MRKT20052 Marketing Plan for Curiouser Products Inc. Mirror

This report outlines a marketing plan for Curiouser Products Inc.'s innovative mirror product, designed to provide a personalized gym experience. It begins with an executive summary and introduces the product, followed by a situational analysis using PESTLE and SWOT frameworks to assess the external and internal environments. Competitor and customer analyses are conducted to define segmentation, targeting, and positioning strategies. The report identifies potential problems in the Australian market, such as lack of awareness and pricing concerns, and proposes objectives, a detailed marketing mix (product, price, place, promotion), evaluation measures, control measures, contingency actions, and budget allocation. The plan aims to achieve specific sales and visibility goals, concluding with a call for effective marketing strategies to gain a competitive advantage.

MARKETING MANAGEMENT
AND
DIGITAL COMMUNICATION

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Executive Summary
This report is going to discuss the marketing environment for the mirror as a product of the
Curiouser product Inc. in which it was found that economic environment of the world is not
favouring international expansions. The internal analysis suggests that the strength of the
company is in its innovation quality, weakness include lesser market recognition; they have
opportunities in the international markets while they face threats in the form of stealing of
product idea by bigger firms. They are focusing on youngsters that are health conscious and
hence their marketing mix is also designed in such a manner that it increases the visibility of
their product in the market. An analysis of the problems which they will face when they will
enter into Australian market is also provided in the report. Some of the problems illustrated
were Lack of awareness, Pricing, Distribution, Cost of establishment and Lack of presence in
the Australian market. The marketing mix strategy of the company has also been provided in
the report. Some of the control measures that will be implemented in forming of the team that
looks into each and every aspect of the campaign have been described. The budget was also
provided where they need to invest more on digital marketing strategies.

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Contents
Executive Summary...............................................................................................................................1
INTRODUCTION.................................................................................................................................3
Situational analysis................................................................................................................................3
PESTLE analysis...............................................................................................................................3
SWOT analysis..................................................................................................................................4
Competitor’s analysis........................................................................................................................5
Customer analysis..................................................................................................................................6
Segmentation and targeting...............................................................................................................6
Desired positioning............................................................................................................................7
Problem statement.................................................................................................................................7
Objectives..............................................................................................................................................8
Marketing strategy.................................................................................................................................8
Evaluation.............................................................................................................................................9
Effectiveness measures......................................................................................................................9
Control measures.............................................................................................................................10
Contingency actions........................................................................................................................10
Budget Allocation................................................................................................................................10
Conclusion...........................................................................................................................................10
References...........................................................................................................................................12

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INTRODUCTION
Innovation plays an important role in gaining success in the modern day business. It is due to
this companies are investing higher on the innovations. Before doing any innovation it is
critical for the management to analyse the situation that are present in the form of business
environment so as to understand that whether the product will be feasible and successful in
the society or not. It is also critical for the organisations to understand the actual type of
customers in the market and their demands (Westwood, 2013). In order to make sure that it is
critical to define objectives and plan out strategies accordingly so as to achieve those
objectives. Marketing campaign needs to be evaluated efficiently and budgets should be
allocated appropriately so as to ensure that all the strategies are made accordingly. A
curiouser product Inc. is a new company that is the industry of leisure products from United
States. It was founded in the year 2016 (Bloomberg, 2020). This Company is bringing
mirrors that stores personalised information of the people that come in front of it. This
product motivates people to work out and it can be placed anywhere in the home just few
inches away from the wall. This mirror through the help of accessories gives the vital
information about the body while working out. This report will describe the market plan for
the Mirror that is capable of converting home into the personalised gym.
Situational analysis
In order to understand that whether the situation for the product is apt or not, it is critical to
analyse the environment that is surrounding the company.
PESTLE analysis
In order to analyse about the external environment, the use of PESTLE analysis can be highly
critical.
 Political: There are political changes that can be noticed in every part of the world and
this change in the political environment has impact on the policies made by the
governments (Hollensen, 2010). Increase in the trade war and trade sanctions between
different countries over each other have impact on the business of the firms. At the
same time there is also increase in the taxes on the innovative and luxury products
hence it has impact on the strategies made by the government.

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 Economic: There is an economic slowdown in different parts of the world and this has
impact on the business of the products. This is because there is decrease in the
purchasing power of the people and people prefer to open their pockets to purchase
costly and luxury products (Levens, 2010). This company needs investors that could
help them in funding their future innovation projects.
 Social: Society has changed and this change in the society has impact on the people’s
purchasing behaviour. However it is the fact that people are highly concerned about
their own fitness. It is seen that in the last few years gym business has increased.
Moreover, there is decrease in the time that people have hence they are unable to go
to the gym for their fitness and they have started to do fitness activities on the regular
basis at their home only. This will provide an excellent opportunity for this product to
grow in the market.
 Technological: Technology has changed the fitness industry. Even in the gyms the
equipment that are used are technologically aided. They provide all the vitals related
to the human that can motivate people to do more work out. The technology also
assists individuals in telling the amount of exercise they need to do along with the
amount of particular exercise that one should do. This will give the boost to this
product as it provides numbers of information about the body functioning at the time
of exercise.
 Legal: Legalities have changed especially related to the customers and companies are
bounded towards providing those products that are consumer friendly and do not
violate ethics. Since this product has access to much essential and personal
information of the individuals hence it is critical that this company manages privacy
related compliances in a better manner.
 Environment: Since governments have become strict over the environment related
concerns hence it is also critical for the organisations to ensure that they are
developing products that are environment friendly and are according to the
environmental standards (O'Cass & Ngo, 2011). This product is highly environment
friendly hence it has no scope of losing any market share.
SWOT analysis
In order to understand the internal environment of the company the use of SWOT analysis
can be effective.
Strengths

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 The products are highly innovative and might create disruption in the market.
 Their parent market is bigger and prefers products that are technologically advanced
(Faherty, 2013).
 This product is able to give personalised experience to the people hence loved by the
customers as well.
Weaknesses
 This is a new company hence they do not have higher market reach.
 They have lesser experience in the market.
 The cash reserves with the company is also less hence any bigger companies with
higher amount of resources will be able to gain competitive advantage to the firm.
Opportunities
 This company has huge opportunities in the international markets especially the
developing markets.
 They also have opportunities of changing the industry as this will be totally different
kinds of product (Küster & Canales, 2011).
 Higher market share to capture because there are no parallel products available with
the firm.
Threats
 Threats are higher in terms of the economic challenges confronting the world
especially United States.
 Huge amount of innovation going on in the industry has posed a threat that this
product can be replaced (Stead & McDermott, 2011).
 There are threats like bigger companies taking their idea and bringing totally new and
better product.
Competitor’s analysis
There are no significant and direct competitors of this product in the market but there are
certain glass companies from Australia that can give indirect competition to the Curiouser
Products Inc. Some of these companies are Ikea, Australia Glass Brisbane, Glass shop Perth
and The Splashback Company Melbourne. These companies have enough of resources and
innovation capacity that can help them in developing similar products to that of the Curiouser

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Products Inc. and give competition to the firms (Kotler, Burton, Deans, Brown & Armstrong,
2015).
Customer analysis
In order to ensure the product success, it is critical that this company understands the market
in which they are operating (Londhe, 2014).
Segmentation and targeting
In order to segment the market and target customers effectively there must be use of different
kinds of variables.
Types of Segmentation Segmentation Criteria McDonalds target segment
Geographic Region International/Domestic
Density Rural/Urban
Demographic Age 15-60
Gender Male and female
Life-cycle Stage Bachelors and Married
Income High Middle and Low
Occupation Students, employees and
business owners.
Behavioural Benefits sought Time and cost efficient
lovers
Degree of loyalty Loyal and Switchers
User Status Regular fitness lovers
Personality Easygoing
Psychographic Lifestyle Fitness enthusiast
Social Class Mainstream individuals.
Among these potential target segments the major target segment on which this company
focuses upon are the youngsters that are fitness enthusiast or are health conscious. The major
reason for this is the fact that these people are either going into the gyms or are spending time
at their home for enhancing their fitness.

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Desired positioning
In order to achieve success it is critical that positioning is done by the company in an
effective manner. This is necessary for attracting the customers towards their products. The
desired positioning for the company is that this product gives personalised gym experience to
the people that are doing work out in front of it (Radulescu & Cetina, 2012). They have
positioned this product as a product that has luxury experience at reasonable pricing. The
positioning statement of the company “Product that gives you personalised gym experience at
home”. This positioning statement also highlights the strength of their product which is
necessary for achieving success.
Problem statement
Different types of problems will be faced by this product when produced in the Australian
market. Some of the problems are:
 Lack of awareness: This is an innovative product and at the same time the recognition
of the company is also on the lower side. This has created the lack of awareness in the
market. Lack of awareness is also bigger in terms of the fact that this company has not
invested in the marketing till now.
 Pricing: Since the product is new hence they can keep it at the higher side but they
also need to understand that since purchasing behaviour of the people are changing
and they prefer those products that are available at the lower prices hence they need to
do reduce the prices so that it can be accessible to larger numbers of people in
Australia (Mirror, 2020).
 Distribution: Since the products are highly sensitive and are big hence handling of the
products needs to be done effectively. Curiouser Products Inc. do not have their base
in Australia hence they need to have better distribution partners so as to deliver
products to the people effectively.
 Cost of establishment: The cost of establishment in Australia is on the higher side and
since this company does not have bigger brand name in the market hence for
establishment they will have to invest higher.
 Lack of presence in the Australian market: Since this company will be new in the
Australian market hence they need to ensure that they have a plan for understanding
the Australian market which is culturally different from the United States.

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Objectives
They aim to generate sales of around 5000 mirrors by the end of 2020 in Australia.
They aim to enhance the visibility of the company and the products in Australia by 70% by
the end of 2020.
They aim to reduce the marketing cost by 10% by the end of 2020.
Marketing strategy
In order to achieve the desired objectives and overcome the problems that are challenging the
business of this product, they need to make strategies that are effective and make the
company capable of gaining competitive advantage over the rivals (Luan & Sudhir, 2010).
Marketing mix strategy for this mirror is as follows:
 Products: This product looks like an invisible mirror which is having the functions
such as providing the vitals of the individuals at the time they are training. This
product gives real-time optimisation that shows maximum outcomes in minimum time
with in-workout adjustments on the basis of the personal profile, preferences and
goals. It also offers customised playlist that gets played at the time of workout
(Mirror, 2020).
 Price: This Company has placed it product on the higher side however they need to
use the price skimming strategy. They have also opened the EMI option for the users
so that products can be purchased by larger numbers of product segment that this
company has created. They also need to make collaborations with other technology
companies so as to ensure that they are better than their rivals and the precision of the
data that is provided by the mirror is too high (Pearson, Henryks, Trott, Jones, Parker,
Dumaresq & Dyball, 2011).
 Place: In order to reduce the cost of establishment they need to offer the products
through online mediums. However they need to ensure that they have their stores as
well which will ensure that their visibility is on the higher side. With the help of third
party e-commerce sellers such as Amazon they can improve their product visibility
and ensure higher sales.
 Promotions: With the help digital media technologies especially the social media
allows an organisation to do promotions in an effective manner. For promotions they
need to invest on direct interactions with the customers. This is critical for enhancing

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the visibility and also for the word of mouth marketing which is an effective strategy
for the products that are new. Company also needs to promote the product with the
help of distributors.
 People: They also need to have highly skilled and trained individuals in their
organisation which will allow them to improve their operations at the workplace. For
this they can provide training to their employees and need to ensure that most of the
employees that are recruited are from Australia only and they have higher knowledge
of the technological skills.
 Process: Since they aim to reduce the flaws in the process hence it is critical for the
management to include highly advanced technologies in their business process and
also improve the skills of the individuals which will allow them to reduce the numbers
of errors in the process. They also need to ensure that quality of the products does not
degrade at any stage of the product life-cycle. This is necessary for ensuring that
better benefits could be achieved through their products.
 Physical evidence: The product that they are offering is real and is tangible. This
product is of higher quality however the company needs to work on the technology so
that its clarity can be enhanced and at the same time it can be ensured that products
gives precise data about the individuals that are working in front of them.
Evaluation
Effectiveness measures
The measures that can be used by the organisation to measure the effectiveness of the
campaign are:
 Return on Investment: The amount of revenue that will be generated on the
investment that will be done by the company on the market will be an effective
measure that can help the company to measure the success of the organisation (Hang
& Wang, 2012).
 Sales numbers: The amount of sales that will be generated after the implementation of
the marketing plan will be an effective measure for measuring success.
 Site visitor’s numbers: Numbers of people that have visited the site through which
sales is generated can be measured and this can be an effective measure for measuring
the increase in visibility.

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Control measures
 Setting up of marketing team that will comprise of experienced people can bring
control in the business.
 There must be setting of the measures that can be evaluated through the technology
and with the help of data technology they can improve their control on the business
(Banham, 2010).
Contingency actions
 They can take feedbacks from the customers and on the basis of it they can re-design
their campaign to bring more control.
 They can make changes in the online advertisements on regular basis so that people
remain attracted towards their products (Huang & Sarigöllü, 2014).
Budget Allocation
Activities 1st year (In Dollars) 2nd year (In Dollars)
Direct marketing 19,000 15,000
Sales marketing 14,000 8,000
Traditional advertisement 9,000 7,000
Social media marketing 20,000 28,000
Digital marketing 30,000 42,000
Total 92,000 100,000
Conclusion
From the above based report it can be concluded that there is an increase in the gym related
products. This will enhance the requirements of the products such as smart mirror that will
provide the vital information and signals of the body at the time of work out. For achieving
the desired objectives in the market, the use of digital marketing is essential. They will face
challenges such as lack of awareness, distribution, and lack of presence and higher cost of
establishment. The external environment suggests that the company might face challenges
related to the economic slowdown but increase in the people’s demand for personalised gym
product will have positive impact on the sales of the product. Return on Investment, Sales
numbers and Site visitor’s numbers are some of the measures that can be used by the
company to measure campaign effectiveness.

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