MRKT20052: Marketing Plan to Enhance Motiv Ring Market Share

This marketing plan for Motiv Ring outlines strategies to enhance market share and brand awareness. It includes a situational analysis covering internal, industry, competitor, and distribution aspects, followed by a SWOT analysis identifying key issues. The plan details marketing objectives, including building brand awareness, targeting new consumers, and enhancing consumer relationships, alongside financial goals like achieving specific sales volumes and profits. Segmentation, targeting, and positioning strategies are defined, focusing on middle to upper-income professionals and health-conscious individuals. The marketing mix elements are addressed with specific objectives, strategies, and tactics for product, price, place, and promotion, supported by financial indicators and budgets. The plan concludes with evaluation criteria to assess its effectiveness. Desklib provides access to similar documents and solved assignments for students.

Running head: MARKETING PLAN
MARKETING PLAN
Name of the Student
Name of the University
Author Note

1MARKETING PLAN
Executive Summary
The Marketing Plan forms an essential aspect of any marketing strategy and for a firm to be
successful in the long run, it is quite important for the organization to ensure that they are
successfully able to engage in an extensive marketing strategy which will assist them in
achieving their objective. The report takes the format of a marketing plan for the chosen product,
a Motiv Ring. The product is a fitness product and has been gaining popularity in the industry.
Therefore, in order to achieve a larger market share, the report provides details on the
Introduction and background of the brand, Situational Analysis, SWOT Analysis, Marketing
Objectives, Marketing Strategy and the Budget along with Indicators. An evaluation criteria has
also been provided.

2MARKETING PLAN
Table of Contents
Introduction and background...........................................................................................................4
Company mission, company objectives, and SBU objectives.....................................................4
Market definition and product or brand background...................................................................4
Evaluation of results and conclusion about problem...................................................................5
Situation analysis.............................................................................................................................6
Internal analysis...........................................................................................................................6
Industry analysis..........................................................................................................................7
Competitor analysis.....................................................................................................................8
Distribution and supplier analysis...............................................................................................8
SWOT analysis................................................................................................................................8
Key issues (SWOTs)....................................................................................................................8
Matrix-plus options....................................................................................................................10
Choice of option (brand positioning).........................................................................................11
Marketing objectives/expected results...........................................................................................11
Marketing strategy.........................................................................................................................11
Decisions regarding marketing mix elements................................................................................13
Objectives for marketing mix elements.....................................................................................13
Strategies and tactics for marketing mix elements....................................................................14
Financial indicators and budgets...................................................................................................16

3MARKETING PLAN
Evaluation criteria..........................................................................................................................20
References......................................................................................................................................21
Appendices....................................................................................................................................24

4MARKETING PLAN
Introduction and background
Company mission, company objectives, and SBU objectives
The Company was found by four entrepreneurs who wanted to design a product which
fits comfortably into the lives of the people and helps them in living in a better manner. The four
friends shared a mutual passion to design a product for the benefit of the consumers. The
headquarters of the firm is located in San Francisco. The mission of the company is to provide
convenience and health benefits to the general audience. Moreover, the primary objective of the
company can be stated as follows:
 To gain a large market share in the international market
 To serve the consumers and provide them with premium product design (Garner, 2014).
 To become a globally popular brand
Market definition and product or brand background
The market in which the company aims to provide its products in is the fitness market.
With the recent trend of fitness has become increasingly popular, various health products have
come forward to change the lifestyle of the people.
The product background:
The Motiv ring is a highly advanced wearable device which will change the manner in
which people carry out activities and their sleep measurement. The ring makes use of advanced
technology in an ultralight and slim design. The product provides comfort to the user and is
discreet in appearance (Mymotive.com. ,2018). The ring is just 8mm wide and comprises of a
lithium ion battery, syncing through Bluetooth and an accelerometer. The ring comes in seven

5MARKETING PLAN
ring sizes with colors like Rose Gold and Slate Gray. The ring has been priced at $199 and
includes charger and sizing set.
Figure 1: A snapshot from the company website
(Source: Mymotive.com. , 2018).
Evaluation of results and conclusion about problem
Although the ring is highly beneficial, it has not been able to achieve popularity due to
the poor marketing strategies having been adopted by the makers (Austen, 2015). For this reason,
the marketing plan shall lay down ways in which the marketing and positioning plan of the firm
in order to achieve the company objectives.

6MARKETING PLAN
Situation analysis
The given section of the paper shall carry out the situational analysis of the firm with
respect to factors like Customer analysis, Industry analysis, competitor analysis and supplier
analysis (Macworld.com , 2018).
Internal analysis
Resources and Capabilities
 The company has an access to various assets
 The idea of the product is unique
 The company has a good human resource base
 The company has a good promotional mix.
Customer analysis
There are different groups of people who purchase the fitness and health benefit products
in order to lead a dedicated lifestyle (Zhou & Wang, 2014). Hence, for the motiv ring, the three
main types of customers are as follows:
 The working professionals: These professionals are working for long hours and hence,
the often face problems related to health and other fitness related issues. For this reason,
these customers want to stay healthy and fit.
 Health conscious individuals: These individuals are highly fitness conscious and want to
ensure that they are able to lead a healthy and fit life (Holler, 2014).
 Lifestyle conscious: The third category of individuals are highly lifestyle conscious and
thus they purchase fitness accessories to ensure that they are able to lead a trendy and fit
life.

7MARKETING PLAN
Industry analysis
The fitness equipment market is growing at an increasing rate and is expected to garner
around $12885 million by the year 2022. The Asia pacific region is believed to be expecting the
fastest growth. These fitness equipment related equipment’s are used widely for physical
exercises, to manage weight, to improve the stamina, to maintain the sleep cycle and maintain
overall health along with fitness (Symantec., 2014). The primary reason for the growth of this
market can be largely attributed to the Government initiatives, increasing awareness, increasing
obesity and others. The only restriction as present in the market is with respect to the high cost of
these fitness equipment’s.
Other trends can be understood through Porters five forces:
1. Threat of New Entrants-HIGH
The threat of new entrants in the industry is considerably high due to the increase in the
market size (Wilson et al., 2016). Moreover, these entrants bring about innovation and pricing
strategies which may act as a barrier for Motive ring.
2. The rivalry-HIGH
The degree of rivalry is also very high in the given industry with the different players
innovating and taking out new techniques to deal with competition and customer share.
3. Power of suppliers-HIGH
The raw materials are purchased from various suppliers but they possess a high capability
to have an impact on the profit margin of the firm. They have good negotiating power which is
used by them in order to extract profits.

8MARKETING PLAN
4. Power of buyers-HIGH
The bargaining power of the different customers is very high as they want to purchase the
best goods at the cheapest price range possible (Size, Size & Wire, 2018). This might put a
pressure on the firm. Moreover, as there exists certain options for the consumers, they might
choose to go for that option which is again an issue.
5. Threat of substitutes-MEDIUM
The threat of substitutes for the fitness products are relatively medium. This is because
each product has its different set of advantages as well as disadvantages.
Competitor analysis
The completion in the industry can be described as cut throat. There are various products
which give direct competition to motiv ring. These brands are Fitbit, Garmin, Polar, Misfit and
Xiaomi. These are fitness tracker bands and equipment’s which suits every activity and is quite
stylish at the same time.
Distribution and supplier analysis
As stated earlier, Motiv Ring like all other fitness oriented products makes use of various
suppliers in order to manufacture a product. With respect to the distribution strategy analysis,
Motiv ring`s main source of distribution is its online channel using the website. It is also
available on channels like Amazon (Prnewswire.com., 2018). In addition to this the brand also
sells it through certain authorized outlets in physical stores
SWOT analysis
Key issues (SWOTs)
Strengths

9MARKETING PLAN
The strength aspect of the Motiv Ring makes the product advantageous over the other
goods (Walker & Roshan, 2018). The product is hand free, easy to use and environmental
friendly. Other benefits are as follows:
 It is small in size
 Can be connected to mobile devices
 Accurate in measurements
 Assists in training and fitness program (Kalinauckas, 2015).
Weaknesses
Although the product is quite innovative there are certain drawbacks:
 The price of the product is comparatively very high and hence, this limits the demand in
the market (Park, Kim & Kwon, 2016).
 The product is at its initial stage and hence, the profit margins are comparatively quite
low.
 As the price of the product is quite high and the technology is very advanced so the
coverage is low.
Opportunities
There are several opportunities which the company can exploit and some of them have
been stated as follows:
 The internet of things has brought about several opportunities for the different
companies.

10MARKETING PLAN
 The development of the sports industry has contributed greatly to the growth of the
chosen market
 There has been a social shift in the market which has raised the demand for the given
product
 There has been a change in the lifestyle of the people where health has become
considerably important (Endeavour.partners ,2018).
Threats
The major threats which are being faced by the product have been given as follows:
 There exists various security issues with respect to the product
 The product uses lot of energy
 Moreover as data is involved, there exists privacy issues.
Matrix-plus options
Strengths
 small and wearable as a ring
 Hands free
 Accuracy
 Connectable
 Assists in fitness
Weakness
 The product is priced high
 Low profit margin
 Low market coverage.
Opportunities
 The internet of things
 Growth of the market
Threats
 Security issues
 Use of energy
 Privacy issues

11MARKETING PLAN
 Lifestyle opportunities
 Change in the social choice
Choice of option (brand positioning)
Hence, after analyzing the different factors with the help of the SWOT analysis, the
opportunities which have been stated prove a ground for a large number of options for the brand
and hence, the brand positioning strategy has been decided upon whereby the company will aim
to improve the popularity of the brand in the eyes of the consumers (McDonagh & Prothero,
2014).
Marketing objectives/expected results
The marketing objectives of the brand are as follows:
 To build the brand awareness of the chosen product
 To target a new set of consumers for the product
 To enhance consumer relationships
The financial objectives of the brand are as follows:
 To incur in a sales volume of 50000 in the first year
 To sell a total of 1 million units in the second year
 To engage in a profit of $100000 in the first year