fashion, communication, lifestyle computing, health fitness
and clinical security. However, the market trend in Australia witness over the past decades
shows that leading wearable devices such smartwatch and fitness tracker such as fit bit has
been used by the consumers for multiple application mostly for health and fitness (Anaya et