Marketing Plan for Wise Tech Global: Launching a Fitness Wristwatch

This report outlines a comprehensive marketing plan for launching an innovative digital wristwatch by Wise Tech Global in the Australian market. It begins with an executive summary, followed by a situation analysis that highlights the company's strengths and the competitive landscape. A SWOT ana...Read More

Running head: MARKETING PLANNING
Marketing Planning
Name of Student
Name of University
Author Note

1
MARKETING PLANNING
Executive summary
The report focuses on the importance of marketing plan and the application of it while
promoting a product. The report aims at formulating a marketing plan that is required for
launching an innovative wristwatch by Wise Tech Global. The wristwatch is designed with
an inbuilt computer system that helps in maintaining the fitness of the people. The report
conducts a market segmentation analysis that is required for promoting the product. A SWOT
analysis is also conducted that highlights the strengths, opportunities and the issues that the
company may face. The competitors and lack of a proper promotional plan are the main
issues that may arise in the company. An action plan for promoting the product is formulated
that helps in setting up the budget of the company. In conclusion, it is seen that Wise Tech
Global needs to make a proper marketing research and negotiate with the celebrity endorsee
in order to maintain a stable financial balance and improve the profitability of the
organisation.

2
MARKETING PLANNING
Table of Contents
4. Introduction............................................................................................................................3
5. Situation analysis...................................................................................................................3
6. Statement of opportunities and issues....................................................................................4
7. Marketing objectives..............................................................................................................5
8. Marketing strategies...............................................................................................................5
9. Marketing mix action programme..........................................................................................6
10. Budget analysis....................................................................................................................7
11. Monitoring and control........................................................................................................8
12. Conclusion............................................................................................................................9
Reference..................................................................................................................................10

3
MARKETING PLANNING
4. Introduction
The report is based on formulating a marketing plan for the launch of a new product
in the Australian market. The product in focus is digital wrists watch that incorporate the use
of computer and other electronic technologies. The report is aimed at to launch the product in
the Australian market as the people of Australia adopt technology in at an early stage. The
report focuses on the information about the market, the competitors and the customers that
can be involved in the launching of the product. For the purpose of the report, Wise Tech
Global has been taken into consideration. A SWOT analysis is conducted in order to predict
the potential success of the product. Furthermore, marketing objectives are formulated along
with an analysis of the marketing mix. Target markets are identified based on which branding
strategies can be incorporated. A budget is also formulated in order to estimate the revenue
and expenses that can be incurred from the launch of the product.
5. Situation analysis
Wise Tech Global is an innovative global developer of cloud-based software in the IT
market of Australia. The company has over 7000 customers over 125 countries. The software
developed by the company is renowned worldwide and provide a perfect experience for the
people involved in the purchase of the software. The decision to launch a digital wristwatch
with innovative technology can help the company to gain a competitive advantage over the
rivals (Wisetechglobal.com 2017). Some of the companies like Xeno, 3P learning, Atlassion
and Envato pose serious threats to Wise Tech Global in the IT market. As stated by
Hollensen (2015) the marketing manager of the company needs to undertake a thorough
research of the factors that may affect the growth of the industry and the launch of the
product. In the modern world, the Australian IT companies have seen considerable growth in

4
MARKETING PLANNING
the business industry. The customers involved in the purchasing of this innovative product
include people highly efficient in managing technologies.
6. Statement of opportunities and issues
In order to conduct a proper promotional plan, it is necessary to conduct a SWOT
analysis of the potential resources of the organisation.
Strength
 Technically skilled people
 Urge to adopt new technology
 Encouragement of innovation
Weakness
 Fewer people to approach
 Lack of ideas about generation of
plan
 Improper use of social media
Opportunity
 Strengthen global reputation
 Ability to eliminate competition
 Increase profit
Threat
 Competitors
 Lack of proper promotional time
 Loss of interest among people
Table 1: SWOT analysis
(Source: Created by author)
Based on the SWOT analysis it can be said that Wise Tech Global need to ensure that
the promotional plan adopted by the company can reach a large domain of people. The main
weakness that exists for the company is the improper use of social media. David, David and
David (2017) stated that the use of social media could help in the reaching more people in the
modern world. Based on this opportunities can develop that can help in the elimination of
competitors from the market. The biggest threat faced by the company is the competitors and
the lack of time for promotion of a product. An excessive promotional campaign may lead

5
MARKETING PLANNING
people to lose interest in the product. These can be considered as major issues for the
company as without managing and formulating a proper promotional plan it can be difficult
for Wise Tech Global to launch its new product.
7. Marketing objectives
According to Huang and Sarigöllü (2014), formulating a marketing objective is
essential in order to develop a clear picture of the aims of the organisation. The marketing
objectives that the promotional plan of Wise Tech Global needs to achieve are the increased
revenue. This is essential in order to meet the overall objectives of the company and develop
a strong competition in the market.
8. Marketing strategies
The marketing objective that the organisation can achieve is by developing a proper
marketing strategy by segmenting customers. The customers that the company targets include
the people associated with sports. This is mainly because of the fact that wristwatch has a
feature that measures the fitness level of a person and the amount of exercise that is required
for the people. The innovation that is required for making the company competitive in the
market is analysed in the market strategies. According to Madureira (2014), a proper
marketing strategy also involves positioning strategy and branding strategy. These are
required in order to make the product and create a successful launch in the market.
Competitive advantage can be created with the help of innovation and make the product
launch a grand success. In order to do this, Wise Tech Global can take the assistance of sports
people of Australia. According to Huang and Sarigöllü (2014), the promotional campaign that
the company undertakes can involve an advertisement of the product on television. Banners
about the product along with sportsperson endorsing the product can help in increasing the
competitive advantage.

6
MARKETING PLANNING
9. Marketing mix action programme
In order to ensure that the promotional mix of the market is done in an effective
manner, it is necessary that the company formulate an action plan that highlights the
important considerations in the promotion of the product. This action plan can help Wise
Tech Global to overcome maintain a systematic approach to the promotion of the product.
ELEMENT OF MARKETING MIX: Promotion
Objective Increase revenue by the sale of the product
Action programme Advertise on television by using an
endorsement from a celebrity. Create banners
on roads that attract the attention of the
customers
Responsibility The marketing manager is responsible for
promoting the campaign, conducting the
advertisement and gathering feedback from
the customers. The responsibility of the
financial manager is to formulate the budget
of the plan
Timeline September 25th, 2017 is the deadline for
approaching a celebrity figure that can help
in the endorsement of the product.
September 28th, 2017 is the deadline day for
searching the place for shooting the
advertisement and completing the shoot.
October 1st, 2017 is the deadline day for
setting up banners and launching the

7
MARKETING PLANNING
advertisement in the market.
Budget The estimated budget for the promotional
plan is AUD$500,00
Measurement and control In order to monitor the plan, customers can
be asked to complete a survey about the
promotional campaign. Advanced booking of
the product can be made available.
Table 2: Marketing mix action programme
(Source: Created by author)
10. Budget analysis
Budgeted (calculated in
AUD$)
Actual (calculated in
AUD$)
Income 500,000 500,000
Savings (20%) 100,000 100,000
Expenses (50%)
Celebrity endorsement 105,000 120,000
Shooting of advertisement 50,000 100,000
Place of advertisement 40,000 25,000
Construction of banners 55,000 60,000
Total 250,000 305,000
Others (30%)
Internet 85,000 85,000
Transportation 65,000 80,000
Total 150,000 165,000

8
MARKETING PLANNING
Table 3: Budget analysis
(Source: Created by author)
According to Grant (2016), the budget analysis helps a company to formulate
strategies that can be effective for gaining a competitive advantage. Based on the budget
analysis of Wise Tech Group, it can be said that the promotional plan undertaken by the
company may incur an expense. The chart shows that the expense is more than the actual
budget that was formulated by the company. In this regard, it is required that the company
take proper strategies in regard to mitigate the excess expense of the company. This can be
done by maintaining a proper financial structure that can help in predicting the amount of
outflow from the company.
11. Monitoring and control
Armstrong and Taylor (2014) stated that in order to understand the effectiveness of a
promotion plan and the extent to which it has managed to meet the objectives, proper
monitoring technique is needed. Wise Tech Group can ask the feedbacks of the customers
concerning the promotional activity that was undertaken by the company. The budget of the
company needs to be monitored in a manner that reduces the excess expense amount. The
excess cash flow can be controlled by making a proper financial decision. The monitoring
and control can also be done by analysing the market before the launch of the product.
Negotiation needs to be done with the celebrity endorsee in a manner that helps in
maintaining the profit as well as manage to get the corporation of the celebrity. Stout (2017)
observed that the marketing policies could help in proper monitoring of the promotional plan.

9
MARKETING PLANNING
12. Conclusion
Thus, it can be concluded that a proper marketing plan is needed in order to promote a
product in an effective manner. The marketing plan needs to consist of the objectives and
strategic analysis that can help in the identifying the areas that require improvement for the
product launch. In the case of Wise Tech Group, the company need to undertake the help of a
celebrity in order to endorse the product. The technically smart wristwatch is an innovative
concept developed by the company. Hence, the launching of the product needs to be done in a
manner that attracts customers and increases the profitability of the company.